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Condominium Association Management Transition: A Plan for Success!

Planning is essential for almost any new or existing condominium association that's transitioning management companies. Each notice is offered to some management company, planning is not an option. Management companies vary within their cooperative nature with transitioning services, electronic files, and management relations to an alternative company. Professional standards would dictate that a professional exchange of leadership should happen between the management companies; however, the truth is quite different from the perfect professional standard. Often, management companies go ahead and take lack of a client personally. They do not understand that in most business relationships, needs and priorities of clients change. A fresh fresh perspective is exactly what a link may need to move forward. A big change is a time for reflection for your exiting management company on what changes in the management concepts have to take place in order to help keep existing business. Change is surely an inevitable a part of business model and should engage in the management process. - Atlanta Condominium Management Transitions when planned well can mean the difference from a success and failure. The brand new company should profit the Board create a project plan and timeline. The project plan's the most important aspect of a properly planned transition. The project plan will include the following data sets: Board Vision and Goals- It's amazing how this straightforward planning concept is left out of transitions. Without knowing the association vision and goals, the management company cannot carry out that vision. The vision and goals are the initial list of questions a management company must ask. Ideally, this should occur and before an offer is given. If both sides neglect to find out question on proposal, how would you know that you have found the correct partner to accomplish the association's vision and goals? Making the wrong choice here is the hallmark of a failure in the making. Communication Outline- The communication outline should give key times and notice releases to customers, vendors, owners, as well as other key players to make sure that the transition is on target. Initial notices needs to be ready for release before the Association notifies the present management company of termination. After the existing management company releases the association, only termination services will often be practiced for the association. Financial Plan- Transitions is going to take funding for notices, mailings, set-up charges with the new company, and continued operations. Before requesting funding in the exiting company, the communication plan's established first to make sure that future payment and bills are received in a timely manner. It isn't uncommon for that new management company to pre-fund the mailings and notices for the association until the association money is received from your exiting company. Often, the exiting company will take Thirty days release a funds.

The Board has every right to request the immediate relieve reserve funds while the existing management company closes out operations. Reserves should be sent immediate towards the Board for deposit with all the new company. An established amount ought to be utilized to fund the newest operating account with the new management company. This will be sure that the funding can be obtained to avoid interruption of services. Remember, the exiting company is not there to create your transition smooth. A smooth transition is up to the association together with the brand new management company. - Atlanta Condominium Management Budget Review- Budgets are ready in several formats and methodologies. A complete review of the income and expenses should be made with all the Board. The transition will not be successful in the event the budget doesn't satisfy the goals from the Board and the Association. Vendor Service Changes- Enough time for transition is the best time and energy to evaluate whether more cost effective vendors are available from the new company. It's quite common the new management company might have better pricing from vendors eager to attract the association's business. We have found that we normally can shave at least $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 procedures. Our lives have become multi-faceted where often change is not a welcome factor. The indegent economic conditions of the recession, family obligations, increased work commitments, and overall pace of our lives cannot afford more chaotic changes. The key is to change the negative notion of change to a positive concept; thus, this is the perfect time to get a social to integrate the city, the Board, as well as the Management inside a friendly and non-stressful environment. Missing this chance is a major negative in ensuring a smooth transition. Although more categories may be added to the above data sets, the fact is that without basic planning and knowning that incorporates the key structures of project management software, the transition will never be successful for all the parties. - Atlanta Condominium Management