The 5 Steps to Hiring a CPM Team
We recommend finding 6 to 8 management company candidates. Use references, the Better Business Bureau, or even Internet Search Engines to build a list of prospective management companies.
Next, use the six tools below to begin your interview and selection process.
Introduce your Board to different management companies via their website and/or other information.(Recommended Internet browser search engine headings include the following: Community Management, Homeowner Association Management, Condominium Management, and Owner Association Management.)
Based on the website review, narrow your search to the favored 5-7 candidates.
Have a 10 to 20-minute telephone conversation with remaining candidates’s spokesperson; ask basic questions to determine their qualifications. Consider the responses and whether they provided a sense that the company could handle your community’s basic needs.
Narrow your search to a favored 3-5 candidates.
Present a Request for Proposal (RFP) to the remaining candidates. Compare the responses and determine which companies best fit your community’s objectives.
Narrow your search to a favored 2-3 candidates. Use the RFP Comparison Chart to compare the different proposals and determine which management company can best serve your community.
Invite the candidates to a special meeting so the board can ask questions and present some specific issues where they need assistance. The candidates can then in-turn respond to how they will be able to assist through their practices and experience. The Special Meeting can be individual meeting dates for each candidate or a time-slot within one longer meeting.
Plan to take 1 to 1.5 hours to meet with each candidate.
Conduct a special meeting of the board to decide which candidate best fits the goals of the community. Contact the selected management company, discuss any contractual details, and/or concerns, and then sign the agreement. Finally, send the notice of termination to your current management company.