Can we change management companies before our agreement expires?
In many cases, yes. Every management agreement is different, and the first step is reviewing the termination provisions and notice requirements. We can help your Board understand its options and timing obligations before any decisions are made.
How long does a management transition take?
Most management transitions take between 30 and 90 days, depending on the circumstances and timing of Board decisions. A well-planned transition helps ensure records, finances, contracts, and communications are transferred smoothly.
Will owners be notified?
Yes. Once a Board has approved a management transition, owners are typically informed about the change, key dates, and any updates to contact information, payment instructions, or resident services. Clear communication helps ensure a smooth transition for everyone.
What happens to records and financial information?
Condominium records, financial information, contracts, and other corporate documents belong to the condominium corporation, not the management company. As part of the transition process, these records are transferred to the condominium corporation's new management team in accordance with the management agreement and applicable legislation.
Will service be interrupted during the transition?
A properly managed transition should result in little or no disruption to owners and residents. Essential services such as maintenance coordination, financial administration, emergency response, and owner communications continue throughout the transition period.
How do we request a proposal?
Simply submit a proposal request by
clicking here. A member of our team will contact you to learn more about your condominium corporation, answer any questions, and discuss whether a proposal or management review would be appropriate.
Are we obligated to change management companies if we request a review?
No. A confidential management review is simply an opportunity to explore your options, ask questions, and gather information. There is no obligation to proceed with a proposal or make any changes.
What information should our Board have available?
Helpful information includes the current management agreement, recent financial statements, the annual budget, reserve fund study (if available), and any specific concerns the Board would like addressed. However, an initial discussion can take place even if these documents are not immediately available.
Does changing management companies cost money?
Costs vary depending on the terms of your current management agreement and the timing of the transition. During a confidential review, we can help your Board understand any potential costs and develop an appropriate transition plan.
How can our Board determine whether it's time to make a change?
Every condominium corporation is different, but common indicators include communication challenges, delayed financial reporting, unresolved maintenance issues, lack of proactive guidance, or dissatisfaction among Board members and owners. A management review can help identify whether improvements are possible within the current arrangement or whether a change should be considered.
Will changing management companies create more work for our Board?
One of the most common concerns Boards have is the amount of work involved in a transition. In reality, much of the coordination can be handled by the incoming management company. With proper planning, the Board's role is generally limited to decision-making, approvals, and providing direction throughout the process.