Hiring a Property Manager
Employing a professional management company is a good way to of insuring the HOA's continued positive growth and the viability of the development. Whether or not the HOA's board of directors should employ some kind of management company depends on several factors, including:
- Size of the development
- Cost to each housing unit for management services
- Experience of the members of the HOA in managing the day-to-day affairs of the HOA
For larger developments (200 or more units), a business-like operation capable of handling a management situation of considerable scope is required. For medium-sized developments (75-200 units), an on-site, nonresident presence during normal business hours, with the governing body handling other responsibilities, is probably the most cost-efficient arrangement. Smaller developments may run smoothly with the HOA having direct responsibility for project management.
Once the decision to hire a management company has been made, the board should evaluate several firms and decide which one is most suitable. Once the board has agreed on which management firm to hire, the board usually has to obtain the consent of the majority of homeowners in order to enter into a written contract that lasts for more than one year. As a co-owner, I was never asked for my input!
