Choosing the right association management company in Miami can seem like a daunting task. Today, we’re sharing a few points that you should consider when determining who your new management company will be.
Practical, real life management experience is important. Ask how long the company has been in the real estate management industry. What sizes and styles of properties have they managed in the past? Are those properties similar to yours, and do the amenities line up with those of your association? Although this is not an exact science, it will give you an idea if it’s the right company for you.
Find out about the software and systems the management company uses. Technology assists in the management of your association. Like all industries, the property management industry is evolving, and you don’t want to be held back by outdated technology and systems. You want a company that stays ahead of the curve and provides online payables and receivables. There can be things done online with work order tracking and violation documentation. This allows the association manager to give you a better experience.
Price is an important factor in any buying decision. There are several things to think about when you’re comparing prices. Portfolio management is when you don’t have an on-site manager. Someone handles the property from outside your buildings. In these cases, price is determined on a per-unit or per-door basis. There is also an on-site manager structure. Then, the management fee comes down and you’re adding the price of a salary for that on-site employee. In addition to your typical payroll, there’s a burden rate or an oversight fee that many management companies will charge. It covers workers compensation, payroll taxes, and employee benefits. It’s a cost for an association you need to be aware of. Make sure your property is properly staffed. Employee costs can be a large part of your budget.
Other fees are intangibles like postage, copy fees, the charge for an envelope or the cost of collecting assessments or preparing meeting minutes. Some managers will charge for assisting with collection efforts. Some managers charge a percentage of all fees collected. There are a lot of different structures, so make sure it fits with what you’re looking for. Think about fees the association doesn’t pay directly but charges to the homeowners. These might be application fees, estoppel fees, and the cost of programming remotes or intercoms.
The lifeblood of any association is its financial health. Make sure your management company uses an accounting software designed for association management. You don’t want something that’s adapted or converted. It should be designed for the management of an association because your reporting and collection efforts need to be clear and concise so your association knows what’s going on. Talk about what kind of financials you expect to receive and when you want to see them.
This is the most important part of community association management. This is a service industry, and property managers are here for their clients. Make sure you know what the management company’s customer service is like. You want to know their office hours and what you get when you try to contact someone. Your expectations might not match their delivery. Check their website and see if it has the resources and links you’re looking for. Can you pay your bills online? Think about your interaction with the manager. This will be your partner, so you want to choose someone you want to work with. They will represent you, your board, and your association.
There are many other factors to review, but these are some of the things to consider when deciding on a management company. If you have any questions related to HOA management in Miami Beach, please contact us at Trident Real Estate. We are always happy to share our knowledge about community association management.