If you’re looking for an HOA management company, you have several questions and options to consider. 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. You should also know your prospective company’s level of involvement with the community. Is there approach more reactive or proactive?
Look into the background of your prospective HOA management company. Know who they are and find out how much experience they have in the industry. Call client references (they should give you some) and read online reviews. Also see how many workers they currently have, what types of properties they manage, and whether they have been successful in managing the same.
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. Furthermore, the company must be able to provide sound advice to the HOA board during decision-making, and make sure that the board’s actions are always in line with the law.
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 always be in disagreement with the company, a situation that could defeat your purpose for working with them.
Definitely, you want to be on the same page with your management company when it comes to your community. Make sure you spend time talking to your prospective company about your – and their – core values. Dig in deeper at some points and ask them, for example, what their opinion is about communication and transparency and how much they value community, especially the ones they manage. The key 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 must move to the HOA board’s direction, and community welfare must be the topmost priority.