Co-op and condominium boards are the point of contact between building residents and the property owner. Comprised of building residents elected by their peers, they frequently use property managers like All Area Realty Services as the middleman in handling daily concerns. The board has a great deal of responsibility for the proper maintenance of the building as a whole. While the board is run on a volunteer basis, membership frequently involves a great deal of time and effort. Here are the detailed responsibilities of the condo or co-op board.
Regular Contact with the Property Manager
The co-op board represents the residents’ concerns. Residents invest their money in their apartments or condominiums, and they have a vested interest in keeping the building as up-to-date as possible and avoiding problems. The co-op board must stay in regular contact with the property manager, ensuring that the manager handles any issues quickly.
Maintenance of Community Standards
The co-op board maintains a list of house rules or community standards. Some of these rules may include whether a resident may make alterations to his or her apartment without consulting the board. Other regulations may include noise requirements, smoking policies, and whether pets are allowed. When residents violate the community standards, the co-op board can levy fines or punishments upon them. However, these fines have limits.
Together with the building manager, the co-op board has the responsibility of coordinating emergency plans. Fire, medical, and other emergencies must be addressed. The building must remain in compliance with all city and state codes. The board needs to make sure that all residents’ units are set up safely, and the board can discipline residents who neglect this responsibility.
Balance the Workload
All board members should work together equally when solving problems. When one member is tasked with taking on too many of the board’s responsibilities, the organization as a whole will not run well and may break down. Having a functional board in place is in the best interest of the building residents, owner, and property manager.
Act with the Residents’ Best Interests in Mind
Co-op boards need to act in the residents’ best interests. When a board member takes advantage of his or her position to penalize others or to look the other way when a resident misbehaves, this can cause serious problems. For example, if a board member has a financial conflict of interest, he or she should not be involved in that aspect of decision-making. It is in the hands of the building residents to ensure that members with conflicts of interests will not be reelected to the board.
Hear Concerns of Building Residents
The co-op board has a responsibility to be available to all building residents when they have problems or concerns. This may be a burden on individual board members, but it is crucial to the proper management of the building. If board members are not using their power in the best interests of the building management, their high maintenance fees are going to waste.
Make Decisions Regarding Repairs and Renovations
Acting in the residents’ stead, the co-op board works with the building manager and owner to make sure that their building is in good shape. The board will have to sit down with the manager and owner and negotiate the terms of any major renovation that happens on the property.
Co-Op and Condo Boards Work for Everyone
Finally, the board members should be aware that their work is vital to the community. They provide an important go-between for the building manager, owner, and residents. Co-op board members maintain high community standards and ensure that the property manager is providing the best possible service to its residents. When board members take their jobs seriously, the community will be run properly, and all of its residents will be satisfied. All Area Realty Services can help a co-op board run a building to satisfy the needs of all of its residents.