There are lots of options and questions to consider when finding the right HOA management expert for your community. 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. Is there approach more reactive or proactive?
Do some research on the background of the HOA management company you’re eyeing. Get to know the people behind the company and find out how experienced they are. Talk to references (they should be willing to provide some names and phone numbers) and check out online reviews on 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.
Updated Business Knowledge and Practices
Choose an HOA management company that is updated when it comes to laws, regulations 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.
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 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. It’s important to talk to your management company about your core values – and theirs. 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. Care is the key here. They should be sincere in looking after the welfare of your community.
It’s good to have two or three prospective HOA management companies that you can compare in terms of services and rates.
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. 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 should always run parallel to the direction of the HOA board, and community welfare must always be the number one priority.