How to Know When It’s Time to Change Your HOA Management Company
Choosing the right HOA management company is one of the most important decisions your Board will make.
But what happens if you already have an HOA management company and things aren’t working as they should?
It may be time to consider a change.
Here’s why a good HOA management company is so important and how to know when it’s time to move on from your current partner.
Why Your HOA Management Company Matters
An HOA management doesn’t just handle the day-to-day operations of your community. They should also be protecting your HOA’s long-term value and reputation. From maintaining property standards to ensuring financial transparency and resident satisfaction, your management partner has a direct impact on your HOA and the people who live in it.
A dependable management company should do the following.
Provide accurate, timely financial reports.
Respond quickly to Board and resident concerns.
Oversee vendors effectively.
Enforce community rules fairly and consistently.
Offer proactive advice and solutions.
Signs It’s Time for a New HOA Management Company
Clearly, HOA management has a lot of responsibility and importance in your community. If your current company does not uphold its end of the bargain, your HOA could experience financial strain, resident frustration, and legal challenges.
Here are some crucial signs that it’s time for a new HOA management company.
1. Your current management company does not communicate effectively.
Effective communication from an HOA management company will include consistent updates, transparency, and timely responses to calls, emails, or other inquiries. If your current HOA management company does not use effective communication, it is a sign of serious management shortcomings.
2. Maintenance and vendor issues tend to pile up.
Neglected landscaping, delayed repairs, and poorly managed vendor relationships impact property values and quality of life. You deserve a management company that will stay ahead of maintenance schedules and maintain good relationships with and oversight of vendors.
3.Your Board notices a drop in resident satisfaction.
Listen to your residents if they begin complaining or registering issues with your HOA management company. As resident satisfaction in the community drops, so does morale and engagement.
4. There are frequent financial oversight errors.
Finally, financial errors are a major issue in HOA management because they can expose your Board to legal issues or liability. If your Board feels uneasy about how money is being handled, it’s time to reevaluate.
What to Do When You Decide to Switch
So, your Board has noticed some of the issues mentioned in the previous section. Now what?
Start by documenting all ongoing issues with your current management company. Then, review your management contract and request a proposal from another company in your area that may be better equipped to serve your community’s needs.
If you are looking for a great HOA management company in the Hudson Valley, you should consider Katonah Management Services, LLC. We offer comprehensive services, effective communication, and transparent financial oversight that your HOA needs to thrive.
Contact us today!