Safeguard Your Condo's Value: How to Avoid Costly Mistakes

Serving on your condo board is a significant responsibility. You’re not just managing maintenance or reviewing budgets—you’re helping safeguard the value of your community’s most important asset. But even the most well-intentioned boards can fall into traps that cost time, money, and resident trust.

Here are some of the most common mistakes condo boards make, and how to avoid them with proactive planning, sound condo maintenance strategies, and clear communication.

1. Neglecting Preventative Maintenance: Don’t Let Small Issues Become Big Expenses

The Problem: When something breaks, the cost isn’t just the repair. It’s also the stress, potential legal risk, and resident complaints that come with it.

Examples of issues caused by skipped maintenance:

• Roof leaks leading to water damage in multiple units
• Elevator breakdowns
• HVAC systems failing during extreme temperatures

Avoid it by:

• Creating a building-wide preventative maintenance schedule
• Keeping digital records of service dates and contractor details
• Budgeting annually for maintenance, not just emergencies

A professional condo management company can help automate inspections, track service history, and flag upcoming needs before they become costly repairs.

2. Underestimating Operating Costs

Budgeting is one of the most important responsibilities of any board. Underestimating costs can lead to special assessments, deferred maintenance, and owner frustration.

Common budgeting pitfalls:

• Not adjusting for inflation in vendor contracts or utilities
• Underfunded reserve accounts
• Overlooking smaller but essential services like security, pest control, or landscaping contracts

Avoid it by:

• Use actual historical costs to build your budget, building in buffer room for unpredictable expenses

Consult with professionals who know the market. Boards that budget well reduce financial stress on owners and maintain building health.

3. Trying to Self-Manage Without the Right Tools

It’s tempting to save money by self-managing, especially in smaller condo buildings. But without proper systems, you risk disorganization, resident frustration, and volunteer burnout.

Where things go wrong:

• Missed deadlines for vendor contracts or inspections
• Confusion over who’s responsible for what
• Inconsistent enforcement of bylaws

Avoid it by:

• Using digital tools for communication, records, and maintenance tracking
• Delegating key tasks to experienced property management professionals
• Setting up clear processes for common issues (like unit repairs or noise complaints)

If your board is struggling to keep up, it might be time to partner with a company that can empower boards with streamlined systems and expert guidance. Whether it’s managing documents, coordinating repairs, or handling owner concerns. You’ll get the tools to stay organized and be effective. .

4. Ignoring Local Condo Legislation

Condo governance in Alberta and BC is guided by provincial legislation. Boards must comply with laws around reserve funds, meeting notices, bylaws, insurance, and owner communication.

What can go wrong:

• Noncompliant reserve fund studies
• Improper notice given before AGMs
• Outdated bylaws that conflict with current legislation

Avoid it by:

• Staying up to date with changes to Alberta's Condominium Property Act or BC's Strata Property Act
• Consulting legal or management professionals when reviewing bylaws or policies
• Scheduling compliance reviews every 1–2 years

A professional condo management company stays on top of local laws so you don't have to. They guide boards through legislative updates, bylaw reviews, and compliance planning to keep your governance on the ball.

5. Inadequate Reserve Fund Planning

Reserve funds are legally required and critical for long-term building health. Still, many boards underfund them or dip into them for day-to-day expenses.

Why this is a problem:

• Surprise costs like roof or elevator replacements can lead to large special assessments
• Underfunded buildings are less attractive to future buyers

Avoid it by:

• Conducting a Reserve Fund Study every 5 years, as required
• Following the funding recommendations in the study
• Treating reserve funds as untouchable for operational costs

A strong reserve fund is a signal of a responsible, forward-thinking board that ensures the long-term financial health of their property.

6. Poor Communication with Owners

Owners want to feel informed and heard. When communication breaks down, trust erodes and small concerns can become big conflicts.

Common complaints:

• "No one told me about the assessment."
• "We never get updates on building issues."
• "The board is unresponsive."

Avoid it by:

• Using digital communication portals to share updates and documents
• Sending regular newsletters or meeting recaps
• Giving residents a way to submit questions, suggestions, or concerns

Partnering with the right condo management company becomes a strength. They provide boards with resident portals, manage announcements, and facilitate two-way communication - fostering transparency and trust. communication becomes a strength. Good communication builds community and reduces complaints.

7. Hiring the Wrong Vendors

Contractors and vendors are a major line item in any condo budget. But choosing based on price alone or skipping due diligence can cost more in the long run.

Risky vendor mistakes:

• No insurance or license
• Vague contracts with no timelines or service levels
• Poor workmanship requiring repeat visits

Avoid it by:

• Vetting vendors for credentials and reviews
• Using service contracts with clear expectations and termination clauses
• Tracking vendor performance over time

A great condo management company maintains a vetted network of reliable contractors and handles all negotiations, documentation, and performance tracking - saving your board time, money and headaches.

8. Operating Without a Long-Term Plan

Even when things are running smoothly, boards need to plan for what’s ahead: aging infrastructure, energy upgrades, and demographic shifts in the owner base.

Signs your board is stuck in reactive mode:

• No 3- or 5-year capital plan
• Deferred updates to common areas
• No exploration of sustainability grants or retrofits

Avoid it by:

• Working with your manager to develop a long-term capital improvement plan
• Researching available city/province energy-efficiency programs
• Reassessing community needs every few years (e.g. accessibility, storage, electric vehicle charging)

The right management firm helps you think ahead. From energy-efficiency initiatives to future-proof amenities, boards will have the backing to build a sustainable long-term vision - complete with timelines and funding strategies.

Managing a Condo is a Team Effort—and You Don’t Have to Do It Alone

Serving on your condo board is a big responsibility, but with the right tools and support, it doesn’t have to be overwhelming. Avoiding these common mistakes can improve building health, protect owner investments, and reduce conflict within your community.

If your board is ready to get proactive, Converge Condo can help your board or strata. We partner with boards in Edmonton, Calgary, and Victoria to streamline operations, manage vendors, improve owner communication, and keep buildings running smoothly.

Let’s talk about how Converge can support your community. Converge Condo is here to help.