Questions to Ask When Hiring a Homeowner Association Management Firm
Would you like to know about the questions to ask when hiring a homeowner association management firm? Read on to learn more.
Are you a board member of a homeowner’s association? Perhaps you want to delegate the responsibility of handling daily operations, dealing with homeowners, vendors, and city officials. But wait, you still don’t want to compromise on the quality of life in your community, do you?
If so, a homeowner association management firm is invaluable.
For the board members, running a homeowners association can be a daunting task. You need to answer calls, facilitate requests, issue violations, resolve conflicts, and more. And don’t forget to communicate with vendors, ensure compliance with city laws and financial management.
We can all agree; managing a community is not easy-peasy. But why not let a professional do the heavy-lifting? Yes, an HOA management firm has the in-depth knowledge to run your community smoothly and efficiently.
But with more than 300000 registered property management firms in the US, how do you find the right HOA management firm? Here are questions to ask HOA management firms to find the ideal one to get you started.
How Long Have You Been in Operation?
When hiring an HOA management firm, you must hire an experienced and professional firm. Check on how long they have been in operations. Also, you want to ask about their current and past HOA they are managing.
A well-established management company has handled multiple communities and knows the best practices. In the years, they have come across different common problems facing community management. This means they will offer fast solutions to most of the issues that arise in your community’s management.
Also, experienced firms have access to the best management tools, strategies, and resources. Don’t forget they have partnered with the best vendors and contractors for quality services in community maintenance.
Maybe you can do this as board members but not to an expert level. For the best experience, hire an experienced HOA management firm.
What Services Do You Offer?
Before making a final decision to hire, know the services offered by the HOA management firm. You don’t want to enter into a contract with a firm that will leave you to do some of the tasks or do them inefficiently. Before you start legwork and shopping for a firm, develop a checklist for all the services, you need.
HOA management firms offer varied services from maintenance, administration, fiscal, customer service, and communications. Reach out to a potential company and ask them about the different services they offer. Counter-check their catalog with your checklist and determine if they meet all your needs.
It doesn’t make sense to hire more than one management firm for your community; hire an all-in-one firm.
How Is Your Fee Structure?
This is one of the utmost considerations when hiring an HOA management firm. Hiring the firm will be an investment in your community. While it can be an expensive one, you want to get value for every dime you pay.
Before signing that contract, how much do they charge. While different firms charge different fees, most of them have set-up, continuing, and exit fees. You want to have a comprehensive list of all their charges before hiring them.
Also, when the deal is too tempting, think twice. If you come across a very cheap firm, take time to do your own research. You don’t want to compromise the welfare of your community by paying lower rates.
While another company may charge higher rates, they may be offering better quality and more services. However, this isn’t always the case.
To identify the best firm to hire, find several options and compare their prices. Pick a firm that strikes a balance between the quality and number of services they offer and the price they charge.
How Many HOAs Are You Currently Managing?
Ask about their previous and current clients. How many are they? Knowing the size of the potential firm, their resources, and how much they are spread gives you an idea of the personal attention your community will get.
Also, to check on their reputation, request the contact details of several of their clients, previous and current. You want to get the info right from the house’s mouth. Reach out to them and get crucial insights into working with the company as your community’s manager.
Ask about their experience, satisfaction, level of customer service, and what to expect. You might also want to ask for their opinion on your decision to hire the same firm. If you get negative feedback or the client has several complaints, move to the next.
How Will You Communicate With Us?
In an HOA board /management firm relationship, communication is the backbone. It’s imperative to ask how frequently the firm will communicate with you and the channels and tools they use. Can you reach out to them through apps, emails, text messages, and websites, or do they offer a single channel?
Also, determine how fast you can reach out to them in case of an emergency. Also, decide whether they will provide the HOA board with an opportunity to give their feedback.
Hire an HOA management firm with a regular communication schedule with the board. This will give updates concerning vendors, violations of law changes, and finances. Also, at times, you may want the firm to attend board meetings for management support.
Hire a Homeowner Association Management Firm Today
Hiring a reputable and experienced homeowner association management firm will make all the difference. Before settling with any management firm, carry out due diligence to ensure they are the perfect match for your community.
The above are questions to ask the potential HOA management firm to determine if they are up to the task.
Are you looking for an HOA management firm in Seattle? At VerraTerra, we got you covered. We are a full-service, experienced HOA management company dedicated to providing top-quality services to HOAs.
Contact us today for a free consultation.