Many board members serve on their co-op board because of civic duty and wanting to make sure that one’s home and its surroundings are a nice place to live and a good investment. Boards need to be mindful because potential candidates can be scared away from serving due to past legal issues.
A major factor for a person to want to serve on the board is to help improve the value of the building. By serving on the board, a person can guide the co-op to make better investments and improvements. Most monthly board meetings average an hour and a half but if there are pressing issues, the meeting can take longer. The meeting usually starts by making sure everyone is up to date on maintenance fees, who is in arrears, what the cash flow is like and look at if all the bills been paid.
Board members do not have an easy job between difficult tenants and running the affairs of the co-op. The difficulties of serving on a board reflect the size of the operations they are overseeing. Most co-ops have a lot of money and are big corporations. Boards also oversee the building’s managing agent and need to make sure that all environmental and safety regulations are being followed. This is important because the board is making sure that the people running the place are not letting things slide.
Most people do not run for the board because they know it is a lot of time to commit and some people are ungrateful and will complain endlessly. When a neighbor finds out that you’re involved with the board, he or she will bring up grievances and will not stop until the grievances are fixed.
The biggest responsibility is to make sure that the co-op does not run afoul of laws that protect the owners from discrimination, human rights violations, sexual harassment and errors in judgment. A board can ask applicants their occupations, if they are older than 18 but cannot bar them from buying solely based on their occupation. If you are on your board, make sure that it is documented who has what responsibility.
Most co-ops and condos carry building insurance, which insures against property damage and liability. Most policies cover legal fees and some cover non-monetary damage suits relating to employment and discrimination.
Most boards run smoothly and efficiently because of the quality of the members of the board. People will work together to make the building as great as possible.
All Area Realty Services knows what it takes to manage buildings professionally and efficiently, and just as important - keeping residents happy. With over 30 years of experience, and many of our clients with us for decades, you can trust All Area Realty Services with taking care of your building.