Question:
Good Morning! I would like to know if I can get advice regarding our building manager retiring. Our HOA account has no money and the current building manager wants to retire. Do you have any advice? Thank you.
– Stacy
Answer:
Hi Stacy,
First, review your HOA’s governing documents to determine the process for hiring or transitioning management roles. If your HOA account has no money, it’s essential to assess your budget and identify potential areas to cut costs or increase revenue, such as implementing a special assessment or raising dues. Transparency is crucial, so communicate openly with homeowners about the financial situation and the need to address it urgently.
In the short term, you might consider reaching out to local HOA management companies to explore interim or part-time management solutions that could be more affordable. There are also maintenance companies that could offer you a package that meets your needs and budget.
Alternatively, forming a volunteer committee from residents with relevant skills might temporarily cover essential duties. However, this is a stopgap measure and should not replace professional management in the long term.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
