How To Choose A Property Management Company
It’s time to enjoy more time with your family, have time for that hobby, or just have the freedom to go away on a day trip. That all sounds great, right? Making this happen requires some preparation, and one of the first steps needs to start with finding a HOA management company you can trust.
Choosing the right company to manage your homeowners association, or HOA, is akin to finding a good real estate agent.
It’s not as simple as picking one out of a hat. Whoever you decide to hire has to be able to understand the community’s needs and be willing to take action accordingly. They should also have a strong knowledge of local, state and federal regulations that affect homeowners associations.
If you’re on the lookout for property management companies in your area, here are some tips for choosing the best HOA management company for your community:
The first step in choosing the right company is to figure out what services you need. Some properties have very basic needs while others require more complex management solutions. Common services offered by property management companies include, but aren’t limited to:
While the process of selecting and setting up a property manager for your HOA is often lengthy, it is important to remember that this is an alliance you will be entering into for years ahead. Thoroughly reviewing your options and weighing the different factors at play will be well worth the time and effort you invest in determining which property manager is right for your HOA.
Review the company’s sample budget. Does it include all the necessary line items? Do the numbers seem reasonable or are there glaring inaccuracies? Accurate budgets help the HOA managers plan for upcoming projects, repairs, maintenance and other expenses.
Ask about their accounting system. What software do they use? Can you easily access your account information online at any time? Are there reporting options available so you can analyze how your money is being spent? Can they provide customized reports that meet your specific needs?
Ask how they handle invoices and payments. Will they pay bills directly from your bank account, or do they require reimbursement? If you’re reimbursed, how soon will payments be made after you submit them?
Find out who maintains insurance on common areas, community amenities and other areas managed by the HOA. Does the management company provide adequate coverage in case something happens at your property?
Being prepared for upcoming projects means that HOA managers can better determine how much money will be needed for maintenance and repairs. Without an accurate budget, it’s impossible for the manager to know how much money is available for other expenses. A robust budget is an essential part of managing a community, and it helps to ensure that the rehabilitation and development goals are being met in a realistic manner.
When you live in a community like ours, you want to know that everything is taken care of, and that the community is running smoothly. A great Homeowners Association (HOA) management company can help make that happen! The best HOA managers have helped keep our communities safe by resolving issues that could have led to serious legal problems down the road.
A good manager knows how to get things done, who’s responsible for what, and where to go for help when there’s an issue—and can navigate those situations with professionalism and honesty. They’ll be able to tell us when we’re being unreasonable about something or not following the rules—that’s part of their job! They can also give us advice on how best to resolve things, as well as keep our neighborhoods looking their best year-round.
If you want your neighborhood to run smoothly and stay happy, healthy and beautiful for years to come, then having an HOA management company on your side is probably your best bet.