Top 10 things to do when joining the board

Congratulations on taking an exciting role as a board member of your condo or co-up building.  While this position comes with significant responsibilities which can be overwhelming at the beginning but we're confident you'll excel it with the right approach. As a new board member, one of your most crucial tasks will be annual planning and goal setting for your condo or co-op. This guide will walk you through this process, helping you start your role on the right foot.

1. Understand governance documents:

‍Take time to read through your building's bylaws and house rules. These important documents should serve as your guide, by outlining how decisions are made and operations are run. If you need help understanding these documents, check out our guide to building bylaws for more information. Familiarizing yourself with these will help you contribute effectively and confidently in your new role as a board member.‍‍

‍2. Get to know your building's onsite team:

‍Good onsite teams are the backbone of a well-run building. Take the time to get to know your onsite team. Having a good rapport will ultimately help you collaborate with them more effectively. Start with the super – they're an invaluable resource. Take time to understand  the rest of the on-site staff, their roles, schedules, and compensation. Ask them to share their experiences, what challenges they face, and what they’d like to see improve in the building and its operations.

3. Dive into the finances:

‍Understanding your building's financial landscape is key to being an effective board member. Start by getting familiar with the latest financial statements. Focus on three key areas: operating expenses (OPEX) for day-to-day costs, capital expenditures (CAPEX) for big projects, and the reserve fund for unexpected expenses. Don't forget to note any outstanding debts.

4. Evaluate overall financial health:

‍After examining the details, it's time to step back and look at the big picture of your building's finances. Assess income streams, expense patterns, and savings strategies. This broader view will guide you in making sound financial decisions for your building's future.

5. Review the capital expenditure plan:

‍Familiarizing yourself with the capital expenditure plan is essential as it's your roadmap for upcoming major projects. Pay close attention to compliance requirements like Local Law 11 (facade safety) and Local Law 97 (carbon emissions reduction). Also, take time to review the budget for the coming year, noting any significant expenses or planned events.

6. Check compliance status:

‍It's important to know if your building has any open violations. Addressing these promptly is important for maintaining your building's good standing and ensuring resident safety and satisfaction. Keep in mind that open violations can impact your building's insurance rates, making coverage more expensive. Additionally, unresolved violations may deter prospective buyers, affecting the overall interest in and value of units in your condo or co-op.

7. Assess ongoing maintenance and projects:

‍Get a clear picture of your building's current state by reviewing ongoing repairs, active projects, and resident concerns. This overview will help you prioritize tasks and maintain your building effectively. Staying on top of these issues ensures your building remains in great shape. A thorough tour of the building with the super will give you firsthand knowledge of the building's layout and systems. For more guidance on understanding your building, check out our guide to understanding your building systems.

8. Review vendor relationships:

‍Understanding your building's network of service providers and contractors is crucial for smooth operations. Understanding current contracts, payment terms, and any ongoing collaborations or issues, this knowledge will empower you to manage these vital relationships effectively, ensuring your building receives quality services while maintaining good business practices. It will also help you identify if a vendor is charging too much or doing poor work. This way, you can decide whether to continue working with them or find new service providers for your condo or co-op. For helpful advice on selecting the right vendors, check out our guide on choosing condo and co-op project vendors.

9. Understand communication methods:

‍Learn how information is shared in your condo or co-op. This includes how the board communicates with residents, staff, and outside vendors. Find out if your building uses email, apps, bulletin boards, or regular meetings. Creating a streamlined, clear communication system will help you respond to issues quickly and keep everyone informed. Good communication is key to a well-run building with happy residents.

10. Build relationships with fellow board members:

‍Your fellow board members are your partners. Invest time in getting to know them, understanding their unique expertise and perspectives. This collaborative approach will lead to more balanced discussions and efficient decision-making. By fostering a spirit of teamwork and mutual respect, you'll create a board dynamic that can effectively tackle challenges and drive positive changes for your building.

Conclusion

Volunteering on your building's board is a big responsibility, but it's also an opportunity to make a real difference in your condo or co-op. By following these 10 steps, you'll be well-prepared to tackle the challenges ahead and contribute effectively to your community. Remember, good governance is a continuous learning process, so don't hesitate to seek advice and collaborate with your fellow board members. At Daisy, we understand that governing a building isn't easy. That's why we've created tools, like a dashboard to make board members' lives easier, you can learn more at joindaisy.com. With dedication, the right approach, and helpful resources, you can play a crucial role in creating a thriving, harmonious living environment for all residents.

Congratulations on taking an exciting role as a board member of your condo or co-up building.  While this position comes with significant responsibilities which can be overwhelming at the beginning but we're confident you'll excel it with the right approach. As a new board member, one of your most crucial tasks will be annual planning and goal setting for your condo or co-op. This guide will walk you through this process, helping you start your role on the right foot.
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