Hiring a professional HOA management company in Phoenix can be very beneficial because they have great expertise and knowledge in running properties and managing finances. Their job typically involves collecting fees, budgeting funds, as well as working hand-in-hand with vendors and collection firms. However, there are many issues that come when dealing with incompetent management companies or overall poorly managed HOAs. If you are beginning to feel that your current arrangement is not working, it might be time to find a new partner. The following are some signs that you may need to hire another HOA management company, such as City Property Management, to help.
1. Hidden Charges
When you start a partnership with a homeowner’s association management company, the fee structure needs to be clearly stated. If you notice that monthly charges have started to go up out of the blues, you need to ask for clarification on the new charges. Transparency in fees and communication can help to boost the profits of your real estate investment. However, if your current property management firm begins to hit you with new charges, simply requesting for a revised service contract might not be sufficient to salvage the partnership.
2. Communication Problems
The HOA management company has a duty to answer any emails or calls sent in a timely fashion. If you are getting slow responses or none at all from your property manager, you should follow up on the issue. Poor communication can weaken the relationship between the homeowners association and their management company. Communication is vital and the last thing you want is to receive direct complaints from the tenants, contractors or vendors.
3. Poor Services
A competent property management firm will take care of the property by maintaining and cleaning common areas and shared amenities, in addition to providing other contract-obligated services. However, if you notice that the set expectations are not being met by the existing HOA management company, you should demand answers. If the requests of the residents and property cleanliness are continually ignored, it may be time to sever ties and move on.
Finding the right HOA management company is not always an easy task and you might have to work through several firms before you settle on the most suitable partner. When you finally find the right firm that shares the same values as you, it will be the beginning of a healthy working relationship. Homeowners should not waste their hard-earned money on incompetent management companies, but rather, be spending it wisely with a professional manager. If you are experiencing poor communication, diminished level of service, reduced profits, payment problems or hidden charges from your current HOA management company, it may be time to move on to a new and better company, such as our professionals at City Property Management.