An HOA, or homeowner association, is common in neighborhoods across the country. The boards of these associations are typically staffed by community volunteers or by unpaid, elected officials from the neighborhood. However, an HOA, COA or POA generally requires the services of professional management as well. Professional management is responsible for essential managerial functions on a full-time basis. Whether you are forming a new association or breaking up with your current management, there’s one burning question. How much does a property manager cost? The cost of professional management services varies dramatically. This closer look will give you a better idea about what a fair rate is for your community’s needs.
The Exceptional Benefits of Professional Property Management
Professional property management provides homeowners and the community in general with several essential benefits. For example, an HOA, POA or COA typically has adopted a list of standards and requirements that property owners are expected to follow. The management company enforces established rules. This helps the homeowners maintain a specific quality of living in the community and protect property values. Property management companies also manage funds, hire contractors, repair or maintain amenities and complete other essential functions on behalf of the community.
The Cost of Professional Property Management
When you ask how much does a property manager cost, understand that multiple factors come into play. For example, some communities are very large with numerous common areas and amenities that require regular attention. They may have several hundred more houses than a neighboring community has, which means that the volume of work for collection of dues, rule enforcement and more is greater. Some management firms provide additional services for the community, such as organization and planning for specific community events, the preparation and distribution of a newsletter for residents, maintenance of a community website and more. Typically, a property management company charges fees on a per-door basis. For example, it may charge $20 per door per month, but this varies dramatically. Keep in mind that the per-door rate may actually be lower for larger communities because of scalability.
The Services Provided by a Property Management Firm
Before your community begins searching for a new property management company, meet with board members to determine which specific tasks you need the management company to perform on your behalf. If community involvement is substantial, you may easily find a volunteer who will drive through the property once or twice per month to take photos of HOA rule violations or to prepare a monthly newsletter. If not, you may need to pay a higher rate to obtain these professional community management services. You should also establish expectations for the management company, such as how frequently amenities should be maintained.
How to Find the Right Property Management Company
A smaller community may be managed by a single paid individual who has exceptional credentials, but a larger community may require the services a larger company. The first step to take when looking for a property management company for your community is to identify management companies for nearby communities. Our website makes it easy for you to locate leading providers in the area. Stop by managed communities to look at how well the common areas and amenities are maintained. Consider contacting a few board members from nearby HOAs to get recommendations. After taking these steps, you can reach out to the top managers that you have identified for an interview and rate quote. Ensure that the company has the infrastructure and staff necessary to meet all of your regular needs. Another important additional step is to incorporate the management company’s fees into your association’s budget. Ensure that their fee is reasonable given the monthly dues that are collected.
When you ask how much does a property manager cost for your HOA, POA or COA, you can see that numerous factors are at play. The best way to determine how much management services in your area may cost is actually gather quotes. Our easy-to-use database provides you with a convenient way to locate leading management companies in your area. Professional firms in all 50 states are featured in the database. Spend time today using our website to identify a few firms to reach out.