Running an HOA is like managing a business; it takes a lot of skill, patience, hard work, and skill to accomplish all the tasks smoothly. If you are a board member of any HOA, you should partner with the right property management company to ease the load, especially when employed full-time or with a family to look after.
Hiring an HOA Property Management is not a challenging process
Hiring an HOA property management company needs some research and patience as several companies in the market promise to fulfill all your requirements. You should invest time and effort to find a company that fits your needs to offer customized solutions for the welfare of your HOA. You should sit down with the other board members and discuss your HOA goals as well as the value you expect from the management company to the Association. Drafting some key questions as to what to ask the company is an effective way for you to hire the best company for your HOA needs.
Given below are some of the key questions to ask your HOA before hiring them for your needs: –
- How many years has the company been in operation?
A company that has been in operation for a long time has the experience, and its employees will be skilled and qualified to manage the needs of your HOA better. However, checking and verifying the credentials of the company with the Better Business Bureau and other credible sources online as age can also be deceiving. If you are contacting a new company, check and verify its management team’s experience and skills before making the decision.
- What is their mission statement?
Knowing the company’s mission statement gives you a general view of what they are like when you join them for your HOA needs. In fact, it is one of the most overlooked questions that Board members fail to ask when they are looking for the right property management company for their HOA needs. You should sit down with the other board members and discuss your HOA goals as well as the value you expect from the management company to the Association. Drafting some key questions as to what to ask the company is an effective way for you to hire the best company for your HOA needs.
- What are the services they offer?
HOA property management companies offer you a wide range of services, including maintenance, administration, fiscal, communications, and customer service. You should take the first step to understand your HOA needs to match them to the services offered. During discussions, ask them for a list of their complete services.
Ask the HOA property management for its fee structure and compare them to other companies as well. The costs of services vary from one company to another, and some common examples of fee structures will include set-up fees, operational fees, and exit fees.
Wrapping things up
Verify their license and insurance with the State as some states in the USA make it mandatory for HOA management firms to be insured and licensed. Lastly, ask them about the number of HOAs they are dealing with, as this will give you an idea of how much personal attention you will get for your needs.