12/05/2023
Are you a member of your Homeowners Association’s board or a property management professional tasked with revenue management?
If so, you know how challenging of a task this can be.
A crucial tool for informed decision-making is an HOA reserve study.
Only if you select the right provider for this study that is, as making the wrong choice can lead to severe financial consequences.
These are the three things to know when deciding on a provider for your HOA reserve study:
1️⃣ What Level of Service Do They Provide?
Reputable HOA reserve study providers almost always offer various service levels to fit the needs of all clients.
Be sure to also inquire about the difference between the choices so that you can select the most suitable service for your neighborhood.
2️⃣ Will They Clearly Communicate All Findings in a Detailed Report?
While virtually all study providers will prepare a “final report,” these documents vary greatly in terms of scope and quality.
Therefore, you should ask what your report will include and also find out how long it will take to receive those documents.
3️⃣ How Much Experience Does the Consultant Possess?
Find out how experienced the consultant conducting the field assessment will be.
Ideally, you want the study to be performed by an engineer with at least 20 years of directly related experience.
Pro Tip: A great way of gauging a consultant’s experience level is to review case studies on past projects that they have completed.
Have any questions on finding a good HOA reserve study provider?
Ask me in the comments below 👇
