Before you set about hiring an HOA property management company for your Winston-Salem association, you need to understand a few things.
First, you need to know why you’re hiring an HOA management partner.
Next, you need to sort out what your expectations and requirements will be from that management partner.
Finally, you need to know what you’ll ask. Hiring anyone without meeting them for a discussion is a terrible idea. It’s the same with your prospective HOA management company; schedule an interview or even a series of interviews, and be prepared with some questions that you’d like them to answer.
As experienced HOA managers in Winston-Salem, we can tell you that we’ve had a lot of prospective clients ask us a lot of important questions. We’re going to talk about those in detail today.
We want you to be prepared to interview prospective partners.
We also want you to consider our team for all of your HOA support needs.
Why A Winston-Salem HOA Hires Professional Community Association Manager
Most HOA boards want to provide a pleasant and supportive community for themselves and their fellow homeowners. That isn’t always easy, and even if it is easy – it’s also time consuming. This is why working with professional Winston-Salem community association managers is often necessary.
We have a lot of experience with HOAs and condo associations. We know what kind of time requirements are involved, and we also understand the headaches that volunteer boards have to deal with.
Our goal is to make your work more efficient.
If you’ve never considered professional Winston-Salem property management for your association, you should consider the benefits to hiring an expert team and the expectations that you may have entering into the relationship. This will help you prepare to find the right management partner and interview appealing prospects.
Here’s what you want from your HOA management team:
- Customized Services Based on Association Need
No two HOAs are alike, and you won’t want a one-size-fits-all plan for HOA management.
Instead, you need a personalized plan for management and service that fits your community, your board, and your homeowners. You need to know your property management partner will customize all of their services to your HOA.
- Maybe you simply need help with the accounting and the billing?
- Or, perhaps collections and assessments are way out of control. Do you even know who is up to date and who isn’t?
- We also know that it’s often in your best interest to hire a full-service, hands-on management team that will complete a full audit of the association’s duties and decide where the most help is needed.
As an example, at Capstone Realty Consultants, we specialize in specific duties and in comprehensive, full-service management. We want to provide all of the services, but we especially want to provide support and resources in the specific areas in which you’ve been struggling.
- You’re Looking for a Liaison
A lot of HOA board members we talk to are feeling pulled in dozens of different directions. Your time is limited, but the needs of your community are vast. You’re looking for a management company that can help by working with the board and the leadership as well as the entire association and the homeowners in your community.
Headaches and hassles can be numerous when you’re trying to manage everything on your own. An association is responsible for financial budgeting and forecasting as well as enforcing the rules and regulations of the HOA. There are disputes to be managed and fines to be collected. Board meetings have to be scheduled, attended, and documented. Keeping the entire community informed can seem impossible when everyone communicates differently and has various priorities.
A good management company is the strong, stable, and reliable link between the board, the association, and the community. Your property manager will handle your owners and residents. You can ask your management company to enforce the regulations and hold residents accountable for violations and fines. Management companies are good at systems and processes. Things will feel less chaotic and a lot more organized and efficient.
- Accurate, Detailed, and Transparent Accounting
Accounting takes up a lot of your time, and so does budgeting and forecasting and planning and evaluating reserves. Good homeowner association management includes accounting and financial services that are detailed, accurate, and transparent. This is one of the most essential functions of any HOA property management partner. You need a qualified team of professionals who are familiar with the general accounting principles and the needs of an association. Your manager should be prepared to collect and account for dues, manage violations, and keep the community running according to the goals and priorities of the association.
Successful HOAs in Winston-Salem have management partners who can solicit bids from vendors and contractors for work that needs to be done and make sound recommendations on how to put together an operating budget and a reserve fund.
- Innovative Technology
Who can keep up with the evolving technology that, while in place to assist HOA boards, can be expensive to buy and impossible to implement? Accessing an online portal is easy for boards, homeowners, and the entire association. Property managers will provide a platform that’s easy to use, transparent, and safe. With this technology, your HOA board is in control of viewing financial information and using that data to make smart decisions.
A good property management company will document and keep track of your association’s bylaws, regulations, and other governing documents. You should always be able to see financial statements, and making them available online is a great resource.
With building management systems, the Internet of Things (IoT), and Artificial Intelligence (AI), keeping up with technology can feel overwhelming. Not for your property manager.
Questions to Ask Before You Hire
So, let’s get to it. What do you want to talk about with your management company once you have them on the phone or right in front of you or on the screen for some one-on-one time?
A competent HOA management company can handle everything from financial management to maintenance and community engagement, allowing board members to focus on long-term planning and community well-being. Here are the key questions to ask.
Q: What Services Do You Offer?
Understand the full range of services the management company provides. You can likely get an idea of this based on the research you do ahead of time. A website should give an indication. But, you want to talk about whether there’s a comprehensive package that includes financial management, administrative tasks, maintenance coordination, and community engagement. Is everything offered together as a single plan, or do you have to pick and choose what you want?
Make sure their offerings align with your community’s needs.
Q: Can You Provide References?
Do a bit of checking around and make sure that the prospective company you may hire has a good reputation, not only in the local community but also in the industry as a whole. A reputable company should be willing to provide references from other HOAs they manage. Speaking to these references can give you insights into the company’s reliability, communication skills, and overall performance.
Q: What Are Your Fees?
Talking about money and costs shouldn’t be your first topic of discussion, but it’s absolutely a valid question to ask. Transparency in pricing is crucial. Ask for a detailed breakdown of their fees, including any additional costs for specific services. This will help you budget accurately and avoid unexpected expenses. Don’t forget that you’re comparing value as well as costs when you evaluate one company against another. It’s a mistake to simply sign with the company that charges least simply because they’re less expensive. You want to make sure you’re getting what you pay for, and that’s not always going to come at a discount.
Q: How Do You Handle Financial Management?
As we have talked about so often, financial stability is paramount for any HOA. Inquire about their financial management practices, including budgeting, reserve fund management, and financial reporting. Ensure they use reliable accounting software and have robust internal controls. Find out how they will work with your treasurer.
Q: What Is Your Approach to Maintenance and Repairs?
Maintenance is a significant aspect of HOA management. Ask how they handle routine maintenance, emergency repairs, and vendor selection. A proactive approach to maintenance can prevent minor issues from becoming costly problems. You’ll want to make sure they’re prepared to offer project management and support on small tasks and large projects. Talk about landscaping projects and security and capital improvements. What happens if the gate outside of the community malfunctions, and who will be there if a sewer backup occurs in the middle of the night?
Q: How Do You Communicate with the Board and Residents?
Effective communication is key to a harmonious community. Ask about their communication methods, frequency of updates, and responsiveness to inquiries. Ensure they have a system in place for addressing resident concerns promptly. Do they prioritize automated correspondence or is personal conversation their go-to?
Q: What Experience Do You Have with HOAs Similar to Ours?
Experience matters. Ask if they have experience managing HOAs of similar size and complexity to yours. This can indicate their ability to handle the specific challenges and needs of your community. You are right to be impressed by several decades of experience, but make sure it’s the right kind of experience.
Q: How Do You Handle Legal Compliance and Risk Management?
HOAs must comply with various laws and regulations. Ask how they stay updated on legal requirements and manage risks. A company with a good understanding of legal compliance can help protect your HOA from potential liabilities. Do they know all of the laws that pertain to HOAs in North Carolina? How do they track changes to the law and pending legislation?
Q: What Technology Do You Use?
Modern property management often involves technology for accounting, communication, and maintenance tracking. Ask about the tools and software they use to ensure efficient and transparent management. Do they use AI? Are they leveraging automation? When do they back away from technology and rely on interpersonal communication and manual systems?
Selecting the right HOA management company is a significant decision that can impact your community’s success. By asking these questions, you can gather the information needed to make an informed choice.
Are You Switching HOA Management Teams?
When You Know It’s Time
For a lot of the HOAs who come to us asking questions about our services and our approach, it’s the first time they’re working with a professional management team. They’ve possibly been managing on their own.
Sometimes, however, we get inquiries from HOAs who are working with a property management team currently, but they’re not satisfied with the service they’re getting.
You want to make sure your expectations are being met. A good HOA management company will facilitate all of the daily operations of your community association, and if things are not being done the way you expected, you should consider finding new management.
There’s no need to rush into extreme actions, of course. There are often times when a simple conversation can help everyone reset their understanding of responsibilities and requirements. However, if you’re not getting anywhere with your HOA manager despite frequent conversations and explanations, you need to find a company that better fits your needs and your community.
If any of these things are happening at your HOA or with your management company, we strongly encourage you to start asking around. Elevate your management experience for the good of your HOA board and your entire community.
Here are some red flags in HOA management:
- Poor Communication (or no communication at all!)
You need to know your HOA management company is available, accessible, and responsive. When you can’t get in touch with your manager and questions are left unanswered, it’s frustrating and difficult to move forward with decisions and resolutions. Without communication, it’s impossible to establish and maintain a good relationship with your HOA manager. When phone calls and emails aren’t answered, you need to find a manager that takes your needs more seriously.
- Lack of Follow Up or Half-Finished Tasks
Boards need to know they can rely on their HOA management company to take care of necessary projects. Perhaps the landscaping has faltered or the painting projects are unfinished. If there’s no follow-up on action items from board meetings, you may be wondering why you have an HOA management company at all. If you cannot rely on your managers, it’s hard to trust that they will do what they say they’ll do. You want a team that doesn’t only do the bare minimum, but goes above and beyond.
- Compliance Issues Aren’t Addressed
Sometimes, the partners who are supposed to protect you from liability simply bring it on.
One of the reasons to hire an HOA management company is to have a professional and unbiased party monitoring compliance and addressing violations. Because most HOA boards are made up of volunteers, and it’s often unpleasant to approach your neighbors with a list of their violations, you’re hoping that your management partner will take that burden off your plate. But, when you notice that there are several problems with community residents violating the rules, regulations, and bylaws without any action from your property management company, you need to find a team of managers who is more proactive and willing to keep your entire community in compliance.
- Financials are Funny (or not transparent)
Financial management has to be on point, otherwise why are you even working with a management team? Your HOA management company likely takes care of all your bookkeeping and accounting, including budgets and bank accounts, the collection of fees, and the vendor payments. Your board should have access to financial reports and accounting statements. A lack of transparency when it comes to your finances is a huge red flag and a very good reason to find a new management company.
- Poor Service is Reported by Community Members and Homeowners
When the homeowners in your association are complaining about the property management company, you should take that feedback seriously. A good management company has a customer service ethic that helps both boards and homeowners have a better residential experience. When you begin to receive regular and credible complaints, you need new management.
If you’re going to hire a new property management team to replace your existing one, it’s important that you understand how that transition will work. One of the most important questions you can ask your prospective new company is: how much of it will they handle?
For those in Winston-Salem, finding a company that understands your unique needs and has a proven track record in HOA management is essential. A good HOA property manager can focus on your association and its unique needs. This could include managing board meetings, supervising vendors and maintenance staff, and welcoming new residents into the community. If you’re struggling to keep your association running well, ask for help. It’s important that you deliver the best, most valuable support system you can to your residents, your board, and your community.
Let’s talk about how we can help. We’ll happily answer all of your questions. Please contact us at Capstone Realty Consultants.
