As we wrap up 2023, the arrival of a new year signals the perfect time for homeowners’ associations to set some resolutions aimed at enhancing community living. Let’s explore some practical and achievable New Year’s resolutions for HOA boards.

1. Revise and Update Community Rules
A community’s governing documents, like its bylaws and CC&Rs, are the backbone of its regulations. It’s common for these documents to become outdated over time, potentially causing unintended violations. As part of your New Year’s resolutions, consider reviewing and amending these documents to align them with the present. Given the pace of technological advancements, it’s advisable to make this an annual practice to stay current.

Updating governing documents can be challenging, often requiring a majority vote from homeowners. Some changes may face resistance, so educating residents on the necessity of these updates is crucial.

2. Define Specific and Achievable Goals
Setting goals is vital, but specificity is key. Rather than generic aims like “save more money” or “improve homeowner satisfaction,” outline clear and realistic objectives. For instance, specify the amount to save and the strategies to achieve it. If satisfaction is the goal, identify tangible actions, such as organizing social events or addressing maintenance issues, and set measurable criteria for success.

3. Enhance Communication Efforts
Open and transparent communication is fundamental to a thriving community. Homeowners should be informed about community matters, and boards should actively seek residents’ input. Maintain regular updates on community progress and events to foster a sense of community. Encourage a communication culture where residents feel comfortable expressing concerns and ideas.

4. Optimize Financial Decision
Making Improve fiscal management by crafting well-informed budgets. Consider factors like inflation, wage increases, and material costs, while also reviewing past financial records for more accurate predictions. In times of financial strain, strategic budget cuts may be necessary. Reallocate resources and scrutinize contracts to eliminate redundancy.
Addressing high delinquency rates is also crucial. Strengthen collection efforts by ensuring homeowners receive notices promptly and offering convenient payment methods.

If you have questions about improving communication, financials, or would like a proposal for association management, reach out to Destination Maui, Inc. We’re here to help!