Tag Archives: self managed

5 Rules for Self Managed Associations

Not all HOAs can afford to hire association managers. “These are the vast majority of associations today—those that are self-managed,” says Bill Worrall, vice president of The Continental Group, which is based in Hollywood, Fla., and manages 1,300 condominium and homeowner associations totaling 310,000 residential units.

There‟s nothing wrong with being self-managed if you know what you‟re doing. “I think if a community can‟t afford management, self-management is relevant,” says James Donnelly, president and CEO of Castle Group, a property management company in Plantation, Fla., that manages 60,000 association units. “Some have a strong, long-term board that wants to do the management itself. I‟m not offended by that.”
If you‟re among the group of self-managed associations, here we offer rules to live by so you can be as well managed as those run by career professionals.

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IL: What to watch for in a self-managed association

News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network

Board members at every community association have myriad responsibilities, but board members at self-managed associations have more. They’ve got to figure out what needs to be done, do it and make sure it was done right.
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How to Self-Manage an Association Successfully

Community Associations do not run well by accident.  Anyone who has ever served on an association’s board of directors understands this position can be both rewarding and thankless.  Each day brings new challenges while trying to juggle jobs, families and association duties.  The responsibility of running an association only grows larger when a decision is made to self-manage.

 

In most homeowner associations the question of whether or not to self-manage arises every so often. How often these debates take place usually depends on the level of satisfaction with the management currently in place, as well as the availability and willingness of volunteers to serve. Once the management issue is on the table, board members often look at the budget line item for management fees and take the position that “This can’t be that difficult, so why can’t we do it ourselves?“

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4 Ideas for Trimming Your HOA’s Expense Budget

More and more associations are collecting less and less dues as a result of the housing crisis. Here are four tips for trimming your budget to ensure that your association still provides key services with a smaller pool of funds.

1) Shop around. A good way to shrink your budget is to shop your insurance policies and other ongoing contracts around. If you’ve been with your current insurance carrier for years, it may have been a while since you’ve compared rates. Do it now. While you’re doing that, ask whether increasing your deductibles will net a worthwhile savings. Sometimes the savings are minimal—and probably not worth the added risk. But you’ll only learn that if you ask.

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