Owning a property that’s subject to an HOA doesn’t have to be stressful. Joining the HOA board can give you a certain measure of insight and control to make your home-owning experience that much easier.
Here are 5 benefits of being an HOA board member that you might not have considered.
1. Make a Difference
No one likes to receive a letter stating that they’re in violation of the HOA rules, especially if those rules are seen as outdated or unfair.
But when you serve on the HOA board, you get a say in the way the neighborhood is managed: the Bylaws, the budget, and even the choice of HOA management company.
As a landlord, you have a vested interest in the state of the neighborhood, even if you don’t live there yourself. Joining the HOA board can ensure that your property is in good hands.
2. Protect Property Values
Those so-called “pesky” rules and regulations are just one form of an HOA’s responsibilities to homeowners. Their goal isn’t to annoy you, but to maintain property values as well as the condition of the neighborhood.
Having a spot on the board of directors gives you a chance to follow up on violation notices and make sure they’re enforced swiftly, fairly, and consistently.
3. Build Your Resume
A spot on the HOA board looks great on a landlord’s resume!
Prospective tenants love to see a landlord who’s interested in protecting their investment. It shows that you care about the neighborhood and have a vested interest in improving the community.
Serving on an HOA board also gives you organizational and leadership experience that translates well to your obligations as a landlord.
4. Meet Neighbors
They might not be your neighbors, but knowing who lives near your rental properties is valuable information to have.
Being familiar with the neighbors surrounding your rental property can give you insight on community politics, area demographics, and overall morale.
And if any of the other residents are renters, you can ask them to remember you when their lease is up.
5. Take Control
Of course, one of the biggest reasons to join the HOA board is to have some control over the neighborhood your investment property is in.
HOA rules have a huge impact on your experience—either as a resident or a landlord. Getting a seat at the table (literally) will make being a landlord much easier.
How To Get Elected To An HOA Board
Before you can become an HOA board member, you have to get elected!
First of all, make sure you’re in good standing with the HOA by obeying all Bylaws and paying your dues on time. The purpose of an HOA board is to ensure that rules are complied with. It’ll be much harder to get elected if they think you see yourself as outside the law.
Next, attend HOA meetings regularly. This helps show the board of directors that you’re interested in serving the community and taking your fiduciary duties seriously.
According to Florida law, all elected HOA board members must submit a written certification that they have read the community’s Bylaws, Articles of Incorporation, and other governing documents. It’s also a good idea to familiarize yourself with the HOA’s contract with the management company and Robert’s Rules of Order.
The community Bylaws should also spell out the methods for nominating and electing Board members. Follow the proper methods to fill out an application and you’re officially running for HOA board of directors!
Campaigning for HOA board is a lot like campaigning for any political office: you need to get the word out! If you don’t actually live in the neighborhood, it helps to have a positive platform that shows all residents (not just your tenants) how you can benefit them.
Homeowner’s associations have gained an unfair reputation, but there are many benefits to owning property under the governance of an HOA board.
Enforcing all those rules and regulations keep neighbors happy and property values high, and having a governing board of directors means access to certain perks that wouldn’t otherwise exist (tennis, anyone?).
Further, when you serve on the HOA board of directors, you can make a positive impact on how the community is managed and have a better experience as a landlord.
Whether you’re managing a rental property or in charge of a community HOA, it’s nearly impossible to meet your obligations without assistance. At American Home Team Realty, we specialize in managing rental properties and smaller HOA communities.
At American Home Team Realty, property and community management are our specialties. With friendly professionals available 24/7 and a full list of services, you’ll find that being a landlord and running an HOA have never been easier.
Give us a call to see what we can do for you!