October 2018
Is your condo corporation a good one? How do you know? How do you measure its performance now and in the future?
Condo boards should have a way to determine what success means to their community. This requires that they establish specific goals or targets. Achieving established targets is a necessary part of measuring success.
Condo corporations tend to avoid discussing measurable targets. It is easier to focus on details such as condo rules, amenity hours and financial controls. This approach fails to consider many aspects of the condo community, what the building should look like or how it should function in a few short years, or how the corporation can best benefit its owners and residents.
Strategic planning requires a clear understanding of where the condo corporation is today, its strengths and weaknesses, and what it should look like in the future. Only then can a plan be developed for reaching this future target.
When thinking of the future, a condo corporation may want to consider the following:
What are the current age demographics? An aging population base may desire to attract a younger demographic. This requires consideration of current amenities and their appeal to a younger or family-oriented population.
What proportion of condo suites are owner-occupied as opposed to rented? Condo corporations desiring to restrict rentals will have different rules and restrictions than one supportive of rental properties. Rental-friendly properties are more likely to offer services to assist owners that rent out their suites.
Key expenditure areas – property management services, security and concierge, utility costs, cleaning and superintendent – should be understood. What are the current expenditures in these areas? What do you want them to be? How would this impact on condo fees and services offered?
Resident relations and communications are integral to resident satisfaction. Establishing specific communication and relationship targets can be helpful:
- Response time for initial resident query or concern
- Response time for resolution of resident issues
- Frequency of information meetings and social gatherings
- Frequency of newsletters and other resident communications
Only once there is a clear understanding of what the condo corporation should look like in the future and targets to be achieved can discussion proceed to what resources are needed to meet these targets.
