Serving on the board of a condo association can involve a lot of hard work. You need to carefully evaluate some important questions when you are thinking about whether you want to serve on the board of a condo association.
What Knowledge and Experience Do You Bring to Bear?
Condo associations handle important legal and logistical matters on the association’s behalf. For the most part, unit owners like to elect board members who have professional or educational credentials that would be an asset to the association. People who are knowledgeable about real estate, accounting, and project management are often a good fit on condo boards.
How Effective Is the Condo’s Current Management?
Board service is usually a lot easier when the association has retained a professional property management company. Self-managed condos tend to be a lot more reliant on board members’ efforts in carrying out their day-to-day activities.
Ideally, your condo should already have a working relationship with a great manager. If it does not, you may need to seek out a company with experience managing condo buildings in your area. If you need condo management La Crescenta CA, reach out to a reputable company that can offer a comprehensive range of services.
Does Your Association Have Directors and Officers Insurance?
Board members could be liable if a unit owner or third party brings a claim against the association or individual members of the board. Make sure that your association has a directors and officers policy prior to resolving to serve.
Board members do not receive compensation for their service, and they may even subject themselves to liability by deciding to serve. Nevertheless, representing your interests as an owner on a board can give you the opportunity to play a direct role in protecting your legal and financial interests as an owner, so long as they are consistent with those of the association’s membership.