Choosing the Right Association Management Company: Factors to Consider

Choosing the Right Association Management Company: Factors to Consider

Imagine cooking, cleaning, going to work, helping your kids with their homework, then staying up to review your community's finances. Your HOA's volunteers could burn out if they're juggling too many responsibilities. Before that happens, consider hiring an HOA management company.

Not sure how to choose between association management companies in Dallas? Read on for the tips you need for an effective search!

Check Property Management Experience

There are over 296,000 property management companies in the US. The industry has grown by nearly 2% in the past year. These additions to the industry lack hands-on experience.

Instead, look for a property management team with years of collective experience. Determine if they specialize in commercial or residential properties. Consider how many HOA communities in Dallas they've helped in the past.

Confirm that their experience aligns with your HOA's needs.

An experienced HOA property management company likely has a process in place. These teams function more efficiently. They're less likely to make mistakes when managing your community.

Look into the company's credentials. Determine if they're licensed and insured. Prioritize companies with credentials through the Community Associations Institute (CAI).

Teams with the proper credentials will have relevant expertise. You can leverage their training to your community's benefit.

Review Their Skills and Duties

Once you find an experienced company, look into the team. Make sure their expertise aligns with your needs and goals. For example, your community may need an expert in:

  • Insurance
  • Strategic planning
  • Finance
  • General administration
  • Communication

A team with the necessary expertise can help your community function at its best.

Review the services each company offers. Prioritize finding a full-service property management company. You won't have to worry about hiring another company for additional services.

Consider what's covered under each service. For example, financial management may include:

  • Maintaining financial records
  • Managing the budget
  • Processing dues and fees
  • Handling payroll
  • Preparing and filing tax returns
  • Providing financial reports

Perhaps you need help with maintenance and building management instead. Maintaining your community will make it a more desirable place to live. In fact, good curb appeal could boost a property's value by 7%.

Determine if the property management company has connections with vendors in Dallas. They'll already know of the best contractors. Leveraging these connections could help you find competitive prices.

Consider Their Reputation

Check online for client reviews for each association management company on your list. Client reviews will ensure you find a company worthy of your trust. It can also help you learn about their experience in the real estate industry.

If the company has various complaints against them, consider hiring another company.

Ask three local property management companies if they can customize your agreement based on your needs. These companies care about helping you succeed.

Vet Association Management Companies in Dallas

There are too many association management companies in Dallas to choose from! With these tips, you can vet your options to find the one that matches your needs. They'll help your community thrive in the year ahead.

PMI Nortex Properties has over 20 years of experience helping associations like yours. We can help you run a more harmonious association. Contact us today to learn more about our services.