8 Steps 2.18.2021 Jeremy spread
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TOP THREE REASONS BOARDS<br />
CONSIDER NEW MANAGEMENT<br />
The first step is to<br />
understand how your current<br />
management company fails to<br />
serve the needs of your board and<br />
residents. Aligning with the full<br />
board on the issues is critical for a<br />
smooth decision-making process.<br />
Not all board members may agree,<br />
so communicate your opinions<br />
clearly and share what you<br />
believe the ultimate benefits<br />
to your property will be.<br />
1. Quality Management – An unresponsive property<br />
management company, failure to address task lists,<br />
compliance violations and fines, inaccurate financial<br />
reporting, inadequate staff training, or lack of<br />
communication and technology resources are<br />
just a few reasons to consider a change.<br />
2. Cost Savings and Increased Revenue– Is<br />
your current company helping you find<br />
ways to increase revenue (additional<br />
ancillary fees, convert unused spaces)<br />
or reduce costs? Consider your reserve<br />
investments, borrowing costs, supplies and<br />
service providers, insurance, real estate taxes,<br />
contracts and utility rates – if you are spending<br />
too much you may want to look elsewhere.<br />
3. Capital Projects – Your last capital project<br />
was poorly executed, improperly budgeted and/<br />
or creatively financed, and now there is the threat of<br />
litigation because inadequately-insured vendors were<br />
used. With several additional projects slated, you want to<br />
make the change well before they get underway.<br />
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