When hiring a community association management company, HOA boards must carefully consider each candidate’s qualifications. It’s especially important to make an apples-to-apples comparison of the competing firms.
These five considerations should be at the top of your qualification criteria:
- Does the HOA management company demonstrate a true commitment to developing and maintaining a long-term partnership with your HOA? Make sure to evaluate the level of personal service, the timeliness and accuracy of information, and their track record for business integrity. The successful management company must have the necessary principles ingrained within its corporate culture.
- What about the management company’s client references? Does the firm work with a full range of associations or does it have a narrow focus? How long have clients relationships lasted on average?
- The experience and expertise of the management company’s people will be an important evaluation factor. Is the staff highly trained and motivated? Are the human resource, accounting and support personnel properly credentialed? Do you get the sense employees like working for the company?
- To get the best service possible over the long haul, you’ll want a management company that regularly invests in staff education and training. This is critical for the firm’s personnel to stay up-to-date on all the latest issues, legislative updates and best practices concerning association management.
- To get the most value from your relationship, the HOA management company must have proven processes and a support system they can put in place right at transition. By taking a proactive approach, your HOA management company should efficiently deliver all the services for which you have contracted.
Continue to read the Associated Asset Management Blog for information about Community Association Management.