In Colorado, HOA board members serve on a voluntary basis. You will not get paid for your time, even though many board members report spending double-digit hours on this activity per week.
If you find yourself spending too much time on unpaid HOA board work, it may be time to consider HOA property managers. These professionals can take on much of the load for you, freeing up your time for other matters.
Yet, working with an HOA manager can be a headache if you choose the wrong company. Learn how to work with the right HOA management firm with the tips we have curated in this guide.
Understand What's Included in the Service Agreement
Retaining an HOA property manager will require your board to sign a management contract or service agreement. In addition to key items like terms and conditions, ensure you know the exact services you are paying for.
A good HOA management company should offer accounting, collections, maintenance, violation enforcement, board advisory, and legal advisory. Your HOA may want additional services depending on your unique needs.
However, note that we said 'a good' company, not all companies. Some service providers may only offer a limited number of functions. Always ask what is included in the service fee before officially hiring an HOA manager.
Know What the HOA Board Does vs. What HOA Property Managers Do
At the end of the day, your HOA board is responsible for all legal obligations that apply to your community. This is a crucial fact to keep in mind to avoid placing unnecessary blame on property managers and souring relationships.
What is more, boards have the responsibility of supervising the HOA management company. Again, this is why the initial contract is so crucial - HOA managers have no obligation except what is in the service agreement.
Identify Potential Pitfalls of Working With HOA Managers
HOA management services are supposed to make your life easier. But if you hire the wrong company, you may run into some of the common drawbacks to working with these professionals.
Poor communication, hiring cheap third-party vendors, not completing projects in a timely manner, and lack of organization are big ones.
Another common problem is high manager turnover. The person who is your point of contact within the company may leave at a moment's notice, resulting in working relationships that are constantly stopping and re-starting.
Hire the Right Management Company the First Time
The best way to avoid problems with your HOA manager is to hire a quality one the first time. Here are some tips for doing just that:
- Determine the scope of services you need before compiling a list of contenders
- Understand the board's fiduciary and legal duties to their HOA communities
- Always research and review potential HOA management companies thoroughly
Follow these tips, and your HOA can start working with a property management company with ease.
Need an HOA Manager in Boulder?
HOA property managers can free up your board members' time and energy. However, you must outline the services you need and understand your own responsibilities to avoid headaches and low-quality HOA management firms.
Are you searching for a Boulder, Colorado HOA management firm that understands your needs? Boulder Property Management is waiting for your call. Contact us today to learn more about our services.