Thank you for your interest in our management services!
We would need to walk the grounds of your condos and isolate what your actual needs are to give you an accurate cost for HOA Management.
It would help to know;
1. What are your current dues?
2. How much are you wishing to raise dues to?
3. Also, would you wish a monthly, quarterly or annual membership meeting with us present?
4. Would you want just recommendations on grounds maintenance needs, or for us to also do the maintenance.
(We do have expert maintenance techs.)
When interviewing multiple PM’s, an easy way to compare fees may be on a cost per unit measurement. An HOA with a lot of units may have a lower cost per unit than one with less units. There are some basic costs inherent to running the HOA, such as staffing and bookkeeping plus requirements for weekly, monthly or yearly on site physical reviews with detailed reports to all owners with photos. The more units the contract entails, the more easily that price is spread among many owners. HOA property management fees will typically fall into three categories; initiation, ongoing and exit.
Initiation fees are the fees a PM will charge to take over the day to day management of the HOA. The fee will be negotiated based on the workload required, including bookkeeping, transition of files, physical or digital records transition, banking and software changes, etc. This fee can range from a couple of thousand dollars for a small HOA or upwards of $30,000 or more for a large HOA with several hundred homes.
Ongoing management fees are typically paid monthly by the HOA to the management company. This will almost invariably be a set fee, pre-negotiated as part of the contract. Contracts can range from 1 – 3 years, but are usually on a year to year basis. You can expect to pay roughly $40 per unit, per month, for management services. Expect higher fees when our physical presence is required more often. Also fees can be affected in areas with a higher than average cost of living and fewer units.
Exit fees are exactly what they sound like; the fees incurred to transition the HOA from one firm to the next. While no company wants to lose business, it happens. If you are thinking of switching from one firm to another, don’t expect the PM to work for free transitioning the HOA’s books to another company. Ethically they should be there to make it a smooth transition, but at the same time, you should expect to pay them for the service of assisting that changeover.
When comparing companies’ prices, be sure to compare the services they offer and not just the price. Remember that not all that is cheap is a good bargain, and not all that is expensive has implicit value. A Rolex may look fancy and cost a lot of money, but at the end of the day it tells time the same as a cheap Casio!
If you value your time, hiring the right HOA property manager can be the best time management/investment any HOA board can make on behalf of the owners. It gives piece of mind knowing you have pros watching over and guiding you along the way!
I look forward to hearing back from you in hopes we can solve your management needs.
Donald J. Leske Sr.
BCI PROPERTIES, LLC
9702 South Tacoma Way, Lakewood WA 98499
?Serving all of the Greater Seattle to Tacoma areas!?
WA State Licensed Designated Managing Broker #50263
WA State Licensed Contractor #602-363-698 ?
Office: (253) 531-1010 | Fax: (253) 531-5358 | Cell: (253) 241-6695
Sales, Rentals and Property Management for all homes & properties!