Deciding the best HOA property management company is not an easy task. It is one of the most important decisions that can impact your daily life. Many people feel overwhelmed when encountering several different HOA property management firms in the market. Right selection happens when you ask the right set of questions to them. Below are a set of few questions that need to be asked by each and every management firm.
What services are provided by HOA property management firm?
Questions related to service are one of the good ways to shortlist right companies that fit into your criteria. Services offered by each of these companies are different. All it needs is to find their role and the type of services you can expect from them.
What are the fees charged by the HOA property management firm for providing services?
Employing the services of a property management firm is like an investment in the well-being of the community as well as the residents staying in the community. It is quite obvious that the management firm will charge fees for providing their amenities. Checking about the rates charged by different companies with respect to the offered service will help you arrive at the right decision.
Chandler is a city located in Maricopa County, Arizona state, US. Common types of fees charged by a Chandler HOA Management Service include:
- Initiation fees that include the work it requires to transfer the daily operations to the property management firm
- Ongoing fees that are set monthly fees that are needed to be paid to the management firm, and
- Exit fees that comprise of the work that is needed to switch from one management firm to another.
Is the HOA Property Management firm Insured, Licensed and Certified?
Some states have a mandatory requirement for an HOA property management firm to be licensed. Check whether your state also has any such mandatory requirement. Consider a firm that is certified by the “Community Associations Institute”. A property management firm has to provide evidence of insurance. Though state laws will help in determining the minimum extent of insurance needed, but workers’ compensation insurance and liability and are good things to have.
What is the history of the company?
Find out the history, motto, and vision of the company before investing in it. You will get a lot of details by visiting their “About Us” page. Following are the things that you should check about the company in which you are interested in.
- Level of experience.
- How long it has been operating in business?
- What kind of services does it provide to its clients?
- What is their mission statement?
- How many houseowners associations are managed by it currently?
- What kind of overall good feel do you get from it?
Hiring an HOA property management firm is an important job. It requires sitting with the board members and discussing community’s specific priorities, their different requirements and challenges. All these questions would definitely help you find the appropriate firm that matches to your expectations.