In Protecting Your Investment Part 1: Keep Track of Your Condo Board, we discussed the importance of understanding a condo board’s responsibilities as well as the impact these individuals could have on your financial well-being and the future value of your investment. With so much at stake, you might consider running for a seat on your condo board. While there is definitely a learning curve when it comes to familiarizing yourself with the language and procedures, there are many benefits to holding such a position.
The Annual General Meeting and Voting
At the very least, you should attend your Annual General Meetings (AGM) or request a proxy form so that your votes can still be counted. Although you have opportunities to register complaints or propose ideas for the condo board’s consideration throughout the year, the AGM will give you direct access to the board of directors and allow you to voice your thoughts in the presence of other owners regarding the financial, legal and practical decisions they are making on your behalf. Annual budgets are approved by owners at AGMs. This is also where condo board members are elected.
If you decide to purchase a condo, you may want to consider running for a seat on your condo board. You can be nominated in advance of the AGM or at the AGM. While there is definitely a learning curve when it comes to familiarizing yourself with the language and procedures of condo corporations, there are also many advantages to holding a board of directors position. As a condo board member, you’ll:
- have the power to improve the value of your condo by fixing aging common elements and adding high-value features
- be the first to know about problems, liabilities and upcoming major expenses
- ensure the budget, operating fund and reserve fund are being properly managed
- select or replace service providers and contractors who are competitively priced and meet the terms of their contracts
- get to know, in detail, what priorities, issues and concerns residents have on an ongoing basis
Remember, though, that as a board member you are representing all the owners in a condo, not just yourself. So be prepared to put your own feelings aside for the greater good of the corporation.
Add your voice to the board
Do not take this decision lightly, but don’t dismiss it either. Being a board member is an important job that impacts everyone in your condo. It can require a significant time commitment, but it’s a great way to stay informed and make sure that your asset maintains its value. If you want to help steer your condo in the right direction, take control of your future and give it a try.