Running a successful board meeting, whether it be a condo board meeting or HOA/housing g, is not as easy as you might think.
When it comes to running a successful board meeting, there is usually a wide collection of personalities, viewpoints and personal opinions and interests involved. Managing them all to make the best use of the available time and achieve the objectives of the meeting is an art by itself.
If you want to know and make it successful, keep reading.
The main ingredients for a successful board meeting are preparation, organization and control. Therefore, the most important things to consider are:
A well-organized agenda is one of the main keys to holding a well-run, well-managed board meeting. The agenda for the meeting should include items for following up from the previous meeting, as well as items for discussion in the forthcoming meeting.
Naturally, the agenda should be circulated to all invited parties — ideally together with a copy of the minutes of the last meeting.
The agenda should prioritize the most important items that need voting on and cover any key presentations. Attendees are always interested in details of the financial performance of a property/properties. They’ll want to see documents such as the income statement and profit and loss statement, plus usually wish to know details of any major repairs or scheduled works;
Ensure that there will be enough attendees to form a quorum. Without such, the board meeting group won’t be able to vote for/make any decisions — which can render the meeting as unproductive. The Condominium Corporation Bylaws or if applicable, Articles of Association will usually set out the mechanism to calculate such quorum.
Start and end on time
This may sound like an obvious tip, but you should always allocate a time budget for each of the agenda items. One of the biggest weaknesses of committees and board meetings is that they can end up running too long when there is no set time limit. Good time management is a major key to productivity and to hosting successful board meetings.
Depending upon what’s on the agenda, normally 60-90 minutes should be enough for most board meetings. We also recommend allocating around 10-15 minutes for discussion and decisions on major items.
Keep things simple and to the point
The agenda should be kept brief and be focused on the most important items wherever possible. It’s not recommended to repeat matters from the last meeting or spend too much time focusing on unnecessary items that have already been decided upon.
While it’s great to report progress, the main goal should always be to ensure decisions are enabling the working committee or property manager to continue to carry out his/her mandate.
Of course, every owner or verified attendee wants to have their say. However, it can sometimes be difficult to focus on main points if the meeting’s participants are not managed properly. Be firm but fair and respect what the attendees are saying, but be sure to keep them focused on the most important matters at hand.
Ensure meeting minutes are taken
It might seem obvious, but keep minutes and record all decisions. Ensure the salient points with the key decisions and action points are noted, as meeting members will always have a chance in the next meeting to comment on the minutes.
Emerald Management & Realty Ltd. Can Help
Board meetings are all about organized discussion to facilitate the most important decision-making. Meeting rules establish the appropriate procedures to get to an end result. It’s worth taking some time to go over the rules every now and then, as this may prevent any issues from arising later.
The board meeting should be wrapped up by having a short overview of what was discussed and final review of action items, with responsibilities attached. Decisions can be briefly recapped.
At Emerald Management & Realty Ltd., we have many years of experience with arranging, running and managing board meetings for various properties. So, why not get in touch with us today and see how we can help?
Just give us a call or send an email to make an appointment to discuss your own property management needs. We’ll be more than happy to assist with your board meetings or any other property-related matters.