How to Transition to a New Property Management Firm
If you are considering changing property management firms, or have already done so, you may be unsure what is involved in the process.
We’ll answer a few of these questions to paint a clearer picture of the transition process. Grant Property Management takes care to create a smooth transition when working with new Associations.
Our goal is to support your Board to keep the property well maintained at all times, including throughout the transition process.
When you first switch firms there can be overlap between the services rendered and completed.
As your current company expires its contract, and agreements with vendors, the new company begins to take over the processes.
In some cases, vendors at properties are carried over and contracts are maintained or renewed. In other cases, depending on the quality of service, price, etc. new vendors are brought onboard.
In the initial stages of the switch, it is important to document the state of affairs in the three major areas of management: physical, financial, and administrative. (More on these here)
It is crucial to have an understanding of how the property is running currently to have a point of reference going forward. This also comes in handy when creating a plan of action.
We’ll work with the Board to ensure the transition is pain-free, regardless of the current state of affairs.
Plan of Action
Creating a plan of action for your property is important. We’ll talk about this starting on day one.
We want your Association to not only look great but function well. Through a detailed and organized plan of action, we’ll get the property looking great and functioning well. Together with the Board, Grant Property Management will develop your Association’s strategic plan and draw a roadmap of how to get there.
This is a long term goal or vision with lots of short term steps to get there. If we think ahead to the big picture we can consider the large scale idea of where the Association wants to be with its guidelines, processes, and presentation.
With that long term vision in mind, we can tackle the smaller steps to achieve bigger goals. A plan of action is the key to success as you transition from property management companies.
Once you’ve gone through the onboarding process with a new firm and created a plan of action, it is time to implement.
At this stage of the process, we render service. Whatever the Association has designated as overall goals, is where we’ll start. Grant Property Management will open bids to hire vendors for projects, notify and integrate homeowners to our online platforms, and we’ll initiate meetings Board meetings with the Association.
With a clear picture of how the Association will be maintained, the property management firm will begin implementing services.
Transitioning to a new property management firm can be daunting.
There are legal and financial agreements involved and it is important to approach this with an organized plan.
Grant Property Management will make this process simple and easy, we’ll onboard your Association, develop a plan of action, and implement.
Everything will run smoothly, and together we’ll build towards a great looking well-functioning property. Call today to learn more about the easy transition.