WHAT YOU HAVE TO DO

It is best to hold a board meeting, include an agenda item for changing the management company, and hold a vote of the board members at the meeting to transfer to the new management company. There are other various ways to do this, but this is arguably the best. If you need help with this, CONTACT US. We are here to help.

We highly recommend reading the article below to get a complete idea of what needs to be done.

Hiring A New Management Company

WHAT COASTAL GROUP WILL NEED FROM YOUR CURRENT MANAGEMENT COMPANY

As you can imagine, there are a LOT of paper and electronic documents that need to be filed, recorded, stored and kept for your association. Once you have officially decided to make the break with your current management company and come to the Coastal Family, we will start the transfer process.

We will contact your current management company to get started. They will almost certainly contact you to verify the transfer. So be ready to let them know that yes, you’ve decided to move in a new direction.

This list of documents is not meant to be all inclusive, as each association has their own unique circumstances. However, you can use this list for guidance as to the documents needed for the transfer to Coastal Group Property Management.

Governing Documents:

• Declaration of Covenants, Conditions, and Restrictions (CC&Rs)
• Bylaws
• Articles of Incorporation
• Rules and regulations
• Amendments to any of the above documents

Financial Records:

• Recent financial statements (balance sheet, income statement, cash flow statement)
• Current budget and previous years’ budgets
• Bank statements for all accounts (operating, reserve, etc.)
• Accounts payable and receivable records
• Reserve fund studies and reports
• Tax returns and audit reports

Legal and Insurance Documents:

• Contracts with vendors and service providers
• Insurance policies (general liability, property, directors and officers, etc.)
• Litigation history and current legal issues
• Copies of any outstanding liens or claims

Operational Documents:

• Maintenance records and schedules
• Work orders and service requests history
• Vendor contracts and contact information
• Emergency procedures and contact information

Owner and Resident Information:

• Contact information for all unit owners and residents
• Status of owner accounts (current, delinquent, prepaid, etc.)
• Copies of any leases or rental agreements, if applicable

Communication Records:

• Meeting minutes (board meetings, annual meetings, etc.)
• Newsletters and communications to residents
• Records of violations and fines

When Coastal Group gets all your association documents from your previous association management company, that is just the beginning. There is a lot of work to do in order to be ready to get everything ready for you.

Again the following list is not meant to be all-inclusive, but will give you a good idea of what Coastal Group will do in order to get ready to provide you top-notch association management service.

Establish Communication:

• Inform all owners and residents about the management transition.
• Provide new contact information and office hours.

Financial Setup:

• Open new bank accounts for the association’s operating and reserve funds.
• Transfer funds from the old accounts to the new ones.
• Set up accounting software and ensure proper chart of accounts.
• Review and approve the current budget.

Legal and Contractual Review:

• Review all vendor contracts and service agreements.
• Ensure all insurance policies are up-to-date and adequate.
• Consult with legal counsel to review any ongoing litigation or legal matters.

Operational Transition:

• Inspect the property to familiarize yourself with its condition and ongoing maintenance needs.
• Meet with vendors and service providers to discuss ongoing services.
• Set up a system for handling work orders and service requests.
• Review and update the maintenance schedule as needed.

Owner and Resident Engagement:

• Update the owner and resident database.
• Provide a welcome package with new management details, procedures, and contact information.
• Schedule a meet-and-greet or town hall meeting to introduce the new management team.

Compliance and Documentation:

• Ensure all governing documents are in compliance with state and local laws.
• Organize and digitize records for easy access and future reference.
• Implement a system for tracking compliance with rules and regulations.

Technology and Systems Setup:

• Implement property management software for accounting, communication, and record-keeping.
• Set up online portals for owners to access their accounts, pay dues, and submit requests.
• Ensure proper backup and security measures for all digital records.

Reporting and Transparency:

• Provide regular financial reports to the board and owners.
• Maintain transparency in all management activities and decisions.
• Schedule regular board meetings and provide detailed minutes.

What sets Prime Property Care apart from other property maintenance providers?

At Prime Property Care, we’re committed to reliability, integrity, and superior service. Our skilled team provides tailored solutions to exceed your expectations.