How much do you pay your HOA Management Company and ...

How much do you pay your HOA management company, what state are you in and how many units in your community? Thanks a lot, we are in Calf, auditing our expenses, just wondering how we rate against rest of industry.

Thank you, 200 houses.

Joann:

With just the number of units, and no extra features we would charge approx $2,950. If the association wishes to add on-site management we would charge an additional $2,950.

However, when seeing what other people charge for management, it is extremely important to see what is included in the management fee.

Our basic package includes:

* Collecting 3 bids for all maintenance projects over $500
* Collecting 3 bids per project for monthly services
* Includes the after-hours hot line for any emergencies at the association.
* Monthly Board Packages which includes:
o Reconciled financials from the previous month
o Copy of checks paid
o Copy of invoice/bills
* HOA Collections
o Monthly delinquent letters
o Setting up the association with the appropriate collections company
o Pre-Lien Letter, Liens, and Foreclosure
* Yearly Budgets
* As of the first of the year we will be switching to the top of the line financial software
o This will give modern financial statements which are easy for reading
o On-line access for Board Members to view financial statements
* Monthly Board Meetings
o We will attend one Board Meeting per month

My advice is not to get too wrapped up in price.

Many management companies will bid whatever you want them to bid and do a lousy job as "their compensation" for low pay.

Prices/unit will tend to become cheaper as you have more units; a sort of volume discount. No discount is worth a lousy job, though.

I can't suggest any good management companies in California because I've only had experience with bad ones.

Richard,

Have you done business with Prellis Property Management? If so, who did you have as an account manager?

Joann:

We are located in the San Fernando Valley which is in Los Angeles County.

It is true that price is not everything. There are a lot of variables in the pricing of management of the HOA. Make sure that you receive a COMPLETE list of the services that will be included in the quoted price. It is important that you have an understanding of what is included because some management companies charge extra fee's for any additional not included in the contract.

Also, make sure that you research not only the company, but the individual account manager. Just because a company is highly recommended, does not mean the individual account manager will provide the quality of service you desire.

Ryan,

I don't think Ron would approve of you trying to conduct business this way. If I was your boss, I wouldn't.

Sorry forgot to add: We are in the San Fernando Valley area of Southern California.