Hiring a property management company for a community association is a very important task. In any community, there are various factors which influence the type of management that is appropriate. Some of the community factors to consider include: size and complexity, financial resources, services and amenities, and the availability of volunteers.
Before selecting a professional management company, an association’s board may consider forming a committee solely for the purpose of assisting in the selection process. If no committee is formed, then the process is handled by the board. Once you, the board or committee, have recognized what factors influence your community’s needs and have established a stipend for which the association is willing to pay for the services rendered, the process for looking for the best-fit management company for your community begins. As part of the process, it is crucial to define your requirements and identify qualified companies that best suit your needs. Make sure to review these criteria continuously throughout the selection process. Criteria questions to keep in mind throughout the selection process are:
- Can you trust this company to do what is best for your community?
- What is their client retention rate?
- Do they have nearby clients or references form similar communities?
- Will you be locked into an agreement that won’t allow changes?
- Does the management company force processes on the Association?
- Do they force you to use their in-house services or can you bid out the job?