Managing a community with an HOA is a lot of work and takes a lot of knowledge. If you think a management company is the better solution for managing your community, it’s time to start looking. However, searching for the best company to meet your community needs may seem overwhelming. Luckily, these tips can help you find the perfect one.
Determine the Level of Interest in Volunteering
Before you start looking for a management company, determine if you actually need one. If you have a lot of residents who are interested in running the HOA, and they have the necessary skills, you may not even need a management company. However, if people don’t really want to volunteer their time, or they aren’t willing to learn the ropes, a management company can take the pressure off of the homeowners.
Understand Your Community
If a management company is the best option for your community needs, you want to take a look at your community as a whole to fully understand it. This will help you identify your needs and determine which company can best help meet those goals. Determine the size and complexity of the community, and how many services/amenities you want or currently offer. In general, the more complex the community, the more work the management company will need to do, which means higher costs.
Once you’ve found a few companies you like, don’t just rely on their word. Find out if they have done business with any other communities. If they have, talk to those communities to find out what they liked or did not like about the management company. If the company doesn’t have any local references, or if they haven’t been in business very long, you may want to pass because you don’t know what you’ll be getting into.
Get to Know the Company
You’ll get to know the sales team pretty well, but don’t just focus on them. Learn more about the rest of the company, employees and departments. Ask what types of people the company hires, and how they retain their employees. Find out what their core values are, and make sure they mesh with your community’s.
Read and Re-read the Contract
When it’s time to sign the contract, make sure you really understand what you’re signing. First, determine if this is a standard contract that every community gets or if it has been tailored to fit your community. Your community is unique, so your contract should be too. Also, make sure the contract offers some flexibility to make changes in the future.
If your community can’t handle the stress of managing the HOA, hiring a management company is an excellent idea. Just make sure you follow these tips to help you find the right management company for your community.