The Pros and Cons of Hiring an HOA Management Company
HOAs come in all shapes and sizes. Some use HOA management companies from the beginning and love them, some transition to or away from using these companies as the association changes, while others value being self-managed.
While you might think that we are biased toward using management companies, the truth is that we want your association to do what is best for the board members and the residents. Here’s what you need to know about the pros and cons of relying on an HOA management company for some or all of your association’s needs.
The Pros of Hiring an HOA Management Company
HOA management companies exist because many communities do not have either the willingness or the expertise to be self-managed. To run an HOA successfully, you need people who are experts in every area that the board requires and who are willing to give their time and energy to help run the community.
For instance, most boards require the services of people well-versed in several different kinds of law, those who are experts at finances (from the day-to-day to planning budgets to paying taxes), those who know the rules surrounding running effective meetings, and more. These people not only have to live in the community and have the required knowledge and certifications to help out, but they have to be willing.
If your community does not have these resources, then a management company might be right for you. These companies, like our team at AMI Florida, have experts in all of these fields who will work to help make your HOA a great place.
The Cons of Hiring an HOA Management Company
Depending on what your HOA needs, hiring a management company might be more expensive than going the self-managed route. After all, people at the company expect to be paid, unlike the volunteer labor you often get in a self-managed HOA.
Going the managed route may also limit some of your choices for services like landscaping or trash pickup. Some management companies have contracts with particular providers. While you won’t have to use these providers, the contract usually specifies a low enough price that your association may well choose to do so. However, you may not get as many quotes or estimates for work as you otherwise would have.
Keep in mind that the management company only runs the day-to-day aspects of HOA life as specified in your governing documents. All decisions and any changes are still discussed and chosen by your board and the people chosen as its members.
Should Your HOA Hire a Management Company?
It’s up to your board and your owners to look at the pros and cons of hiring an HOA management company and decide what is right for you, right now. Keep in mind that any changes you make will need to go through the proper process or they are not legally binding. Once they are made, though, your community should be able to thrive within the management structure you’ve chosen.
Trust AMI Florida for Your HOA Management Needs
The team at AMI Florida is skilled and experienced in the field of HOA management. If you’re considering contracting an HOA management company, connect with us to learn more about your options.Tweet
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