I was talking with an industry professional a few years back who felt it was their mission to tell me and anyone else who would listen that communication and communication tools were the biggest drivers of success in a condominium corporation. Excellent Communication equals a well-run Corporation, he said. I was a bit shocked, to be honest. Everyone can have an opinion, of course, and there’s nothing wrong with weighing in on the subject. There are lots of theories out there. Maybe it’s the right condominium Management Company, or perhaps it’s a larger budget, better contractors, and a healthy reserve fund.
All good ideas, however, I would say there is a number one driver that overtrumps all of these things. If this #1 thing isn’t in place, then it doesn’t matter what communication tools, budget or contractors you have. The Corporation will fail or underperform. Things will eventually go wrong, and the owners will feel the pinch through frustration and their wallets.
So what is the #1 driver of success? Well, it’s you! The people in charge, otherwise known as the Board of Directors. I can’t stress enough just how different we can see the performance of a property change based on the Condo Board in place. One year things are gliding along, and the decisions being made are excellent. The next year the Board’s dynamic changes and things go south.
If you have great people who have experience running teams or business and care about the well being of all the owners, you will have a well-run corporation nine times out of ten. This is because great people who don’t have personal agendas make excellent decisions for the Condominium as a whole.
On the other hand, if you don’t have an experienced Board or a Board who seems more interested in fighting with each other than anything else, nine times out of ten, your Corporation will underperform. This is where special levies come in, and oh ya, that one guy at your AGM last year who stood up and pointed his finger at a Board member chastising him for a poor decision.
Don’t get me wrong even if you are reading this and saying well, I don’t have any real experience in running a Condominium Corporation or have a background that would help me do it. That’s ok. As long as you care about the people and the building, you will learn and get better. You will also be far more open to lean on those who do have experience such as your Property Manager, and therefore you can be successful.
In any organization, it comes down to people, and the decision-makers will set the course of the ship. The quality of those people and their decisions will determine the ultimate success.
So if you are an owner and have a great Board, thank them and make sure they are valued, things can change very fast if those people leave. At the same time, if you are a Board member, you should be actively recruiting people in your building who will improve your team.
Braden Equities Inc. is an Alberta owned and operated property management company, servicing Edmonton and area for over 25 years. We strongly believe in focusing on our team, getting things done and being financially literate to help our Boards.
If you are a Board in Alberta looking for Nearby or Edmonton property management Services or need some advice, give us a call we are always happy to help.