A homeowner’s association (HOA) oversees the safety of the community, puts regulations in place to maintain property value, and basically functions as the caretaker of the community. HOAs are run by an elected Board of Directors, which is generally comprised of homeowners with professional and personal lives to juggle. Property management for HOAs can assist the Board in the day-to-day functions of the HOA.
The property management company will help ensure that the HOA is functioning as it should, which is why you should take the time to choose and HOA management team that is the right fit for your community. To help you get started, here are a few factors to look for in property management for HOAs:
- Has a good standing in the community
You know that a business, service, or company is worth a second look if they have a good reputation; a good standing in the community. It takes years to build a good reputation, so if the property management company you’re looking to hire is well known in the community for their excellent delivery of services, you’ll know the HOA will be in good hands.
- The HOA property management team is comprised of professionals
The duties of an HOA management team are diverse and varied, which is why it’s normal to find a team with members from different professional fields. For instance, the HOA management team for your homeowner’s association may have an accountant or finance expert to take care of the financial aspect of the HOA. There may also be an IT expert on the team to take care of all forms of communication, from emails to voicemail, SMS, and more. Double-check the types of professionals working for the management company as they could possibly be included in the team you hire for the HOA.
- Has the experience and expertise to help the HOA cut costs
An excellent HOA management team knows how to help the HOA function at its best, at a minimal cost. Understanding that the HOA runs on funds collected from the homeowners, the HOA management team should be able to help the HOA cut down costs, finding cost-effective solutions to such concerns as emergency repairs, maintenance checks, and the like.