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 smart to ask them for their list as this allow you to set realistic expectations. You should also know your prospective company’s level of involvement with the community. Do they have a proactive or reactive approach to management?
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. Talk to references (they should be willing to provide some names and phone numbers) and check out online reviews on 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.
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 want them to be able to handle whatever potential complications come along. Especially in the event of a lawsuit, you need to be able to give your management company 100% trust.
Since HOA laws are always changing, you should choose a management company that knows who to apply changes in a timely manner. 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.
Values and Culture
It’s worth knowing whether the HOA management company reflects your community’s values and culture. Otherwise, you will only keep disagreeing with the company and eventually defeat your purpose for having them.
Certainly, you and your management company should be on the same page when it comes to your community. Spend time discussing your – and your prospective company’s – 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 sincere in looking after the welfare of your community.
Consider at least two prospective HOA management companies and compare their prices and services.
But don’t just focus on the bid price. Some companies have a higher contract price because they offer quality. Remember that cheap isn’t automatically the best, but neither is the priciest. And make sure you read the fine print thoroughly.
Whichever HOA management company you hire, concentrate on what is most beneficial to your community. Management must move to the HOA board’s direction, and community welfare must be the topmost priority.