The Keys to Managing a Successful Condo Corporation
Managing a condo corporation can be incredibly rewarding. Getting the opportunity to shape the place you call your home – not to mention the community around it – is something that not many folks out there ever have the chance to do. It can really be a genuinely fulfilling and gratifying experience.
That said, we definitely don’t want you to get us wrong: successfully managing a condo corporation is no easy feat. It requires a serious, stalwart commitment. The best-run condo corporations in Calgary, Edmonton and Red Deer are the result of countless hours of hard work, dedication, and careful coordination with the community’s condo management company. It can be an uphill battle – and change can be slow to be realized – but if you put in the time and effort, the sky’s the limit for your condo corporation.
To help you raise your condo corporation to blazing glory, we’ve put together some key considerations for you to keep in mind when moving forward with your plans for greatness.
Ahh, communication. The key to success in…well, in just about anything! When it comes to successful condo corporation management, there’s nothing more important than developing and maintaining open, transparent communication between all parties: unit owners, tenants, board members, directors, condominium management services, and anyone else who will have doings in any way, shape, or form with your condo corporation.
Of course, that’s all easier said than done. Building open and honest communication takes time – especially if you’re starting behind the eight ball and trying to turn a struggling condo corporation around. We recommend starting out by setting clear expectations for all involved, including board members, unit owners, and your building’s condo management company. Lay down clear guidelines around foundational details including:
- how often the condo corporation meets with the condo management company,
- expected response times for questions and queries, and
- specific tools for communication.
Follow this crucial first step and you’ll be well on your way towards success.
While on the subject of communication tools, it might also be worthwhile rolling out a specific, online HOA platform for your corporation members and residents to use for communication. Not only does this bring an element of online security to everything your condo community does, but it also promotes more efficient and effective correspondence, streamlining things so that people aren’t having to check Facebook accounts, email inboxes, message boards, fax machines, and carrier pigeons as they attempt to communicate with one another. If you’re looking to head up a successful condo corporation, trust us: make the switch!
Now that you’ve got everybody talking to one another, the next step is to make sure that the plans they’re putting together are easily actioned. This comes down to a matter of process management. If board members aren’t clear with regards to how to actually get things done, guess what? Nothing’s going to get done! Or – and this is potentially worse – things will get done, but not at all in the way that they should.
The best way around both of these ugly scenarios is to make sure your condo corporation’s processes are clearly documented for all to access. This documentation should be simple, easily-understood, and stored redundantly in both a physical location and up in the cloud (for ease of access, and with data preservation in mind). That way, when a plan gets underway, everybody can be on the same page with regards to how things will get accomplished.
Proper Financial Management
Like it or not, money makes the world go ‘round. With this in mind, there’s no simpler advice we can give than to say that if you want your condo corporation to find success, it’s critical that you involve somebody who knows a thing or two about the dollars and cents of it all. This person doesn’t even need to necessarily sit on your condo corporation’s board – they can be a part of your condo management company’s team, or even something closer to a hired gun who’s brought around regularly to keep things on the up-and-up.
That said, do yourself a favour and do not neglect this key component when planning for your condo corporation’s success. Having somebody who can “wing it” or “pick it up as needed” won’t cut it here. If you want to make a real go at running a bang-up condo corporation, you’ll need a finance wizard at your side to help make it happen.
The Right Condo Management Company
Batman had Robin. Han Solo had Chewbacca. And for your condo corporation to find success, the best thing it can do is align itself with a knowledgeable, trustworthy condominium management company Calgary. Whether you’re bringing a condo management team onboard for the first time or are switching over from another, take the time to make sure that you’re bringing on a gem. Do some research. Read some Google reviews. See what people are saying. Figure out what your current condo management company is lacking, and then find one in Calgary, Edmonton, or Red Deer that succeeds where yours fails.
The purpose of a good condo management company should be to help keep your condo corporation financially healthy, running smoothly, and appraised of any risks your condo properties might be facing – particularly in regard to maintenance, worrisome reserve fund study findings, and any looming special assessments. These are some pretty important details to keep an eye on, so you want to be sure that the folks you trust to do so are up to the task and won’t let you down. Take your time, do your due diligence, and you’ll surely find a team that you can count on to steer your straight.
That might seem like a lot to think about all at once, but really, if you break this blog down to its four essential components – communication, process management, financial acumen, and the right condo management company – you’ll be well on your way toward condo corporation success. If you need a bit of extra help nudging your condo corporation in the direction you want to see it headed, shoot us a message here at Catalyst Condo Management. Nothing tickles us quite like helping a condo community find its footing, and we’ll be glad to offer you any advice we can to help you keep your condo corporation’s collective eyes on the prize!