How to select an HOA management company in 3 easy steps
Updated: Jun 6, 2019
What is an HOA or Condo Association management company, and how do I select one? As most right answers go, it depends. After all, many management companies advertise their services and claim to be the best, or cheapest, at what they do. In simple words, an HOA or Condo Association management company is a team of individuals that looks out for the welfare of the community and helps the Board Members with all the details, knowledge, and experience required to run a successful Homeowners Association. If you answer the questions in these next three easy steps, you are on your way to a great partnership:
What are your needs, specific or general? Do you need a manager full-time or part-time? Which services do you require (accounting, legal, administrative, managerial, reporting, training, etc.)? How many homes are in your association? How experienced are the Board Members? How many committees will your association need?
This step is where you’ll need to get some work done. Research, research, and more research is the name of the game! According to your specific needs, select a few companies with the knowledge, experience, and track record required to fulfill those needs. Things to look for: How many years of experience do they have? Are they local or national? A national company might be glitzier but not have the local knowledge you need. Which services do they include, and which are extra? They might give you an initial low price but charge you for every single copy made or stamp licked. Is it a one-person operation, or do they have a full management team? Are they certified and on staff? How accessible are they? Will you be able to talk to them when you need them, or will they get back to you several days later? Will you have a team dedicated to serving your association, or will it change each time you call them? A dedicated team will be on top of your issues without having to get reacquainted each time you contact them. And finally, references, make sure you talk to some of their clients before making up your mind.
Once you have two or three companies that meet the requirements of your association, conduct some interviews. Make appointments with one of their association managers and check how it feels. Remember, this is a serious relationship. You’ll have to be able to trust their advice, count on them during stressful times, and interact with their team regularly for a long time. Don’t skip this step!
If you follow these steps, you’ll select a management company that adjusts to your needs, not the other way around. You’ll also acquire a new partner that will protect, maintain, and enhance the value of your community in the long run while helping Board Members fulfill their obligations and responsibilities.