Question:
What are the main issues to cover when signing up to use a management company?
Positives and negatives.
– Randell
Answer:
Hi Randell,
An HOA management company lends more expertise, experience, and resources to an HOA. It frees up the board’s time, allowing them to focus less on administrative tasks and more on important decisions. However, not all HOA management companies are made equal, and some don’t measure up on the job.
When hiring an HOA management company, make sure to send out multiple RFPs (requests for proposals) to get a wide pool of candidates and compare them using the same metrics. Interview your candidates and negotiate your terms. Weigh your budget against the services needed/provided. Make sure to have a contract in place outlining all the terms, including scope of work, fee structure/schedule, and other important clauses. It’s best to have a lawyer look over the contract before you sign it.
Here are some resources you might find useful:
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
