No one likes losing business, but those in the HOA management industry know it’s an all-too-common occurrence: you’re ready to move on to another management company. There can be many reasons, from financial to personality-driven. While the process can be daunting, there are several steps you can take to ensure the transition goes as smoothly as possible.
5 Steps to a Smooth Transition
Planning is key to transferring management companies with as much ease as possible. Following a simple process will help keep you up-to-date, allow your new association manager to pick up where the old one left off, and avoid headaches for you and confusion or concern for your residents.
1. Pick the right replacement.
Once you’ve decided it’s time to switch, sit down and write down what you like and dislike about your current management company. Where are they succeeding in meeting your needs and expectations, and where are they falling short? Knowing where the disconnect is can help you when looking for a new company.
2. Discuss the transition process with your current association manager.
After the switch is finalized, sit down with your current manager and outline a plan for transitioning your association’s books and information. Make sure they, the new manager, and your board are all on the same page. Keep in mind that there will likely be additional fees in order for your existing manager to assist with the process.
3. Get your ducks in a row.
If you or your board manage some of your files and information (or if you decide not to have your previous manager assist with the transition), you’ll need to get everything organized for your new manager. The more organized and detailed your files are, the easier it will be for them to settle into the new role and manage your association efficiently.
4. Update your budget.
A new management company means different financial expectations. Whether you’re paying more or less (or relatively the same), you’ll need to update your books to reflect what you’re paying as well as what you might expect to pay going forward. Also, companies will differ on costs for certain additional services, so you’ll want to plan correctly for what the new company offers.
5. Be clear about your expectations with your new manager.
You transitioned because you weren’t getting what you needed out of your previous company, and you don’t want to go through that again any time soon. Set clear and precise expectations for your new company, so they know what you need and can deliver accordingly. If they don’t know what you want, they can’t make it happen!
Communication Is Key
Be open and honest with your old manager, your new manager, your board, and your residents. If everyone involved is on the same page, you’ll be able to transition companies with as little interruption to your daily lives and operations as possible.
Not getting what you need out of your current HOA management company? Contact us and we’ll help you realize your vision for your community.