What questions should you ask when making a RFP for vendors?

Hi Sheila,

That’s a great question, and it’s good to see your board being proactive when it comes to choosing a property management firm to work with.

Here are some sample questions I usually recommend asking:

Company Background

How many communities do you currently manage?

Are you handling associations that are similar in size or setup to ours?

Financial Services

Do you provide financial reports? If so, what kind and how often can you provide these reports?

What’s your protocol for collecting fees and following up on delinquencies?

Maintenance Support

How do you handle everyday maintenance and larger projects?

Do you have your own maintenance team, or do you rely on third-party vendors?

Communication & Technology

What’s your strategy when it comes to board-resident communications?

Do you offer a service that provides and maintains an online portal where residents can access documents or submit requests?

Rules & Compliance

How do you stay on top of Illinois laws and HOA regulations?

Can you help with rule enforcement and sending notices if needed?

Fees & Contracts

What’s included in your monthly fee? Are there any extra costs we should know about?

What does your contract look like, and how do you handle cancellations if it comes to that?

These questions can help you get a clearer picture of how each company works and whether they’re a good match for your association.