Red Flags and Rescue Plans: When and How to Change Your Building's Management

Changing property managers for your co-op or condo can feel like performing surgery while the patient is awake — everything needs to keep running smoothly while you make the switch. Stephen Wilson, vice president of Blue Woods Management, shares with Habitat's Emily Myers how one building nearly lost its tax abatement during a transition, highlighting why meticulous handovers are crucial.Key takeaways for board directors:* Create a transition checklist covering everything from vendor contracts and insurance policies to tax filings and building compliance documents. A systematic approach ensures critical items don't fall through the cracks during management changes.* While transitions can happen any time of year, success hinges on thorough documentation and verification. Proactive follow-up is essential.* Digital tools like cloud storage and BuildingLink have revolutionized document management, making it easier for boards to maintain historical records and access important information about past decisions and policies.How To Run Your Building: For Co-ops and Condos