Benefits of HOA Transparency
One of the reasons that HOAs tend to get a poor reputation is because there is a lack of communication and understanding between the board and the homeowners. Homeowners may feel that rules and regulations are unfair or fees are too high. Boards may have little support when it comes to governing the HOA. Increasing HOA transparency is one way to help get everyone on the same page and operate more effectively. There are many benefits to being open and transparent about what the HOA is doing:
Builds trust. Simply put, homeowners want to know what is going on in the community, how their money is being spent, and what rules are changing. Keeping them informed about meetings, decisions, repairs, and budgets allows them to have greater input and see how things function. When they can see how funds are being delegated, invested, and managed, it becomes more evident how the HOA is working on their behalf.
Reduces conflict. Along the same lines, this transparency can help reduce conflict. Inviting members to open meetings, distributing minutes, and keeping websites up-to-date with current information allows members to stay informed. They can gain a better understanding of the rules that are in place, why they are important, and what they can do to support them.
Increases involvement. Knowing what’s happening in the neighborhood and challenges that the HOA is facing can get homeowners more involved. Maybe their strength is in marketing, event planning, accounting, or another talent that can benefit the board or a committee. When they are kept in the loop and know their ideas and concerns are being heard, they are more likely to become more active participants.
The HOA is there to protect the integrity of the community and do what is in the best interest of its members. Being open and honest about decisions, funding, services, maintenance, and more is essential to fostering communication and getting everyone on the same page. By working towards these initiatives, you can effectively increase the HOA Transparency within your community association.