Treating Your Co-op or Condo Like a Business

The Importance of a Formal Board Nomination Process

A co-op or condo association is more than just a group of homeowners living in the same building. It's a business, and it should be treated as such. One of the most important aspects of managing a co-op or condo association is having a formal nomination process for board members that is communicated to the community in advance.

A formal nomination process requires nominees to submit a resume, biography, and qualifications and a statement on why they should be elected. This helps to ensure that qualified candidates are presented to the community and that owners can make informed decisions about who should represent them. It also demonstrates that the board takes its responsibility seriously and cares about the association's owners.

When implementing a formal nomination process, it's important for each candidate to share information about themselves that they feel comfortable with, such as when they moved in and why they believe their neighbors should vote for them. This personal touch can help owners get to know the candidates better and make a more informed decision about whom to vote for.

It's also recommended that sitting board members submit their biographies every year, just like new nominees, to avoid any doubt about the legitimacy of the process or the appearance of favoritism. This helps to ensure that all candidates are considered equally and that the process is fair for everyone.

During the election process, ballots are typically used to vote on specific actions, such as capital improvement budgets and election of board members. It's important to avoid the common practice of nominating at the meeting and instead communicate any changes to the nomination process in advance to avoid chaos. If an owner had planned to nominate themselves at the annual meeting and it had not been announced ahead of time that the board had changed the nomination process, it could create confusion and disrupt the election process.

Mid-year board seat openings should also be handled with care. If a seat does come open mid-year, the sitting board can usually assign someone to the seat, though that will depend on the association's bylaws. When that happens, it's important to vet proposed board members' qualifications just as you would during a regular election to ensure that they are qualified and have the best interests of the association at heart.

In summary, treating your co-op or condo association like a business and implementing a formal board nomination process can help ensure the success and fairness of the association. It demonstrates that the board takes its responsibility seriously and cares about the association's owners, helps to ensure that qualified candidates are presented to the community, and helps owners make informed decisions about who should represent them. By following these best practices, your co-op or condo association can run smoothly and effectively, and its owners can feel confident that their interests are being represented by qualified and responsible board members.

For more resources on how to nominate yourself to your board, individually or as a group, grab a download of the first chapter of Tina Larsson’s book Living the High Life, How smart co-op and condo owners protect themselves and their investment. You can get the paperback or Kindle on Amazon.