Recession-Proof Your HOA from a Maintenance View
When the 2008 Great Recession happened, home-owners associations took a hit. There was an increasing number of homeowners unable to pay their dues and therefore led to maintenance issues. Without sufficient funds, how can HOAs complete necessary maintenance in their communities if they didn’t plan? As the U.S. economy gets hit by COVID-19, managers need to use preventative maintenance measures to avoid future issues.
If You Can See It, It’s Happening
A lack of maintenance is the first thing a homeowner notices in the community. It also is one of the first things overlooked when an association’s budget gets tighter. Even during a recession, homeowners pay their dues to expect the same amount of care given to their community. There is still time to prepare, so get in touch with an HOA consulting expert at Condominium Associates, and refer to the tips below to help recession-proof your community.
Tips to Help Recession-proof Your HOA
Hire a Specialist
Managers must have someone on their side who can look at their community from a fresh perspective. Hire a consultant to inspect the area and buildings from top to bottom, and provide feedback on the most critical maintenance items to fix right now and issues to keep an eye on.
Do More with Less
Before it gets worse, now is the time to take a good look at your HOA's budget. Do you hire an outside consultant to repair your HVAC equipment when you could certify a team member? Can you reduce the flower changes from four to three times a year by selecting a different flower type? Does holding back on one window cleaning allow you to repair a plumbing problem that could cost more down the road? These are essential questions to consider.
Pay Attention to Your Building
From significant fixes to general wear and tear, these can escalate over time and don't stop for a recession. You know your community best, so if there is something you know will cost a lot down the road, tackle it before the recession while funds are more stable.
Emergency Plan
Emergencies don't stop because the economy slows down, which means it is vital for managers to prepare. Think back one, five, 10, or even 20 years and make notes of the emergencies. This practice will help you evaluate if they might happen again. Get ahead of distress with a solid plan. Detailed emergency protocols posted by all significant equipment help whoever finds the problem has a plan of action to follow.
Be Transparent
Let homeowners know that the association understands the unprecedented times that lie ahead. Management is taking the necessary steps to make sure maintenance issues are addressed and taken care of beforehand. Don't be afraid to be upfront with any changes the homeowners might see. Even if it is something seemingly small like cutting back on gardening, homeowners will notice, and they will ask questions, so it is best to get ahead.
Contact Us
We are here to help you through these challenging times. No one has to go through this alone, so give us a call today!
