How to Switch Condo Management Companies
Are you dissatisfied with the service that you are receiving from your Tampa condominium management company? Are they not taking proper care of your common areas or showing poor follow-up with tenants? It may be time for you to consider a new condo management company. However, the transition is not always simple. Management companies, even bad ones, immerse themselves in your property. To transition to a new condo management company requires a little effort.
Below are a few steps to follow when switching to a new condo management company.
CHECK YOUR CONTRACT
Before you kick your old condo management company to the curb, review your contract. It will likely spell out the conditions for terminating the business relationship. You may have to give notice before doing so.
LOOK FOR REPLACEMENTS
Regardless of the size of your property, it’s a wise move to start looking for replacements before replacing your management company. This will make the transition away from your old company smoother. Here’s a few tips for finding your next condo management company:
• Look at other properties in your area. Find out who manages the ones that appear to be better managed than yours. • Reach out to your HOA president, if you have one. They may have suggestions based on previous experience. • Typically, realtors are well connected and may be able to suggest a number of Tampa condo management companies that may work well for you. • Do they have good reviews?
INTERVIEW SEVERAL COMPANIES
Write a list of the tasks that you would like for your next condo management company to do and the qualities you’d like for them to possess. Let this list be the standard for which you grade future companies on. Knowing what you want going into the interview process will ensure that you get a better result.
GIVE WRITTEN NOTICE
It’s critical that you inform your old company that you are ending the business relationship in writing. Unless your contract says otherwise, you could be in breach of contract if you don’t say anything. Also, there may be information that needs to be sent to the new company. Send the notice via certified mail so that you have a record that it was sent and that your old condo management company received it.