The relationship between boards and management is by its nature complex. The two sides rely upon one another to ensure the smooth oversight of their co-op and condo communities. Both are dedicated to doing everything possible to create a stable and welcoming environment for residents while at the same time, handling the day-to-day and big picture aspects of management, from dealing with vendors to ensuring a solid financial bottom line.
With so much at stake, it is vital for everyone involved to be functioning at an optimal level. For boards and for the managers who work with them, building that well-oiled management machine is key to that success. So what can be done to ensure that everyone involved is performing at their optimal level and what role does a healthy dose of good communication play in that success? That’s where evaluations come into play.
There are two types of performance evaluations relevant to management success: the evaluation that individual managers undergo with their respective firms and the evaluations that take place between co-op and condo boards and their management firms. For most companies, the evaluation process for their managers is multifaceted and representative of the diverse nature of property management itself.
For RCP Management President Mary Faith Nugiel, CPM. AMS, the process of evaluation begins in understanding the needs of each property. “The account supervisor should be aware of the major issues and projects facing the board from reviewing and attending the regular board meetings,” she says.
When it comes to assessing performance, it is important to establish metrics that require regular reporting back to the corporate office on issues such as contracts and budget deadlines. Open lines of communication between the manager and the management company are key to preventing problems.