Running a condo association is hard work. Far from serving ceremonial roles, condo board members must contend with the difficult day-to-day business of managing a potentially vast property, with a diversity of residents. Keeping operations flowing smoothly and residents happy takes time and effort. The condo management tips below can help condo associations get the requisite work done, while staying fiscally healthy and keeping members happy.
What Should a Condo Board Take Into Account?
Sustainable fiscal practices, along with keeping residents content, are essential to the mission of a condo board. Some condo management tips include the following:
- For safety reasons, and for the general contentment of residents, stay up-to-date on any needed maintenance: inspections, landscaping, necessary repairs, and more
- Budget effectively, so that if unexpected expenses arise, the condo board has a “rainy day fund” to pay for them
- As a corollary, conduct regular audits of expenses to ensure you are paying fairly for any needed services
- Develop open and transparent relations with residents, to better address any problems that do arise
In addition to the tips above, it is essential for condo board members to carry sufficient insurance to cover any claims from residents and guests. An experienced insurer can help establish such a policy, and institute any necessary risk management practices, to effectively protect the condo association, board members, and residents.