Approximately 85% of homeowner associations are managed by professional management companies, and there’s a clear reason why. Hiring an HOA Property Manager is the most efficient way to build value for you and your fellow homeowners. Management companies adds value with their knowledge of industry standards as well as proven, cost-effective methods to make your association more responsive and effective in meeting your community's needs.
A professional HOA management company can deliver:
This article reveals what an HOA property manager does, how to determine if your organization would benefit from a property manager, what benefits you can expect, what to look for when hiring a property management company, and how to find the best fit for you locally.
In short, an HOA property manager saves you money. Let’s unpack the five key ways they do this a bit more:
Above all, the property manager is there to reduce the workload of board members, while taking care of the financial, administrative, and physical management of the property.
If your board is considering a partnership with an HOA property manager, start by asking these three questions:
While property management companies can certainly save the board money—in even more ways than the five listed here—they also save board members, landlords, and homeowners other important resources:
Time. Property management companies offer faster response times for homeowners in crisis. They can manage violations more professionally, saving not only time but also money and frustration. Plus, a good property management company will also take most fiscal management tasks off your to-do list. All of this allows board members to focus on other things and break out of a never-ending crisis mode.
Experience. A huge advantage of hiring a property management company to work with your HOA board is the gift of experience. Their years of management make sure things like community amenities are more efficiently managed. Instead of being put on the spot when homeowners or landlords ask specific questions, you can lean on an experienced partner and draw from the wealth of knowledge and experience that a property management company brings.
Peace of Mind. One of the greatest intangible gains from hiring a property management company is the gift of peace of mind. Property management can improve the whole community and reduce conflict between members with tested processes and clear communication to all stakeholders. In short, they make your neighborhood a better place to be.
Knowing you’ve provided your community with security and savings, you can sleep peacefully with a property management company on the clock to handle any emergencies that may arise.
Naturally, a successful HOA manager should be professionally competent in all aspects of association management and have the requisite certifications and track record to perform their required duties. In fact, most HOA boards interview several managers before making a final decision about which company to hire. When researching and interviewing potential management companies, be sure to consider the following four areas:
How long have they been in business? If the company is new, what experience do its managers bring to the table from previous employment? While experience isn’t the only factor in hiring a competent HOA manager—a green manager can still be excellent—it’s certainly an element to keep in mind.
What's their track record? Can the company that you're considering share references that speak to the quality of their service? Another way to approach this would be to reach out to a neighborhood HOA in town that you may want to emulate to see what company they work with and how satisfied they are with their services. Past results can be a reliable way to measure quality.
Not all HOA boards are created equal. Every neighborhood has its own unique needs and your property manager should be flexible and willing to work with you. Make sure your contract isn’t so rigid that your neighborhood needs to conform or change in a way that won’t work for other homeowners.
It's essential to hire an HOA management company that has proven methods for managing group politics and negotiating agreements among members with conflicting points of view. As you interview potential HOA managers, be sure to focus a significant portion of your discussions on understanding each manager's typical communication methods and tactics for resolving conflicts.
Above all, keep in mind the most effective attributes a successful HOA property management company can have is the ability to:
Consistency, flexibility, and proven experience are important considerations, as are the interpersonal skills when it comes to dealing with conflicts, emergencies, and the expressed interests of the board in improving their community.
Do a little digging. Online research and a few phone calls are all you need to get the ball rolling. Of course, All Property Management offers an extensive network of qualified HOA management companies to choose from, along with resources to help you get the best results for your specific needs.
Remember that selecting a management company is a long-term decision and changeover costs can be high, so make sure you review candidates thoroughly before making a final decision. That way, you’ll be able to get the most value out of your investment and have an expert partner to make your community an even better place to live.