Tips for the Best Way to Transition for Better or for Worse

We all know management transitions happen all the time in our industry it is safe to say that it is in our nature. However like in everything else there’s a right or wrong way to do things. From a property management perspective what key elements do you think you should consider?

I would recommend the following steps:

1. Do not get emotional it is business

2. Act in the best interest for your brand

3. Treat your owner as a partner until the very end

4. Honor the terms of termination in your agreement and go the extra mile to ensure a smooth transition

5. Make sure your management system is completely updated

6. Do not fail to remind the ownership of the terms of final accounting per the executed agreement

7. Keep open lines of communication

More often than not the ownership tends to build a strong relationship with your field staff, please ensure that you have a good enough rapport with all parties in order to keep open communication in regards to any desire from the employee or the client to transition the field staff. This will avoid any misunderstanding and uncomfortable staffing issues that can surface from the transition.

From the owners perspective I would suggest for clients to consider the following:

1. Do not get emotional it is business

2. Act on the best interest of your assets

3. Make sure you take advantage the allotted time given per the termination clause in the executed agreement to tie up some loose ends.

4. Keep open lines of communication

5. Obtain all administrative records not limited to tenant ledgers, leases, beginning balances etc.

If both parties abide by these simple rules your transition will be a success and both parties can continue to collaborate in other areas if needed. Not every asset is for everyone, not every management company is for every client.

Remember the way you handle the transition speaks volumes of your character and your brand. The best way to establish your brand is by always using ethical business practices remember that!

By: Marilyn Viruet
COO/President
Maysonet Group LLC
Connect with Marilyn via LinkedIn.