Homes in Texas have gotten more and more valuable in the last few years. As of May 2023, the median home value in Texas is over $337,000.
To protect the home value in your neighborhood, one thing you may consider is hiring an association management company.
What factors do you need to consider with association management? How do you know who is the best association manager for you?
This guide breaks down the biggest things you need to consider.
Consider the Price
One of the biggest things that you need to think about is how much an association management company costs. This service is not free and the truth is that not every HOA can afford to outsource this service.
Sit down and determine what your HOA can afford to spend on this service. Then, talk to some association management companies and see if their quotes meet your budget needs.
However, do not automatically go with the company that charges the cheapest price. The catch there may be that they do not offer the quality of service that other companies do.
You should not only determine who meets your budgetary needs but also who provides the best value for your HOA.
Ask About Past Properties
Another thing you should consider is what type of properties that an association manager has worked with in the past.
Have they worked with homes or have they merely worked with apartment buildings? Were these homes in a suburb or were they in a tourist destination?
These are the questions you need to ask to get an idea of if they can handle your HOA's needs. This is especially the case when it comes to common areas and home maintenance.
For example, it is recommended that homeowners dedicate 1% of their home's value toward home maintenance. Does this property manager have the foresight to include that in your HOA fees?
This should give you a better idea of if they can handle your community.
Finally, take into account how many people an HOA property management company is willing to dedicate to your HOA's needs.
Is it a skeleton staff where one person is in charge of everything? Does the main property manager have a team behind them that can help out with HOA tasks?
You will likely be better off with a property management company that has more resources to dedicate to your community.
Hire an Association Management Company
These are the main things you should consider if you are thinking about hiring an association management company. You have to find out how much this service is going to cost your HOA.
Also, you should ask them about their past properties to see if they have handled properties similar to yours before. Then, ask them about what kind of staff they can offer to help run your HOA.
Do you want to know more? Message us here with your questions today.