How To Successfully Transition Management Companies

So you’ve decided you’re ready to ditch your old management company for something better. Time for an upgrade! But, as with many things, the thought of transitioning from old to new can be enough to stop you in your tracks. Fear not! We make the transition from one management company to another, painless and seamless. Here’s how it works.

As a Trustee or owner, we need virtually nothing from you to complete a management transition. We handle all the details. We’ll be in regular communication with you so you’re always in the know but we’ll never ask you to dig out those old financials or account records from 2001.

We being a management transition by getting the required information from your former management company.

You may be asking yourself well if you don’t need anything from me…how do you get all the data, financials, etc. for the transition? We’ll work directly with your former management company to get all the documents and details we need. Unlike some cheaper management companies, we have the expertise to know exactly what’s needed for a successful management transition. A common mistake with other management companies is asking the wrong questions, seeking out irrelevant information, and generally wasting the time of everyone involved in the process. We know exactly what is needed and the most efficient way to get the necessary information.

By now, you likely get the sense that we have a very robust process in place. Our property management model is structured into four phases, usually starting 30 days from the transition date. Here’s how we break that down.

1. Introductions and Communication

virtual meetings help make a for a seamless management transition.

We’ll host an introductory video town hall meeting for your Trustees, owners, and our management team. We’ll answer any questions, address concerns, and ensure an open line of communication from day one.

2. Budget and Financial Review

We use a combination of zero-based and historical budgeting plus our own database of comparable buildings to ensure your dollars are being most effectively spent. We’ll take a look through what you’re currently spending; the where and why of it all. One of the most common questions we get asked is “Will my condo fees go up with a management transition?” The short answer: rarely will your fees go up due to a switch in management.

3. Service Team Walkthrough, Assessment & Initial Report

After we’ve assessed how the association is doing financially, we’ll look at how the building is doing physically. We walk through the building noting and documenting every building system, condition, function and issue. Our team compiles a report noting everything big and small, followed by our recommendations for resolution, planning and timeline. We have a team of experienced professionals who know exactly what to look for and how to create a roadmap for success.

4. Vendor Contract Review And Set Up

Vendors can be your greatest resource or your greatest nightmare. If your existing vendors serve the association well, provide a good value, and are friendly and helpful partners, great! But, if a vendor is not a true partner, overcharging or under delivering, let’s change that. We have relationships with some of the best vendors in the city. If vendor changes are needed, we define the scope, vet options and make a recommendation to the Trustees.

The reasons why an association opts to transition from one management company to another can vary. However, one thing that should never waver is the support you feel from your new management company. At Charlesgate, we believe our process for management transitions is not only efficient but easy for you as the Trustee. We know it can feel like a big adjustment but our hospitality-based approach means we’re a true partner every step of the way.

Questions about what a management transition would look like for your association? Get in touch!

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