Choosing a property manager doesn’t have to be difficult.
Here are 8 questions to ask an HOA management company to help you decide.
The property management industry is booming, and with so much new competition, making sure your condo or homeowners association is in the right hands can be overwhelming.
Hiring an HOA property management company that works for your community association 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 residents’ investments stay profitable. It will also work with the members of your community to enforce rules, address concerns, and make sure homeowners stay satisfied.
An HOA management company is an investment, and picking the right one will make sure it pays off.
Identify Your Community’s Unique Needs
No matter where you’re located, you’ll probably find more than a few potential HOA management companies in your area. But selecting one is all about finding the right fit for your community association’s needs.
Before you start calling potential management companies, ask yourself what your community needs. Do you need more assistance with running board meetings or with day-to-day operations? Do you struggle with legal matters or rule enforcement?
It’s also a good idea to ask residents what they want out of a new management company and what issues they want to be addressed.
Learning these things doesn’t have to be hard! You can arrange a community meeting for residents to speak about any issues they may have or even 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.
How To Choose an HOA Management Company
The next step to hiring 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, such as the ability to pay dues online. Others may have an innovative approach to customer service.
The more research you do, the better you’ll be able to tell which management companies match your needs. You’ll also have a better understanding on the market when it comes to negotiating the price. And as with any kind of negotiation, information is power!
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 HOA board and the residents, so it’s vital that they fit into your goals.
Here is a list of questions to ask when interviewing an HOA management company:
- How long have you been in business? Generally speaking, the more experience a company has, the more prepared they will be to serve your community—whatever comes up.
- What management 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.
- What are your fees? Again, cost should never be your sole determining factor, but you do need to know whether a potential management company fits your budget.
- How do you stay up-to-date on regulations and laws? Every 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.
- How do you enforce the rules? Rule enforcement is one of the most important jobs a homeowners association has. Make sure that you and your management company are on the same page.
- What types of communities do you specialize in? Your HOA management company should understand your community’s residents, challenges, and goals. If you’re a smaller HOA, a company that’s used to working with giant neighborhoods might make you feel overlooked. Similarly, hiring a nationally-based company to oversee your Oviedo HOA could leave residents and board alike feeling misunderstood.
- How many HOAs do you manage? Knowing how many communities a management company oversees can give you a lot of insight into how they will serve yours. A company that manages a few select neighborhoods might pride themselves on excellent customer service. A company that manages dozens might (but not necessarily) have the benefit of more experience.
- What sets you apart from your competitors? In our opinion, this is the most important question to ask a potential HOA management company. By knowing what a company values, you’ll have a better understanding of what daily operations with them will be like.
Pick the Right HOA Management Company
Hiring 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 members and 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.