July 2022
The best condo boards continuously challenge themselves to do more with less. While not always successful, it is this approach that leads to success in making the best available use of condo fees.
Best results occur when the focus is on larger parts of the condo budget.
Less Electricity
Electricity tends to be the single largest item in a condo budget. Even the smallest of reduction in use can lead to substantial savings. Success requires a way to measure use, reduce use in suites, and install equipment requiring less electricity.
Solutions include metering or submetering to measure utilization. An energy audit is used to identify how best to reduce use and cost.
Less Management
How much management is necessary?
Communities with two full-time people in the management office may achieve comparable results with one person or someone working less than full-time.
This depends on the use of technology for communication and administration, and the desire to have someone in the office at all times to personally address resident concerns. Condo management software plays an important role. So does a digital document solution.
Less Security
Communities with security/concierge may want 24-hour coverage seven days a week. Then again, there is little to do weekends and late at night.
A remote concierge service may provide comparable service at reduced cost. Residents entrusted to maintain security by keeping locked doors closed and denying access to unknown individuals is effective in some communities. Strategically placed security cameras, reviewed regularly, or a remote monitoring service can identify security concerns and individuals responsible.
It is the rare community unable to find ways to do more with less. All this requires is a desire to do so.
