“Transparency” can feel like a buzzword in today’s vernacular, but it’s become a buzzword for a reason. Leadership teams – and that includes condo boards of directors – must be transparent, for failing to keep their community informed can lead to significant challenges within the HOA.
Poor communication, miscommunication or no communication at all can cause rumors to spread and tensions to escalate both among community members and between the community and the board. It also leads to distrust in leadership and increases the risk of board mismanagement.
Even if your board is already communicating regularly with condo owners about decisions and finances, there’s always room to improve. An easy way to build and maintain trust while keeping tensions at bay is to double down on your board’s commitment to transparency. Here are some best practices for doing so.
Strategies for Improving Transparency
To improve transparency within your Chicago condo association, board members need to provide consistent, comprehensive documentation regarding the financial health of the HOA as well as offer accessible board meetings. When owners feel engaged in the community, they are more likely to participate in governance decisions. Transparent practices also help build a sense of collaboration between residents and the board. Here are a few things board members can do:
- Hold open board meetings – Residents should know when and where meetings take place and feel welcome to attend. An HOA management company can take care of prerparing and distributingmeeting notices.
- Provide accessible information – Important HOA information should be easily accessible to all residents. A community website or online portal can be a good place to share meeting minutes, financial reports, governing documents and other community information.
- Provide detailed and transparent financial reports regularly – Share financial documents, budget summaries, and other reports so residents can see how their fees are being used.
- Establish clear communication channels – Communicate with the community regularly, and be sure residents know how to reach board members and the association management company.
- Form committees and encourage community involvement – When more people are involved in decisions and governance, the entire community benefits.
Transparent communication is one of the best things board members can do to instill confidence and trust in their leadership while keeping tensions at bay. For help improving communication in your Illinois condo association, get in touch with us at First Community Management to learn how we can help.