Selecting Management: How to Find the Right Community Association Management Company is available in both print and digital formats. You are viewing the print version. Purchase the digital book here.
Deciding how your community association should be managed might be one of the most significant decisions a board makes.
Whether the board opts to self-manage, hire an on-site manager, or contract a community association management company, the goal is to preserve assets, maintain value, and establish continuity as board members transition on and off in their volunteer roles. Professional management helps a community achieve these goals by providing expert assistance with operations, governance, community building, employment, financial matters, and more.
For the community that decides to work with a management company, the board needs to apply a well-developed selection process. Management companies can provide a number of services. Therefore, the association should specify exactly what it needs to ensure that companies bid on the same set of requirements.
This guide will help a community association board understand how to identify their needs and select the management company that best meets them.
This guide will help you through what might otherwise be a tricky process. It contains criteria for selecting a management company, developing bid specifications, identifying the best candidates, sending out requests for proposals, meeting and interviewing candidates, and analyzing proposals. It also offers a section on working with your management company and sample management specifications.
Contents
Acknowledgments
Introduction — Background and Key Points
Chapter 1 — Why Professional Management?
What Can Professional Management Do?
Help for the Board: The Ad Hoc Committee
Chapter 2 — Determining Management Specifications
What to Include
Other Common Duties
Completing the RFP Package
Chapter 3 — Identifying Management Companies
The Importance of Professional Designations
Narrowing Down Your Options
Checking References
Chapter 4 — Meetings and Interviews
The Association Visit
The Management Company Evaluation
Chapter 5 — Making the Final Selection
The Management Contract
Chapter 6 — Making a Change
Transition from One Management Company to Another
Appendix — Sample Management Specifications
©CAI Press, a Division of Community Associations Institute. All rights reserved.
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