The Habitat Management Survey: New, Improved Board Responds to Residents
Aug. 18, 2014 — At last year's annual meeting, the newly elected board was faced with a group of dissatisfied shareholders. They expressed complaints concerning the board's lack of communication about the slow turnover in apartment sales. The board members then undertook several initiatives to address shareholders' needs.
They began posting a summary of the monthly board meeting minutes; increased the number of informational notices when projects were underway; and collected shareholder contact information, including phone numbers, email addresses and emergency contacts. With that information, they then instituted the use of robocalls to inform shareholders of emergency situations; created an email address that shareholders could use to contact board members and the managing agent; and, finally, reviewed the existing purchase, sublet, refinancing and renovation packages, streamlining them wherever possible.
At this year's annual shareholders meeting, the same people who expressed concerns last year actually gave the board a round of applause. — Bram G. Fierstein, President, Gramatan Management