There are many things to consider when choosing a property management company to handle your HOA needs. Most importantly you are looking for company that has a proven track record of doing the following:
- Being responsive with day-to-day issues (read reviews)
Addressing all the calls and concerns that will arise in a timely manner is imperative. You’ve got to be able to trust that when situations arise they will need very little oversight and will work with the owners to fix a problem.
- Proven experience in board management, including guidance in decision making
They should be knowledgeable in understanding expenses, compliance, collections, title and mortgage companies, service contracts, and rules and regulations of community management. You shouldn’t be looking for a company that is learning as they go, this can be costly.
- Anticipating future needs and coordination planning
When managing an HOA they should not only be focused on current needs, but able to provide you with a capital improvement plan to project upcoming maintenance and replacement issues. This will help you plan for upcoming expenses and be prepared to coordinate resources.
Selecting the right property management company (the first time) can save you time and money, so do your due diligence and research to ensure you get the best results for your current HOA needs.