How to Choose an HOA Management Company
Before you buy a home in an HOA’s Charlotte, make sure to read its covenants, conditions and restrictions (CC&R) thoroughly. These rules and regulations govern everything from yard care and painting to parking and pet policies.
You should also look for a management company that takes pride in its work and is open to feedback.
Look for a Management Company
Choosing an HOA management company is one of the most significant decisions homeowners association boards have to make. To select a candidate, committee members should do some internet sleuthing and ask for references from past associations they worked with.
Look for a company that understands the importance of financial transparency, diversity values, and responding quickly to homeowner concerns. Also, make sure to assess how they collect past due accounts and how receptive they are to homeowners’ questions about fees.
The best management companies are passionate about their work and will take pride in helping communities thrive. They are not afraid to communicate with residents and will always be receptive to feedback. They will know how to enforce governing documents while being flexible enough to help the community grow and change in ways that benefit everyone. They will also be knowledgeable about the laws in your state and how to work through a contract dispute if the need arises.
Look for a Community Manager
When you choose a management company, the community manager is the key person to have. This person is on the ground in your community addressing residents’ concerns, helping to get bids for work on the property, communicating with contractors, and more. They are often the liaison between your community and the company, so it’s important they have good interpersonal skills and be able to work well with people of all backgrounds and opinions.
Before choosing a candidate, it’s a good idea to form a search committee composed of board members and volunteers from the community. This allows you to conduct a thorough search that considers the best options. The committee should also set bidding specifications to make sure candidates are evaluating the right things.
Before making a final decision, have your HOA attorney review the contract to ensure that your association is legally protected. This will ensure that your board isn’t getting into an unfavorable contract with the management company.
Look for an Amenity Manager
An excellent HOA management company will provide community members with insights that allow them to make informed decisions about future amenities. This will help your community achieve its short- and long-term goals while maximizing fiscal stewardship.
For example, let’s say your HOA has strong demand for a bike path. But adding a new feature to your amenities list can be a big decision that may require a lot of work to install and maintain. An experienced HOA management company can review your wish list and recommend those additions that will bring the most benefit to residents – all while staying within budget.
Another important aspect of a good HOA management company is ensuring that your community’s rules are enforced consistently. Selective enforcement is a common problem that can create tension among residents and lead to legal action by homeowners. An outstanding HOA management team will ensure that all rules and regulations are abided by, fairly and consistently.
Look for a Reputation
A homeowners association management company’s reputation is a valuable resource for determining whether it will be able to make a difference in your community. Ask potential management companies for a service and fee proposal and evaluate them separately. This will allow you to evaluate quality without letting price dictate your decision.
Ask about how long each member of the board has lived in the community and how well they work together. You should also request a list of conflicts and rule violations that have been addressed and the results of those actions.
As a home buyer, you should be aware of HOA fees and how they might affect your house purchase budget. Many mortgage lenders factor in HOA fees when deciding how much to finance for your new home. This can significantly reduce the number of properties you can afford to consider buying. HOA fees typically cover maintenance services, trash removal and amenities in the condo building or community such as pools and communal streets.