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Condominium Association Management Transition: A Plan for Success!

Planning is crucial for just about any new or existing condominium association that is transitioning management companies. When a notice is offered to some management company, planning is no longer a choice. Management companies vary inside their cooperative nature with transitioning services, electronic files, and management relations to a different company. Professional standards would dictate a professional exchange of leadership should occur between your management companies; however, reality is very different from the ideal professional standard.
Often, management companies take the lack of litigant personally. They just don't recognize that in all business relationships, needs and priorities of clients change. A fresh fresh perspective is exactly what a link should move ahead. A change can be a time for reflection for that exiting management company about what alterations in the management concepts have to occur in order to help keep existing business. Change is definitely an inevitable section of business model and really should be part of the management process. - [http://atlantacondominium7z.posterous.com/ Atlanta Condominium Management]
Transitions when planned well can mean the difference from the success and failure. The new 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 should include the following data sets:
Board Vision and Goals- It is amazing how this straightforward planning concept remains from transitions. Without knowing the association vision and goals, the management company cannot execute that vision. The vision and goals are the initial customer survey that a management company must ask. Ideally, this will occur even before an offer is offered. If both sides neglect to find out question on proposal, how would you realize that you've got found the correct partner to perform the association's vision and goals? Making the incorrect choice this is actually the hallmark of a failure inside the making.
Communication Outline- The communication outline should give key times and notice releases to customers, vendors, owners, and other key players to make sure that the transition is on target. Initial notices needs to be ready for release prior to the Association notifies the prevailing management company of termination. After the existing management company releases the association, only termination services will usually be practiced with respect to the association.
Financial Plan- Transitions will require funding for notices, mailings, set-up charges with the new company, and continued operations. Before requesting funding from your exiting company, the communication plan is established first to ensure that future payment and bills are received promptly. It isn't uncommon for that new management company to pre-fund the mailings and notices for the association before the association funds are received from the exiting company. Often, the exiting company will require 30 days to release funds.

The Board has every directly to request the immediate relieve reserve funds as the existing management company closes out operations. Reserves ought to be sent immediate to the Board for deposit using the new company. An established amount needs to be accustomed to fund the brand new operating account with all the new management company. This can be sure that the funding is available to prevent interruption of services. Remember, the exiting clients are not there to produce your transition smooth. A smooth transition is up to the association in partnership with the brand new management company. - [http://atlantacondominium7z.webs.com/ Atlanta Condominium Management]
Budget Review- Budgets are ready in several formats and methodologies. A complete overview of the income and expenses are necessary using the Board. The transition will not be successful in the event the budget doesn't satisfy the goals with the Board and also the Association.
Vendor Service Changes- Enough time for transition is the ideal time for you to evaluate whether cheaper vendors can be found through the new company. It is common that the new management company may have better pricing from vendors wanting to attract the association's business. We now have found that we normally can shave no less than $5,000 to $10,000 off the vendor costs during this time.
Social Interactive Meeting: Probably the most stressful times for owners is during any major alternation in association management and processes. Our way of life are now multi-faceted where often change isn't a welcome factor. The indegent economic conditions from the recession, family obligations, increased work commitments, and overall pace in our lives cannot afford more chaotic changes. The secret is to change the negative concept of plunge to a confident concept; thus, this is the perfect time for any social to integrate the city, the Board, and also the Management inside a friendly and non-stressful environment. Missing this opportunity is really a major negative in ensuring a smooth transition.
Although more categories might be added to the above data sets, the reality is that without basic planning and knowning that incorporates the key structures of project management, the transition will not be successful for the parties. - [http://atlantacondominium7z.orbs.com/ Atlanta Condominium Management]