The property management industry is booming, and with so much new competition, making sure your HOA or condo association is in the right hands can be overwhelming.
Knowing how to choose an HOA management company that works for your community can seem impossible. Yet, with a few simple steps, you can find one that fits your needs perfectly.
The right HOA management company can ensure that your community thrives and that tenants’ investments stay profitable. It will also work with the members of your community to enforce rules, address concerns, and make sure residents stay satisfied.
An HOA management company is an investment, and picking the right one will make sure it pays off.
How to Choose an HOA Management Company
The first step to finding an HOA management company is research.
Investigate the property management market in your area and find companies that specialize in your communities like yours. Start building a list of ones that stand out, then research their strengths, weaknesses, and specialties. Some may invest more in technology than others. Others may offer a cheaper, more basic, package.
The more research you do, the more information you’ll have on the market and on individual companies when it comes to negotiating the price. And as with any kind of negotiation, information is power!
Identify Your Community’s Unique Needs
After researching potential companies, it’s a good idea to speak with your community residents. Discuss what residents want out of a new management company and what issues they want to be addressed.
Learning these things doesn’t have to hard, either! You can arrange a community meeting for residents to speak about any issues they may have or offer a digital questionnaire.
Collecting the opinions of a diverse group of residents and homeowners might give you a unique perspective that you hadn’t considered.
Questions to Ask an HOA Management Company
Once you’ve gathered your research, it’s time to start interviewing the HOA management companies you uncovered.
Figuring out how to choose an HOA management company out of a dozen others should never be based solely on price. Your management company will have a lot of hands-on involvement with the board and the residents, so it’s vital that they fit into your plans.
Here is a list of questions to ask potential HOA management companies:
- What services do you offer? Get a clear understanding of what is included in the services package before you hire any outside vendors. If a management company doesn’t offer financial services, for example, you’ll want to know whether you have enough left in the budget to hire a bookkeeper.
- How do you stay up-to-date on regulations and laws? Any HOA management company will tell you that they stay up-to-date with law changes in the industry. A true professional will be able to tell you how.
- What types of communities do you specialize in? You want your HOA management company to understand your community’s residents, challenges, and goals. If you’re a smaller HOA, hiring a company that’s used to working with giant neighborhoods might cause you to feel overlooked. Similarly, hiring a nationally-based company to oversee your Oviedo HOA could leave residents and board alike feeling misunderstood.
Pick the Right HOA Management Company
Knowing how to choose an HOA management company that works for you might be a long process, but it’s one that pays off in the end. A good HOA management company will bring everyone together and renew the sense of community you share between residents.
At American Home Team Realty, our top priority is making smaller communities feel heard, understood, and respected. Our customer service team is available 24/7 for your board and your residents, and our full range of services aims to take burdens off your shoulders while helping you plan for your goals.
If you’re looking for a full-service HOA management agency, we’d love to meet you! We’ll work hard to make sure your community feels close and that your residents stay happy.