Start with the board's actual pain points.
Before requesting proposals, identify the operational problems the board is trying to solve. Common examples include slow maintenance follow-through, unclear financial reporting, inconsistent communication, weak transition records or too much administrative work landing on volunteer directors.
Questions to ask a prospective management company
1. How will the board know what is open?
Ask how action items, maintenance requests and board decisions are tracked from request through completion.
2. What will financial reporting look like?
Request examples of the reports the board will review and ask how unusual expenses, delinquencies, budget variances and reserve activity are surfaced.
3. Who owns vendor follow-through?
Clarify the process from problem identification to quote collection, board approval, scheduling and completion.
4. What happens during transition?
A transition plan should account for financial records, bank and vendor information, governing documents, owner data, open projects, pending violations or collections, contracts and board priorities.
5. How will residents communicate with management?
Ask what channels exist, who receives requests, how response expectations are managed and how the board is informed about recurring issues.
Compare operating discipline, not just the fee.
The least expensive proposal can become costly if directors spend significant time chasing answers or if maintenance, vendor and financial issues are not managed consistently. Evaluate the management process behind the price.