As a Denver HOA Management Company (Capital Hill HOA Management), we are often asked, what are the criteria Home Owners Associations should use for picking a management company. Let’s start with a little bit different tact, what does YOUR HOA need and who can best provide those services for you?
A HOA Management Company will act as a fiduciary, keeping the best interests of the Home Owners Association in mind. This means maintaining your property including such tasks as:
- Physically inspecting the property and maintaing common areas
- Financial items like maintaining books and records, annual budget preparation, collecting assessments, payment of expenses, transfers and refinances, and insurance
- Convenant issues like architectural control and covenant enforcement
- Emergency services
- Administrative functions like audit compliance, attendance at board meetings, form and document administration, preparing minutes, board packets, agendas, and association letters
So how to pick the BEST HOA Management Company for YOUR property?
First consider their location. We serve a small area of the state of Colorado, preferring to concentrate on Denver area Home Owners Associations rather than trying to be everything to everyone. This allows us to have economies of scale that would not otherwise be available, like negotiating pricing with local contractors because they will not have to travel for miles and miles to do their work.
Secondly, do you want to go with a large national chain or boutique firm. We think that having a small, local company that concentrates soley on your needs is VASTLY preferable to a huge, multinational conglomerate which doesn’t have that hometown focus.
Now that you have an idea of who you might consider hiring, some things to look for (and ask about) include:
- Vendor relationships
- Means of contact (phone, email, etc.)
- Established practices
- Number of current HOAs
- Testimonials from current and past customers
Now that you have reached this point, take a peek at their fee schedules (going with the least expensive option is not always the wise thing to do!). Also, drill down to find out how they will communicate with the board and your homeowners.
If you have covered all of these topics, you should have a good idea of how that particular HOA Management Company will work with your Association.
If you are looking for a GREAT Denver HOA Management Company, give us a call today to find out more! 303-320-1660