Time for a change?
How to replace a property management company
Entrusting your property to a dedicated and responsible property manager is a very common intention. However, many find this task complicated, if possible at all. If you deal with a competent and reliable property management company, its selection, onboarding and further cooperation will be smooth and easy. To prove that, we have developed a simple and clear checklist for replacing your property management company.
Apply for a service
Apply for a service
Get to know your neighbors, find like-minded people who, like you, want a dedicated and responsible manager for their property, and create an activist group
Important
As the old saying goes: "There is safety in numbers", and in an apartment building it will always be easier to make decisions if you network with other like-minded neighbors who care about your common living conditions.
Define important criteria and requirements for your property
Important
Property management companies often make their offers using the same template for everyone. As a result, monthly fees may contain charges for services, which are not required for your property. Therefore it is critical to define requirements for your specific building. For example: cleaning quality, competent management, or property renovation.
Request for quotations / offers
Important
Contact only those property management companies, which were recommended by your friends or colleagues. You may also want to check companies with positive reviews on the internet. Your request should contain as detailed information as possible about your property and your requirements. This will help to prepare the most appropriate quotation.
Select maximum 3 appropriate candidate companies
Important
Compare offers and select no more than 3 candidates. Pay your attention not only to the monthly fee itself, but also to the services included in the offer. Also take note of the company's communication approach, data sharing practices, availability of emergency service, etc.
Arrange introduction meetings between the residents and the selected candidate companies
Important
Arrange introduction meetings (interviews) between the residents and the selected candidate companies. Usage of an on-line platform (like Zoom, Google MEET, etc.) will contribute to productivity, since all participants will be able to ask questions and make clarifications.
Choose the most suitable company out of three
Important
After you have collected and evaluated all information, make a residents survey. Preferred means of the survey shall be either residents' on-line meeting, or a voting using, for example, Google SHEETS survey forms.
Adopt the decision to replace existing property management company
Important
Make decision to terminate property management assignment with existing property manager, and to sign a new property management contract with successful candidate. Remember that the decision shall be adopted with the majority vote of all property owners, which is 50% plus 1 vote. At this point, a competent property management company will help with facilitation. This includes preparation of survey questionnaires, writing the minutes of the meeting, and collecting votes by interacting with less engaged property owners.
Sign the contract with the new property management company and start the new and successful cooperation
Important
Even though this stage is the sole responsibility of the new property management company, your responsiveness will be highly appreciated. Kindly help collect the contacts of your neighbours and any other information, which would help the new property management company to start fulfilling their duties.