The Big Apple: home to the Empire State Building, Broadway, and thousands of homeowners associations! An HOA can improve your community's property values and community relationships. If volunteers start neglecting tasks, however, your community could suffer for it.
Before that happens, look into the association property management companies in New York. Finding the right partner can help your community thrive and grow.
Read on to discover the factors to consider before you choose a management company.
Experience
Determine how long each association property management company has run and operated. Look for a team with at least 10 years of experience. These teams will have efficient, effective processes in place for helping clients.
Not every property management company will have experience helping associations, though. Make sure the company's experience is relevant to your needs.
New York has the sixth-most number of associations (14,170) in the US. Determine how many clients each company has helped. Ask how many clients they're currently assisting.
If the company is helping too many clients, they may neglect your community. If the company has only helped a handful of clients, they lack experience.
Look for a knowledgeable team. For example, how will the company ensure the community's legal compliance? New HOA laws and regulations are put into effect each year.
If you neglect these changes, your team could receive a fine. Look for a property manager that offers legal services.
Finding a team with the experience and expertise you need will help your community thrive.
Services
Look for a full-service property management company. Their range of services will support your community's future and increase property values. Property management services include:
- Community communication
- Assessment collection
- Board member assistance
- Accounting and reporting
- Compliance and inspections
- Event coordination
- Document management
- Maintenance and inspections
Fewer than two in three homeowners association residents believe their HOA honestly handles the finances. Having a third party handle the finances could improve community relations.
Ask each company for an itemized list of their services and a copy of their agreement. Make sure the company offers a guarantee.
Reputation
Choose a company that already has a glowing reputation. Read online reviews and learn from the company's previous clients. Look for comments about responsiveness.
If the company isn't responsive, they won't offer the help you need.
Don't exclude a company if they have one or two negative comments. Instead, look for repeat offenders. If multiple clients complained about the same issue, you'll likely have the same experience.
Finding a company with a positive reputation can help you feel more confident in your abilities. These companies will work hard to maintain their well-earned reputation.
Association Property Management Companies
No two association property management companies are alike, but finding the right partner is essential to your community's success. Don't rush the process. Instead, do your due diligence to find a partner who will support your community.
PMI Manhattan Group provides first-class property management services to communities like yours. We're dedicated to preserving your investment and maximizing your profitability. Contact us today to discover how we can support your association.
