Over the past 20 years, community associations have become an essential part of modern living. They provide homeowners a sense of community and help maintain an enjoyable quality of life for homeowners and residents. However, managing and operating a community association can be challenging, especially when it comes to planning for an entire fiscal year.
In this blog post, we will share excerpts from the 2024 board planning guide that has been published by Chicago Property Services. This blog will specifically discuss how to plan the 2024 fiscal year and provide best practices for condo and townhome associations.
#1: Importance of Planning
Proactive planning is an essential part of any successful community association. It helps board members make better decisions, improves communication, and increases efficiency. By planning for the 2024 calendar year, condo and townhome associations can ensure that they are prepared for any challenges that may arise. Without proper planning, board members and homeowners may unnecessarily experience frustration and headaches that could have been easily avoided with the proper planning.
#2: Key Considerations
There are several key considerations that condo and townhome associations should keep in mind when planning for the
2024 calendar year. These include scheduling board meetings, planning for large-scale capital projects, and hiring vendors. Here are some best practices for each consideration:
- Scheduling Board Meetings: Board meetings are an essential part of any community association. They provide an opportunity for board members to discuss important issues and make decisions. When scheduling board meetings, it’s important to consider the availability of board members and ensure that the meeting is held at a convenient time for everyone.
- Planning for Capital Projects: Capital repair and replacement projects are an essential part of properly maintaining a community association. They help improve the quality of life for residents and ensure that the community remains attractive to potential buyers. When planning for projects, it’s important to consider the needs of the community and ensure that the project is feasible within the association’s budget.
- Hiring Vendors: Vendors are an essential part of any community association. They provide services such as landscaping, snow
removal, and maintenance. When hiring vendors, it’s important to consider their experience, reputation, and pricing. It’s also important to ensure that the vendor is licensed and insured.
#3: Creating a 12-month Operating Plan
Creating an operating plan is an essential part of planning for the 2024 calendar year. Here are some steps
involved in creating a plan:
- Determine the list of preventative maintenance items: This list should include items such as life/safety items within the community such as smoke alarms and fire extinguishers.
- Identifying Resources: Identify who is going to perform the preventative maintenance throughout the year. It helps ensure that
the association has the necessary resources to achieve its goals and the right person has been identified. - Establishing Timelines: Establish a timeline on when the preventative maintenance will take place throughout the year is an
essential part of any plan. It helps ensure that the association is working towards its life/safety prevention goals in a timely manner.
Here are some tips for creating a comprehensive and effective plan.
- Involve the Community: Involve the community in the planning process. This will help ensure that the plan reflects the needs of the community.
- Be Realistic: Be realistic when setting goals. Ensure that the goals are achievable within the association’s budget and resources.
- Communicate the Plan: Communicate the plan to the community. This will help ensure that everyone is aware of the association’s goals and objectives.
#4: Implementing the Plan
Implementing the plan is an essential part of planning for the 2024 calendar year.
Here are some steps involved in implementing the plan:
- Delegating Tasks: Delegating tasks is an essential part of implementing the plan. It helps ensure that everyone is working
towards a common objective. - Monitoring Progress: Monitoring progress is an essential part of implementing the plan. It helps ensure that the association is working towards its goals in a timely manner.
- Making Adjustments: Making adjustments is an essential part of implementing the plan. It helps ensure that the association is able to adapt to any changes that may arise.
Here are some tips for ensuring a successful implementation:
- Stay Focused: Stay focused on the association’s goals and objectives. This will help ensure that everyone is working towards a
common objective. - Communicate Progress: Communicate progress to the community. This will help ensure that everyone is aware of the association’s progress towards its goals.
- Be Flexible: Be flexible and willing to adapt to any changes that may arise. This will help ensure that the association is able to achieve its goals.
Conclusion
Planning for the 2024 calendar year is an essential part of any successful community association. By following these best practices, condo and townhome associations can ensure that they are prepared for any challenges that may arise. Remember to involve the community in the planning process, communicate the plan, and stay focused on the association’s goals and objectives.
About Chicago Property Services
Chicago Property Services is Chicagoland’s leading provider of community management services for small to mid-sized condo, townhome, and homeowner associations as well as cooperatives.
To request a management quote or to request a copy of the 2024 board planning guide, please email Salvatore at
ssciacca@chicagopropertyservices.com or call him at 312.455.0107 x102.