Hiring a new property management firm can be daunting, a board of directors should carefully consider the decision to switch. Depending on their background, education, and work experience, board members may have never been through an RFP (request for proposal). Onyx has some helpful tips to get you through this process!
Where to start?
Connecting with others, word of mouth is a great way to see who is working with which firms and get their impressions and feedback. Google is an option, though PM Firms are often listed far down the line, and not all of the service providers are included. The CMRAO (Condominium Management Regulatory Authority of Ontario) has a great resource for you! The below link connects you to a management directory for Ontario.
When to quote?
Generally, contracts are month-to-month; typically, notice to be provided to the current firm is 60 days. Generally, it would be best if you aimed to start the process 4-6 months before a change. This depends on the ability of your board members to make a decision. It's a joint decision; some boards may need more time to decide based on scheduling meetings.
What is ask?
A standard RFP helps, as you can see how each firm answers the same question to determine what will work best for your board and the community. Onyx has developed a standard RFP that we are happy to share with anyone looking to bring on a new firm, and yes, you can share it with our competitors for quoting purposes.
Here are questions we suggest to steer away from.
Q. How many properties do your property managers currently manage?
I understand the intent behind the question. Your current PM is likely drowning in work, and you want to ensure that will not happen with a switch. However, no two PMs are the same, and the same goes for properties. Sally may manage two properties, while Kyle manages eight. What does this prove? Nothing without an explanation. Kyle manages five Corporations that meet quarterly; it's a different workload, though he manages more properties than Sally.
A better question: What support do you provide to your PMs so they do not get overwhelmed?
Q. Do you manage properties in Brantford? (or Timbuktu)
I do not see much point in this question outside of perhaps contractor access. Maybe the PM firm manage 18 properties in Brantford or are looking to move into the market? It doesn't matter. As long as your PM firm has a solid system in place, uses technology as a tool and time saver, and gets "boots on the ground," they can manage!
Who are you interviewing?
It's not necessarily the Property Manager who will provide services. It's the Owners or Senior Leaders. Property Managers come and go; it's an ever-changing industry. However, Owners and Senior Leaders tend to stick. Interview for a culture fit, their moral compass, and professionalism. That's the foundation that will be built on for your community and for any Property Manager assigned to your community.
I invite you to reach out to me if you would like to learn more; please connect with me on LinkedIn and email me at angel@onyxcm.ca
Blog Contributor - Angel-Marie Reiner
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