Top 5 Qualities to Look for in a Property Management Company

The decision to hire a property management company for your homeowners association is significant and shouldn't be taken casually. At first glance, this decision might seem like a positive step towards securing your community's future. However, has your board thoroughly vetted the company being considered? It's important to be aware of frequent pitfalls HOA boards face when selecting a property management company. The following five areas will provide crucial insights to help ensure you choose the best company for your community’s needs.

Value vs. Price

It’s commonly said that "you get what you pay for," and this often holds true. Although scoring a good deal is appealing, it shouldn't be the sole criterion when selecting a property management company. The top-tier companies might charge higher fees, but the benefits they provide can outweigh these costs. A reputable company can help your community secure cost savings by scrutinizing potential contracts and using their industry connections to obtain better rates for necessities like trash pickup and other services. They can offer improved banking and investment options, assist in developing your annual budget, and ensure a healthy reserve fund. These advantages can often offset the expenses associated with their fees.

Experience Is Everything

Reflect on your recent job interview: you likely presented a resume and discussed your background and experience. This same diligence should apply when hiring a property management firm. It's essential to determine how long the company has been operating, the number of properties they manage, and the achievements of their property managers and regional directors. Inquire about nearby properties they oversee, their expertise in managing projects and upgrades, and the cost-saving programs they provide. Gather as much information as possible and compare their qualities with other potential companies. Requesting client references can also aid in making a well-informed decision.

Large or Small

The charm of smaller, family-run businesses lies in their promise of personalized service. However, do they possess the resources your community requires for success? Conversely, larger companies might seem impersonal, contacting you only for bill payments. Yet, the finest property management firms successfully blend attentive service with unparalleled amenities. These can include preferential banking options, better vendor pricing due to their leverage, and access to a large, skilled talent pool to address HOA board needs. Smaller firms often lack the resources to fully meet community demands, potentially leading to dissatisfaction among residents.

Proactive, 24/7 Communication

Life doesn’t follow a 9-to-5 schedule, and unexpected events can occur in your community at any time. It’s crucial to have a property management company that offers round-the-clock support. Ensure that the company provides technology for quick access to personnel and immediate alerts in emergencies. Ideally, they should have a 24-hour call center with trained customer care operators ready to answer residents’ questions on account balances, amenity facility hours, key fob replacement, and more. Knowing your property management company is available day or night offers peace of mind for everyone in the community.

A Dedicated Team to Count On

While having a dedicated property manager is valuable, it’s imperative to explore what else the management company offers. The best companies include a team of professionals committed to your community's success. This team may feature regional directors with industry experience, financial management and administration experts, and specialists in human resources, warranty, and insurance services. Look for a company offering an online portal tailored to your community, incorporating services like customer care and after-hours emergency support. Choosing the right property management company can bring more benefits than initially expected.