One of the biggest decisions that you need to take while being a landlord is whether or not you require hiring an HOA management company. While there are several landlords that handle their properties on their own, there are others that seek the help of a resident manager. But when they need extensive help, they rush to property management companies like the Flagstaff HOA management companies.
While these companies are like third-party firms that take on all the responsibilities of running a property or a community, you need to know the tricks of hiring them. Here are a few tips to hire an HOA management company.
- Be aware of your requirements
The procedure of hiring an HOA management company can only start when you have an idea of the needs and requirements of the HOA. Make a list of the services that you’re watching out for in a management company before you begin searching for one. Sit down with the other board members and discuss the matters with them. If needed, you can also gain insights from the residents of the community.
- The company should be accredited or licensed
There are a few states that will require the HOA management companies to own a license. This requirement will depend on the state you reside in. If your state has this requirement of the license, you should look for a company that owns one. And even if it doesn’t, it is always better to hire licensed companies than unlicensed ones. Does the Community Association Institute (CAI) accredit them? Check it before hiring.
- Give more priority to services rather than price
It is understandable that pricing is one of the most vital considerations for most associations. But that doesn’t mean that you can compromise on the quality of service offered by the company. This is why it is always a wiser idea to separate the services of a company from its fees when determining its worth. This helps you in conducting an unbiased review based on only the services of the company.
- Question them about their screening process
Do you face difficulty while screening the interested homeowners? If yes, it will be of immense help when you hire an HOA management company. There is a valid reason behind communities screening their tenants and hence you should ask the HOA management companies regarding this process. In case you have a subpar process of screening, this can cost you in the long run.
- Check their insurance certificates
When you choose the right HOA management company, it is smart to ask for their insurance certificates. No matter whichever HOA management company you choose, you should look for a coverage that is above-moderate level. They should have both worker’s compensation and liability insurance coverage for employees.
Therefore, if you’re hiring an association management company, this can be a drawn-out and long process. Choose a company that has your best interests in mind.