Qualities Good HOA Management Companies Possess

Real Estate Blog

The company that manages the homeowner's association (HOA) in your neighborhood is a key component for a successful community. This company will oversee all the income that comes from the homeowners for the HOA fees and will use it to keep the neighborhood maintained and looking nice. Because of this, the company you choose should have the following qualities.

Experience with Communities Similar to Yours

The responsibilities an HOA management company assumes when hired to manage a community are highly important and significant, which is why you should aim to hire a company that has a lot of experience in this field. As you look at a company's experience, it is not only important that the company has been around for a while, but it is also important that the company has experience managing communities that are similar to yours. When you interview a company, ask them how many years they have been in business and about the types of communities they manage. Asking these questions will help you determine if the company has enough experience and the right types of experience.

A Good Track Record for Success

Secondly, a good management company will have a good track record for success. One of the key principles of good management of an HOA is budgeting money properly. Budgeting money is necessary for paying the short-term bills of the community, such as trash pickup, but it is also necessary for planning for major capital improvement projects, such as roof replacement.

A portion of the money collected each month from dues should be put aside for long-term renovations, and this is called a reserve fund. As you talk to the company, ask them about the way they handle money and the percentage they typically set aside for the reserve fund account.

Fees Your Community Can Afford

The other quality you will need to find in an HOA management company is affordability, as your community will need to have enough income coming in to pay for all the bills and the fees charged by the HOA management company. You should ask the company about their fees, and you may even want to take some time to compare the fees they charge to average fees of other companies that offer similar services.

If your community needs a management company for its HOA, you should interview a few companies before choosing the one that seems like the best fit. Contact a service, like Bradley Scott, Inc., to get started.


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