Top 5 Philadelphia HOA Board Mistakes and How to Avoid Them

Philadelphia HOA Board Mistakes

Top 5 Philadelphia HOA Board Mistakes and How to Avoid Them

Philadelphia HOA board members must protect the property value of their association members. However, board members must be careful to avoid certain mistakes that could occur due to inexperience.

The following are five mistakes Philadelphia HOA boards often make:

Slow Collection of Overdue Fees

One of your obligations as a board member is to collect fees on time, professionally and without sentiment. Being lenient with some condo owners sets a bad precedent that could dent the revenue of the association.

Holding Private Meetings

The entire community should typically be aware of all condo board meetings ahead of time, and all association members should be guaranteed a seat at the meeting. The board can only hold closed meetings when they need to discuss dues collection or taking disciplinary action against a specific staff member or property owner.

Failure to Audit Financial Records

You are responsible for protecting condominium association member's money, ensuring that funds are directed to projects that serve their best interests and total accountability. Association funds are highly vulnerable to fraud, making it essential for board members to scrutinize every transaction.

Allowing Insurance Coverage to Lapse

Boards must be sure to maintain insurance policies; be aware of lapse dates and renewal and understand coverage fees. Failure to do this might put you in the unfortunate position of telling your association members the community is getting a special assessment.

Not seeking the Assistance of an Expert

It’s rare to see Philadelphia condominium board members who have professional knowledge of things like designing a capital plan for a big real estate development. It’s okay to ask for professional help once in a while, especially when you are dealing with accounting and financial management.

In conclusion, consider hiring a property manager who has the experience and expertise to keep your community working perfectly. Are you in need of trustworthy and knowledgeable property managers in your neighborhood? Get started by clicking the button below.

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