It doesn't come as a surprise that condominium ownership in Montreal is at an all time high. With more and more people taking up the condo lifestyle, property management companies in Montreal are also gearing up to start assisting new board of directors and helping residents make the most of their new homes.
If you’ve moved in a condo and wish to be more involved in the decision-making process, being, a board member can let you do that. However, there are certain things you should familiarize yourself with to ensure this is a good fit for you. Keep reading to find out more.
The main benefits of being on condo boards are that you get a chance to play an active role on how your condo is being managed. You get to expose problems that bother you and present solutions on how to tackle them. You'll be able to set priorities and allocate funds and resources for the projects your complex board chooses to undertake.
You also get a chance to work with the property management companies in Montreal that are responsible for the maintenance and financial issues of your building (among other things). If you have consistently encountered problems with them, as a board member you are in a position to propose a change and find the property management company that best suits your community’s needs.
Your decisions as a board member can also affect the property value. When rebuilding, redesigning or redecorating your complex, you’ll be able to vote in ways you think will enhance the appearance of your condo, as well as the lifestyle it offers.
There is, however, a downside to being a board member, for example, many residents don’t know that board members are not paid employees. Thus, they can be disrespectful from time to time. Fortunately, many property management companies in Montreal offer guidance to board members on how to handle these sorts of situations.
Beyond the benefits and challenges of being a board member here is a list of commitments and duties:
- Provide management for the condo complex, this may entail hiring an outside property management company to maintain and administer the complex or hire staff members.
- Enforcing the rules - you have to ensure all the residents are following the noise ordinances and taking care of their responsibilities.
- Revising and updating rules - as a board member you have to see what’s working and what’s not. If an issue arises, you must stand-up and bring it to a vote.
- Attend meetings - All condo boards have regular meetings, which are attended by board members, the management company and on an annual basis, the residents.
- In addition, larger communities have larger boards with specific roles; treasurer, vice-president and so on, all which come with specific tasks.
All of these points are important to take into consideration before taking up a role as a board member. Overall, you will likely be surprised how rewarding a position in your condo board can be.