The Phoenix real estate market is one of the fastest-growing markets in the country. From 2020-2022, the median home value increased by 57%.
Some people in this area may be looking for ways to maintain this new home value. Well, one way you can do this is to look into association property management companies.
What is the best association property management company for you? What should you look for?
This guide goes over some of the biggest factors.
Ask About the Price
The first thing that you should do is ask a Phoenix association property management company is how much their services are. The reason why this is important is so that your HOA does not get blindsided by fees later in the process.
You could love everything about an HOA property management company but realize you cannot afford their services. So, the best thing to do here is to ask about this as early as possible.
Before you even start this search, sit down with your HOA board and figure out how much you can afford to spend on this service.
Ask About Experience
The next thing you should do is ask a property management company what kind of experience their representatives have with this. Ideally, it should be someone who has worked with other HOAs close to your area and has done the standard work of an HOA manager.
This can include working with vendors, being responsible for maintenance, coming up with budgets for this, and more.
To test them out, you can see what kind of budget they would have for home maintenance. Typically, it is recommended that homeowners dedicate 1% of their home's value toward maintenance. So, if a potential HOA manager suggests having 1% of a home's value as part of the annual HOA fees, you could be on the right track.
Listen to Your Gut
Managing a budget is not the only thing that an HOA manager has to do. You also need to have someone you are confident can enforce your rules.
Take the time to talk to a representative and see if they are someone that commands respect. Is this someone that your homeowners will listen to? Is this someone you trust to look out for your community's best interest?
These gut feelings are things you have to factor in before moving forward with an HOA property management company.
Look Into Association Property Management Companies
These are a few things that you have to look at when it comes to association property management companies. You need to find one that is affordable for your community. On top of this, you need to know what type of experience they have working with communities like yours and listen to your gut about a potential company.
Then, you should be ready to hire an association management company. For more relevant information on this, message us here with your questions.