How to Find a Reserve Study Firm for Your HOA
Your HOA’s reserve fund is very important to have in the event of unexpected emergencies. Much newer or even established HOAs are still not sure how to properly establish one of these funds. What is important to realize is that many of these funds are complex to establish since they have strict requirements. If you are trying to figure out how to properly establish a reserve fund for your HOA, it is wise to work with a Reserve Study Firm for your HOA. Let’s go ahead and discuss how to find the ideal Reserve Study Firm for Your HOA!
Valuable Tips In Finding a Reserve Study Firm for Your HOA
Research Information About Your HOA
To be prepared to meet with a firm that specializes in reserve funds, you have to know your HOAs financials backward and forwards. Be sure that you know what your HOAs expenses are and any patterns of last-minute repairs that occur. This will help the reserve fund firm know exactly what kind of capital you will need to have in your HOAs fund in the event of an emergency.
Find a Qualified Firm
Most experienced property managers will have a list on hand of qualified firms to handle reserve funds. Working with an experienced property manager is wise because you will be able to have all the information you need at your fingertips, versus having to search endlessly online without the assurance of being able to trust who you are contacting.
Decide How You Will Assess Firms
It is wise to make a list of what you are looking for and then interview the firms you are considering. If you are working with an experienced property manager, consider their opinion on this issue and what common pitfalls you should be avoiding. This way, you will be able to have the best possible results from your search and get your reserve fund started as soon as possible.
Contact & Compare
Be sure to contact at least more than one firm. Then create a comparison of how they answered your questions. If you are still unsure and are working with an experienced property manager, ask their input about which one has the best offerings that match our community’s size and overall needs. This way, you find the ideal fit.
Even if the firms you are interviewing are recommended by a trusted site or by your property manager, it is still wise to reach out to find references. References need to be someone that you can call. There are many ways to falsely manage a business’s reputation on the Internet today, which means that negative reviews that are very accurate may be hidden. Be sure to be careful about this so that you can get the most honest references. By getting the most honest references, you will have the tools you need to make an informed decision.
Make a Decision
Take the time to make the decision that you feel is ideal for your HOA and will ultimately, protect your members. Remember, that depending on the size of your community, you will have different needs. Once you have weighed all of your requirements, you will be able to get the process started to get your reserve fund started.
Do I Need a Property Manager?
Outsourcing your property management needs can be a major asset to your HOA. Property managers can provide a wealth of knowledge that your HOA may be lacking in many operational scenarios. By outsourcing your property management needs, you will streamline your processes, which will provide your HOA additional time to improve other aspects of the quality of life of your residents. Clark Simson Miller is one of the most established property management companies in the business.
How Clark Simson Miller Can Help You With Your HOA Reserve Study
Clark Simson Miller has extensive experience working in communities all over the United States and helping locate a suitable Reserve Study Firm for Your HOA.