The Importance of Finding the Right HOA Management Company
Homeowners within your association rely on your organization to be functional and effective. From good accounting practices to proper software, the right HOA management company will have what it takes to ensure that your residents are kept happy.
Ensuring Smooth Operations
It takes a good management company to ensure that operations within the homeowners association remain smooth and functional. Organization and transparency can make this happen. Good management companies employ helpful software and platforms in order to monitor performance and manage tasks efficiently.
Sometimes these operations are small tasks, like making little repairs and identifying problems that need to be fixed. Other times, management companies are called upon to complete big projects, such as the overhaul of the sewer system or the repair of all the roofs on every condominium in the facility. If your management company is not able to handle these big and small tasks at the same time, your HOA could struggle to ensure that the needs of the residents are met. When choosing a management company, ask them what techniques and what software the management company uses to ensure that operations flow inside the HOA.
Facilitating Effective Communication
A good HOA management company will facilitate good communication between the board and management company, the HOA and its residents, and the HOA and its vendors. Good communication occurs in many ways and in many formats, including over email, via phone and in person. HOAs in the process of choosing their management company can ensure that the company they select will have these qualities by examining each company's communication styles. A good management company will be able to communicate over a variety of different platforms. Their communications will be relatively uniform and understandable. In homeowners associations with a lot going on, the management company will be able to effectively communicate with different homeowners on a variety of topics.
Developing and Maintaining Lasting Vendor Relationships
Another reason it's important to find the right HOA management company is because of vendor relationships, and what a good management company can do for vendor relationships. Good management companies are practiced at developing functional relationships with vendors. As a result, they can negotiate preferable rates and ensure maintenance is performed in a timely fashion.
Without a quality HOA management company, vendor relationships may suffer. This can lead to a backup of work being done on the properties within the HOA's control. Poor vendor relationships can even lead to financial hardship, as some vendors may charge higher prices when working with management companies with which they are not friendly.
Properly Serving the Community
The ways in which a management company is organized and the responsiveness of the management company will contribute to the public perception of the HOA. A management company that is responsive and on top of the needs of its residents will contribute to the HOA's good reputation. Management companies that are not responsive will contribute to a bad reputation for the HOA. A good public perception helps ensure that the homeowners association will have its choice of new residents, thus perpetuating the high standards enforced by the HOA.
Managing Funds Wisely
It's up to the management company to manage the budget for basic repairs and big projects. Staying on budget helps ensure that the HOA will be solvent and properly positioned to take care of its residents. An HOA management company that disregards the HOA's budget could lead to dysfunction within the HOA.
Managing the money and avoiding going over budget requires the management company to track expenses, communicate with vendors and use creative problem solving. Without these skills, it's very hard for an HOA management company to do what needs to be done with the money that's available.
If you sit on the board of an HOA and are in search of a new management company, it's important to keep all of these qualities in mind. Knowing what to look for can help ensure that you'll be able to take care of your residents.
This article is brought to you by our Guest Blogger - Anthony Gilbert is the owner of The RealFX Group.