The difference between a residential building that is successful and one that is troubled can be the level of communication between the building’s shareholders and its board members. Although not commonly discussed, this is perhaps one of the most fundamental relationships in managing a building that boasts happy residents and successful management practices. However, like most things in life, external factors often create a static in the communication lines between both parties, which may create problems and leave issues unresolved. However, with several simple tools and a keen awareness of the necessity of routinized communication, nagging problems and resident angst can easily be eliminated.
Management companies, in particular, place an unprecedented amount of importance on relationships, particularly between those of the board members and the shareholders. By facilitating different forms of communication between both groups, extending beyond the annual meetings typically held, we’ve seen happier residents and board members as well as a stronger sense of community.
Key to Communicating
There are several key factors as to why poor communication arises between these two parties. Board members are normally volunteers, thus they are balancing their building responsibilities with full-time jobs, families and social engagements. Because they are not necessarily directly impacted by the happenings at a building whose board on which they reside, the importance of certain details can be lessened or lost in a myriad of other tasks and responsibilities.
Shareholders, though, have a personal stake in their building and so they prefer to be involved and “in the know” with what is happening, potential fee changes, and any upcoming events, renovations and other related topics. Each of these things has a personal effect on these people and so, to them, they are of great importance and significance.