Effective HOA governance and management make the community more attractive to home buyers, shoring up property prices. An HOA board is responsible for leading the community, but it's becoming more commonplace for boards to outsource management duties to professional HOA property management companies.
Outsourcing comes with many benefits. You get HOA managers who are dedicated to the community's needs, and these companies offer a range of HOA services, including budgeting, accounting, and property maintenance.
But if you've been looking around, you must have noticed that there are a handful of association management companies in your region. How do you choose the best company for your community?
Understand Your Needs
The first step to finding the right management partner for your HOA is to know exactly what services you need. If you want a company that will take over all the management duties, you need a full-service association management company.
In some cases, you might need only certain types of services. For example, you might be looking for a company to only handle the maintenance and repair of communal facilities and the billing and collection of HOA fees.
Having a clear understanding of your community's needs enables you to zero in on the company that has the right strengths. Otherwise, you may end up hiring a company that will be ineffective on the job.
Strong Local Presence
There are over 200,000 property management companies in the U.S. There are local brands that only service a specific locality, and there are national or even global brands that serve multiple regions.
As an HOA in Delaware, you need a company that's based here. If it's part of a national group or franchise network, then it needs to be locally owned and independently operated.
A local association management company has a superior understanding of state and county laws that affect the operations of HOAs. This way, you'll ensure your HOA follows all the relevant regulations.
Human Resources
Managing an HOA community requires a sizeable staff. If you were to hire workers for your HOA, the number would depend on the size of the community.
When you're looking for an association property management company, evaluate the size of its staff. Does it have the capacity to serve your community without being overwhelmed?
Keep in mind that these companies have multiple clients. A company that serves several communities will need a much larger staff to meet. Often, the best companies will have several clients.
If you choose a company that's not adequately resourced, the consequence is it might subcontract the work to another company. This can make it difficult for you to control the quality of the services your community is getting.
HOA Property Management Companies Can Make or Break Your Community
HOA property management companies aren't just service providers to HOA communities. They're partners who have a big influence on the direction your community takes. It's critical to choose the right partner.
In Delaware, you'd be hard-pressed to look beyond PMI First State. Our company is locally owned and operated, but it's part of a franchise network that has over 20 years of property management experience.
Contact us to learn more about our services.
