3 Important Things a Condo Board Should Do For Owners

by rcpmanagemedev, September, 15 2022

Whether you’re renting or buying a property, residential building boards must handle numerous responsibilities on a daily basis. You must make sure your structure is in good standing and that your tenants are satisfied. But which should you put first?

You must have clear communication with the property owners

If you want to have a good relationship with your shareholders or condo unit owners, prioritizing communication is key. You can’t just post a note on the lobby’s noticeboard and expect everything to be alright–you need to talk to them personally. Remember, every decision you make affects their home and investment, so it’s important that they feel like their voices are being heard and that their opinions matter. Otherwise, they’ll become difficult to deal with or start looking for a new place entirely.

You must make it easy for the owners to meet their responsibilities

It’s not the most responsible thing to do nowadays to expect a check in the mail. After all, we’re all busy with our lives. Things slip through the cracks on occasion. Your owners may need reminders of their obligations to pay their bills. However, you can’t just drop a letter under every door in the facility. Not every resident who resides there is a property owner. Furthermore, not all property owners are in the country or even in the state.

You must ensure that the building’s finances are in order

The most important duty of a co-op or condo board is to make sure that the building’s finances are in good working order. This entails more than just balancing accounts. You should always have enough cash flow to meet basic expenditures like personnel paychecks and cleaning supplies. At the same time, you must be able to predict future expenses, repairs, improvements, and even long-term capital planning.

RCP’s team of management professionals have extensive experience and industry knowledge when it comes to managing everything from high-rise condominium communities to HOA’s and beyond. Contact us today and learn how we can help.