New Building Development
Transition process
Phase 1
Setup tasks completed by the property management team before the new contract begins, to get your property ready for our management. Here’s a high-level outline of the required first steps when moving to new management. During the transition from your previous manager to us, these essential actions must be taken ahead of the first day of on-site management so the property continues to run smoothly from day one.
- Contact and Notify the Current (Incumbent) Management After we receive confirmation of the termination letter to your existing management company and a fully executed copy of our Management Agreement, we will promptly notify your incumbent provider that the Board has selected Toronto Alliance Property Management to take over.
A comprehensive checklist will be sent to them, outlining all required corporate records and documents. These materials are critical for our staff to begin the handover process efficiently.
- Inform the Banking Institution Toronto Alliance accounting department will directly contact your bank to notify them of the upcoming management transition and our role in handling the account(s) going forward.
Your financial institution will then issue revised paperwork (e.g., new signature authorizations or account change forms) for the Board to sign, which is required to update the account details accordingly.
- Board Review and Signature of Documentation We will present the Board with all required forms—including banking resolutions, cash management agreements, and related authorizations—for official signature. These signatures authorize Toronto Alliance to proceed with establishing and managing the corporation’s banking arrangements.
PHASE 2
Actions taken by Toronto Alliance within the first week of managing your property.
Here’s a friendly, high-level overview of what we do in our first days on-site to get fully oriented and start serving your community smoothly.
Actions
- Introducing Ourselves to the Community Toronto Alliance will reach out to your unit owners with a warm introduction. This is usually sent via a general notice posted in the building and/or an email blast to all owners. We aim to share this welcome message up to 30 days before our management begins, so everyone knows who we are and how to reach us from day one.
- Connecting with Your Vendors and Service Providers To make sure all the companies and contractors who already service your property know about the change, we’ll carefully review your existing data sheets and current list of vendors. Then we’ll prepare and send a professional introduction letter on behalf of the corporation, letting them know that Toronto Alliance is now the managing agent and is their main point of contact going forward.
- Reviewing Your Board’s Priorities Once we’ve had a chance to get settled in, we’ll sit down with the Board of Directors for a focused meeting. Together we’ll go over your current action list, discuss the Board’s key goals and priorities for the year, and agree on the areas where Toronto Alliance should focus our attention right away to support you best.
Let us know if you’d like any of these steps explained in more detail or adjusted for your specific building!
PHASE 3
Actions taken by Toronto Alliance between 1 and 3 months after we begin managing your property.
Here’s a friendly overview of what we focus on during this “adjustment period”—the first few months when we really get to know your property inside and out, understand its unique needs, and start building a stronger, more tailored management approach for your community.
Actions
- Contract and Financial Review During the first 1–3 months, our team will take a close, fresh look at your corporation’s finances and all existing contracts and service agreements.
We’ll carefully review budgets, reserve funds, current expenses, vendor performance, and service quality. This allows us to provide the Board with clear, up-to-date recommendations and help shape a realistic and effective annual management plan that best supports your property’s long-term success and your residents’ satisfaction.
Let us know if you have any questions about this phase or would like more detail on how we approach the financial and contract review!
Here’s a much shorter, professional, and client-friendly version for your booklet:
Our Transition Timeline with Toronto Alliance
First 30 Days – Smooth Start
- Warm community introduction (notices/emails)
- Contact all vendors to ensure no service gaps
- Quick review of priorities with the Board
- Handle urgent maintenance and resident questions
- Complete banking/financial transitions
- Initial property walk-through for safety & operations
Months 1–3 – Getting to Know Your Property
- Thorough financial and contract review
- Assess budgets, reserves, vendors, and services
- Share clear recommendations with the Board
- Strengthen resident communication tools
- Begin preventive maintenance planning
Months 3–6 – Building Long-Term Success
- Finalize and launch optimized annual plan
- Strengthen or renegotiate vendor agreements
- Conduct detailed inspections for capital planning
- Improve reporting, resident engagement, and efficiency
- Resolve any remaining transition items
