Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Five Traits of a Successful Community

By FelixShelsher Subscribe to RSS | July 19th 2012 | Views:

Whether a planned community, condominium or mixed use associations, all communities share five traits for success. These five characteristics, when employed together, allow a community to operate at its highest level of efficiency and efficacy, benefiting everyone involved - the board, homeowner and management.

1. A Functioning Board of Directors:-

Because all five characteristics are affected by board actions and decisions, an effective board is set as the first priority. The most critical component of an effective board is knowledge. Board members must have a working knowledge of their community's governing documents if they are to make informed decisions during meetings.The board meeting is not a "discussion forum" or "planning session" it is a business meeting. It is imperative that board meetings are efficient and productive. The majority of official business is conducted during the board meeting.

2. A Relationship Between the Board and Management:-

The board is the ultimate decision-making authority, and the managing agent is the indispensable vehicle they utilize to implement and facilitate their vision. By understanding and leveraging the nature of this relationship, communities are well on their way to success. The managing agent serves as a repository of industry-related experience and information. As such, he or she is a professional service provider that brings stability and continuity to the Community Management, and affects all aspects of the community’s operations.

3. Communication Between All Parties:-

The number one complaint received from owners is that the association does not adequately communicate with residents. Communication and transparency are essential for a successful community. Without it, people may feel left in the dark, which can cause discord among board members and homeowners, and the management company.

4. Financial Integrity:-

The first thing new boards must learn is their fiduciary duty, a term often thrown around, and all too often misunderstood and misapplied. Fiduciary duty means that the board has an ethical and legal obligation to make decisions in the best interests of the entire association. Board members should never use their position to take advantage of the association and they must act reasonably in all their decision-making processes. The Business Judgment Rule, defined by Smith v. Van Gorkom Del. (1985)as "a presumption that in making a business decision, the directors of a corporation acted on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the company,"is cited as a useful tool for board members to use when making community decisions.

5. Community Governance:-

Finally, a successful community is effectively governed. A community association's governing documents are structured to be a representative form of government, but governing by polls is the greater good of the community.

FelixShelsher - About Author:
The time you spend working for your Association Management is in some sense also time you spend on improving your life. For more information please visit our website.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Real Estate Articles Subscribe to RSS

Financial Planner: Time to do savings through smart management
Published by Avena Sowell on December 21st 2011 | Finance
Financial planning can help one to manage the financial resources optimally and thereby generating h...
Lease your property for commercial strata management
Published by Chris Whelan on January 25th 2012 | Real Estate
Everyone should follow some qualified process during leasing their commercial strata management prop...
London property management services growing increasingly important
Published by John M. Alcorn on February 18th 2012 | Real Estate
Many landlords take property management for granted. But with rental prices at an all-time high and ...
Benefits of strata management corporation
Published by Chris Whelan on January 31st 2012 | Real Estate
Everyone should follow some qualified process during leasing their commercial strata management prop...
Simply what does debt elimination signify and how can debt management programs help you become free of debt?
Published by Deby Suportie on April 4th 2012 | Finance
Debt elimination is a service given by debt management plans to provide assistance to those who are ...
A quick note almost profitable real-estate or else real estate management
Published by Ema Sis on January 14th 2012 | Real Estate
This article deals with property management which is always dealing with the general administration,...
The contribution of property management companies of Dallas
Published by Nishaidhijames on August 10th 2012 | Real Estate
A city which is located on an area of 343 square miles with about 1,299,543 of population and also t...
Financial advice on Capital management
Published by Abhijeet on January 30th 2012 | Finance
The appropriate admonition in looking addition that can advice your business or aggregation to the a...
Central London property management services are highly sought-after
Published by John M. Alcorn on March 20th 2012 | Real Estate
Investment in buy-to-let properties is growing more popular, particularly for people aiming to augme...
Debt management plan why to opt for one
Published by Ashish Pandey on February 2nd 2012 | Finance
Debt management plan when used properly can help you to get the best of debt solutions....
Why hire a credit card debt management company?
Published by Yossi A on January 12th 2012 | Finance
As a matter of fact, it not only clears your already existing debt but also offer valuable technique...
Top tips for money management and using a credit card
Published by Jesse Wallace on June 6th 2012 | Finance

Learning how to use your credit card effectively could help you balance and manage your debts....
London property management firms are becoming increasingly important
Published by John M. Alcorn on January 25th 2012 | Real Estate
With rents rising across London, the idea of becoming a landlord or adding to an existing property p...
Exactly what is a debt management program and just how can I get this service?
Published by Deby Suportie on February 15th 2012 | Finance
This article provides information about debt management program and it's significance in today's tim...
Tips on running a commercial property management firm
Published by Carolmoore on March 1st 2012 | Real Estate
Owning property can make you set for life. Considering the high prices of land, owning a piece can b...
Commercial strata management growths
Published by Chris Whelan on December 13th 2011 | Real Estate
The uncertain economy is affecting every business around the world. But the strata property Sydney b...
Lists of strata management investment
Published by Chris Whelan on January 10th 2012 | Real Estate
Strata property rules which are you must avoid at the time of property investment for getting requir...
Get the best value of your property with Folsom Property management
Published by Nishaidhijames on August 23rd 2012 | Real Estate
Sale and purchase of property is an important part of man’s life. A person always tries to buy a h...
Social networking for strata management services
Published by Chris Whelan on December 5th 2011 | Real Estate
Online marketing for strata management property needs the application for social networking to make ...
Buy your strata management property
Published by Chris Whelan on November 28th 2011 | Real Estate
Buying strata management property will save your each month rent, which become costlier day by day. ...