A homeowner association should have well-estimated and sufficient reserve funds to maintain the assets of the community and make it a happy-living place for the homeowners. That’s where a reserve study Company can help an HOA to make an informed decision of how much amount should it keep in a reserve fund to carry out repair and maintenance activities without any financial hurdle.
But determining the health of the assets, estimating when it will require repair and how much money will be needed is not easy. It can get complex and on top of that, there is a little margin of error. That’s why it’s important to hire a good HOA management company to eliminate the possibility of any trouble.
But the important question is how to determine which company is the right company to hire with so many options out there? Here are some tips to consider to help you find the right company, and ditch those making just false claims.
- Experience & Know-how
It’s a matter of the wellness of the community and its people, so the homeowner association definitely can’t afford to take a risk in this matter. In fact, that’s the reason you are hiring a firm because you don’t want to face any lapse. So, hiring an unqualified and inexperienced firm for a reserve study is out of the question.
Check out the portfolio of the concerned company, and see how many projects they have served so far. You can also conduct interviews and ask them relevant questions to know their knowledge. Don’t let some random people mess up your future plans and the community’s well-being.
- Procedure and Process
Besides experience, the procedure and process of the hired company also play an important role when it’s about getting the best estimation of the condition of the assets and funds required. Obviously, you don’t want a firm that just analyzes the condition verbally without using standard procedures. It’s just a waste of money!
So, the best thing is to check their documented procedure or ask them about it if they don’t have a document. That way you will find out the company really does what it says or it’s just a verbal play to get clients.
- Online Reviews
Online reviews are one of the best criteria to know the quality of services of a business. A firm can tell a lie, testimonials on the website can also be made up, but the company can’t buy so many people to give fake reviews. So, if a company has many online reviews, it’s a signal that real people are behind these reviews. You can check them out. Don’t rely on a few reviews. Read 10-15 reviews to get a clear picture of the quality of services of the company. If people are talking good about them, they are worth considering, otherwise, just move on to the next option.
- Budget
You want the best reserve study company under your belt, but remember all the best things have a price. So, even if you want the best, you should keep an eye on your budget. How much can you spend? That’s one of the most important questions you should ask yourself.
You can play smart to minimize the expenditure. Like, it costs you more when you hire two different firms, one for the physical analysis and the other one for financial analysis. So, you can find a midway. Like, you can hire a firm that can conduct both analyses. This will save you money and you can hire a better firm in the same budget that you might have wasted on two.
- Location
It’s better to hire a company that operates near your location. It can help you in the long run. For example, you can easily visit the office when required. It bridges the communication gap that helps in smooth working. It also means the selected company will also know about the local dynamics and conditions that will help to give a better estimation of the condition.
Conclusion
A reserve study is very important for an HOA and a community, so don’t take hiring of a reserve study company lightly. Instead of hiring any company, you find online, it’s better if you do thorough research and analyzes the goods and bads of the company before hiring them. After all, it’s a matter of the wellness of the community, so you should hire the right company with the right knowledge and work ethics for the best outcomes.
