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recommending a vendor because
they have either worked with them or
know of their work and is confident
the project will proceed as smoothly
as possible.
Residential board members are
often unfamiliar with the responsibili-
ties of governing a community or mak-
ing decisions based on sound public
policy principles (i.e., focusing on the
well-being of the community at large).
Therefore, new board members are
usually tasked with learning on the
job. In many cases, board members
hold full-time employment and have
family or other personal responsi-
bilities. That, in addition to the lack
of property management experience,
EXPERTS...
from page 22.
dictates the need for outside experts
to assist the board members in carry-
ing out their duties in managing the
day-to-day operations of a residential
community.
Some of the much smaller commu-
nities (e.g., a small cooperative or
condominium building) may deem it
possible and more cost-effective to
manage themselves. However, larger,
more sprawling HOAs, require more
attention, experience and expertise
than a voluntary board of direc-
tors would realistically be equipped
to provide. In this case, it would
behoove such a board to look to
outside experts to assist in successfully
performing the day-to-day duties and
addressing the various situations that
arise in a residential community. There
are four critical areas of expertise
that a board of a sizable associ-
ation should address with outside
assistance to ensure that the board
meets its fiduciary responsibilities to
the community and that the day-to-day
needs of the community are met to
everyone’s satisfaction. They include:
• A property management company
• A law firm
• An accounting firm
• An engineering firm
The most critical set of experts that
a community association board hires
may be the property management
company. Board members should not
be expected to personally handle
day-to-day tasks such as receiving
and addressing complaints of the
residents, collecting on delinquent
assessments, handling monthly bill
payments, taking care of repairs and