Switching property management companies is a significant operational undertaking — but a manageable one when done with adequate preparation and a realistic timeline. The most common mistakes boards make are not allowing enough lead time, not securing all corporation records before the transition, and not overlapping the old and new management for a proper handover. Here’s how to do it right.

“The transition that goes smoothly is the one where the board gives themselves enough lead time and insists on a proper file transfer. Sixty days is the minimum. Ninety is better. The new manager needs time to review the files, understand the outstanding issues, and prepare for continuity on the day they take over. A rushed transition leaves problems for the incoming manager that hurt your corporation’s operations for months.”

— Cornel from AJ Property Maintenance, property maintenance and landscaping professional with 26+ years of experience serving Wellington, focused on reliable outdoor maintenance, honest communication, quality workmanship, and year-round property care.

Step 1: Review the Current Management Agreement

person holding pencil near laptop computer

Before anything else, review the termination provisions of your current agreement:

  • What notice is required?
  • Does the agreement have a specific termination date, or does it auto-renew?
  • Are there financial penalties for early termination?
  • What are the record transfer obligations?

Have your condominium lawyer review the agreement if there’s any uncertainty about the termination process or your rights.

Step 2: Begin Evaluating New Management Companies

man in purple suit jacket using laptop computer

Start the evaluation process while still under the current agreement — don’t wait until after giving notice. The evaluation, selection, and negotiation of a new agreement takes time, and you want the new company contracted before the old one is notified.

Typical timeline:
– 90 days before notice: Begin evaluating new management companies
– 60 days before notice: Select the new company and negotiate the agreement
– 45–90 days before transition: Give formal written notice to the current company
– Transition date: New company takes over

Step 3: Give Formal Written Notice

Notice must be given in writing per the agreement’s requirements. Be specific:

  • The effective termination date
  • A request for all corporation records to be transferred by a specific date
  • A request for all corporation funds held in trust to be returned by a specific date
  • A request for a meeting with the outgoing manager and incoming manager for knowledge transfer

Send notice by a method that creates a delivery record — registered mail and email with read receipt.

Step 4: Request a Comprehensive Record Transfer

All of the following belong to the corporation and must be transferred:

Financial records:
– Current and prior year financial statements
– Bank account records and reconciliations
– Accounts payable and receivable records
– Reserve fund records and investment statements
– All corporation cheque books, credit cards, and signing authority documentation

Corporate records:
– Declaration, by-laws, and rules
– All meeting minutes (board and AGM) going back to inception
– All owner files (ownership records, correspondence, disclosure documents)
– All contracts with service providers

Operational records:
– All outstanding work orders
– Maintenance history and service records
– Warranty documentation for common element components
– Insurance policies and claims history

Digital records:
– Access to all property management software used for the corporation
– All email correspondence relating to the corporation
– All digital documents

Step 5: Overlap the Handover

Ideally, the outgoing and incoming managers should have a formal handover meeting — in person or virtual — where the incoming manager is briefed on:

  • Outstanding issues and pending decisions
  • Difficult owner situations or ongoing disputes
  • Pending contractor work or capital projects
  • Any outstanding legal matters
  • The status of the reserve fund
  • Any known upcoming major expenses

Ask the outgoing company to prepare a written summary of outstanding issues and transition notes.

Step 6: Notify Owners

Owners should be notified of the management change — who the new management company is, effective date of transition, and the new contact information. This notification is typically sent as soon as the new management agreement is signed and notice has been given to the outgoing company.

Step 7: Update All Service Contracts

Ensure all service contractors, utilities, and insurance providers are notified of the new management contact. Update any automated payments, direct deposit arrangements, and common area access codes as needed.

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