What if your community could thrive without your volunteers or HOA board lifting a finger? Imagine the finances in perfect order, the neighborhood well-kept, new members rolling in. With help from the best association property management companies, it's possible!
There are now 877,995 people working in the property management industry. Before choosing an HOA management firm, review your options. Read on for the tips you need for an effective search!
HOA Management Experience
Prioritize finding a team with years of hands-on HOA management experience. There are over 296,400 property management businesses in the US. The industry has grown by 2.1% annually over the last five years.
A newer business may still need to develop processes. They may lack professional connections in the industry. These teams are more likely to make rookie mistakes while managing your community.
Instead, look for a company that has managed hundreds of rentals in an HOA community. Learn about their strategies, services, and successes.
Ask questions about their experience with other local communities. How did they help the community improve? What changes did the community experience?
For example, perhaps your main concern is improving your community's property values. Look for proof the HOA management company is capable of accomplishing that goal.
Review each team's credentials. Confirm that the company is licensed, insured, and accredited. If they don't provide proof of their credentials, keep searching.
Ask if you'll work with a single community association manager or a team. Review their credentials, including their training and education. You'll feel more confident knowing that a qualified team is working to benefit your community.
A Strong Reputation
It's not enough to find a company that looks good on paper. For proof of their abilities, turn to client reviews. Look for a company with a strong, positive reputation.
Ask each company for three references. When speaking with their previous clients, consider asking:
- Is your property manager experienced?
- How have they benefited your community?
- What services do you request?
- Have you encountered problems?
- Are you satisfied with their work?
If the client encountered issues, ask how the HOA management company tried to offer a solution. Look for companies that care about their clients.
A Range of Services
Look for a full-service association management company. Their services may include:
- Compliance
- Accounting and reporting
- HOA board member assistance
- Scheduling
- HOA property maintenance and inspections
- Collecting HOA dues
- Document management
Determine what tools and resources they use when offering these services. Some companies use property management software to increase efficiency.
Ask three local companies for an itemized list of their management services. Compare fees to determine the industry average. If a company charges higher than the rest, question why.
Screen Association Property Management Companies
Don't rush to choose between association property management companies. Instead, use these tips to review your best options. Look for a company that is dedicated to helping your community thrive.
Our team at PMI Treasure Valley can unlock your community's full potential. We use state-of-the-art technology and proven strategies to support our clients.
Trust our 20 years of industry experience and customized services. Contact us today for help with your association.
