There are lots of options and questions to consider when finding the right HOA management expert for your community. Here are five of the most important:
While all HOA management companies have their own list of services, there are common ones provided by all quality companies. It’s good to ask them for their list so you know exactly what to expect. You also need to know their level of involvement with the community. Are the more reactive or proactive?
Research the background of the HOA management company you’re considering. Get to know the people behind the company and find out how experienced they are. Call client references (they should give you some) and read online reviews. 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.
Up-to-date Business Knowledge and Practices
Pick an HOA management company that has up-to-date knowledge and business practices relating to current laws and management issues. You’d like them to be able to take care of any potential complications that could surface. In the event of a lawsuit, you have to be able to trust your management company.
Knowing how HOA laws constantly evolve, you should choose a management company that is able to implement important changes fast. 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. Spend time discussing your – and your prospective company’s – core values . Dig deeper into their company principles about valuing community, upholding transparency and good communication, and whether or not they care about the communities they’re working for. 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.
However, don’t fixate yourself on the bid price. Companies typically offer a higher contract price simply because they offer high-quality services. Remember that cheap isn’t automatically the best, but neither is the priciest. And make sure you read the fine print thoroughly.
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.