Finding the right HOA management company entails a number of options and questions to take into account. Below are the most crucial:
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. Also find out the company’s level of community involvement. Are the more reactive or proactive?
Do some research on the background of the HOA management company you’re eyeing. Try to learn more about the company, especially the amount of experience they have. Call references (they should be able to give you some) and read online reviews about them. You’d also like to know how many workers they have, what types of properties they manage, and how successful they have been in managing these properties.
Up-to-date 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 want them to be able to handle whatever potential complications come along. 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 knowing whether the HOA management company reflects your community’s values and culture. Otherwise, you will find yourself in constant conflict with the company, which would make working with them counterproductive.
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 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 sincere in looking after the welfare of your community.
It’s always good to consider more than one prospect so you can make comparisons and see which HOA management company shines.
However, don’t fixate yourself on the bid price. Companies typically offer a higher contract price simply because they offer high-quality services. Cheap isn’t necessarily the best, but neither is 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 follow your HOA board’s direction and make community welfare the number one priority.