Finding the Right HOA Management Company
There are lots of options and questions to consider when finding the right HOA management expert for your community. Below are the most crucial:
Each HOA management company has its own list of offered services, but some services are provided by all reputable companies. It’s good to ask them for their list so you know exactly what to expect. Also find out the company’s level of community involvement. Are the more reactive or proactive?
Research the background of the HOA management company you’re considering. Know who they are and find out how much experience they have in the industry. Call references (they should be able to give you some) and read online reviews about them. Also find out how many employees they have, what the types of properties they manage, and whether they’ve been managing thee properties with success.
Updated Business Knowledge and Practices
Go with an HOA management company whose knowledge and business practices are in tune with current laws and management issues. You need them to be able to resolve any potential complications that may arise. In case of a lawsuit, it’s important that you can trust your management company completely.
With HOA laws always evolving, your management company should always be able to implement necessary changes quickly. In addition, the company should be able to advice the HOA board when they have to make decisions, making sure that all legalities are followed.
Culture and Values
It’s worth researching whether the values and culture of the HOA management company you’re considering reflects your community’s. Otherwise, you will find yourself in constant conflict with the company, which would make working with them counterproductive.
By all means, be on the same page with your management company regarding your community. It’s important to talk to your management company about your core values – and theirs. Go deeper at some point, asking them how much they value community, what they think of transparency and communication, and how they feel about the communities they currently manage. The mos important thing here is care. They should be genuinely concerned about your community’s welfare.
Consider at least two prospective HOA management companies and compare their prices and services.
But don’t just focus on the bid price. Usually, companies will offer a higher contract price because of the high quality of services they provide. Note that cheap doesn’t mean good, and neither does expensive. Never ever ignore the fine print!
Regardless of the HOA management company you pick, concern yourself with what is most beneficial to your community. Management should always run parallel to the direction of the HOA board, and community welfare must always be the number one priority.
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