Transparency is important to instilling confidence in condo owners that their money and community are being well managed.
Yet some condo corporations fear transparency. With transparency come misunderstandings, scrutiny and criticism.
Well run condo corporations have learned that being transparent solves more problems than it creates.
Some tips to improving transparency:
- Be clear on what must remain private and share this with condo residents. This prevents condo owners from feeling information is being withheld from them.
- Sharing legally mandated documents with condo owners is just a start. Full board meeting minutes, committee minutes and other informational documents should be shared with condo owners whose money is being managed on their behalf.
- Make communications easy. Allow condo residents to contact the management office and board members. For volunteer board members who do not want their personal lives disrupted, establish an e-mail address that is shared with all condo residents. Ensure all communications receive a response.
- Open up board meetings for anyone to attend. Establish rules to ensure that board business is not disrupted while allowing time for residents to voice concerns. Attendees will have a better understanding of the difficult matters and issues addressed by the board. Attendees who treat a board meeting as an open forum will need to be controlled.
Building trust between condo residents, condo directors and management is integral to good condo management. Building trust ensures fewer problems for managers and board members.