Finding the Right Property Management Team for Your HOA
Homeowners association communities provide many benefits to community members, including amenities, fewer homeowner responsibilities, and a more secure way of living. While some board of directors attempt to tackle all of the projects themselves, others have found hiring someone to facilitate the overall property management responsibilities to be beneficial. Hiring a property management company should be approached with the same care and importance as hiring a third-party contractor or appointing new board members.
We’ve put together a list of recommended steps to take to make sure you hire the right company for property management.
Require all candidates to submit business references with their proposal. Board members should contact references to inquire about previous experiences and whether or not the reference would recommend them.
Ask about experience.
When interviewing candidates, ask about previous experience and how they would handle specific scenarios in the association if they were hired. Use a recent issue experienced in your community to see how the prospective management company would have handled the situation.
Inquire about certification.
While property managers do not require certifications by law, there are designations available for property managers that verify the individuals has taken requisite courses and property management and is experienced in the field. Find out how the company views certification and if your property manager is certified.
Review their procedures.
Experienced property managers or companies probably have a set way of doing things. The board of directors should inquire about standard practices and procedures to be sure they are comfortable with how things would be handled moving forward.
Utilize a detailed contract.
Contracts are a critical component of protecting the homeowners association while making sure all expectations are outlined in detail for property management. A contract will also outline payment terms, who is responsible for what, and how many days’ notice is required for termination by either property.
To hire quality property management, board members need to do their due diligence and research in addition to interviewing multiple candidates. Contact AR Management Company to request a proposal today.