How Can You Tell If A Condo Association is Well-Managed?
While headlines profiling bad associations frequently top the news, the reality is that there are a number of very well-run Condo Associations that are creating great quality of life for their Owners. You may be wondering if you live in one of them – or even better, maybe you are a Board member wondering if you’re helping run one. Well wonder no more, here are the top four signs of a well-run Condo Association.
1.) Strong Finances
Without a doubt, strong financials are a telling sign of a well-managed Condo Association. The first ingredient to strong financials is an up-to-date reserve study with recommendations that the Condo Association is following. This safeguards against needing a special assessment to pay for any major projects in the Association. In addition to strong reserves, the Board should also produce an annual budget in a timely manner that is easy for Owners to read and understand.
2.) Easy Access to Information
A great Condo Association will make it easy for Owners to engage with the Board and Management in a multitude of ways. Information is made easily accessible through electronic and traditional means. Critical documents, such as meeting minutes, are readily available for Owners that want to be more involved. A well-run Condo Association will also try to add value to content wherever possible. For instance, they will include an easy-to-read narrative when major documents regarding budgets or special projects are coming.
3.) High Owner Engagement
One of the biggest clues of a well-run Condo Association is high owner engagement. This indicates that the Association is successful at fighting apathy. Associations should assign duties to different committees that are active and interactive, giving Owners an outlet for communication. Even more importantly, Owners will actually be more involved. This leads to “new blood” that keeps the Board fresh and engaged. If you have engaged Owners, you almost certainly have a well-run Condo Association.
4.) Good Policies & Rules
One of the hallmarks of a well-run Condo Association is strong policies and rules. The Association will ensure they have rules that make sense to their audience and curb negative behavior. In addition to this, the rules will be well-explained and well-understood by Owners. There will be no bizarre rules that aren’t sensible or are abused. The Association will also enforce rules consistently and fairly, while running hearings in a fair manner.
Do You Have a Well-Run Condo Association?
After reading these signs of a well-run Condo Association, now is the time to ask – how does your community measure up? Do these characteristics seem familiar, or are they foreign to you? If your community isn’t exhibiting these signs yet, maybe it is time for your Association to think about what can be done to facilitate a well-run Condo Association.
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