Condo Media - January 2019 - 38

Value DRIVERS
● "To protect property values, paint
colors need to be among those previously approved by the association's
architectural standards."
Rules exist to protect and build up the
community-not to annoy or punish others. Remind homeowners of this by using
words like "we" and "our." Also avoid
legalistic, top-down terms like "shall"
and "must."
Avoid Special
6 Assessments.
Most special assessments
can be avoided by adequately budgeting
reserves. Often, just a few more dollars
in monthly contributions from each
homeowner can eliminate special assessments altogether.
An association that frequently imposes
special assessments will unsettle homeowners and will soon get a bad reputation
among real estate agents. They will warn
potential buyers, who will then hesitate

Rules exist to protect and build up the community-
not to annoy or punish others. Remind homeowners of
this by using words like "we" and "our."
to make good offers. A special assessment
that hasn't been disclosed to a new buyer
can sometimes even result in a lawsuit.
A strong reserve fund reassures buyers
they are joining an association that is well
managed and encourages them to pay
top dollar. Sound budgeting may require
higher regular assessments in the short
run, but in the long run, it raises the value
of all homes.
Build
Community.
Smart association leaders
avoid actions that suggest they see
themselves primarily as regulators or
dispute resolvers. Instead, they invest
time, energy, and money in building networks and connections with and among
homeowners. Refreshments at board and
association meetings cost very little, yet
they can pay huge dividends for an open

7

and collaborative atmosphere. Block parties or charitable activities benefiting the
wider community also create a sense
of community.
Don't forget to invite your local real estate agents to some of your events. They
might just spread the word to buyers.
Educate Yourself
and Fellow Board
Members.
Effective boards don't happen
by accident. They attend training, read
publications like this one, and encourage
their colleagues to join CAI. Boards may
want to consider taking a few minutes
before meetings to discuss an association
governance topic.
Board member training shows in
leadership, community pride, and good
financial stewardship-all of which
enhance values.

8

Come one, come all.

Share the community!
Join up to 15 board members
for only $250!

We now make it easier for your entire
board to join CAI at the lowest cost.
The best community associations have the best
boards-they're educated, knowledgeable, and
prepared to lead their communities successfully.
CAI membership provides your board members
the best resources and education to stay
informed.

Renew your entire board and they'll enjoy all of the benefits
of CAI membership. For more details, visit www.caionline.org/
ShareTheCommunity

38

CONDOMEDIA January 2019
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Condo Media - January 2019

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