Tips for Hiring a Management Company
A management company is designed to manage your HOA. This is a great way to help take some of the burden off the HOA’s board of directors. However, choosing the right management company may seem like a giant hurdle. Check out these tips to help you make the right choice.
Check the Governing Documents
Before you make any major decision like hiring a management company, you must check with the HOA’s governing documents to determine if you actually have that ability. Usually, the governing documents allow the board to hire a manager, but it is always important to know your limitations and responsibilities regarding finding a manager. For example, you may know the governing documents state you have the ability to hire a management company, but upon further inspection, you realize there are additional requirements, such as special certificates or licenses.
Find out What They Provide
The most important thing to determine is what the management company provides, so you know if you are getting your money’s worth. Some common things handled by management companies include:
- Collecting dues
- Providing monthly reports
- Creating the annual budget
- Managing the finances
- Manage contractors
- Manage maintenance issues
Make sure to get all the relevant information. Don’t just find out if they collect dues. Find out how they go about collecting dues. Also, do they only collect current dues, or do they also collect unpaid dues from previous months?
Ask if They Have HOA Management Experience
When looking at management companies, make sure they have experience with HOAs, which is completely different than just managing an apartment complex. If they don’t have experience, it is probably a good idea to look elsewhere. In addition, consider the type of HOA you have. While the management company may have experience with suburban neighborhood HOA’s, they may not have experience with city high-rise HOAs.
Request and Check References
Get references and make sure to check them. This is a huge step in ensuring they are someone with whom you want to work. You get a clear picture of what it is like to work with this company. It may take quite some time, but ask about the company’s weaknesses and strengths. If you see a reoccurring complaint, you can be sure you’ll have the same complaint, and it may not be something with which you can live.
A management company is a great idea to help take some of the pressure off the board. These tips help you spot the right management company for you, so you don’t end up regretting your decision. To learn AtHomeNet will make using a management company even easier, click here.