Considering hiring an HOA management company for your HOA community? One of the biggest questions you may have is how are the service rates and fees structured by companies and what exactly do they cover.
Some companies set a flat fee for their services. Other companies will customize contracts to include only the services you need. It's important to have a discussion with your potential property management company. This can help you to understand exactly what you'll be getting with your contract.
Administrative services cover a variety of areas that your HOA management company can help you with. This can include:
- Meeting preparation
- Assistance with annual elections
- Board of Directors support
In addition, a reputable and professional management company can offer services like strategic planning, negotiations, and budget forecasting.
Your potential management company should offer tools to help your community increase value and longevity as a whole. This can be done in a number of ways including everything from board member education to cost-effective savings and ways to lower costs.
A portion of the fees you pay will go towards the financial management of your community. Management companies can offer services that help save you time and money. Financial management can cover everything from monthly and unpaid dues to annual budgeting.
Community management is an important role for any potential management company you may be considering. This can include everything from problem resolution and mediation services to rule enforcement.
It's important to ask how the management company will handle the enforcement of the community rules. As this can sometimes include sensitive situations, you want to make sure your potential management company can handle the responsibility properly and professionally.
Property and Community Maintenance
This can be a no-brainer for those with limited time. Maintenance is one of the most important responsibilities of your HOA management company. It is important to ask a few key questions to understand what the company will handle.
- Will duties like picking up cigarette butts and animal waste be covered in your services?
- How are requests for maintenance handled and what is the average turnaround time for these requests?
- Does the company allow homeowners to communicate with them directly, and by what means is communication allowed?
- What type of preventative maintenance plans can the company offer?
Some companies will have portals online for residents to request maintenance, ask questions, and voice any concerns they may have. Other companies may ask that communications from residents be sent via email. No matter what company you choose, make sure that these policies will meet your community's needs.
HOA management can certainly be a labor-intensive and time-consuming process, so you want to make sure you hire the right management company. It's important to have an in-depth discussion with your list of potential management companies. Don't be afraid to ask questions and check references.
No matter which you choose to hire, you want to make sure they can meet the specific needs of your community. Your HOA can certainly benefit from a professional company that can offer efficient management, as well as, lease, legal, and maintenance resources.