Any major change takes some getting used to and hiring a new management company for your co-op or
condo is no exception. Even though you're anxious to ring out the old, you can't help but be a little apprehensive about whether the new company will live up to your expectations. And no matter how meticulous you were during the interview and selection process, there's no way to be absolutely certain that the new company will be able to deliver the efficient and attentive service it has promised.
As you begin this new (and hopefully long-term) relationship, it helps to keep in mind that no transition is absolutely glitch-free. In fact, seasoned boards and management companies report that it can take up to a year before you're fully acquainted and working together at peak efficiency.
The M-Take-Over' Manual
According to Steve Osman, managing director at Metropolitan Pacific Properties, a property management company located in Manhattan, the board should ask prospective companies for their punch list, also known as a take-over manual. The punch list shows that the company has a sense of order. It's your first sign that the company would know what it's doing if hired by you, Osman explains. There's a certain order to how you have to do a variety of tasks including taking over all the accounts, communicating with the insurance broker for the building and handling individual tenants' histories. The new company should be offering its punch list to you. If not, just ask for it. If you don't get it quickly, they probably don't have it.