Communication is fundamental to any successful business operation and a condo corporation is no different. Communications between the board and the manager should be regular and should occur at least a weekly basis. Effective board and managers share their resources with one another in an open and honest manner. An example might be that a board will appraise a manager of a previous situation that will help the manager to learn from the boards past lessons. Another example could be a manager who freely shares information regarding best practices for the betterment of the community. Communities that have the greatest successes plan for their long-term future together.
Communication between the Board and Management
To have good communication the dialogue must be a two-way street. Objectives Smart boards and managers set themselves up for success by setting “SMART objectives.” A SMART objective setting can help to keep boards and managers focused on the many challenges that they may oversee.
SMART objectives should be:
“Specificity” helps to determine what is to be done. Specificity not only describes the task but describes the results that are to be expected. A “measurable” objective of condominium management consultancy will let all parties know the “quantifiable terms of the objective.” A well-thought-out objective will set out in clear terms the measure, value, occurrence, costs, timeline/time orientation, and deadlines that may be necessary for any given task of the project. Any good objective will have a realistic chance of success and will be defined as “achievable.”
At times meetings and projects can be taken off track by distractions, other agendas, or unexpected events. Board and management must stay focused on tasks and dedicated to achieving successful results. Good objectives for a condo community must be relevant to the condo corporation’s business. “Time-oriented” is the concept that a specific amount of time has been set to work on the task at hand regardless of whether it’s completed or not. When applied to a board meeting, this means that the meeting will follow a set agenda with time periods assigned to the respective topics. Often a conversation that allows many people time to speak their own opinions can be helpful; however, it tends to extend the length of a conversation past the point of productivity. Set timelines and keep to them.
Boards and managers who are effective will have established trust and understanding. Boards who have a successful relationship with a manager will delegate tasks and activities with little questioning and oversight and a successful manager will deliver results and promises as requested. Effective managers and boards of Condo Management Company tend to share the work load through committees
Committees can be useful for owners who wish to gain experience prior to serving on a future board. This helps the community by establishing long-term continuity in the leadership structure. The delegation of tasks can mean that more time and effort, that may not otherwise be available, can be dedicated to other projects and tasks. Knowledge, Skills, and Education Boards and managers should make sure that they have the necessary knowledge and skills. Managers should continue to educate themselves so that they may learn about any changes to relevant laws and to learn about new best practices. Education should be robust and diverse so that the manager has the necessary knowledge and skills to effectively manage the needs of the community for which they provide services. With the right knowledge, skills, and education, boards and managers will gain a better understanding of property management as an industry and of each other.
By using these common tools and condominium management services boards and managers will find that their successes together will be common in many ways and not just reserved for the odd occasion here and there! Forget bronze, silver, or gold – you’ll have a platinum team!
MBA, RCM, CCM, CIPS, CMRAO GENERAL LICENCE HOLDER
President & CEO