It's time. The Board of Directors is frustrated and they are ready to make a change. But the idea of changing management companies is over-bearing. What if the new management company isn't any different then the last management company? What if the same problems repeat over again? Will the Board be locked into a new contract and a new commitment?
Interviewing management companies isn't a fun task for Board Members. If a Board is frustrated enough to look for a new management company, they are already feeling overhwelmed with their unpaid volunteer commitment to help manage and lead the community.
To assist Boards with this complicated task, we have created a list of 10 key components for Board Members to review with management companies during their interviews. These components can then be used by the Board to help compare one company against another when trying to decide which company is best suited for the management of the association.
1. Compassion: Does the management company have an interest in managing your community, or are you just another number in their book of business? How do they provide excellent customer service to residents and Board members? Are they local and available?
2. Experience: Is the management company experienced in managing the type of community you live in? Are they a member of accredited organizations? What type of training do they provide their managers?
3. Transparency: How does the management company assist the Board to help ensure a transparent operation? How and when will the management company communicate with the Board?
4. Accounting: Does the management company have a separation of duties amongst their team? What checks and balances are in place to safeguard the funds of the Association? Does the company handle low-level collections before it is turned over to the attorney?
5. Insurance: Does the company have adequate insurance that will safeguard the Association for acts performed by the management company?
6. Cost-Effective: Does the management company take into consideration your budget and constraints? Are they looking for cost-effective ways to increase effectiveness while delivering a high-level of customer service?
7. Technology: Is the management company utilizing the best technology in the business, providing the most robust platform possible for your residents and the Board? Are they using a single platform or multiple platforms? Does their technology track and provide reporting on work orders, violations, and collections?
8. Vendor and Contractor Network: Does the management company have an extensive list of resources avaialble to them, to assist the community for day-to-day maintenance, projects, and emergencies?
9. Cost-Effective: Does the management company take into consideration your budget and budgetary constraints? Are they looking for cost-effective ways to increase effectiveness while delivering a high-level of service?
10. Cancellation Clause in the Management Contract: What is the term for cancellation in the management contract if you are not happy with the management company? Do you have to provide a chance to cure, or are you locked into an annual (or multiple year) contract?
At Bricck Property Management, we are happy to provide our decades of industry experience to help Boards in the management of their communities, on an hourly rate, or for part-time or full-time management contracts. We are committed to putting people back in property management by placing technology first, so that we can focus on what matters most: the residents. We look forward to the opportunity to speak with you soon.