Should we hire a management company? Pros and cons?

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  • #370077
    melinda_s
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    Thinking about hiring an HOA management company. For those of you who already have one, are there any pros and cons I need to know? Thanks x

    #370078
    grrtfrmn
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    How many units?

    #370079
    melinda_s
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    We’re a single-family community with about 300 homes.

    #370080
    grrtfrmn
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    Then yeah, I’d hire one.

    #370081
    arnie920
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    A management company can definitely make things easier for an HOA and the board. We hired one a few years ago and never had one before that and the difference is ASTOUNDING.

    #370082
    cherylyrehc
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    There are more pros than cons with managemetn comapnies. Just make sure you screen them properly so you don’t end up with a bad one.

    #370083
    kris10xoxo
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    Pros: better management, connections to contractors and vendors, more time for the board. Cons: fees can be really extravagant – no joke!

    #370084
    altotyler35
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    For a 300-home HOA, I’d also hire a management company. You have a lot of members, which means collections and communications can be a b*tch. A manager would really help.

    #370085
    cascascassie
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    I live in a 250-unit condominium and we’ve been self-managed for three years now. We had a management company before that (I won’t name names) and it was utterly horrible. They mismanaged funds and overcharged us. They also didn’t really do much – just a lot of paperwork but the board ultimately did everything else. For us, it just wasn’t worth it. I’d recommend skipping it and going self-managed instead. If you have the right board members, it should be easy.

    #370086
    melinda_s
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    Thanks for all the input, everyone! x

    #370087
    wicked_oz
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    Pretty isolate case for cascascassie. Most of the HOAs I know (I live in a city with LOTS of them) hire management companies or HOA managers and they’re all doing great. Work is streamlined and efficient. Boards have a lot more time on their hands. Plus, the experience and expertise are unmatched. Best decision our HOA ever made tbh.

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