What to ask in a management company interview
Forty questions organized by what they actually reveal, and the answers that should concern you.
About the assigned manager
Who specifically manages our community. How many other communities do they carry. What is their credential and tenure with you. What happens if they leave. Will you name them in the agreement.
About money
What is included in the base fee and what is not. Show us your complete ancillary fee schedule. What is your onboarding fee and is it negotiable. Is there an automatic annual increase, and is it capped. What does it cost us to leave.
About financials
What day of the month do financials arrive. Who reviews them before delivery. Can we see a sample package. Do we get real-time access or month-end only. Who owns our bank accounts and who are the signers.
About service
What are your response commitments, and are they contractual or aspirational. What happens when they are missed. Who do we call when our manager does not respond. How many meetings are included.
About their track record
What is your manager turnover for the last twelve months. How many communities did you gain and lose last year. Give us three Boards of our size we can call. Have you managed a community through what we are about to do.
General information for Board members, not legal advice. State law and your governing documents control.
Statutory deadlines, contract terms worth knowing about, and what we learn from proposals. No sales email, and we do not sell the list.
Start with what you already know.
You know your unit count. You know what your current management does well and what it does not. That is enough to begin.
Free for Boards. No calls until you ask.