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 wise to ask them for their list so you can define your 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.
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’d like them to be able to take care of any potential complications that could surface. Especially in the event of a lawsuit, you need to be able to give your management company 100% trust.
Knowing how HOA laws constantly evolve, you should choose a management company that is able to implement important changes fast. 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
Another important thing you need to know about your prospective HOA management company is whether their values and culture are in line with those of your community. Otherwise, you will always be in disagreement with the company, a situation that could defeat your purpose for working with them.
Certainly, you and your management company should be on the same page when it comes to your community. It’s important to talk to your management company about your core values – and theirs. 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 must be truly 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. Note that cheap doesn’t mean good, and neither does expensive. Never ever ignore the fine print!
Whichever HOA management company you hire, concentrate on what is most beneficial to your community. Management should always follow your HOA board’s direction and make community welfare the number one priority.