You may believe that volunteering in the board of directors of a condominium complex might be a great experience for you, but the truth is that there are several difficulties that condo boards face from time to time that make the job quite challenging. Disagreements, delinquencies, short-term problems, and long-term concerns are all quite common experiences in condo board management.
If you are thinking about joining a condo board, then knowing the most common challenges faced by condominium boards will help you out considerably. Some of these are detailed below:
In a few cases, condominium boards fail to understand the methodologies utilized by a property manager. This is most likely to be due to the property management associations’ habit of using the best practices in their industry, which don’t always go along with the preferred ideas of a condo board.
These issues are quite common and more often than not, a condo board is likely to find its property manager’s approach quite irrational. The best way to tackle such problems is to make sure there is sufficient communication between the property manager and the condo board. This can help rectify any underlying problems or confusions on both ends. Furthermore, the board can even invite the property manager for a formal meeting to discuss the matter in a more precise manner.
Condo boards need to monitor their reserve fund levels quite closely. Furthermore, they should keep track of their savings and whether or not they have sufficient funds to take care of future maintenance requirements. If a condo board, or condo corporation to be exact, has large reserves with a decent number of assets that require managing, opting for a professional reserve fund study can be a good choice. In certain provinces and states, a reserve fund study is required by law every several years.
The biggest challenge any condo board faces is a budget shortfall. If your condo board is facing the same problem, the main solution is cutting back on your unnecessary expenses. Raising condo fees or charging special assessments can also seem a suitable idea, the best way to deal with a budget shortfall is to postpone minor repairs and improvements until the budget has recovered.
Communication is perhaps the main reason why a condo board exists. If there is a lack of it between the board and the owners, all sorts of problems can arise. The sole reason as to why a condo board is created is to make sure none of the owners ever face any problems and all of their issues are effectively dealt with. Until and unless there is sufficient communication between the two parties, there possibly can’t be any progress on either end.
Serving on the board of directors of your condominium complex can be quite challenging. Nonetheless, it is likely to be an experience from which you can learn a lot. As long as you keep the above mentioned solutions in mind, you are likely to have an easier time volunteering for your condo board.