Imagine your property values rising, finances always in order, and maintenance requests filled on their own. No, we're not describing Disney magic. With help from association management companies, it's possible!
Not sure which company to choose? Read on for the four tips you need to ensure an effective search!
1. Industry Experience
The property management industry has grown recently. In the past year, there's been a nearly 3% increase. There are now over 290,600 property management businesses in the US to choose from.
Before making your choice, evaluate each company's industry experience. Determine how long they've operated. Look for a team with over a decade of experience helping communities like yours.
Make sure their experience is relevant to your needs. How many associations has the company managed?
Learn about their experience helping communities in Katy, TX. What association management services benefited those communities? Ask each company if they have case studies or proof they helped the community.
Before narrowing down your options, make a list of your concerns and goals. Ask each company how they'll customize their services based on your needs.
Ask the company about the state licenses and credentials they have. Look for an experienced, qualified team. They'll leverage their experience and expertise to help your community succeed.
2. Association Management Services
Outlining your goals will help you determine which association management services you need most. Determine if you want to hire a company that specializes in one area of expertise. Otherwise, hire a full-service management company.
Their services may include:
- Financial management
- Administrative management
- Building management
- Board member assistance
- Community communication
- Assessment collection
- Document management
- Compliance and inspections
Think about the problems you've encountered in the past. For example, perhaps you struggled to improve property values in your community. The value of homes in community associations has reached nearly $11 trillion.
Many communities are proactive about increasing home values. Determine what services the company offers that will improve the property values for your members.
The company can help you keep up with maintenance and hire vendors to improve your curb appeal. They can also help you remain compliant, allowing you to avoid fines. Choose a company that can meet your needs.
3. Company Reviews
Read online client reviews to learn more about each company from other communities. Company reviews can help you learn about the company culture. It will also help you determine if the company can meet your expectations.
If the company has many recent complaints, remove them from your list of options. You'll likely encounter the same problems.
4. Budget Considerations
Talk to your board to outline your budget considerations. Ask each association management company for an itemized list of their prices.
Compare prices between three local companies. Ask each company if they offer a guarantee or cancellation fee.
Don't choose the cheapest company available. Instead, make sure they're capable of accomplishing your needs to better utilize your budget.
Find the Best Association Management Companies
Not all association management companies are capable of meeting your expectations. Use these tips to narrow down your options. Hire the best company to ensure your community's future success.
The team at PMI Prestige has nearly 20 years of experience helping communities like yours boost their profitability. Contact us today to discover how our association management services can help!