Avoiding Common Pitfalls on Your Coop or Condo Board
Do you have the tools to help your building succeed?
Every New Year, people make resolutions. Sometimes they are extremely ambitious and thus hard to live up to. Sometimes they are more reasonable but are not accompanied by a strategy to make them achievable. This is similar to being on a coop or condo board.
Being a member of a co-op or condo board can be a challenging responsibility. With the new year in full swing, it's an excellent time to reevaluate board members' resolutions to ensure that they're avoiding common pitfalls. By doing so, they can keep their communities running smoothly and efficiently. Here are some tips on how to succeed in keeping those resolutions:
Leverage your strengths so that your coop or condo can benefit from your particular skills or interests. It is also considerably easier and more fun to head those tasks that you are good at and care about.
Focus on a few key priorities rather than spreading yourself too thin. By setting clear goals and focusing your efforts, you can maximize your impact on your coop or condo board and for your building. Additionally, don't be afraid to seek out new opportunities for growth and development - whether that means taking on additional responsibilities or learning new skills. The more you can contribute to your coop or condo board, the more successful it will be.
Know and understand your governing documents: Your co-op or condo's governing documents, including the bylaws, house rules, and proprietary lease, set the guidelines for how the building should be run. Make sure you have a thorough understanding of these documents so you can ensure that your actions and decisions align with them.
Communicate effectively with residents: Clear and effective communication is key to a successful co-op or condo board. This includes keeping residents informed about important decisions, responding to questions and concerns in a timely manner, and soliciting feedback from the community. Consider setting up regular meetings with residents and creating channels for communication, such as a newsletter or online forum.
Avoid conflicts of interest: As a board member, it's important to prioritize the interests of the co-op or condo community over your own personal interests. This means avoiding any situations that could create a conflict of interest, such as voting on a decision that directly benefits you or a family member. If you do have a potential conflict of interest, disclose it to the rest of the board and recuse yourself from the decision-making process.
Be transparent and accountable: Transparency and accountability are crucial for building trust with residents. Make sure to keep accurate records of board meetings and decisions, and provide regular updates to residents about the building's financials and other important matters. Consider setting up a system for residents to submit questions or concerns and be sure to respond to them in a timely and transparent manner.
Seek outside expertise when needed: As a board member, you likely have a wide range of skills and expertise. However, there may be times when you need outside help to make the best decisions for the building. This could include consulting with a lawyer, accountant, or other professional with experience in co-op and condo management.
Be proactive in addressing issues: Don't wait until an issue becomes a crisis before addressing it. Stay ahead of potential problems by regularly inspecting the building and addressing maintenance issues promptly. Keep an eye out for potential security concerns, such as faulty locks or broken gates, and address them as soon as possible.
Foster a sense of community: A strong sense of community can help make a co-op or condo building feel like home for its residents. Consider organizing social events, such as holiday parties or block parties, to bring residents together. Encourage residents to get involved in the building's decision-making process and consider forming committees to work on projects that benefit the community as a whole.
In conclusion, serving on a co-op or condo board can be a rewarding experience, but it also comes with its challenges. By following these tips, you can help ensure that your board is successful in meeting its goals and serving the best interests of the community. Remember to communicate effectively with residents, prioritize the interests of the community over your own, be transparent and accountable, seek outside expertise when needed, be proactive in addressing issues, and foster a strong sense of community.
For more resources on how to nominate yourself to your board, individually or as a group, grab a download of the first chapter of Tina Larsson’s book Living the High Life, How smart co-op and condo owners protect themselves and their investment. You can get the paperback or Kindle on Amazon.