June 3, 2022 Education
The good news is that selecting the right property management company will make your job as an HOA Board Member a lot easier. On the other hand, there are a lot of property management companies to choose from, so finding the ideal fit for your community association will take some time.
So, where do you start? Margo Crummack, CEO at Crummack Huseby, recommends first determining your requirements. "The lack of consensus about their needs is the number one reason Boards are unhappy with their property management providers," she explains. "So, before you start the selection process, have all of your Board members examine your association's and community's needs. Then, focus on the residents - why they choose to live there, what they're proud of, and what they'd change."
Once your homeowner's association has agreed on your requirements, you may focus on locating a provider that can best meet them. If you follow the tips below, you'll be well on your way to identifying the best property management company for your neighborhood.
Ask each business the same questions. Do you recall the old saying about comparing apples to apples? If you don't ask all of your prospective firms identical questions, you won't be able to reach and analyze their perspectives and skills adequately. As a result, compile a list of solid interview questions and have all firms respond. When hiring a property management business, consider the following seven factors:
In addition to determining whether each potential property management company is local or national, how long it has been in business, and whether it is licensed and accredited, there are a few more important factors to consider:
This is where you should focus your inquiries on the requirements you outlined in Step 1. Inquire about any value-added services and skills they provide, including budgeting, banking, insurance, state and local compliance, innovative technology, vendor relationships, pooled buying power, 24/7 customer service, energy-saving programs, and more. It would help if you also inquired about how they would customize their services to your HOA and community. Consider the following scenario:
The cheapest option isn't always the best option. Some companies may have low monthly costs, but they only provide a restricted range of services. Other property management companies may charge fees that appear excessive in comparison to their services. You want value, which is the right amount and type of capabilities at the fairest price (even if it isn't the cheapest). Experience and knowledge are also necessary — the finest organizations will have experience comparing spending and identifying cost-cutting opportunities to help you manage your budget and offset more costly expenses.
A professional property management business will make your work as an HOA Board Member more fulfilling and make your community more friendly, appealing, and desired by existing and prospective residents. For more information on how to choose the right business to fulfill the needs of your homeowner's association and community, visit our ch-pm.com or fill out the form below.