Do you suspect your homeowners association could benefit from working with one of your local HOA management services in Suwanee, GA? If so, you should consider bringing an HOA property manager on board to assist you.
But before you do, you should ask yourself, "How much should an HOA pay a management company?" It'll let you know what you can expect to pay to hire one of the best HOA property management companies around.
The answer is going to depend on many factors. Learn about some of these factors below so that you know how your costs will be calculated when you take advantage of HOA management solutions.
The Size of Your HOA
There are right around 358,000 homeowners associations in the U.S. right now. That number is expected to increase by about 5,000 in 2023.
But it's worth noting that not all HOAs are the same size. There are some smaller HOAs that all exist within one building. There are some much larger ones that stretch out over entire neighborhoods.
The size of your specific HOA will play a big part in the price you'll pay for HOA management services. You should keep this in mind when you're wondering, "How much should an HOA pay a management company?"
The HOA Management Company Responsibilities
What are you going to need an HOA management company to do for your HOA? The HOA management company responsibilities that you'll put in place will be another factor that'll impact the cost of working with an HOA management service.
Most HOA property management companies will be able to do a little bit of everything for you. They can handle things like:
- Administrative tasks
- Financial recordkeeping
- Common area maintenance
You'll be able to pick and choose what you would like an HOA management company to do for your HOA. The more you put on their plate, the higher your costs will be.
The HOA Management Company Itself
Each individual HOA management company is a little different. Some have been around for decades now and know the ins and outs of association management services. Others are just getting off the ground and learning along the way.
You should always interview a variety of HOA property management companies to see what they bring to the table. You should also compare the prices they have to offer to figure out which ones will fit into your HOA's preferred price range.
Your budget for hiring an HOA management company will be based on both the HOA fees you collect and the amount of work you'll need a company to do for you.
So, How Much Should an HOA Pay a Management Company?
It can be tricky to come up with a definitive answer to the question, "How much should an HOA pay a management company?" The size of your HOA, your HOA's specific needs, and the HOA management companies in your area will all affect the price you'll pay for services.
PMI Reliance can talk to you about how much our HOA management services will cost. You might be pleasantly surprised to hear just how affordable our services can be.
Reach out to us now to speak with an HOA property manager.
