One of the most demanding roles in the property management industry is that of a HOA manager. As a homeowner association manager, it's your responsibility to take on a variety of roles and demanding tasks ranging from upkeep and maintenance of the properties in question, resident disputes, payroll and the general day to day operation of the site.
Providing vital support where it's needed the most is part of your role, but to succeed in this demanding field, you're going to need a very specific set of skills. Here we’ll explore the qualities you’ll need to be a successful association manager.
Good financial management skills
In the varied and often hectic world of an HOA, you're going to need to call upon some strong financial management skills to help get you through the day and successfully manage all those monetary responsibilities. Budgeting, managing fiscal risks, cost forecasting, audits, the reservation of funds, payroll etc... these aren’t easy to get to grips with, especially if you’re new to the role. Thankfully, HOA financial management technology is available to give you a helping hand. This management software allows HOAs to automate and centralize a wide variety of tasks and most importantly, help you keep on top of your finances.
Leadership skills
Do you command authority? Of course, you don't have to be a foreboding and intimidating character to ensure all eyes are on you in a board meeting. However, strong leadership skills are essential in this kind of role. You're dealing with opinionated and often disgruntled board members who may not see eye-to-eye with your choices or the opinions of others.
Possessing strong leadership skills means you won’t be pressured into making what could be the wrong decision and you have the power to listen to other opinions but not be overruled by them.
Communication
Being a strong communicator will get you through some of the toughest moments of a HOA role. Whether you have an angry resident on your hands, you're trying to negotiate a new deal with a vendor or you're attempting to explain your plans and ideas clearly and effectively to the residents. And that doesn’t just apply to speaking, you’ll also be handling plenty of paperwork, responding to emails and writing letters. Being able to communicate clearly and be articulate will make your life much easier.
Knowledge
Of course! You won’t be able to offer much advice or make legal and safe decisions without knowing a thing or two about HOA practices. A successful HOA manager is always up to speed with the latest developments in housing rules and regulations. They also need to recognize when residents or clients aren’t abiding by the law and step in where required.
And finally, listening skills
Whether it’s a complaint about another resident, or you’ve made a mistake and you’re being pulled up on it. Strong listening skills will bring you success as an HOA manager. By listening intently and then acting appropriately on the feedback or information you’ve received, you’ll provide residents and clients alike with total peace of mind that they’re in good hands.
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