Did you know that more than 200 million Americans own the home they live in?
For many investors and homeowners, it's difficult to juggle your investments and their upkeep. But how can you find the best association management companies for your property?
If you're curious about finding the right group for property management, we're happy to help. Read on for a few factors to think of when searching for an association management company.
Understanding Your Needs
The first factor to think of is what your community needs. What are the features of your property that you need to focus on?
These features can be the most in-demand services of your community. They also may be the more controversial parts and what your community most often focuses on.
With a better understanding of your needs, you can shop for a company that focuses on your desires. Hiring a company with no experience in such fields will provide subpar results.
Look Into Licensing
Another critical factor is the licensing of the company. Many states require association management companies to have a license. Colorado, for example, requires the registration of all HOA organizations.
You should also check if the company is accredited. If your state requires licensing, do not hire an unlicensed company under any condition.
Service Over Price
When looking into a management company, price is an understandable concern. Every penny you spend on them is a penny you may view as losing. However, you should instead see the cost as an investment you're making as the property manager.
Focus on what service the management company provides. Such a service can improve the quality of life for your tenants as well as increase the value of the home.
A vital part of property management is maintenance. One of the best benefits of hiring a company, and often the deciding factor, is their focus on maintenance. These costs and efforts are exceptionally overwhelming for even the most veteran property owners.
As such, you should look into what the management company provides. Some association management companies do not provide maintenance management. Others may cover every step of maintenance from start to finish.
Finally, it's important to consider the length of your contract. Most AMCs will operate on a three-year contract. Unfortunately, if the company is lackluster, you're locked into this contract for the full three years.
As such, you should negotiate a one-year contract. One year will give you enough time to gauge if they're the right choice. After the contract runs out, you can discuss renewing at a lengthier contract.
Finding the Right Association Management Companies
Association management companies come in different forms that provide a variety of services and benefits. Therefore, it's critical to consider your property's needs before picking a company. Consider a shorter contract so you aren't locked into working with an inadequate management company.
For more information on how to help your properties shine, be sure to contact us. You can also browse our blog for more deep dives on life as a Denver property investor.