6 Factors for Choosing an HOA Reserve Study Company

Make sure your association has enough money in reserve to cover the costs of any major repairs and replacements. That’s the importance of holding a HOA reserve study every few years. However, not all the reserve study services out there might be the right option for your organization. Here are six factors you should keep in mind before you pick one.

The State of Your Financials

A firm grasp on your financials is a must, as you’ll need to discuss the state of your community assets right along with the association’s expenses. Do you know your funding goals? What about the last-minute repairs that keep happening? That will give the firm a good idea of the condition of your reserve fund and how much you will need if an emergency happens.

Experience and Expertise

Choose a HOA reserve fund study firm that performs physical as well as funding analyses. That will give you a comprehensive take on your fund. They must be experienced and qualified to perform the study. Find out more about the firm’s background to make sure that’s the case. Is the firm accredited? Is it recognized by industry-related organizations? These are just some of the ways you can be sure that the company has high levels of experience and industry expertise.

HOA Managers

Reach out to your HOA management team when you start looking for a firm that fits the bill. Property managers tend to have a list of the best firms that can take on the project for you. Reaching out will also eliminate any wasted steps and will help you find the fund study firm that’s right for the job.

Evaluation Expenses

You want to work with a team with the right qualifications and credentials. But make sure you also have an eye on your budget before you pick a company. It’s going to determine the choices available to you. That doesn’t mean, though, that you need to pick the cheapest option you can find. You can stay on budget and still pick a firm that's going to deliver the best possible value to your organization.

Defense Against Liability 

A qualified and seasoned reserve fund study specialist knows can be trusted to perform the work without making any mistakes. That matters. A simple accounting mistake could affect the rest of your community and might even leave the HOA open for a liability suit. That’s not ideal. By hiring the services of the right firm, the association protects itself from any possible legal liability. Keep that in mind when you look for a HOA reserve fund study expert.

Local Options

Location matters. A reserve fund study firm that works out of your vicinity knows local statues as well as conditions. They can provide realistic estimates for the study. The fact that the firm is nearby is also a bonus. If you have something to discuss, you know you can drop by their office. Also, it’s possible that someone in your circle knows of the company, so you can ask for feedback.

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Created on Aug 17th 2020 12:20. Viewed 114 times.

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