To take your community association to the next level, having a stellar property management company that you can rely on is key.
As in every industry, there are amazing property management companies and those that might not quite hit the mark. Since a property manager is so important for your community association, it’s critical to make a good choice — or suffer the consequences.
That’s why have this article to explain how to choose a property management company.
How to Choose a Property Management Company
1. CommunicationÂ
1 – Easy to reach
A property management company must have good communication, and be easy to reach. For day-to-day management of the community, your property manager needs to communicate clearly and be transparent with you.
Owners will get easily frustrated if they can’t reach the property manager in a timely fashion. While some queries may not be time-sensitive, others are more immediate in nature.
Discover if the property management company you’re evaluating has a 24/7 call center. You should discover if they provide all owners with their contact information. You should include their contact information on your HOA’s website.
2 – Go local
It’s important to know if the property management company that you’re looking at works in the area that you’re based. They need to have a deep understanding of the local, state, and federal laws to help you effectively. They should also have connections with local vendors and service providers, to be able to serve you best.
3 – Services provided
When you are looking at different management companies, different-sized companies will offer very different services. Whether you go for a one-person business or a nationwide company, you need to make sure that you get the best bang for your buck.
Think about what problems you want solved, and then choose the company that can best solve them for you that will fit in your budget.
4 – Request references
Ask for references from any property management company you’re considering. Ideally, you want to speak with current clients from communities that are similar in size to yours. You’ll want to talk to former clients, to learn why the relationship ended. You can tell a great deal about any company by listening to what its current and past clients say about it.
You should also look them up online and see if they have any reviews on Google or Facebook.
5 – Talk about responsibilities
It must be clear who will do what and to speak openly and transparently about that. If your property management company will collect monthly dues and any special assessments levied, you should check what financial controls are in place to eliminate fraud.
You should also see what communication and follow-up they will do around informing residents how to pay their dues and sending them reminders if they forget to pay. If they can help you to set up an online portal, then this will be easier.
6 – Assess the managers’ experience
A differential for a property management company is having extensive experience. It’s important to assess whether the company has market experience. This will help them to assist you with any problems that may arise. Even if they’re a relatively new company, the property manager should have already worked in the industry.
7 – Certified managers
It’s important to check that the managers in the company are licensed and certified. Assess your needs and see what it’s necessary to look for in these companies: will the professionals who will assist you know how to help you with all the necessary questions? Are they qualified? What are their certifications?
Check what certifications your state requires and make sure that every property manager in the company meets those requirements.
8 – Evaluate the contract
Finally, evaluate the contract of the management company you’re considering hiring. See what services are included, whether it really covers your needs and whether it meets the terms of the contract.
Read everything carefully and calmly to be able to see if you are within expectations. Then the board of directors needs to sit down together and evaluate the proposals you’ve received to make your decision.
Wrapping Up: Tips for Choosing A Property Management Company
Good property management companies will have the knowledge and experience to help enhance the value of owners’ homes and the community’s lifestyle. In a nutshell, they help complete what all community association owners want: stable or rising property values and a safe, comfortable place to call home.
As well as a good property management company, all community associations should have management & communication software to improve communication with managers and residents. This complements the property manager’s work and helps the board to improve their community even more. To learn how Neigbrs by Vinteum can help your HOA or Condo, and new management company, with our award-winning communication-focused portal, book your free demo here.
