Rent Real Estate

Ask The Homeowner Association Expert

QUESTION: We are starting the process of finding a new property management company. Do we need a homeowner vote to approve a change in property management or simply a vote or the board members? ANSWER: First of all, changing property management companies should only be done with extreme care. Is the issue one of personality that can be addressed by change of manager and not company? Has the property manager been notified in writing of specific grievances or breaches of agreement and been given a reasonable chance to correct them. I say this because it is common for boards to expect a management company to handle everything for a basic management fee. This is not possible nor realistic. While most managers want to do a good job, the job is enormous to begin with. Adding more work will dilute the quality of service. So, some questions to ask yourselves: Is the board requesting service that it is not paying for? Has the manager been given a fair chance to respond to complaints? No management company is perfect. Going to a new company will mean a whole new learning curve and potentially not doing any better (maybe worse) than the first. Just make sure that if you are making a move, there is no other way. If you do, make sure to carefully check the credentials of the new company. There are few companies that specialize in this kind of management. Consider only those that do. There may be a requirement in the governing documents for the homeowner association to approve major contracts, like hiring a management company.  Usually the Board has the power to hire and fire the management company. However, since it is a major event, I recommend polling the owners before making a final decision.  For more on this subject, see www.regenesis.net.


Add your comment:
Name:
Site address: http://
Your message:
Enter today\\\\'s date, 2 digits
(spam protection):

Categories
Commercial Property
Estate and mortgage
Investment property
Primary market
Property Management
Real Estate News
Rent Real Estate
Resales
Residential Real Estate
Technology Transactions
News of the day
The Importance Of Socializing Your Buyers
One of the advantages of specializing in a neighborhood niche is that such an agent knows everything that"s going on and most everyone who lives there. She"s an active participant in the community, its events, and its goals. She impacts her community by helping to develop new construction or preserve historical homes. She serves on commerce and community boards to help attract jobs and economic development. She"s intimately familiar with the homes that have sold and scrutinizes the homes that are currently on the market. She knows the history of the neighborhood"s homes and its residents. In many cases, she has sold the same home more than once.
Popular Articles
pounds till payday

Homeowner Association Satellite Dish 101
As many homeowner association boards will tell you, satellite dishes continue to be a hot issue. In 1996, the Federal Communications Commission (FCC) adopted detailed regulations which dictated what a board can and cannot do in restricting satellite dishes and other multi-point distribution systems. While many HOAs have adopted rules and regulations which incorporate the FCC regulations, the question still arises as to how the board can enforce those restrictions when an owner installs a device violating those rules.

How Setting Expectations Protects Your Reputation
As the heavenly real estate market that we have experienced over the last five years comes back down to earth, many agents have forgotten -- or never learned -- the importance of educating consumers so that their expectations are realistic. Back in the early "90s when home prices had been flat for five years, agents knew that if they took a listing without having a serious conversation about how to price a home in a buyer"s market, that listing was at best a waste of time and money, and at its worst a way to create an unhappy client who blamed you for their overpriced home not selling when the listing expired.

© Copyright 2009