Hiring a professional property management company will save your association time and money, things like managing vendors and improving homeowner relationships is key but have you thought about what else a Great Association or HOA Management company can do to improve your community living experience? Choosing the right management company can make or break your Association.
• Make a personal visit to the office and see if their website claims actually match the physical address.
• Make sure there is a dedicated fully staffed accounting department along with highly skilled Property Management Team.
• Make sure solutions are scalable as community needs change over time.
To make it easy for you ACRI has outlined below 10 simple things to help answer your questions.
It goes without saying search for the industry leader in your area and talk to them about your goals. An established and vetted Property Management Firm has the experience necessary to grasp the big picture for you.
To truly serve your neighbors and provide for a positive community experience make sure your management company has:
1. The experience necessary to grasp the big picture and advise the Board of the appropriate steps to make sound fiduciary decisions.
2. The ability to ensure that the HOA is managed and operated using the HOA’s governing documents.
3. Intimate knowledge of local and federal laws that supersede your governing documents and rules.
4. A licensed insurance professional on staff that understands HOA coverage and the Management company entity carries comprehensive liability coverage.
5. An accrual and fund based accounting system in place that generates understandable reports along with trackable records of all transactions.
6. A comprehensive understanding of Budgets and Reserve Studies designed to achieve a life time repair and replace cycle of common elements.
7. The ability to provide detailed monthly reports to the Board Directors that includes, work orders completed and open, monthly financial statements (accrual based) and comprehensive board meeting packets.
8. A portfolio of highly trained and competitively priced vendors to perform routine service requests, and extensive service contact negotiating expertise.
9. The ability to manage day to day transactions and communications on a timely basis, allowing Board Members to live in the community instead of working for it.
10. The ability to design, implement and maintain an Association Website that can communicate with residents and provide greater Board Transparency.
By Answering the “Why do I need to hire a Property Management Company? With the 10 top tips above your goals will be achieved and property values and issues will be properly administered and executed.
When choosing a Community Property Management company search for someone that deals exclusively in HOA Community Property Management. Homeowner Associations (HOAs) are more complicated than rental properties. Companies that handle Rental Property, sell Real Estate and do HOA Management on the side do not fully understand Association Community Property Management. Rental Property Management skill sets are entirely wrong for HOA Management and will affect the community adversely. Make sure your management company specializes in HOA management exclusively and has the trained staff needed to help you manage the assets under Association Protection. To learn more see our article about how a Property Management proposal is like a marriage.