If you are on the board of your Homeowner’s Association, it’s likely that you have realized there are many small tasks that eat up your valuable time. This is why many boards opt to hire an HOA management firm that takes care of many of the menial day-to-day tasks. However, it’s important to realize that not all HOA management companies act alike. You should have a clear idea of what you and the other board members expect of the company before opting to hire one.
What Are The Services That They Provide?
Each HOA will have different needs that should be met by hiring a management firm. Some of the most common necessities of HOAs include maintenance, accounting, administration, communication, enforcement, and customer service. An HOA management firm, such as City Property Management Phoenix, can offer you these services in bulk or separately depend on the needs of your board. You should insist that the board decide what major areas of control they would like to have taken over by the HOA management company before you start looking for a potential hire.
What Is The Cost Of Hiring A Firm?
As part of the budget for your HOA, you should factor in how much you can afford to pay a management firm. A good rule of thumb is to contact a few different management providers and get an average price for the size of association that you are apart of. This will give you and the rest of the board a general idea of what the cost will be to hire out. Once you have a firm idea of the price, you can start looking for management firms that fall within your available budget.
What Is Their Reputation Like?
Since this new management firm will be taking care of many of the needs of your tenants, you want to ensure they are trustworthy. This holds especially true for firms that will be in charge of handling the accounting aspect of your HOA. Speaking with a potential company’s existing clientele will give you a good idea of how they do their job. You can always ask a potential management firm you are thinking of hiring if they can give you a list of existing clients that you can call. Many management firms can be found on review sites online and those reviews can give you an insight into how effectively the firm operates.
Do They Align With Your Current HOA Values?
We are sure you are aware that not all HOAs act the same. Some operate strictly while others operate will loose rules. You want to identify how your current HOA governs homeowners so that you can ensure your existing values align with that of a potential management firm. The firm you hire should operate as an extension of your existing style and not change it unless you want them too.
Hiring an HOA management firm can be extremely beneficial to those board members who are overtaxed with menial tasks. Before you go out and hire the first management firm you can find, you should take the above aspects into consideration. This will ensure that you hire a firm that fits perfectly with your existing HOA.