Hiring a new Management Company

Our Board has determined that a new management company is needed. As such what holds them
back now is that they are hesitant and unsure just what it will take in time and effort.

As we all understand, they work and time is not a Luxury they have. Question is, if a change is
made just what is expected of the board and how much time is require of them. This is all new
to them. I’m in the same boat, but my feeling are that the new Management Company will or
should take on the responsibility with little effort from the board, am I correct??.

The board members worry about the transfer of documents, accounting books, the Associations financial situation past, present and future, In fact all document and required material associated with the Association.

My friends, I don’t have the answer and want to help in this problem, also I’m not one of the board members, but my wife is.

Case and point, I took control of 78 trucking businesses from one truck to many and I was responsible for all required maintenance and records be it state or federal. The owners request that I do so to take the load off them, and I did. That gave them the opportunity to do the job they
needed to do in the business without disruptions and in a field they had no understand of. Is the following to much different in the Responsibilities ?? I may be wrong, but I don’t think so.

I can assist as much as I’m able if I understand the circumstance. I was requested to consult your point of view on this and see what I can come up with.

OK, friends I’m trying. Can someone offer a idea of the amount of work required by the board when a change of management companies occur. The Board is a hard working unit and I’m proud of them. It has changed in the past 5 month and is very responsible.
Richard.

Richard,
First read the current management agreement to determine how and when to terminate. Prior to termination take time to carefully select a new management company. Try to make the transition without problems with the current management company. With cooperation from the current management company (plus good policies and procedures established by the Board) the new management company can take over with very little help and time needed by the Board.

We have taken over HOA management for the two extremes:
a) Current management company was totally uncooperative and would not give back any records. Records had to be reconstructed by DARCO.
b) The current management company was cooperative and the Board having good governing documents. The transition was done with very minimal help from an appointed member of the Board. It took less of the Board member's time than had been spent on the interviews.

FYI, attached are: a)selecting a new management company; and b) check list of items for the transition.

Good Luck!