What a year 2016 has been. The national election has certainly caused a fundamental divide within our country. On a much smaller scale, similar issues can happen within some communities. All Board of Directors and their respective Boards work through a democratic process. Unfortunately, immediately after the election some owners will second-guess the very Board members that they elected, and at times, Board members with different community ideologies are fighting from within. In an effort to ameliorate these issues, the new and current Board members should try to adhere to the following:
- For a community, optimal success, new Board members need to be educated in being a Board member, assimilated into the current structure, and taught how to read reports prepared by the management company and the other professionals.
- Board members need to work in unison with each other. “Lone rangers” are never as effective as a unified group, and in most cases those well-meaning people are ineffective.
- Boards need to set goals with their management companies and have a plan implemented to accomplish those goals. The beginning of a year is a wonderful time to set those goals and the end of a year is a great time to evaluate .
- Take on attainable goals. Trying to do everything, everywhere never works. A systematic approach is the best way.
- New Board members should review old minutes and old financial statements, and as a Board, meet with your professionals to understand why certain decisions were made. I am not stating that at times old rules should not be changed, but before a rash decision is made the entire Board should do its due diligence on understanding the facts. Then vote or act accordingly.
- Take a long view of the entire financial picture of the community. Determine if the association is collecting enough funds monthly to meet the monthly/yearly expenses. Put together a capital budget to determine long term capital goals. Make sure that the Reserve Study that an engineering firm prepares is up to date and properly funded.
At Klein Property Management, we pride ourselves on interpersonal relationships with our Board members. Property management is about relationships. We strive for continuity within the Board of Directors and the KPM Management team. If we can be of assistance to your association, you can reach us at 732 446-0611 or online at www.kleinpropertymanagement.com.
We wish everyone a Happy and Healthy New Year.