Effectively Transitioning Property to New Management Agency
Our role in ensuring a successful transition of our properties is a hallmark of Fourmidable. Essentially, it begins with basic steps, each of which cater to the specific circumstances of the property and residents and helps head off any problems that might arise during the changeover process.
The goal is to follow these steps and in an order that makes the most sense.
First is communication. We communicate with the residents, notifying them of what is happening from the very beginning so that everyone has the same information. This can take several forms (and often using several approaches is recommended) such as letters to residents, notices throughout the property and potentially the website or Facebook pages.
Host a resident gathering or meeting to explain who we are and how we work. Introduce our key people. Encouraging everyone to connect is a great approach to sharing information and meeting people.
Besides communications, evaluating the physical needs of the property is an essential part of any good management agency turnover. Following a preliminary inspection review of 100 percent of the units (both occupied and vacant), it is important to develop and implement a strong preventive maintenance program.
Understanding the current conditions of the property is a must. This includes the common areas and overall grounds as well as the units themselves, roofs and overall structural conditions. This allows for a thorough assessment of what work needs to be done immediately and work that can wait for the long-term. It also allows a preventive maintenance program to be focused on the proper issues.
Like the property, it is critical to perform a resident file audit – determine whose name is on each unit, who lives in the unit, what their rent is and when their lease expires. At Fourmidable, we look to see if the rent roll matches up with leasing paperwork in the file. Sometimes we find that the resident’s lease is expired or maybe they were paying the wrong rent per month.
Lastly, it’s a good idea to do a technology evaluation and upgrade. Quite often there are old computers, fax machines or phone systems that don’t work and need to be replaced. And they certainly won’t have Fourmidable’s software. Helping with this is Sheldon Olson and his IT team at Fourmidable. They evaluate the existing tech/phone systems and make recommendations to the property owner. Our focus is to provide them the latest ideas, trends and software to make sure the property is running in a 21st century mode.
Ultimately, thorough and orderly preparation following a logical step-by-step process goes a long way to ensure transition to a new property management agency that is both smooth and without disruption for the property and the residents living there.