The key to a happy community is a competent, reliable and experienced property management company. Whether you are considering a switch from your present property manager, or your HOA is hiring a management company for the first time, we know it can feel overwhelming. There are numerous considerations that have to be made to ensure that the property management company you hire gives you the biggest bang for your buck and serves your community and residents well. This can be especially daunting if it’s your first time hiring a property management company and you’re unsure exactly what you need to look for in the companies you may be considering.
HOAs have their own specific needs, which are different from those of single rental properties. Here are the top 5 questions we suggest asking when interviewing management companies for your HOA.
5 Questions To Ask An HOA Management Company
1. What services does your company offer?
Get right to the point ~ be sure to ask exactly what each property management company can offer your community in the way of services. Managing an HOA community is a full time job and one that is multifaceted. Not all property management companies are created equal. This is vital to remember when looking for a management company to manager your HOA. If you’re looking for a property management company to do it all and relieve you of all burden associated with managing your HOA, you must be SURE to have your contract reflect exactly what services it will be providing to your community.
These are the general services you should expect from a property management company:
• Manage the collection of HOA dues
• Handle collections for any unpaid dues
• Provide reporting to the HOA board
• Create annual budgets
• Manage all HOA financials
• Assist with the development of capital replacement needs
• Handle all maintenance matters
• Hire and direct any third-party contractors
2. What maintenance will your company perform for our community?
One of the main roles of your property management company should be to provide maintenance to units in your community. You want to go with a management company that can and will provide maintenance and handle all maintenance related requests as smoothly as possible. It’s important to know exactly what your property management company will and will not maintain for your community and to know the process for handling all maintenance requests and issues. The best property management companies are stilled in areas of real estate construction so they know exactly what needs to be done to keep their communities in tiptop shape. Companies that are experienced in construction are also able to provide you with the best cost for the services they provide to your community. We always recommend going with a property management company that can handle the construction and maintenance needs for your community as well as it’s management.
3. How is pricing structured?
One of the most important considerations is obviously cost. How much will your residents be charged for the management of their community? C.A.B. Group, LLC uses a flat, per-unit fee that is transparent and easy to understand. There are no hidden costs or add-on fees. We suggest using a property management company with this fee structure so that you know what your costs are going to be upfront without any surprises. Make sure you ask for a complete fee schedule and not just an initial estimated bid when making your final decision. Any company that won’t provide you with their exact pricing should be taken out of consideration.
4. Are you experienced with HOA management?
Managing an HOA is very different from managing individual properties. Be sure to go with a company that has experience in managing HOAs. Rules for HOAs are different from those for single homeowners. A property manager experienced with HOAs will understand how to mediate conflicts, resolve disagreements and most importantly, get things done.
5. Can I have your references?
Be sure to ask prospective management companies for referrals and be sure to speak to them personally to get an honest review of how each company measures up in the eyes of its clients. A company may tell you they can handle your HOA, but it’s best to hear directly from HOA clients themselves about the company you’re considering hiring. Once you’ve you’re your homework you can be confident in making the right choice for your HOA.