There are several things that should be taken into consideration to help you and your condo community decide whether it is time to change your Condo HOA Management Company. A condo association cannot be all things to all people. HOA rules do apply equally to everyone living in the community. But not all residents will be happy with all the rules all the time. However, the expectation is that the Condo HOA will apply all the rules equitably and fulfill their obligation to the residents. A good, working relationship with a Condo HOA Management Company will help achieve those goals.
Your Condo HOA is an important aspect of your resident's confidence and comfort living in the community. They trust you not only for safety and security. But also for executing fiscal responsibility in spending the HOA fees according to the community's needs.
HOA Management Companies are the gatekeepers of your Condo HOA's rules and regulations. They always remain accountable to the association as well as the residents.
HOA Management Companies' responsibilities incorporate:
- Architectural support services
- Board meeting facilitation and preparation
- Board member training programs
- Community communication programs
- Fiscal Transparency
- Property maintenance supervision
- Timely Project Status Updates
- Vendor qualification and monitoring
Additionally, they are responsible for providing support that creates a stronger, more harmonious sense of community, as well as efforts that help increase property values. Dependable follow-through and follow-up by all involved are essential to maintaining transparency between the membership, the board, as well as the management company.
Life is much better when the HOA/Management relationship is running smoothly. But, when critical areas start to falter and show signs of breakdown, it can create challenges to accomplishing community goals. That is when it may be time to change Condo HOA Management Companies; the success of your HOA depends on it.
6 Signs That Indicate It's Time to Change Your Condo Association Management Company
1. High Turnover at the Top
Some turnover within your management company is to be expected. However, if top management has changed multiple times over the course of a year, this can be an indicator that there is serious instability at your HOA management company. The lack of continuity and constant change in management has the potential to cause problems. Interrupting your condo community's forward momentum. Additionally, each new management company's managers must rebuild the condo association/management relationship.
2. Persistent Lack of Communication
If your association is waiting days, even weeks before receiving an acknowledgment or response from the HOA Management Company, that may be another indicator that it is time to move on.
Transparency is a critical element in communications between all parties. It is an integral part of the service provided by your HOA management company. Managers may need some time to research the answer to your question. But they should respectfully acknowledge your inquiry within a reasonable amount of time as well as let you know when you can expect a reply.
3. Follow-Through/Follow-Up
An HOA Management Company Manager's duties encompass executing all the board's decisions.
They are responsible for :
- Setting a clear plan of action
- Identifying next steps
- Identifying action items
- Report ongoing status
- Keeping the HOA well-informed
The association should not have to track each step. If you feel your management company has not kept you informed or provided satisfactory status updates of community improvement projects, it's time to seek a new HOA Management Company.
4. Fiscal Reporting Responsibility
Condo association members are entitled to always know the status of the HOA's finances. Your HOA Management company should also provide the board with detailed, current financials that clearly demonstrate how much is in the reserves as well as how much cash is on hand.
If your HOA Management Company hastily pulls together financial statements that appear lacking, or they have not provided the association a statement in months, they might be masking something, either inadvertently or intentionally. Either way, it's time to look elsewhere for a condo association management company that is more professional with its record-keeping.
5. Low-Quality Vendor Services
Condo HOA managers are charged with monitoring vendors on pricing and performance as well as keeping the HOA board advised of any issues. They need to ensure that vendors adhere to their original bids with no overruns and deliver on their promises.
6. Lack of Guidance or Advice
One of the most critical duties of an HOA management company manager is to guide you through the details of state code, your community's CC&Rs (covenants, conditions & restrictions bylaws, and rules & regulations), as well as provide meticulous business guidance for your HOA.
It is the condo association's responsibility to make all decisions for the community. But a quality HOA management company should provide vital support.
This support involves things such as:
- Communicating with the membership to build a stronger sense of community
- Comparing vendor bids; making recommendations
- Guiding the board through compliance violation processes
Top-notch HOA managers don't simply act on the board's directives; they provide proactive input as well as advice. It is incumbent upon the association to work with a management company that has your condo association's as well as the community's best interest in mind.
By retaining an HOA/manager who can provide all the services seamlessly as well as build a strong relationship with the association, your HOA can deliver exceptional services to the community. Satisfied residents translate into a lower vacancy rate and a happier community.
The association determines what is best for their community; the HOA management company provides expertise in best practices and regulation. At its best, this partnership supports strong, smart decision-making that is in the best interest of the HOA.
If your condo association is struggling to achieve its goals because your HOA management company is falling short on providing the expected services, it may be time to start shopping for a new HOA Management Company.
Charlesgate Realty is a local Boston, MA company servicing the Greater Boston metro area and Eastern Massachusetts market.
Whether you are looking for condo association management, property management, or rental property management, Charlesgate Realty is ready to provide you with the best in class service your community deserves.
Want to know more about how expert management from Charlesgate Realty can support your HOA? Contact us today and let's talk.
