For legitimate reasons, much of Association life is dealing with bad Boards and Association challenges. While bad headlines often dominate the news, the reality is that there are a number of very well-run Condo Associations that are creating great quality of life for 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. Here are four signs of a well-run Condo Association.
Without a doubt, strong financials are a sign of a well-run Condo Association. The first ingredient to strong financials is an up-to-date reserve study with recommendations that the Condo Association is following. This ensures that the Association won’t need a special assessment to pay for any major projects. In addition to strong reserves, the Board will also produce an annual budget on time that is easy for Owners to read and understand.
Easy Access to Information
A great Condo Association will make it easy for Owners to engage with the Board and Management in a variety of ways. Information is made easily accessible via electronic and traditional means. Critical documents, such as meeting minutes, Bylaws, and the like, are readily available for Owners who need them. Owners who want to be involved can easily access the information they need. A well-run Condo Association will also try to add value to content wherever possible. For example, they will include an easy-to-read narrative when major documents like budgets or special projects are coming.
High Owner Engagement
One of the biggest signs of a well-run Condo Association is high owner engagement. This indicates that the Association is successful at fighting apathy. In such an Association, committees are active and engaged and give Owners an outlet for communication. Even more importantly, Owners will actually be 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.
Good Policies and 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 and curb negative behavior. In addition to this, the rules will be well-explained and well-understood by Owners. There will be no bizarre zombie rules that don’t make sense or are abused. The Association will also enforce rules consistently and fairly, 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, maybe it is time for your Association to think about what you can do to be a well-run Condo Association.