- August 22, 2014
- Posted by: @dmin
- Category: Condo Board of Directors
Condominium ownership and development is at a record high in Toronto right now:
Close to 20,000 units will come on the market in Toronto in 2014.
Currently, almost 64,000 units are under construction to come on the market over the next couple of years.
During preconstruction throughout 2011, there were over 28,000 condo units sold to future residents and investors.
These figures are up from recent years, which have averaged only around 16,000 completions per year.
With more and more people taking advantage of the condo lifestyle, property management companies in Toronto are also gearing up to start assisting new boards of directors and helping residents make the most of their new homes.
As new condo communities are formed, new board members are also coming into the picture. Many board members do not have prior experience, but simply know that they want to take an active role in their community. Being a board member is a great place to start.
However, if you are considering stepping into this important role, there are many things you should become familiar with beforehand so that you can ensure it is a good fit for you. As a Toronto and Mississauga property management company, ICC® can help.
The Benefits and Challenges
The main benefit to being a member of your condo board is that you get to take an active role in how your community is managed. This gives you a turn to address problems that have been bothering you in your community, and to have a direct say in how those problems get resolved.
You also get to work with the property management companies in Torontothat are responsible for overseeing maintenance and financial issues in your building, among other things. If you have consistently had a problem with the company you are currently working with, as a board member, you also get the opportunity to explore other management options.
In addition to solving problems and addressing issues, you can also be more involved in setting priorities for your community. You then get the chance to determine which projects your community should undertake first, thus reserving the funding and resources necessary to pick important projects to focus on.
Another important role you get to play as a member of the board of directors is as financial custodian for your building or complex. You can see how well your Toronto or Mississauga property management company is managing the community’s financials. You get an inside look at budgeting and can develop a greater understanding of the state of your community and the realities of running the building.
The decisions of board members can also affect property values. When improvements are needed, you will be able to vote in ways you think will enhance the appearance of your condo, as well as the lifestyle that it offers.
Aside from these logistical factors, one thing that many people often enjoy is the sense of camaraderie and involvement. Board members often get to know each other as neighbors exceptionally well and enjoy the relationships they build as part of the community.
Do condo board of directors get paid?
There are a few challenges that come along with being a member of the condo board. For example, Many residents also do not often realize that board members are not paid employees. They are therefore sometimes disrespectful of these board members’ time. Fortunately, many property management companies in Toronto can give these board members guidance on dealing with these types of issues and can also step in when their duties overlap, handling problems quickly and efficiently.
The Commitments and Duties
If you feel that the benefits of being part of your condo community’s board of directors outweigh the potential challenges, then you may be curious about some of the duties you will be expected to fulfill as a board member. Here are just a few to consider when contemplating the various aspect of condo property management:
- Provide for management of the condo complex. This may involve hiring an outside property management company, or hiring staff members to take care of maintenance and administrative needs, particularly related to common areas like parking, yards, and hallways.
- Enforcement of rules. The community must ensure residents are following the rules, including obeying noise ordinances, taking care of the common areas in accordance with the community regulations, and payment of fees.
- Revising and updating rules. If an issue arises surrounding a particular rule, it is up to the board to vote on it and determine a viable alternative.
Manage finances. A key function of the board is to make sure that whatever Mississauga property management company is handling their fees is doing so responsibly, and allocating money to the right projects.
- Attend meetings. All condo boards have regular meetings, which are attended by board members, the management company and on an annual basis, residents.
In addition to these duties, you may have others as well related to your specific roles. Often, larger boards will have secretaries, treasurers, and presidents with working roles. You may also be designated to be part of a committee to handle specific things, like finances, maintenance, or disputes.
One thing that you can do in particular to help understand your role or potential role as a board member is to read the governing documents of your community. What do the declaration and bylaws say about what your responsibilities are? What do the rules and regulations lay out for procedures in handling the matters you will be covering?
All of these issues are important to look into and fully understand before you accept a role as a board member. Overall, you will likely be surprised over how rewarding a position in your condo board can be.
Are you considering a role as a board member for your condo community? What is the most appealing thing to you about accepting such a position? Share this article with your friends and family and tell us what you would enjoy the most!