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Condominium Association Management Transition: A Plan for Success!

Planning is crucial for almost any new or existing condominium association that is transitioning management companies. When a notice is given to some management company, planning is no longer an option. Management companies vary within their cooperative nature with transitioning services, electronic files, and management relations to a new company. Professional standards would dictate that the professional exchange of leadership should happen involving the management companies; however, reality is very different from the ideal professional standard. Often, management companies go ahead and take loss of a client personally. They just don't understand that in all business relationships, needs and priorities of clients change. A fresh fresh perspective is exactly what an association might need to move ahead. A big change is a time for reflection for that exiting management company on what alterations in the management concepts need to happen in order to maintain existing business. Change is definitely an inevitable section of business design and may participate the management process. - Atlanta Condominium Management Transitions when planned well could mean the real difference from the success and failure. The newest company should profit the Board develop a project plan and timeline. The project plan's the most crucial part of a properly planned transition. The project plan will include the next data sets: Board Vision and Goals- It is amazing how this simple planning concept remains away from transitions. Without knowing the association vision and goals, the management company cannot carry out that vision. The vision and goals are the initial set of questions a management company must ask. Ideally, this should occur and before a proposal emerges. If both parties don't ask this question on proposal, how would you realize that you have found the correct partner to complete the association's vision and goals? Making the incorrect choice this is actually the hallmark of a failure in the making. Communication Outline- The communication outline should give key times and notice releases to customers, vendors, owners, along with other key players to make certain that the transition is on target. Initial notices ought to be ready for release ahead of the Association notifies the existing management company of termination. When the existing management company releases the association, only termination services will usually be practiced on behalf of the association. Financial Plan- Transitions is going to take funding for notices, mailings, set-up charges with all the new company, and continued operations. Before requesting funding from the exiting company, the communication plan's established first to ensure that future payment and bills are received in a timely manner. It is not uncommon for that new management company to pre-fund the mailings and notices for that association before association total funds are received in the exiting company. Often, the exiting company will take 30 days to release funds.

The Board has every to request the immediate relieve reserve funds while the existing management company closes out operations. Reserves ought to be sent immediate to the Board for deposit with all the new company. A fixed amount needs to be accustomed to fund the newest operating account using the new management company. This may ensure that the funding is available to stop interruption of services. Remember, the exiting clients are not there to produce your transition smooth. An even transition can be the association in partnership with the newest management company. - Atlanta Condominium Management Budget Review- Budgets have decided in several formats and methodologies. A whole review of the income and expenses need to be made with all the Board. The transition will never be successful when the budget doesn't meet the goals from the Board and the Association. Vendor Service Changes- Time for transition is the perfect time to evaluate whether less expensive vendors can be found through the new company. It is common how the new management company could have better pricing from vendors eager to attract the association's business. We have found that we normally can shave no less than $5,000 to $10,000 off the vendor costs during this time period. Social Interactive Meeting: One of the most stressful times for owners is during any major alteration of association management and operations. Our way of life have become multi-faceted where often change is not a welcome factor. Poor people economic conditions with the recession, family obligations, increased work commitments, and overall pace in our lives can't afford more chaotic changes. The key is to improve the negative notion of plunge to a positive concept; thus, this is the perfect time for any social to integrate the city, the Board, and the Management inside a friendly and non-stressful environment. Missing this chance is really a major negative in ensuring an even transition. Although more categories may be added to the aforementioned data sets, the reality is that without basic planning and understanding that incorporates the main element structures of project management software, the transition won't be successful for all the parties. - Atlanta Condominium Management