HOAleader.com - Tip of the Week - March 25, 2016
Published: Fri, 03/25/16
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Your HOA Should Be in the Movies! Promoting It Through Video
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In this week’s tip, we talk about a small trend, but one that’s growing: HOAs creating a video to showcase their community.
Is it a smart idea? Or does it go beyond the scope of an association’s mission?
This idea gets a good reception from community association insiders—mostly.
“I think it’s actually a good thing,” says Joshua Krut, a partner at Kopelowitz Ostrow Ferguson Weiselberg Gilbert in Fort Lauderdale, Fla. “Some associations have entire marketing departments. It’s a way to help increase property values. You have this information available for people considering moving to the community and for brokers selling properties in the community. For my community where I live, we do just that. We do all kinds of things, and we have a marketing director.”
However, Krut recognizes this might not be feasible at most properties. “I think it’s mainly for a bigger association,” he says. “We’re approximately 500 homes. For smaller communities, it’s probably not worth it because there are fewer people looking in those communities, and the association probably doesn’t have the resources to create the video.”
A community in Colorado also took that route, but its goal was to pull itself out of a ditch it had slid into. “One of the communities we used to represent was a high-end Denver community that had gone through a relatively tumultuous period,” recalls David Firmin, a partner at Hindman Sanchez, a law firm in Arvada, Colo., with about 1,600 association clients. “It was oversold in terms of investment units, and there were a whole lot of foreclosures. Then it went through construction-defect issues. It had gotten to the point where real estate agents weren’t showing the building anymore.
“The community did a video to rebrand the community and to bring real estate salespeople back,” notes Firmin. “The board hired someone and used association funds for a professionally produced video. They were very proud of themselves.”
Firmin thinks the board acted appropriately. “I think creating a video is OK if it fits those restrictions,” he says. “It was intended to show off the building, get real estate agents in, and increase property values.”
Head to our new article to see examples and hear about concerns from one of our experts:
http://www.hoaleader.com/members/1343.cfm
Best regards,
Matt Humphrey
President
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Recent articles posted at HOAleader.com:
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Should You Promote Your Community with a Video?
Their numbers are still small, but a growing number of communities are opting to create a video to showcase their community.
Smart idea? Or does it go beyond the scope of an association's mission? Here's some insight.
Click here to read full article:
http://www.hoaleader.com/members/Should-You-Promote-Your-Community-with-Video.cfm
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How to Pay for this HOA Upgrade: Reserves or Operating Fund?
An HOAleader.com reader asks: "Our Arizona HOA has an updated reserve study that's funded at 110 percent. Among the amenities are several lot lots, which are covered in the reserve study. We have a tot lot that has six pieces of equipment that need to be replaced, and we elect to replace three of these pieces with new playground equipment, add three pieces of fitness equipment, and put an awning over the area.
Click here to read full article:
http://www.hoaleader.com/members/How-Pay-for-this-HOA-Upgrade-Reserves-or-Operating-Fund.cfm
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More on HOAs and Tax-Exempt Status
Last month, we explained an Internal Revenue Status ruling denying an under-24 unit condo association tax-exempt status. We also provided a primer on what community associations need to know about federal fax filing rules.
Here, we offer additional detail on tax-exempt status issues that apply to a rare handful of HOAs.
Click here to read full article:
http://www.hoaleader.com/members/More-on-HOAs-Tax-Exempt-Status.cfm
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Have HOA-Installed Cameras? You Should Also Have an HOA Camera Policy
In this week's tip, we offer advice on what to tell your residents about HOA-installed cameras.
The topic is in response to a reader's question about whether it's wise to develop a policy surrounding such equipment. The short answer: Yes, please do.
Click here to read full article:
http://www.hoaleader.com/public/Have-HOAInstalled-Cameras-You-Should-Also-Have-HOA-Camera-Policy.cfm
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3 Things to Include in Your HOA's Onsite-Camera Policy
An HOAleader.com reader asks: "Is our board pursuing a prudent course by adopting an acceptable-use policy to govern the use and viewing of a recently installed four-camera security system?
"It's understood that resident management are the only ones authorized to operate the system and view any necessary video, and that will be codified in the proposed acceptable-use policy. Can anyone foresee any reason NOT to adopt an AUP?
Click here to read full article:
http://www.hoaleader.com/members/3-Things-Include-in-Your-HOAs-Onsite-Camera-Policy.cfm
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