How to Switch Condo Management
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Step 1: Be Clear on Why You Want to Change
Boards rarely change managers on a whim. Common reasons include slow replies to directors and owners, late or unclear financial statements, maintenance that only happens after something breaks, frequent changes of the assigned manager, and a reserve fund plan nobody has explained.
Write down what is not working and what you need instead. If you have not already, put your concerns to your current manager in writing. If things do not improve, that list becomes the backbone of your request for proposal.
Step 2: Check Your Contract
Your management agreement sets out how either side can end it, including the notice period and any termination fees. Read it before you contact other firms, and note the date by which notice must be given.
If your agreement was signed before the turnover meeting, Ontario’s Condominium Act gives the board a window in the first year after turnover to end it on 60 days’ written notice. Your corporation’s lawyer can confirm how the rules apply to you.
Step 3: Write a Clear Request for Proposal
A good RFP lets firms quote on the same basis, so you can compare like with like. Include:
· Your corporation number, number of units and type of property (townhouse, low-rise, mixed-use)
· The services you expect, from financial reporting to site visits and after-hours support
· How often you want site visits and board meeting attendance
· Your most recent budget, financial statements and reserve fund study
· Known issues and upcoming projects
· Your timeline and the date proposals are due
Step 4: Compare Proposals Side by Side
The lowest fee is not always the best value. When proposals come in, compare:
Who will manage you: the experience and licence of the assigned manager, and how many other properties they look after.
Credentials: whether the firm is licensed by the Condominium Management Regulatory Authority of Ontario (CMRAO), and industry certifications such as ACMO 2000.
Reporting: how often you will receive financial statements and what they include.
Access: who you can call when something goes wrong, and whether owners have 24/7 live support.
Extra charges: what costs more, such as additional meetings, status certificates or project supervision.
Step 5: Plan the Handover
The corporation’s records, funds and property belong to the corporation and should be handed over in full. Make a list with your new manager and confirm each item is received:
· Minute book, declaration, by-laws, rules and owner register
· Bank accounts, financial records and the reserve fund study
· Contracts, warranties, insurance and contractor contacts
· Keys, fobs, codes and building drawings
· Open work orders, owner files and arrears
Your new manager should then set up banking and owner communications and introduce themselves to owners.
Frequently Asked Questions
How much notice must we give our current manager?
Check your management agreement: it sets the notice period and any termination fees. If the agreement was signed before the turnover meeting, the Condominium Act gives the board a window in the first year after turnover to end it on 60 days’ written notice.
Does the board need an owners’ vote?
Choosing a manager is usually a board decision, made by resolution at a board meeting. Check your declaration and by-laws for any special requirements, and ask your corporation’s lawyer if you are unsure.
What records must be handed over?
Everything that belongs to the corporation: the minute book, governing documents, owner register, financial and bank records, contracts, keys and access devices. Make a checklist and confirm each item is received.
How long does a transition take?
It depends on your notice period and how quickly the outgoing manager hands over records. Planning the handover before notice is given makes the change smoother.
What should an RFP include?
Your corporation’s size and type, the services you need, site visit and meeting expectations, recent financial statements and reserve fund study, known issues, and the date proposals are due.
Can Enfield help with the switch?
Yes. Tell us about your corporation through our Request a Proposal form or call 905-689-7341, and we will prepare a proposal and walk your board through the handover.
