January 2018
It is the nature of people that what we hear from friends or family carries greater weight than that of experts.
We see this every day in the form of poor decision making. People buy investments when prices are high and sell them when prices are low. When it comes to home ownership, we believe that mortgage rates will remain low and that home prices will continue to rise. We believe that if everyone is doing the same thing then it must be right.
Our perceptions are affected by emotion and recent history.
More often than not our perceptions are wrong. This is proven, over and over again, by history and data.
Condo directors are entrusted to separate perception from fact. They are encouraged to rely on consultants as experts in their respective fields. Yet condo directors are also human. They often allow perceptions to cloud their judgement.
Good condo directors are rare. They are not identified by the length of their term as a director or the number of condo education courses they may have taken.
Good condo directors find a way to educate themselves about condo matters. They are identified by how they go about their duties, a willingness to contribute to their respective condo communities and their decision making process. They are results oriented.
Good condo directors feed off each other. They challenge each other to substantiate their beliefs by providing independent and unbiased validation. They fight and argue at board meetings without making personal accusations. At the end of the day they develop a consensus supported by all directors.
Good condo directors are individuals who have agreed to work together for the common good.
This is the foundation of good condo corporation decision making.
