There are many options and questions to consider when choosing an HOA management company for your community. This list of five questions will help to ensure you hire the best fit for you and your community when it comes to an HOA management company.
1. What are the services they provide?
Although each management company will have its own list of services, there are types of services you can expect to receive from a quality property management company. However, it is always a good idea to ask and have them outline in detail exactly what they will be providing, and to what extent.
Common services provided by an HOA management company:
- Administration services
- Financial services
- Customer service
It is also important to find out their level of involvement with the community. Are they more proactive or are they reactive?
2. What is the management company’s business history like?
Just like you would with any other company you were thinking of doing business with, you want to do your research and find out who they are and how experienced they are.
Things to research:
- How long have they been in business?
- How happy are their clients? (Check reviews and references)
- How many employees do they have?
- What kind of properties do they manage?
- How successful are they with the properties they already manage?
3. Are they up to date with current laws, regulations, management issues, etc?
You want a management company that you can trust to deal with whatever issues may come your way. The company will need to keep up on new laws and regulations that directly correlate with your homeowners association. If a lawsuit occurs, you want to have confidence in your management company.
HOA laws are always changing and a professional management company often knows how to implement those changes quickly. It can also offer advice to the HOA board when it comes to making decisions and can make sure they are following all legalities.
4. Does the company mirror the values and culture of your homeowners association?
You want your management company to have similar ideologies and thoughts when it comes to your community. It is important to have the discussion of what its core values as a company are.
More in depth questions to consider asking:
- Do they value community?
- Do they emphasize transparency and communication?
- Do they care about the communities they manage?
5. Is the price affordable for your Association?
Sometimes finding a good price is the most alluring aspect when it comes to finding a business to hire for any type of service. Who doesn’t like saving money? However, getting the best deal comes after making sure they are a caring and responsible company, since having your community’s best interest at heart is top priority.
Compare the prices and services of all the HOA management companies you have met with or researched. Make sure to look at all aspects, not just the bid price. Sometimes companies that have a higher contract price may offer more services or better quality service. Also, beware of companies that are so cheap it seems too good to be true. If that’s the case, it most likely is!
Always remember to read the fine print!
Whichever HOA management company you choose, keep your focus on what is best for your community. Management should always take its direction from your HOA board and keep community priorities top of mind.