Choosing an HOA Management Company
Whether you’re managing your community wmdouglas.com yourself or hiring a third-party management company, it’s important to select a management company that understands your community’s needs. You should choose a company that focuses on community building and trust. The right management company will provide transparency and fast service while helping you stay within budget. They will also cultivate relationships with vendors, ensuring that repairs and maintenance are done quickly and efficiently.
When choosing a management company, look over the contract in detail and ask about additional costs. These can include initiation fees, ongoing management fees, and exit fees. Depending on the level of service you need, the price should be proportionate to the value of the services provided. Keep in mind that some management companies may justify higher fees by promising more services, which may not be necessary. In other words, keep your budget in mind and make sure that you receive all of the services you need from your HOA management company.
Before hiring a HOA management company, make sure that you understand the contract. Some companies have a fixed termination fee; others will charge a percentage of the remaining months of the contract. For example, if you hire a management company for one year, but then decide to terminate the service before you’ve reached a resolution, you will need to pay a termination fee of ten percent of the total price of your contract. You’ll also need to check whether the HOA management company will attend board meetings.