When hiring a management company for your condominium, townhouse, or other types of property in a planned unit development like a gated community or subdivision, a number of factors come into play. How big is your property? Are the duties a lot to take on? Do you have people within your elected board of officials who can handle certain aspects, like accounting? Property management companies provide a range of services, most are equipped to handle monthly collection of homeowners association (HOA) dues, fines and fees; management of HOA financials; creation of an annual budget; development of long-term capital improvement/replacement plan; ongoing maintenance; finding and managing contractors; and monthly reporting to the HOA board.
Are you unsure whether your HOA would benefit? Here’s a list of common situations that may make you want to consider hiring a management company:
● Homeowners don’t have the time or experience necessary to serve on the HOA’s volunteer Board of Directors. Members of the Board should usually have some background in areas like finance, operations, law, vendor management, and conflict resolution.
● The HOA is responsible for managing complex building systems, amenities, or multiple properties and facilities.
● The HOA has a significant membership and routine billing, correspondence, enforcement of HOA rules, and management of complaints that is particularly time-consuming.
● A property management company can leverage its existing relationships to get the HOA discounts on services like insurance or with contractors like lawn maintenance companies.
Hiring a property management company shouldn’t feel like a daunting task. Typically, both the HOA or community board and the management company want the same thing - a healthy working relationship that runs smoothly and leaves everyone happy. It’s important to keep in mind that hiring a management company doesn’t mean you give up any of the power over your property. The board still sets the policies and makes the rules, it’s just the management’s job to enforce them and handle the day-to-day operations of the building or community. As the owner or HOA, you also have the option to set the terms. If there are certain duties you want to stay within the board of directors’ responsibility, you can hash out which tasks you’ll be needing the management company to tackle.
A well-matched management company should understand the HOA’s values and long-term goals, and strive to meet them. At Alaska Management Group, our mission is to continually provide unsurpassed management services to ensure a safe and comfortable lifestyle while maintaining the value of the community for all residents. We provide both full-service and financial management as well as Board of Directors consultation services. Let us know if we can assist you in maintaining the value and comfort of your home and association by completing our management request form here.