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Three Things your Condo Corp Wishes You Would Say

Condo CorpFingers Crossed
It’s not easy being on the Condo Corp Board.  The decisions they make will never please everyone. This is where the Property Manager comes in.  They look to you for advice and your opinion has more weight than you might realize.  When the board can lean on you to communicate the tough realities, they will smile on the inside and say to themselves “thank you for saying what I wish I could say”.

Here are the top three:

“You Need Regular Roof Maintenance”

Condo CorpResident

While prudent members know that roof maintenance is the best way to control asset value, a lot of them see it as an expense that will drive up their fees.  “Let’s do it next year” they’ll say.  This is where it’s difficult for the council to stand their ground.  Year after year the voices in the back of the room chant “put it off…next year… next year.”

Roof maintenance is the easiest way to extend the life of a roof.  So if they’re looking to put off anything, it should be the roof replacement – and that’s only possible if the roof is in top shape.

“Don’t Settle for the Lowest Bidder”

Condo CorpGreedy

When the time comes for a large job or roof replacement, the board wants to hire the best contractor so the job gets done right.  Unfortunately not every resident agrees.  See this example of a roof that only lasted seven years. Saving in the short-term might make sense to some, however:

1. Additional costs can add up immediately with a low-bidder.

2. Anyone invested in the building for any length of time will want to reduce risk.

“Keep an Adequate Replacement Fund”

Condo CorpHorrified
Often the reserve fund initiates eye-rolling and arguments. It’s a subject most condo boards don’t want to bring up. You can explain it for them with these points:
1. The gratification comes later when you don’t have to worry about a large repair or replacement.
2. An adequate reserve fund adds value to your investment.
3. This is the great benefit of condo ownership: They pool funds so they have access to amenities and services they might not otherwise afford AND avoiding unexpected cash outlays.

Condo CorpYessssss

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