The role of a property management partner is to make life easier: streamline operations, optimize efficiencies, and generally make sure everything is running smoothly. When operations get off track, take a step back to consider whether this is a simple bump in the road or a sign that it might be time to move on.
How can you tell? Here are two major red flags that signify it might be time to consider a new management partner.
- Less-than-stellar communication.
If your management partner is not returning your phone calls or is failing to provide updates and reports promptly, this is a sure sign things aren’t going well. Other significant signs include failing to address concerns in a satisfactory manner and a lack of rapport with residents. All of these factors work together to undermine resident confidence and reduce the quality of life in your community.
- Financial concerns.
Are you receiving timely and accurate financial reports? Are proceeds paid consistently? Have your HOA/COA fees remained stable? If you answer “no” to any of these questions, it might be time to look elsewhere for support. Poor financial oversight can quickly lower property values because it indicates poor decision-making and managing of assets. [TS1] It can also cause increased expenses which can diminish community morale.
Of course, other factors might point you to consider changing partners. Your overall satisfaction, whether you feel expressed concerns are being addressed, and the quality of relationship among the HOA/COA board, homeowners, and management company all can play a part in choosing to look elsewhere.
If you have seen red flags or have other concerns with your current management partner, take a look at Towne Properties. Towne relies on tried-and-true policies and standards to provide stability. We have decades of experience managing operations and building positive relations with communities.
When you partner with Towne, you can expect:
· Vetting, hiring, and managing staff and vendors with security and quality of service in mind.
· A fully staffed HR team that has experience screening qualified candidates, including conducting background checks, along with the day-to-day work of managing benefits and recordkeeping.
· A skilled accounting team that will maintain meticulous records and reporting; together with our association managers, they provide coaching and guidance to board members so they understand the data to achieve or maintain financial stability.
· Onsite staff trained to deliver concierge-level service.
· 24-hour emergency maintenance service and backup to keep our communities safe, secure, and up and running.
Our services are not cut-and-paste. We tailor what we do to your needs. Ready to learn more? Contact us for a consultation.