How to Hire a Luxury Condo Manager

HOA and Condo Management: How to Hire a Condo Manager

A company that has training and experience managing association-governed communities should perform HOA management and condo management. If your neighborhood needs to hire a new management company, there is a process for ensuring that a management provider is a good fit for the community. Below is a basic outline of the process for hiring an HOA management and condo management company.

Develop a List of Candidates

After the board knows what type of provider the community needs, it should develop a list of candidates for the job. Many boards will already have preliminary information about HOA management and condo management providers in the area. Prior to submitting requests for proposals, additional information can be gathered through cold calling.


Determine What Type of Provider Is Needed

Step one is determining what the board wishes to find in an HOA management and condo management provider, particularly concerning the needs of the community, the style of management that is provided, how a provider communicates with the board, and what type of physical presence it has in the community.

Submit Requests for Proposals

When requesting a price quote for a company's services, be sure to specify exactly what services your community needs. This information should be generated in the first step of the hiring process: determining what type of provider is needed. The more information a provider has about the needs of the community, the more accurately it can quote a price.

Hold Interviews

During the interview process, the Board can ask questions about a candidate's business model, how it would handle certain types of problems, how much time it devotes to unseen services such as financial management, and other important issues that may not be addressed in a candidate's proposal.

Create a Written Contract

After a candidate is selected for the job, the board should create a written contract for the company to sign. Before the contract is finalized, the board should ensure that it contains the following information: credentials of the contractor, start and end dates for the contract, cost and payment terms, a description of work to be performed, a provision for termination, a provision for warranty, proof of insurance, and a provision for indemnification for the community.

Conclusion

Hiring an HOA management and condo management provider isn't difficult, but the hiring process requires attention to detail from start to finish. By following the process above, your community can find a reputable provider of HOA management and condo management services that meets its needs, and then some.

RealManage is a property management company, with over 25 years of experience, that specializes in HOA Management and Condo Management in the US. Our HOA Management and Condo Management services portfolio includes homeowner associations (HOAs), condominium associations, cooperatives, municipal utility districts, luxury high-rises and large master-planned communities.

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