A guide to New England property management basics

What does a New England property management company do?

New England property management companies like FirstService Residential handle day-to-day operations, manage resident relations, and support trustees and owners in achieving their long-term goals. Let’s take a closer look:

• Financial management: FirstService Residential helps prepare budgets, set and collect dues, and provide insurance, investment, and lending guidance to optimize the financial health of your property or association.
   
• Administrative duties: Property managers can assist with coordinating meetings, preparing community documents, enforcing rules, and creating clear communication channels (emails, portals, newsletters) to help keep everyone informed.
   
• Risk mitigation: It can feel daunting to keep up with ever-evolving labor laws, terms and conditions of employment, and liability for labor-related decisions and practices. A good property management company like FirstService Residential New England has access to a network of trusted attorneys and a professional human resources department for expertise on employment law.
   
• Maintenance and repairs: Property management companies schedule routine maintenance, respond to repair requests, oversee landscaping and snow removal, and coordinate large-scale renovations. Our property managers work with a network of vetted contractors to handle these services.
   
• Resident relations: Property managers handle resident inquiries, distribute important updates, and address maintenance concerns. We also help curate tailored lifestyle programming and amenity activation with our industry experts.
   
• Staff training and development: Ongoing education for owners, trustees, and staff should be a priority, but not everyone has the time or resources to handle this on their own. The right management company can provide access to staff training and development to support your associates.

By partnering with a New England property management company like FirstService Residential, trustees, owners, and residents can rely on experienced professionals to handle daily operations, allowing them to focus on what matters most — enjoying their community, their home, and their time.
 

How much does a New England property management company cost?

The cost of hiring a New England property management company can vary based on several factors, including the size and complexity of the community, the range of services provided, and the location of the property. If fees are structured as a percentage of rental income, property management companies usually charge 8% to 12% of the monthly rent, although this can vary depending on the market and services provided. A flat fee structure can range from a few hundred to several thousand dollars per month, again depending on the community and scope of services.

The average management fee for a homeowners association (HOA) or condominium association typically ranges from 5% to 10% of the total budget or monthly assessments. Basic management services, such as financial reporting and vendor coordination, may cost less than full-service management, which includes maintenance, compliance assistance, and emergency response. Larger properties and communities with extensive amenities typically require more oversight, which can increase management fees. Costs may also differ based on the state or region. In urban areas like Boston and Providence, management fees may be higher due to increased operating costs.
 

Benefits of New England property management

Managing a property or community in New England requires expertise, time, and resources. A professional property management company can help streamline operations, enhance financial stability, and improve the resident experience. Whether overseeing maintenance, supporting compliance with local regulations, or handling administrative responsibilities, the right management partner can make a significant impact.

• Cost savings: Property managers can leverage their experience and expertise to negotiate favorable terms with vendors, insurance carriers, and lenders.
   
• Expertise and experience: Property management can be complex, but the right management team can grant you access to local experts with experience handling every step of the process.
   
• Reduced administrative burden: Trustees and owners often have limited time to handle daily management tasks. A property management company can take on these responsibilities so you can focus on policy-making and long-term planning instead of individual complaints or service requests.
   
• Enhanced resident satisfaction: A well-managed property can create a better experience for residents. When concerns are addressed promptly, community spaces are properly maintained, and communication between management and homeowners is clear, this can lead to higher retention rates and a more engaged community.
   
• Financial stability: With clear financial planning, accurate budgeting, and consistent dues or rent collection, a property management company can help reduce the risk of unexpected financial challenges.
   
• Compliance: New England’s property laws can be complex, and staying compliant means avoiding penalties and minimizing legal issues. A property management company can stay up to date on changing regulations and help clients meet local, state, and federal requirements.
   
• Value-added services: Your company of choice should offer value-added services for customized solutions tailored to your community’s needs. Communities managed by FirstService Residential have exclusive access to its affiliate FirstService Financial, which delivers best-in-class financial and insurance programs and services to protect and enhance the value of our clients’ properties through extensive buying power and potentially reduced interest rates.

How to choose the right property management company

Once you’ve researched your options and spoken with representatives from each company you’re considering, take the time to carefully review all contracts with an HOA attorney. Look closely at the terms, fees, and termination clauses. Asking questions upfront can help prevent misunderstandings later.

Beyond reviewing contracts, take a closer look at how each company invests in its associates. The individuals managing your property or community will play a key role in its day-to-day operations, and a well-supported team often translates to better service. Companies with strong training programs and long-term employee retention tend to have more engaged and knowledgeable associates. Reviewing a company’s website, mission statement, and leadership team can provide insight into whether they align with your community’s values.
 

How FirstService Residential can serve your New England community

A professional property management company like FirstService Residential helps New England trustees and owners carry out their vision and handles the community's day-to-day operations. We have the expertise to serve large-scale and lifestyle master-planned communities, single-family homes, townhomes, low-rises, mid-rises, and high-rises.

Investing in professional property management can help New England communities and property owners reduce risk, improve efficiency, and maintain property values over time. FirstService Residential provides tailored management solutions to meet the unique needs of New England properties, offering cost-effective services that support long-term success.

To learn how FirstService Residential can support your community's vision, contact a member of our team.