HOAleader.com - Tip of the Week - October 31, 2008
Published: Fri, 10/31/08
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HOA Management: When Times Are Tough, Don't Make This Mistake
As I announced last week, we've just published a brand-new
special report on best practices in HOA management during a
difficult economy (http://www.hoaleader.com/members/179.cfm).
One of the attorneys we spoke with for the report talked about a
mistake many boards make when times are tough.
What's the mistake? Getting tight-lipped about bad news.
It's a natural reaction. But it's counterproductive. Instead,
your board should communicate MORE if you think (or know) you
will eventually need to announce unpleasant decisions like
increased fees or special assessments.
"Tell owners that you know these are hard times, and explain what
you're doing to minimize the effect on owners," said Ann Marie
Mehlert, senior counsel at Garson Claxton in Bethesda, Md.
She told us, "I work with one association where members were shocked
not because there was a special assessment but by the way the board
handled it. Rather than hunkering down, boards should be more
open. Let owners know what's going on, that delinquencies have
gone up, that you're looking for places to find savings, and
that the 2009 budget will likely include increased fees as a
result. The more open you are, the more it helps prepare your
members for difficult decisions."
To read more of these management tips, download the special
report here: http://www.hoaleader.com/members/179.cfm
Until Nov. 8, 2008, members can download the report free.
Not a member yet? Start a trial membership (it's free) and
download the report today.
https://www.hoaleader.com/public/93.cfm
After Nov. 8, the report will be available for purchase for $59.
Why wait?
Happy Halloween!
Matt Humphrey
President
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Recent articles posted at HOAleader.com:
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HOA Finances: Even in Tough Times, Don't Scrimp on Insurance
In this Tip of the Week we share advice on how to live up to your
fiduciary duty with regards to your HOA's insurance.
Click here to read full article:
< http://www.hoaleader.com/public/180.cfm >
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HOA News Around the Nation
Luxury condo owners sue developer over repairs ... lawsuits fly
over pet ownership restrictions ... board sues member for
defamation ... HOA bookkeeper charged with embezzlement
Click here to read full article:
< http://www.hoaleader.com/members/177.cfm >
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HOA Finances: Can You Save Money By Becoming More of a DIY HOA?
In this extremely challenging economy, one way your homeowners
association might be able to save money is to find ways to stop
paying others to do work that you can do in house. Becoming more
"do it yourself" (or "DIY") can definitely save money--but
there are pitfalls to consider.
Click here to read full article:
< http://www.hoaleader.com/public/178.cfm >
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State Law Survey: What's New and Important for HOAs?
Effective date of smoking law looms ... Florida Tightens Condo
Regs ... Illinois Condo Laws Under Review ... Age Restrictions
Imposed
Click here to read full article:
< http://www.hoaleader.com/members/176.cfm >
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HOA Fees: Divorcing Spouses Point Fingers Over Who Should Pay--
Leaving HOAs Stuck in the Middle
When owners in your homeowner associations divorce, their
headaches may become yours. That's because too often, your
association is left holding the bag on assessments as divorcing
spouses argue over which spouse is responsible for making
payments to the association. Don't get tangled into their dispute-
-we'll tell you how.
Click here to read full article:
< http://www.hoaleader.com/members/175.cfm >
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