利用者:MaynardGause298

Condominium Association Management Transition: A Plan for Success!

Planning is essential for any new or existing condominium association that is transitioning management companies. Once a notice is given to a management company, planning is not an option. Management companies vary in 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 take place involving the management companies; however, the truth is not the same as the best professional standard. Often, management companies go ahead and take loss of a customer personally. They do not understand that in most business relationships, needs and priorities of clients change. A new fresh perspective is exactly what an association might need to progress. A big change is really a time for reflection for that exiting management company on what changes in the management concepts have to happen in order to keep existing business. Change is definitely an inevitable section of enterprize model and may participate the management process. - Atlanta Condominium Management Transitions when planned well can mean the difference from a success and failure. The brand new company should help the Board create a project plan and timeline. The project plan is the most crucial part of a highly planned transition. The project plan will include the following data sets: Board Vision and Goals- It's amazing how this easy planning concept is left out of transitions. With no knowledge of the association vision and goals, the management company cannot perform that vision. The vision and goals are the initial list of questions a management company must ask. Ideally, this will occur before an offer is offered. If both parties neglect to ask this question on proposal, how will you understand that you've got found the correct partner to accomplish the association's vision and goals? Making a bad choice here is the hallmark of a failure within 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 should be ready for release prior to the Association notifies the existing management company of termination. After the existing management company releases the association, only termination services will most likely be done on behalf of 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 ensure that future payment and bills are received promptly. It is not uncommon for your new management company to pre-fund the mailings and notices for the association before association total funds are received in the exiting company. Often, the exiting company is going to take 30 days release a funds.

The Board has every right to request the immediate discharge of reserve funds while the existing management company closes out operations. Reserves should be sent immediate to the Board for deposit with all the new company. An established amount ought to be used to fund the brand new operating account with the new management company. This may ensure that the funding is accessible to stop interruption of services. Remember, the exiting clients are not there to produce your transition smooth. A smooth transition can be the association together with the new management company. - Atlanta Condominium Management Budget Review- Budgets have decided in several formats and methodologies. A whole report on the income and expenses need to be made with all the Board. The transition will not be successful if the budget does not meet the goals with the Board and also the Association. Vendor Service Changes- Time for transition is the best time and energy to evaluate whether less expensive vendors can be found with the new company. Extremely common how the new management company could have better pricing from vendors desperate to attract the association's business. We now have found out that we normally can shave at least $5,000 to $10,000 off the vendor costs during this period. Social Interactive Meeting: Probably the most stressful times for owners is during any major change in association management and processes. Our lives are actually multi-faceted where often change isn't a welcome factor. The indegent economic conditions with the recession, family obligations, increased work commitments, and overall pace of our lives cannot afford more chaotic changes. The bottom line is to alter the negative notion of change to a confident concept; thus, this is the perfect time for a social to integrate town, the Board, as well as the Management in a friendly and non-stressful environment. Missing this opportunity can be a major negative in ensuring a smooth transition. Although more categories could be added to the aforementioned data sets, the reality is that without basic planning and understanding that incorporates the main element structures of project management, the transition will not be successful for all your parties. - Atlanta Condominium Management