Like collecting rent payments from tenants, it’s common for property management to change from one company to another. Well, maybe not that common. But property management transitions do happen in this industry, and unfortunately, there is no standard way to approach the process, according to MultiFamily Executive
Even though it’ll be difficult to keep the operation running smoothly during a transition, there are steps you can take to make sure performance doesn’t take too much of a hit.
Keep these tips in mind for an easier property management transition.
An incoming manager should get a clear understanding of the owner’s objectives for the property, and work to ensure employees understand those objectives too. New management also should ask for a list that details everything about the building, including policies, amenities and anything else relevant to tenant experience. Ask the owner for every piece of information at once, to minimize any back-and-forth.
Once your long-term plan has been decided on, get working on it as quickly as you can. Coordinate with the outgoing management team to get any information relevant to the everyday operations of the building. It may be a good idea to designate one person to act as the liaison between both parties, for the sake of organization and to ensure all information is kept in a single place.
The on-site team is the next area to focus on in a management transition. It’s important to determine whether you’ll be using your own on-site employees or if you’d like to hire the existing on-site team. Sometimes retaining the existing employees will help make the management transition smoother, since those employees are already familiar with the building and its policies and procedures.
Get your leasing professionals up to speed so they can work with any prospects who walk through the door, especially during the busy summer months. This will help protect your bottom line.
Given how critical technology is to running any business in the 21st century, this step can be complicated.
A manager or — better yet — a designated IT professional of the firm should take inventory on existing building technology and become familiar with how it works. The goal is to review all the information available and ask outgoing management important questions before your team takes over. This will go a long way in ensuring a smooth technology and data integration.
There are many property management and data software programs out there. It’s likely that the outgoing company does not use the same platform as your company, which can create obstacles to data integration.
Unfortunately, it’s common for digital assets, including social media accounts, URLs, and marketing materials to fall through the cracks in contract negotiations. It’s critical to remember to ask for these assets and have them added to the final agreement. Also, if the building is less than 5 years old, it’s a smart idea to ask for any warranty information.
When all the paperwork has been signed and you’re the official new property manager, reach out to the tenants through email. You may even want to leave each individual unit a quick handwritten note to reach out to you personally with any concerns. Finally, inform residents if there will be any disruptions of regular service, such as suspended maintenance requests or online rent payments.
Property management transitions may not happen too often, but they’re not unusual occurrences. Because of their infrequency, each one has its own speed-bumps and hiccups. With these tips in mind, though, hopefully your next transitions will go nice and smooth.