Just as with any other organization, a condominium association can decide to change its management company. If your association is considering this step, there are some things you need to know in order to make the transition as smooth as possible. In this post, we’ll discuss the signs that it might be time to switch management companies, the steps you need to take in order to make the change, and what you should watch out for afterwards.
Signs It Might Be Time to Switch Condo Association Management Companies
There are several signs that it might be time for your condominium association to consider switching management companies. If you’re noticing any of the following, it might be time for a change:
1. Your current management company is not meeting your needs.
2. There has been a change in leadership within your association, and you want to explore new options.
3. The contract with your current management company is coming to an end, and you want to see what else is out there.
4. You’re not happy with the level of service you’re receiving from your current management company.
5. You feel like your association could be doing more/better.
5 Tips for an Easy Transition of Condo Association Management Companies
Making the switch from one management company to another doesn’t have to be a difficult process. Here are five tips to make sure the transition is as smooth as possible:
1. Start by doing your research. You’ll want to find a management company that is a good fit for your association. Ask around for recommendations, read online reviews, and compare pricing and services.
2. Once you’ve selected a new management company, reach out to them and set up a meeting. This is a great opportunity to ask any questions and get to know the team you’ll be working with.
3. Put together a transition plan. This plan should include everything from transferring financial records to updating your contact information.
4. Notify your members about the change. Be sure to communicate the reasons for the switch and what they can expect from the new management company.
5. Allow plenty of time for the transition. Depending on the size of your association, this process can take several months. Make sure you allow enough time for everything to be done properly.
Things to Take Care of Before You Switch Property Management Companies
There are some things you’ll need to take care of before you switch property management companies. Here is a list of some of the most important things to take care of:
1. Give notice to your current management company. Depending on your contract, you may be required to give them a certain amount of notice before you end the relationship.
2. Transfer financial records. You’ll need to make sure all financial records are transferred to the new management company. This includes bank statements, invoices, and tax records.
3. Update your contact information. Be sure to update your association’s contact information with the new management company. This includes your mailing address, phone number, and email address.
4. Collect keys and access cards. If your association uses keys or access cards for entry into the building, you’ll need to collect these from the current management company and provide them to the new management company.
5. Cancel any existing contracts. If your association has any existing contracts with vendors, you’ll need to cancel these before you switch management companies.
Making the switch from one condo association management company to another doesn’t have to be a difficult process. By doing your research, selecting a reputable management company, and following these tips, you can ensure a smooth transition for your association.
With more than 2 decades of experience in property management and more than 200 buildings managed in that time, we at Hales Property Management know what makes buildings work! Contact us today to request a proposal!