Is It Time to Consider a New HOA Management Company

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Is It Time to Consider a New HOA Management Company

community association

The summeris a big season for homeowner associations. It is typically the time of year when HOA management contracts expire and are up for renewal. If your contract is up for renewal, then this is the perfect to fix your management situation.

1) Qualities to Look for in an HOA Management Company
The greatest and most obvious advantage of hiring a professional property manager is the ability to attain their experience and knowledge they have. They are able to lead and teach a board of directors through their decision-making processes and make accurate business decisions. If you do not already have experienced homeowners on your board, you should consider adding some. Another great quality of HOA management companies is how helpful they are with finances. Their job includes helping with budgeting, collecting dues, and working with collections agencies. They collect dues when they need to work with collecting late assessments. They can also help self-managed associations with these things too.

2) Signs It Might Be Time to Change Your HOA Management
There are many problems that come with dealing with a low quality HOA management company. Poor communication is a major issue that weakens the relationships with an HOA and their management company. Communication is key in homeowner’s management, you need to have someone who will always be there to answer calls and emails ASAP. Failing to complete projects is also a big issue with some HOA’s. The board does not appreciate having to keep bringing up the same projects that the manager continually puts off. Another problem is that sometimes violation letters are being sent to the wrong homes or the management company is not handling compliance in the way that the board wanted. Finally, it is becoming an issue where the board cannot access the HOA’s financial reports that are online and they are receiving incomplete financial documents.

3) Community Managers
Another complaint from HOA management clients is that they had a great community manager but then got a new one but the new one is just not as good. Community managers are a key part in HOA management companies making board member’s experience positive or negative. They must be responsive, care about the community, work full time, and have great training to be an effective manager.

4) Terminating Your Current HOA Management Contract
If you are on the Board of Directors for your homeowner association then you should have access to the current management agreement between the association and your HOA management company. This contract is where you can find out how to terminate your managers contract. When the year comes to an end so do HOA management contracts. If they are up for renewal, it is the perfect time to make the changes in management needed. If you wish to terminate their contract you might have to give anywhere from 30-90 days’ notice. You will also need to find out if there are any termination penalties or fees.

Homeowners should not be wasting their money on sub-par managers, but instead, be spending their money wisely with a professional. With these tips, you will be able to tell the difference between a professional and a sub-par manager. Make the change this year if needed to help save your community.