Success during the transition period between one management company to another can only be achieved through proactive planning, responsiveness to all issues/concerns and attention to detail. The performance displayed during this key period will set the tone for the future relationship with the building owner and occupants.
It is DRCPM’s objective to have its property managers handle the transition in management responsibilities with superior planning and organization, maintaining efficient property operations while minimizing disruption to both owners and tenants.
The following items indicate key actions and activities you can expect during a DRCPM transition:
- Assemble management team
- Collect all necessary data/file information
- Send all necessary notices to all interested parties
- Review and organize records
- Abstract leases and enter into accounting system
- Establish and define all owner objectives, financial reporting requirements, mortgage info, etc.
- Review all service and supply contracts/warranties and act accordingly on rebidding, etc.
- Meet all tenants within 7 days
- Develop accurate tenant directory
- Inspect emergency/life safety systems
- Review insurance coverage
- Review troubled tenant info and delinquency reports
- Give required notice to any service contractors being terminated
- Prepare preventative maintenance plan
- Inspect all vacancies, in concert with the leasing team, for cleanliness and marketability
Within One Month
- If necessary, provide new or revised budget
- If applicable, provide owner with recommendations regarding deferred maintenance items and capital repair requirements
- Implement changes to service contracts