Checklist of information for switching property managers

Introduction

Switching property managers does not have to be difficult. Having the right information in advance can make the process much quicker, reduce uncertainty and make sure you get the best service.

We've compiled a checklist of the most important bits of information. You may need to contact your current property manager for some of the documents. ALLRES customers can access all of this information with just a few clicks using our online platform. If your current manager can't provide this information quickly and easily, you'll notice the difference in service if you switch to ALLRES.

Checklist of top eight useful documents

Before starting the switching process, try having the following documents to hand:

• Brief description of the site and development. Just a few sentences so prospective property managers can understand the type of building and occupants.
• Copy of the Service Agreement with your current property manager. This allows you to confirm what services, as a minimum, you need a replacement property manager to provide.
• List of current service providers. For example, who maintains the fire alarm or cleans the common areas.
• Copies of the contracts for each of the current service providers. This will allow the new property manager continue these services so there is no interruption.
• History of claims from current insurer. This should include completed or ongoing claims, to avoid any interruption in the claims.
• Last three years of financial transactions and budgets. Make sure to exclude the property manager fees if your new property manager has not yet quoted for their service fee, otherwise you might not get a competitive quote.
• List of legal entities involved. To ensure all stakeholders in the development are accounted for throughout the switch. You could visualise this in map showing the relationship between the entities.
• Long-term maintenance plan and investment strategy. This should show projects to be undertaken, indicative costs and approximate timescales.

Four questions to answer first

To make the switching process easier, it's worthwhile checking and confirming the following essential pieces of information before you begin:

• What are the terms of notice under the service agreement with your current property manager? In other words, how much notice do you need to give them if you want to terminate the contract.
• Do the articles of association of the management company make any requirements that must be met
• Have you consult with members of the management company on the specification of services required from a new property manager? What aspects of service need more improvement?
• Are there any ongoing commercial matters that may be compromised by starting the switching process? For example, if any claims are being made against your current provider, seek further advice before starting the switching process.

With your checklist of documents and answers to these four questions to hand, you will be much better informed and ready to embark on switching your property manager.