Being a part of your Condominium Community is integral to it’s success. One of the most important ways that you can support your board of directors is to attend the Annual General Meeting (AGM), but what is an AGM and why is it so important?
What is an AGM?
An AGM, or Annual General Meeting, is a legally mandated meeting for any Corporation. As a legal entity, that includes your Condominium. At the AGM, all business relating to the condominium is discussed. This includes but is not limited to the condominiums finances, legal standing, as well as business operations and management.
Why it Should Matter to You as an Owner
You not only bought a home, but you built a share in an investment! Your long term equity, the condition of your investment, and the success of your community is directly tied to how the business side of the corporation is managed. Your investment can be increased or decreased by the decisions that are made at the AGMs, and by the Board of Directors that are appointed.
How Do I Get Involved in my Community?
Attending the AGM is an important step in understanding where your condominium community stands both as an investment but also as a living community. Often times, owners will see areas in the management of the Condominium that they think needs improvement. The AGM is not where owners should bring up these concerns, but there are many ways to get involved.
- Speak to the board members- if there is an ongoing issue, bring it to their attention. Chances are, if enough of the owners are having the same issue, the board will discuss solutions
- Become a board member- If you really want to be an agent of change in your community, become a board member. It can be a lot of work, but if you have a unique skill set or knowledge that will contribute to the success of your community, you should consider being an active part of the management.
- Be a good neighbor- pick up garbage in the common areas when you see it, say hi to your neighbors, and be considerate of the noise you are making in the common areas. This will help to keep a clean and amicable living situation for everyone in the community!
There are Problems in Our Management- What do we do?
Problems inevitably arise in any business, but add to it the aspect of many people and investors with different ideas and things can get hairy sometimes! A condominium corporation also has many legal and financial obligations that are easy to lose track of. This can leave many condominiums in poor standing and scrambling. This is where we come in!
The Key Investment Property Management team has walked alongside many condominium communities that have found themselves in deep water. We are happy to work with you to get yourself back in good standing, and we will work with you to build a long term plan to help your condominium get back on it’s feet!
How Does Key Help us in our Management?
For a comprehensive look at our condominium management visit here to see a list of our services. Pertaining to the smooth management and AGM meetings, we will help you to build a professional plan, customized to your unique needs. We will walk with you to build a long term plan aimed at the success of your community. We also help you to prepare your budgets and reports to bring to the owners. The team at Key can also chair your AGM for you! Would you like to utilize our board room for your meeting? It is available for FREE to our clients!