Board Transparency in Condo Living

By definition, transparency is about being open and honest in how a company represents itself. This doesn’t mean that every detail or conversation that happens in board meetings needs to be publicized. However, it does mean that you should be authentic in how you represent yourself.

In this article, we will explore exactly what board transparency in condo living entails and why you should practice it every step of the day if you want to maintain a robust and successful condo association.

When Transparency Matters Most

A condo association board will deal with personal information from owners, which must be kept confidential. While those records and details are private and protected, the board should be open about when and where they will meet as well as decisions that will be made at those meetings. The best place to start in determining what must be public and what should be private, is state guidelines and regulations.

Why is Transparency so Important?

The key to any relationship is trust. If owners don’t feel that they can trust their Condo Association Board, they won’t be happy. Even if your Board isn’t doing anything wrong, if owners feel that the Board is being secretive, it can cause concern and breed distrust.

Board meetings—particularly those where decisions are being made—should not only be public, but also highly visible to owners. That means that the Board must communicate with owners to let them know when and where a meeting will be held as well as the topics that will be discussed.

Communication is Key

Aside from allowing owners to attend and observe meetings, the easiest way to provide a sense of transparency is by communicating with owners. Clearly defined, written documentation of all policies, goals, budget, and any major activities should be distributed to owners each year. With this proactive communication, the intent of the Board is clear and open to owners.

It is also important to weigh the cost-benefit of how you choose to communicate with owners. For example, a regular Newsletter might prove too costly for a small association when a copy of meeting minutes would be more than sufficient.

One area where Boards often struggle with transparency is in simply knowing the legalities of what should and should not be openly shared. Townsmen Properties has experts in property management who know how to operate condominium associations. If you want to build a better condo association board, Townsmen Properties can help. Get in touch today.