What motivates the owners?
“There are only two forces that unite men - fear and interest.”
Condo corporations consist of owners who look after their self-interests. They have three different views on
how the property should be maintained.
Figure out which of the
following three interests controls the board of directors.
1. We want to
maintain the building
Maintaining the building and grounds to its original standard over
long term is important to us. We plan to live here indefinitely and the
board should set the fees
2. Plan to sell
We plan to sell in the next two to five years. We demand that the board
keeps the fees low and only spend money on the:
3. Front landscaping and driveway.
We are only interested in "curb appeal" so we will get the highest
possible selling prices. Low fees means it's easer for us to sell.
3. Keep the
We want the monthly fees to be set as low as possible and kept there.
As long as the lights are on, we have hot water and the elevators work,
we are content. Not much else is important to us. Don't talk to us
about the long-term because we don't care about the long term.
We will vote for anyone who promises to freeze the fees or keep them
low and we will remove any board that raises the fees.
Why is this
You need to know which of the three groups control
the board of directors. If the low-fee owners control the board and
make up the majority of the owners, then you have to wonder if meaningful change is possible.