HOAs can turn streets into blocks and neighborhoods into communities. It's no wonder that, according to the National Association of Realtors, an estimated 3000 new HOAs will come into effect by the end of the year.
If you're starting a new HOA or revamping an old one, you may want to look at HOA property management companies. When you're on the hunt for the perfect fit, make sure to look for:
- Experience and a great reputation
- Great financial management
- A commitment to homeowners
- The services you need
Ready to learn more? Read on to discover how to choose the right partner for HOA.
A Great Track Record
First and foremost, you want to work with HOA management in Chicago with the experience to put your HOA on the right track. Look for managers with:
- A background in real estate
- Marketing experience
- Certification and Community Association Institution membership
You can learn a lot about the quality of an association manager based on the testimonials of their other clients. Don't hesitate to ask for references before signing a contract.
Stellar Accounting
HOA board members bear the weight of creating a budget and collecting monthly fees. Great accounting is a must to ensure that:
- The community is well-maintained
- Members are satisfied with how their fees are being used
- The board can build a reserve fund for emergencies
Most HOAs hope to outsource financial responsibilities to their Chicago HOA companies. Learn about each company's financial management strategies and ask how they plan to maximize your annual budget.
Strong Homeowner Relations
HOAs may be booming in numbers, but Rocket Mortgage reports that over half of HOA residents don't like living in an HOA community. When your homeowners clash with the board, you may struggle to pass new initiatives or collect consistent dues. HOA property management companies can boost homeowner relations by:
- Hosting accessible HOA meetings
- Providing a homeowner portal for fee collection and notifications
- Incorporating homeowner feedback in a tangible way
Keep in mind that some HOA companies only act behind the scenes. Look for a company that's willing to get to know your members.
Customizable Services
Community association managers can assist with:
- Accounting
- Maintenance oversight
- Vendor coordination
- Homeowner relations
- Compliance and inspections
Maybe you already have an accounting wizard on your board or your community relations are in tip-top shape. Association management services shouldn't be one-size-fits-all, so look for a company that makes it easy to customize your support and even offers self-managed services.
Looking for Chicago HOA Property Management Companies?
Whether you're launching a new HOA or you're hoping to revitalize a struggling HOA, HOA property management companies can help. With this guide, you can narrow down your options to seek out the perfect supportive services for your needs.
PMI Chicago Metroplex is a top HOA management firm thanks to our unique model. Unlike most HOA management companies, we don't split our time between HOAs and rental properties. Our attention is laser-focused on your HOA.
Contact us to talk about the customizable services your HOA needs.
