How to Retain New Homeowners in Your HOA

To be a genuinely successful HOA, you can't simply focus all your efforts on attracting new homeowners. Your board must also work hard to keep new and existing members. All methods from last week's post apply, but here are a few additional tips for retaining homeowners.

1. Provide a Welcome Packet

Once new homeowners move into the community, your HOA must do its best to make them feel welcome. Even something as simple as providing a welcome packet or a new homeowner checklist can make a big difference.

At the very least, your welcome packet should include the following:

A letter welcoming the new resident into the association
A copy of the association's governing documents
All necessary association forms
Information regarding homeowner dues and fees
Contact details of all pertinent personnel and facilities (board members, HOA manager, local police, hospitals, poison control, utility companies)
A list of resident amenities
A calendar of community events.

2. Communicate

Your HOA board should maintain an open line of communication with your residents by keeping them up-to-date on all community goings-on. Ensure your board provides homeowners with sufficient notice of meetings, dues, and other matters. If there are new policies or important announcements, disseminate the information quickly and effectively.

3. Be Responsive

Homeowners need to feel that they can easily reach out to your board and hear their concerns. You don't have to fix their problem the moment you get word of it; but, you should let them know you've received their situation and are looking into it. When your board keeps to itself and fails to respond to residents, it can negatively impact their experience in the community.

4. Host Social Events

Emotional experience has a significant influence on how people make decisions, especially when choosing a neighborhood. One way to foster this is to host social events in the community.

Social events encourage participation and connection. At these events, neighbors can get to know each other, have fun, and perhaps build genuine relationships.

When planning social events, be sure to tailor them according to your community's demographic and interests. Consider asking residents for input by holding a poll. Once you decide on an event, plan it out.

Don't forget to account for details such as the time and place, the venue, food and drinks, activities, and the like. Lastly, make sure to publicize the event early on so residents can make time on their schedule.

5. Ask for Feedback

It's hard to know whether your board is on the right track when you're too confined in your own space, so receiving feedback from new and old homeowners alike is a must.

When you actively ask residents for their opinions on things they care about, they feel heard and important, contributing to a positive emotional experience and can help you retain more owners in the long term.

6. Encourage Volunteers

Participation and connection are essential factors to encourage owners to volunteer in the community. Urge members to join committees or even run for a position on the HOA board. Even something small as attending board meetings can make owners feel more invested in the association.

7. Put the Community First

Homeowners are less likely to leave an association managed by passionate leaders who prioritize the community's best interests. As a board member, you have a fiduciary duty to make decisions based on what's best for the community. But, in addition to it being part of the job, this type of mentality and decision-making can help retain new homeowners.

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New homeowners add a lot of value to any community. Therefore, when properties are available, your HOA should do its best to attract new residents. Once you have them, though, it is equally vital to know how to retain them.

Managing a community is not always an easy endeavor. If your board is struggling to keep up, perhaps it is time to hire an HOA management company like Condominium Associates. Call one of our locations or contact us online to learn more!