5 Tips for Choosing a Property Management Company
There comes a point for most homeowner or condominium associations when volunteers can no longer handle all the work. Choosing the right company to manage some or all of the tasks can seem like an overwhelming task, but it doesn’t have to be. Think of it as conducting a job interview. Here are five tips that can help your Board choose the right community association management
company for your association.
What are your association needs? Making a list of the tasks that you need a management firm to handle will help you focus your questions. It’s important to remember that while a company can manage day-to-day operations, your Board will continue to have oversight.
What are the company’s management credentials? Property management
companies that dedicate time for ongoing training employ managers who are current on state regulations and laws that affect associations as well as possess skills that are more diverse. Look for the AACM designation for the company and CAI professional designations for community association management employees.
Is the company licensed (where appropriate) and bonded? In addition to management credentials, it’s important for the company to be bonded. Some states also have licensure requirements for association managers. The Community Association Institute (CAI) licensing page is a good place to check for a current synopsis of state licensing laws.
Does the company have management processes in place? Top management companies have financial controls and processes in place to help you manage and protect the association’s money. The company may also have processes to improve collections, vendor selection, etc. Ask about the services the company provides to similar properties, and determine if your association has the same needs.
What services are covered in the contract fee? Comparing apples to apples is important when selecting a management company, so it’s critical to understand the fees and services. As with most bids, one that is significantly lower than others could be missing services you need or have significant costs for “out of contract” work. Take the time to read the fine print now to avoid future surprises.
Tri-Cities, TN-VA: 423-926-7373
Knoxville, TN: 865-643-8989