Whether you’ve ever made the decision to transition away from one property management company to another, you can be sure that it’s something done regularly. The relationship between owner and manager can be a contentious one; resulting in turnover as needs and provisions change and conflict. All the more reason to have a thorough vetting process from the beginning.
However, if and when you find yourself faced with the need to make such a transition, it’s important to have an effective plan in place. Here are 7 tips to building one:
- Have a plan. You need a strategy. You need to know what you’re looking for, why you’re leaving the current company, and how the new company is going to get you there. You then need to write it down and get your staff on board with the change. This includes letting them in on the timeline and the selection process, as appropriate.
- Onboard the incoming team. Your timeline must include adequate time to onboard the incoming company. They need to be aware of your business and marketing plan, your brand strategy, and your communications plan. Essentially, you need time to get them up to speed on how to accurately manage and represent your brand.
- Inform outgoing team. This is the hard part. Yet, it’s only business, and they’re aware of the possibilities (especially so if there has been ripples in the water). Be upfront with all information and make sure to go about the process as outlined in the contract with that firm.
- Encourage collaboration. Introduce the incoming with outgoing team and foster a collaborative relationship so the two can transition all back- and front-end office processes and seamless as possible.
- Communicate with tenants, clearly and often. As soon as the details have been nailed down, begin communicating the change with tenants. Use multiple channels, be clear, and be consistent in delivery. Have a process to answer questions and address concerns and be ready for backlash. No one likes change and some tenants may fight it. Have a strategy to address this challenge and follow-through.
- Meet and greet. As soon as the new team is ready to begin, plan an event where they can meet the tenants. It doesn’t have to be fancy. Even drinks and cookies during a 2-hour window in the leasing office will suffice. An allotted time for face-to-face is important, however.
- Monitor performance. All that’s left is to stay on top of things with regular surveying of the new management, as well as tenants. Ask for regular reporting and analytics, and make sure to stay involved with back office operations so you’re alerted early of any potential issues.
Ready to make the transition to Class A Management? Our professionals will help ensure it’s smooth and easy on everyone involved. See what a difference it can be to work with our tram of trained and certified property managers. Call us at 817-284-1411, or send an email to firstname.lastname@example.org.