The United States is home to over 320,000 homeowner associations, as Realtor Magazine will tell you, but they're not all created equal. While some are well-run, others are a hotspot of chaos and homeowner discontent. What makes the difference between a successful HOA from a failed or failing one is the quality of governance and administration.
HOA boards are responsible for both, but the savvy ones outsource administration to association property management companies. If your HOA is considering outsourcing, it's essential to find the right partner.
There are thousands of companies to choose from and you can easily make the wrong pick if you don't know what to look for. This article provides tips on how to go about it.
Establish the Needs and Goals of Your Community
HOAs have different needs, so you must take time to understand the needs your community is facing.
Start by looking at the specific issues troubling your HOA. Is it struggling to collect HOA fees from homeowners, for instance? Are community assets like driveways and clubhouses in a state of disrepair?
Next, evaluate your goals. Where do you want to be as a community in the next decade? What about more immediate goals?
With this information, it's easier to zero in on the best association management experts. If your community's biggest shortcoming is financial management, you'll be focused on choosing a management company with a strong accounting and reporting team.
What's Your Budget?
Providers of the best community management solutions charge a premium for their services, which is why you must define your budget before starting to look for one.
On average, these companies charge anywhere from 5%-12% of an HOA's total monthly collections. There's room to negotiate, but don't settle for the cheapest provider simply because you're on a tight budget.
Plus, depending on the needs of your community, you may not need to go for a full-service package. Association management companies can offer services tailored to a specific need. For instance, you can hire them to only maintain communal assets.
Local or National?
Property management companies come in all sizes. There are national corporations serving clients across the country, and there are local companies that only focus on a certain region.
Which way should your Tampa community go? National companies have a stronger appeal since they have vast resources, but you might not get personalized services. Local companies may not have as many resources, but their services often speak for themselves.
What if we told you that your community could have the best of both worlds? At PMI Tampa, we're part of a national property management brand, but our office is locally owned and independently operated. We leverage the technology and expertise of a national brand while bringing local knowledge and experience to your Tampa community.
Finding the Right Association Property Management Companies
Hiring association property management companies is one of the most important decisions you'll make for your community. There's no room for error. With these tips, you're now in a better position to find the ideal partner.
PMI Tampa prides itself on providing excellent service to its clients. Being a full-service company, you can get various services, including vendor coordination, compliance and inspections, maintenance and repairs, and accounting reporting.
Schedule a consultation to speak to our experts.
