Condo Media - November 2020 - 28

Industry Perspective
"They make owners think the board
isn't being transparent," Brawley explains. If the roof has been such a
big problem for so long, they want to
know why the board didn't say anything
about it. Boards need to communicate
critical information with owners early
and often, she says. "Explain the problem to owners as soon as you discover it
and communicate all the steps you are
taking to resolve it."
Don't send all the information at
once, she emphasizes. "Send it in digestible pieces," so owners can absorb it, ask
questions, anticipate what is coming,
and prepare for it. Especially when
you're dealing with something like an
assessment that will have a significant
impact on owners' lives and finances,
Brawley says, "the more advance notice
you give them, the better."
Boards don't have a crystal ball to predict the future, but a reserve study comes
close, she suggests. The study projects
the useful life of critical components
and estimates the cost of replacing them.
Boards can use this information to gauge
how much they will have to spend when
and develop a funding strategy to match.
"Boards can see where the bumps in
the road will be and where their funding
may fall short."
If the reserve funding strategy will
generate half the estimated cost of replacing the roof in five years, the board
will know five years ahead of time that
an assessment will be required and
owners will be able to plan accordingly.
"Maybe they will decide to save more
money" or rethink major expenditures,
Brawley says, and maybe they won't do
anything at all to prepare, but at least
they will know what to expect. Boards,
she says, have a fiduciary obligation to
provide that heads up. "They can't put
their heads in the sand" and ignore the
association's future financial needs.
Entire books have been written
about effective strategies for association managers and Brawley would
probably include most of them on a
long list, but she emphasizes attitude as
a priority. Association management is
difficult, she says. "Boards rely on us as

28

CONDOMEDIA November 2020

"Explain the problem to owners as soon as you discover it
and communicate all the steps you are taking to resolve it."
professionals, but they also view us as
janitors. It is easy for managers to feel
overworked, under-appreciated" and
resentful that they get little recognition
for all the work they do.
Brawley thinks managers need to
adjust that attitude. "To be successful in this industry," she suggests,
"managers need to recognize that we
are in a supporting role. We're like the
professional dancers on Dancing with

the Stars. Our job is to help the nonprofessionals - the volunteer board
members - become stars. That's the
job we signed on for."
If things go well, Brawley says, it is
the board, not the manager, who should
get the credit. "Our satisfaction as
managers has to come from knowing
we helped our boards make the right
decisions and helped our association
clients succeed."

A Winning Combination

Accountability. Accessibility. Personalized Service.

A full-service property management
company, specializing in residential
property management and condominium
association management, at a level
unsurpassed in the industry today.
Hewitts Landing, Hingham

Management

Forecasting

40+ year history - providing the
platinum standard for specialized
condominium association management,
leasing and administrative services at a
level unsurpassed in the industry today.

24/7 Maintenance
Maintaining the highest standards
to assure client satisfaction.

Budgeting - Receivables - Payables Financials - effectively planning and
managing the financial assets of our
clients.

Technology
Access to the latest management
software using One-Site reporting.

536 Granite Street, Braintree, MA 02184
781.794.1000 | PeabodyProperties.com

MEMBER OF



Condo Media - November 2020

Table of Contents for the Digital Edition of Condo Media - November 2020

Contents
Condo Media - November 2020 - Cover1
Condo Media - November 2020 - Cover2
Condo Media - November 2020 - Contents
Condo Media - November 2020 - 2
Condo Media - November 2020 - 3
Condo Media - November 2020 - 4
Condo Media - November 2020 - 5
Condo Media - November 2020 - 6
Condo Media - November 2020 - 7
Condo Media - November 2020 - 8
Condo Media - November 2020 - 9
Condo Media - November 2020 - 10
Condo Media - November 2020 - 11
Condo Media - November 2020 - 12
Condo Media - November 2020 - 13
Condo Media - November 2020 - 14
Condo Media - November 2020 - 15
Condo Media - November 2020 - 16
Condo Media - November 2020 - 17
Condo Media - November 2020 - 18
Condo Media - November 2020 - 19
Condo Media - November 2020 - 20
Condo Media - November 2020 - 21
Condo Media - November 2020 - 22
Condo Media - November 2020 - 23
Condo Media - November 2020 - 24
Condo Media - November 2020 - 25
Condo Media - November 2020 - 26
Condo Media - November 2020 - 27
Condo Media - November 2020 - 28
Condo Media - November 2020 - 29
Condo Media - November 2020 - 30
Condo Media - November 2020 - 31
Condo Media - November 2020 - 32
Condo Media - November 2020 - 33
Condo Media - November 2020 - 34
Condo Media - November 2020 - 35
Condo Media - November 2020 - 36
Condo Media - November 2020 - 37
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Condo Media - November 2020 - Cover3
Condo Media - November 2020 - Cover4
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202102
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