JoannT
Posts: 9
Posts: 9
Posted:
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.
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How much do you pay your HOA Management Company and ...
Started by JoannT • 13 replies • 7596 views
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RyanD1
Posts: 38
Posts: 38
Posted:
Joann:
I am an account manager for Prellis Management for the San Fernando Valley, in Los Angeles. If you let me know the number of units, I can give you a ballpark figure of what we would charge.
I am an account manager for Prellis Management for the San Fernando Valley, in Los Angeles. If you let me know the number of units, I can give you a ballpark figure of what we would charge.
JoannT
Posts: 9
Posts: 9
Posted:
Thank you, 200 houses.
JoannT
Posts: 9
Posts: 9
Posted:
Thanks Ryan, 200 homes in HOA. Also, do you know how do delete a posting from this forum? I managed to post the same question twice. Thanks for any info about the 200 homes.
RyanD1
Posts: 38
Posts: 38
Posted:
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
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
JoannT
Posts: 9
Posts: 9
Posted:
Thanks very much Ryan. What part of Calif are you in?
DanielH1
Posts: 475
Posts: 475
Posted:
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.
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.
RichardP13
Posts: 1,760
Posts: 1,760
Posted:
Joann
My recommendation from personal experience is stay away from the management company that posted
My recommendation from personal experience is stay away from the management company that posted
RyanD1
Posts: 38
Posts: 38
Posted:
Quote:
Posted By RichardP13 on 11/09/2010 1:59 PM
Joann
My recommendation from personal experience is stay away from the management company that posted
Joann
My recommendation from personal experience is stay away from the management company that posted
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.
JoannT
Posts: 9
Posts: 9
Posted:
Ryan, Thank you, excellen advice.
RichardP13
Posts: 1,760
Posts: 1,760
Posted:
Ryan,
I don't think Ron would approve of you trying to conduct business this way. If I was your boss, I wouldn't.
I don't think Ron would approve of you trying to conduct business this way. If I was your boss, I wouldn't.
DavidA7
Posts: 179
Posts: 179
Posted:
We have an 8 unit complex and I think we pay about $310 per month. Service has been both good and bad. People ask why for only 8 units do you have a management company. A couple of reasons: 1) why should someone in the complex who is not paid perform all the tasks that a management company does, 2) A management company will deal with all the issues surrounding late dues, foreclosures, short sale, accounting processes, etc... 3) also provides a buffer between the HOA Board and the members as necessary and where legal.
I personally would never serve on a Board where there was not a management company just from a legal perspective. I wouldn't want to have to serve papers on someone not paying their dues etc...
I personally would never serve on a Board where there was not a management company just from a legal perspective. I wouldn't want to have to serve papers on someone not paying their dues etc...
DavidA7
Posts: 179
Posts: 179
Posted:
Sorry forgot to add: We are in the San Fernando Valley area of Southern California.
DavidA7
Posts: 179
Posts: 179
Posted:
RyanD1
just out of curiousity and not commenting on your service level as it would require a full Board inquiry of your company but what would you charge an 8 unit complex?
Also do you provide direct deposit of monthly dues?
Do you support HOA members sending you e-mail or calling you with questions? Additional costs?
I know a lot of other questions but curious as it is not just about the list you provided that HOA need for services from management companies.
just out of curiousity and not commenting on your service level as it would require a full Board inquiry of your company but what would you charge an 8 unit complex?
Also do you provide direct deposit of monthly dues?
Do you support HOA members sending you e-mail or calling you with questions? Additional costs?
I know a lot of other questions but curious as it is not just about the list you provided that HOA need for services from management companies.
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