Atlanta Condominium

Condominium Association Management Transition: A Plan for Success!


Atlanta Condominium Management


Planning is crucial for any new or existing condominium association which is transitioning management companies. Each notice is offered to a management company, planning has stopped being a choice. Management companies vary inside their cooperative nature with transitioning services, electronic files, and management relations to a new company. Professional standards would dictate a professional exchange of leadership should happen involving the management companies; however, the truth is very different from the ideal professional standard.

Often, management companies go ahead and take loss in a client personally. They don't recognize that in every business relationships, needs and priorities of clients change. A brand new fresh perspective 's what an association might need to move ahead. An alteration is really a time for reflection for that exiting management company on what modifications in the management concepts have to happen in order to maintain existing business. Change is definitely an inevitable section of business model and may participate the management process.

Transitions when planned well can mean the main difference from the success and failure. The new company should assist the Board produce a project plan and timeline. The project plan is the most crucial aspect of a highly planned transition.

The project plan will include these data sets:

Board Vision and Goals- It really is amazing how this easy planning concept is left from transitions. Without knowing the association vision and goals, the management company cannot execute that vision. The vision and goals are the first list of questions a management company must ask. Ideally, this will occur even before an offer emerges. If both sides fail to ask this question on proposal, how do you know that you've got found the proper partner to complete the association's vision and goals? Making the wrong choice this is actually the hallmark of the 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 sure that the transition is on target. Initial notices should be ready for release prior to the Association notifies the prevailing management company of termination. Once the existing management company releases the association, only termination services will often be practiced for the association.

Financial Plan- Transitions will take funding for notices, mailings, set-up charges using the new company, and continued operations. Before requesting funding from the exiting company, the communication plan is established first to make sure that future payment and bills are received promptly. It isn't uncommon for the new management company to pre-fund the mailings and notices for that association until the association total funds are received from the exiting company. Often, the exiting company will require 30 days to release funds.



The Board has every right to request the immediate relieve reserve funds as the existing management company closes out operations. Reserves ought to be sent immediate towards the Board for deposit with the new company. An established amount needs to be utilized to fund the brand new operating account with the new management company. This can ensure that the funding can be obtained to stop interruption of services. Remember, the exiting clients are not there to make your transition smooth. An even transition is up to the association together with the newest management company.

Budget Review- Budgets have decided in a variety of formats and methodologies. A complete report on the income and expenses are necessary with the Board. The transition will never be successful when the budget will not meet the goals from the Board as well as the Association.

Vendor Service Changes- Enough time for transition is the ideal time to evaluate whether more cost effective vendors are available with the new company. It's quite common how the new management company may have better pricing from vendors wanting to attract the association's business. We've found that we normally can shave a minimum of $5,000 to $10,000 off of the vendor costs during this period.

Social Interactive Meeting: Just about the most stressful times for owners is during any major change in association management and operations. Our everyday life are actually multi-faceted where often change is not a welcome factor. The poor economic conditions of the recession, family obligations, increased work commitments, and overall pace of our own lives can't afford more chaotic changes. The bottom line is to change the negative notion of plunge to a confident 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 really a major negative in ensuring an even transition.

Although more categories could be included with the above data sets, the reality is that without basic planning and knowning that incorporates the important thing structures of project management, the transition will never be successful for the parties.

Atlanta Condominium Management