An HOA management company can provide real value to board members and the neighborhood at-large. But, the partnership needs to be managed properly to reap the best results.
The following tips will help protect your HOA and build a positive relationship with your management company:
- If the board did the necessary due diligence during the selection process, they should have found a good match between your HOA’s requirements and the management company’s capabilities. The services provided should be no more or no less than what the board needs to create the best neighborhood environment possible.
- Make sure you carefully review everything you need your HOA management company to do and then put it in writing. The contract finalization process should not be rushed. Because everyone interprets things differently, it’s important not to assume anything. So, list all services and fees, as well as highlight exclusions and termination conditions.
- Identify due dates for all services and reports. The less gray area between the board and management company, the better chance the relationship has of thriving. With schedules defined and agreed upon, you have an objective tool from which to measure performance. Even if the management company provides excellent services, the value of those services becomes greatly diminished if they are delivered late.
- To ensure the proper party handles HOA management functions, the board needs to clarify roles. For example, you need to decide who members call with issues and what determines which issues go to the board or the management company. When everyone knows their responsibilities, you have a much better opportunity for promoting efficiency and creating a beneficial partnership.
Continue to read the Associated Asset Management Blog for information about using a HOA Management Company.