Every year, dozens of Chicago HOA boards stay with a management company they're unhappy with — not because they want to, but because they believe switching is a complicated, risky process that will disrupt operations and leave residents in the dark. That belief is wrong. A well-executed management transition takes 30–60 days and, when done correctly, produces zero gap in service.
Why Boards Stay Too Long
The most common reason boards stay with a bad manager is inertia. The problems are familiar, the process of switching feels uncertain, and no one on the board wants to own the project. The second most common reason is fear of what they'll find during the transition — deferred maintenance, incomplete financial records, or unresolved vendor disputes that the current manager has been hiding.
Both of these concerns are understandable. Neither is a reason to stay.
The 30–60 Day Transition Process
A standard management transition at Altus follows four phases:
Notice and Document Request
The board votes to terminate the current management agreement per the contract's notice provisions (typically 30–90 days). Simultaneously, we send a formal document request to the outgoing manager covering financial records, vendor contracts, insurance certificates, reserve fund statements, and unit owner contact information.
Financial Cutover
We establish new bank accounts in the association's name, set up the new accounting system, and begin the financial cutover. The outgoing manager transfers reserve and operating funds. We reconcile all accounts and identify any discrepancies.
Vendor Introductions and Resident Notification
We contact all existing vendors, introduce ourselves, and review contracts. We send a formal transition notice to all unit owners with new contact information, portal login details, and payment instructions. We update all insurance certificates to name Altus as the management agent.
Operational Handoff
We assume full operational responsibility. Open work orders are transferred, pending violations are documented, and the board receives its first monthly report under new management. The transition is complete.
What the Board Does During the Transition
Very little. The board votes to terminate, signs the new management agreement, and approves the new bank accounts. That's it. We handle everything else — document collection, financial cutover, vendor introductions, and resident communication. The board does not manage the transition; we do.
What to Do If the Outgoing Manager Is Uncooperative
Occasionally, outgoing managers delay document transfers or are unresponsive to requests. This is more common than boards realize. If this happens, the board has legal recourse — the management agreement and Illinois Condominium Property Act both require the outgoing manager to transfer all association records within a specified timeframe. We work with the board's attorney to enforce these obligations if necessary.
The Bottom Line
If your board is unhappy with your current management company, the cost of staying is almost always higher than the cost of switching. Poor management compounds over time — deferred maintenance, financial mismanagement, and resident dissatisfaction don't resolve themselves. The 30–60 day transition process is a one-time investment that pays dividends for years.
If you'd like to talk through your specific situation — including what's in your current management agreement and what a transition would look like for your association — we're happy to have that conversation with no obligation.
Ready to Explore a Transition?
We'll review your current management agreement and give you an honest assessment of your options — at no cost.