Choosing the right community management company is not always easy, but it is an important step in ensuring that the company you go with is capable of meeting and exceeding the unique needs of your community. For this reason, your board must carefully consider which factors are most important to the overall success of your association.
Here are some of the most important questions to ask a community management company to ensure that you make the best possible decision for your board and community!
How Long Has Your Company Been Managing Communities?
This question provides insight into the company's experience and track record in handling community associations. A longer tenure typically indicates a deeper understanding of the unique challenges and complexities involved in managing communities. It suggests a history of successfully navigating various issues, from financial management to conflict resolution, which is essential for ensuring smooth operations within the community.
Ultimately, opting for a management company with extensive experience in community management can provide a sense of reassurance and confidence in their ability to effectively oversee and enhance the community's well-being.
What Is Your Typical Response Time?
Making your board and community members' lives easier is likely one of your main reasons for hiring a management company in the first place, and reasonable response times are a must when it comes to keeping things moving.
Your management company should be diligent about replying to emails, texts, calls, and other types of communication within a reasonable amount of time to make sure that questions and concerns are likely to be handled as quickly as possible.
While it is not necessarily reasonable to expect your management company to always respond on the same day, avoiding those that frequently require long wait times or do not respond at all can go a long way toward keeping your members happy.
How Do You Stay Up to Date on New Community Association Laws?
Understanding community association laws is incredibly important for a management company. Your management company and legal counsel should be a resource for handling any questions or concerns you may have about how your board is required to function, but this is only possible when that company has an in-depth understanding of what current community laws look like at the local, state, and national levels.
Management companies that frequently review the latest best practices are typically able to provide more information about the steps each party needs to follow to adhere to new policies.
What Does Your Onboarding Process Look Like?
Understanding what moving from your current setup to your new community management company will look like and how long you should expect it to take can give you an idea of whether it is likely to provide the type of assistance you are looking for.
Shifting to a new management company can be challenging for your board, but the companies you are considering will also likely have a comprehensive onboarding plan to get your community set up.
What Measures Do You Have in Place to Ensure Financial Transparency and Accountability?
Financial transparency not only assures residents but also allows the board to maintain vigilant oversight. With a clear view of the association's financial health, the board can make informed decisions, ensuring the community's well-being.
Open communication about financial matters is key to fostering a positive relationship between the management company, the board, and residents, ultimately contributing to the overall success of the homeowners association.
Finances are something that we take very seriously at RealManage, and we always aim to be transparent with the communities we manage. As a result, we are the only company in the industry that provides financial reports on time, every time.
What Communication Channels and Tools Do You Use to Keep the Board and Residents Informed?
Clear and effective communication is a must for establishing and maintaining trust between the management, the board, and residents. Understanding the tools and channels the management company employs ensures that important updates, decisions, and community news are disseminated in a timely manner.
Whether through online portals, newsletters, or other means, a well-defined communication strategy helps keep everyone informed, minimizes misunderstandings, and contributes to a cohesive and well-informed community. For example, our proprietary software includes a Management Portal that allows board members to access important association information 24/7.
How Do You Handle Emergencies or Unexpected Situations Within the Community?
A well-thought-out response to unexpected events not only shows that the management company has its ducks in a row but also highlights their commitment to keeping everyone safe and sound.
Whether it's a sudden plumbing disaster or an unexpected weather hiccup, understanding how they handle these scenarios gives peace of mind. It's like knowing your community is in good hands, ready to tackle whatever comes its way.
What Additional or Optional Services Do You Offer Beyond the Standard Package?
Sometimes, communities have unique needs that extend beyond the basics. Knowing what additional services a management company can provide ensures you have all your bases covered.
How Do You Select and Oversee Vendors for Maintenance and Other Services?
Vendor management directly impacts the quality and cost-effectiveness of services provided to the community. Understanding the management company’s vendor selection process ensures that reputable and reliable vendors are chosen, fostering trust and satisfaction among homeowners.
On top of that, inquiring about their oversight methods ensures that work is completed efficiently and to the expected standard, minimizing disruptions and ensuring the community's needs are met.
Wrapping Up
At RealManage, we know that the quality and consistency of your management company can significantly improve or harm the experience of your residents.
We hope that this blog serves as a valuable resource as you continue the search for your next management partner. Contact us today to learn more about our services and how we can help your association thrive.
