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Can a Condo Board Exclude a Member from Meetings?
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In today’s edition:
Can a Condo Board Exclude a Member from Meetings?
Essential Insurance for Property Managers
South Florida Condo Owners Face Rising Costs and Uncertainty
Property Management Market Set for Significant Growth: Trends to Watch
Unlock Your Business Potential at the Fall KickOff Event!
Chic Luxury Condo Overlooking Rosedale Parkette
Everything Else You Need to Know
NON-FLUFF NEWS AND STORIES
Can a Condo Board Exclude a Member from Meetings?
Calgary Herald
The Question: A newly elected condo board member has been left in the dark, excluded from board meetings and not informed of when or where they are held. Is this allowed?
The Answer: No, it’s not. As a board member, you have the right to participate fully in all board meetings, discussions, and decisions (unless there’s a conflict of interest). The Condominium Property Act ensures every board member must act in good faith and with the best interests of the condominium corporation in mind.
Your Rights: Each board member has an equal right to vote and participate in decisions. Excluding any member from meetings is not permitted unless there’s a legitimate reason, such as a conflict of interest, and this must be recorded in the minutes.
Key Takeaway: Transparency is crucial in condo board governance. If you feel excluded, you have every right to ask for clarity from fellow board members or the property manager.
Essential Insurance for Property Managers
Real Estate Magazine
Why It Matters
With over 99% of real estate businesses being small, tailored insurance is a must. Imagine a tenant causing serious damage and the property owner suing you for negligence. Without the proper coverage, that mistake could be costly.
Essential Insurance for Property Managers
Here are three key coverages every property manager should consider:
Directors and Officers (D&O) Insurance: Protects your leadership team from personal financial losses due to legal claims.
Errors and Omissions (E&O) Insurance: Covers mistakes or negligence while providing services to clients.
General Liability Insurance: Shields you from claims related to injury or property damage on your premises.
Custom Coverage That Fits
Every real estate business faces unique risks. Work with an insurance professional to create a policy package that covers your specific needs, balancing affordability with comprehensive protection.
The Role of Technology
Today’s digital tools make securing coverage easier than ever. Real-time quotes, 24/7 access, and instant policy issuance mean you can get the protection you need, fast.
South Florida Condo Owners Face Rising Costs and Uncertainty
CBS News Miami
South Florida condo owners are feeling the pressure of skyrocketing fees and assessments, forcing many to move away. Some, like Brickell resident Shawn Cozzolino, have seen their association fees rise by $1,000 a month, a cost many simply can’t afford.
Special assessments, often linked to safety requirements for aging buildings, are a major contributor. As one resident, Steve, shared, his family has faced three special assessments in three years. Real estate experts like Craig Studnicky believe that these hefty fees are scaring away potential buyers and lenders, and many are calling for a return to the 40-year recertification rule.
Governor Ron DeSantis and state lawmakers are now focusing on finding solutions to help condo owners. Senator Jason Pizzo, a key figure in creating condo safety reforms after the 2021 Surfside collapse, emphasizes that any changes must prioritize safety. Rising insurance costs are also a concern, with Pizzo noting that current insurance policies fail to recognize preventive measures that could reduce premiums for condo owners.
With escalating costs and uncertain futures, many South Florida condo owners hope for a solution that balances affordability with safety.
MARKET UPDATE THAT’S EASY TO UNDERSTAND
Property Management Market Set for Significant Growth: Trends to Watch
Market Overview:
Revenue Growth: The Property Management Market is projected to grow from USD 24.7 billion in 2023 to USD 36.4 billion by 2028, at a CAGR of 8.0%.
Key Drivers: The growth is fueled by the increasing demand for SaaS-based property management solutions, smart building projects, and workplace mobility trends.
Key Trends in Property Management:
Proptech Innovations: Emerging technologies like AI, data analytics, and remote management tools are transforming the industry, making property management more efficient and tenant-focused.
Sustainability: There is a growing emphasis on sustainability initiatives such as energy-efficient systems and eco-friendly practices, helping to reduce operational costs.
Remote Accessibility: The shift toward remote work and flexible living arrangements continues to push the demand for scalable property management solutions.
Regional Insights:
Asia Pacific Growth: The region is experiencing rapid growth due to technology adoption and the need for renovation of aging infrastructure in residential and commercial buildings.
Challenges Facing the Market:
Managed Services Demand: The managed services segment is growing as property owners seek to improve efficiency and reduce costs by outsourcing operations.
Integration of Solutions: Solutions like facility management are expected to dominate, offering comprehensive services, including maintenance, security, and sustainability practices.
Recent Developments in the Industry:
Oracle's Lease Expiry Feature: A new functionality that simplifies closing lease balances during expiration.
AppFolio's Generative AI: AppFolio introduced AI-driven features to enhance property management and new payment options.
Trimble’s LIMS PRO Launch: A cloud-based solution for operational visibility in the lumber industry, reflecting a push toward digitization.
Outlook:
The property management sector is on the cusp of transformation, driven by technological advancements, sustainability efforts, and the shift toward remote accessibility. Companies that embrace these trends and invest in managed services and AI are expected to lead the market’s growth through 2028.
Source: Mortgage Sandbox
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EVERYTHING ELSE YOU NEED TO KNOW
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