The Ultimate Condo and HOA Property Management Checklist

The Ultimate Condo and HOA Property Management Checklist

Running an HOA or Condo Association Is a Lot of Work

The Ultimate Condo and HOA Property Management Checklist
If you’re new to the Board of Directors or require a refresh on the essential elements of running a community, this is the property management checklist for you.

Governing Documents

Governing Documents
Every association requires Governing Documents.

It’s a set of rules that govern the condo or homeowners association. Every detail related to running the association from the rules residents must abide by to what roles are on the Board is specified in the Governing Documents.

You can learn more about the various official papers included in the Governing Documents in this article about running a condo association.

Board of Directors


The Governing Documents mentioned above outline the Board of Directors roles that you must fill.

Please note that in some states, Board members are required to partake in training and certifications.

Committees

Every association will want to set up committees of volunteers. The bylaws will outline a few, and the Board can create any others as they deem necessary. A budget committee, garden committee, or clubhouse committee are three common groups your community may need.

Professional Assistance

While volunteers skilled in bookkeeping and managing a group of people are great to have on the Board, you’ll also want to enlist the help of professionals. Here’s a list of a few of the specialists your association may need to hire:

  • CAM
  • Accountant
  • Lawyer
  • CPA
  • Insurance Agent
  • Banker
  • Reserve Specialist

Meetings

Meetings
Without meetings, very little will get completed leading to some unhappy residents.

The Governing Documents state the regularity of many meetings, while others will be added to the calendar as needed.

Your HOA or condo association will conduct these five types of meetings:

  • Annual General Meetings– Includes elections, budget announcements, and voting
  • Standard Board Meetings– Regularly planned per governing documents
  • Committee Meetings– Held among volunteers on the various committees
  • Executive Sessions– Private meetings without the attendance of residents or other
    owners to discuss sensitive topics
  • Special Meetings– Address emergencies or other issues that need a solution before the
    next scheduled meeting

The Board should establish a parliamentary procedure or set of rules that meeting attendees must abide by. Many associations use Robert’s Rules of Order.

Part of the protocol for association meetings is the official record keeper who records the Minutes. The Minutes include:

  • Who
  • What
  • Where
  • When of the meeting
  • Any reports that are presented
  • Other facts and agreed-upon actions

Accounting

Accounting
Accounting is a significant part of maintaining a community association.

These five accounting- related tasks are necessary to avoid future difficulties.

1. Budgeting– The budget committee is made up of a treasurer, a community association manager, and an accounting professional. For more information on budgeting, download our CAM Budget Survival Guide eBook.
2. Perform a Reserve Study– A Reserve Study is an estimated schedule of when amenities or other aspects within the community will require maintenance, replacement, or other actions. It enables the association to budget their funds and avoid the need for a surprise fee.
3. Conduct an Annual Audit– State laws and the Governing Documents specify if an annual audit or an annual review is necessary.
4. File the Annual Report– Failure to file can lead to fees and administrative dissolution of the association.
5. Submit Taxes– Your accountant should ensure the correct tax forms are filed; otherwise, you risk missing out on certain tax benefits.

Insurance

Review the association’s insurance regularly to confirm it meets the requirements put forth in the Governing Documents. A licensed insurance agent can help to guarantee you have adequate coverage for the association’s liabilities, amenities, and other features on the property.

Technology


TOPS [ONE] property management software provides all of the systems your community needs to run effectively and efficiently on any device.

Instead of switching between multiple programs, use [ONE] that has it all. Otherwise, your association will need the following:

  • Member CRM
  • Accounting Software
  • Management Software
  • Owner Portal or Community Website

At TOPS Software, we strive to make maintaining a community association a little simpler with our property management software and resources like this property management checklist. Is there anything we missed that you’d like to mention for your fellow association members?

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