Successful HOAs recognize the importance of managing resources. Anticipating costs, guiding oversight, and monitoring usage will all play a role in the viability of your Shelbyville HOA. But you likely can’t do it all by yourself. Keeping an eye on resources benefits everyone within the association. So it only makes sense that managing resources be a responsibility shared by the group. Today, we’ll offer tips to help you keep a finger on the pulse of your Shelbyville HOA resource usage.
Start with the HOA Budgets & Analytics
It’s usually best to start by reviewing the budgets and obtain a current snapshot of HOA needs and expenses. Create an outline of those resources being used that your association deems as absolutely necessary. You can then identify any efforts that may not be front-line requirements. Both rosters of current expenditures should then be reviewed and discussed with your group to ensure there is an understanding of how your Shelbyville HOA is currently operating. You can then dive into suggestions for ongoing resource monitoring and cutting back where possible.
Delegating Some of the Monitoring Responsibility
You won’t be able to see and monitor everything all the time. Put extra eyes on specific projects, resources, and regular expenses by delegating monitoring responsibilities to other members. With a team of individuals keeping a keen eye on precise resource usage, you’ll be more likely to catch violations, unnecessary waste, and overspending immediately. And the team approach to managing those resources will encourage HOA participation and feedback ongoing, as well.
Talk to the Homeowners
While you’re managing and monitoring resource usage, new needs and situations may arise that require additional attention. The best and most effective way to stay on top of the needs of your association members is to routinely engage in conversations with those homeowners. You can identify areas that could use improvement before those suggestions turn into massive projects or expenses. For example, someone might share with you a potential drainage nuisance. Addressing the problem early can be far less expensive than facing a month-long draining issue that now requires major repairs. It’s possible, too, that your homeowners see something noteworthy about resource usage that you don’t.
Security Cameras & Surveillance
Monitoring resource usage can also be easy with the use of common area surveillance and security cameras. Discuss with your members to weigh the pros and cons of incorporating electronic monitoring in key areas. These measures can also double as added layers of security within the community. Once implemented, you can then delegate footage review among the group and make resource decisions based on the information you’re able to gather.
Working with a Property Management Partner
If you’re still concerned about overspending or depleting HOA resources, you can always bring in the professionals to help. PMI Louisville can offer a host of ideas to manage your resources ongoing and help you implement strategies everyone can support. Let our professional HOA managers be the extra set of eyes and pair of hands you need to stay in tune with your HOA resource usage.
Imagine your HOA is a ship, and each member helps you navigate the open waters. Resource usage can represent that slow leak in the hull. Having everyone help you keep an eye out for those potential leaks, as well as be involved when it comes to plugging the hole, will ensure you continue to manage your HOA resources in a viable way.
And when you’re ready to bring in the experts to help keep your boat floating safely, let PMI Louisville help! Contact us today to explore just how our team can help you establish the resource monitoring best practices you need to continue experiencing HOA success.