Shareholder issues are also important. Similarly, don't ignore nuisance shareholders. A noisy shareholder could lead to other shareholders withholding maintenance payments, and the board's negligence in such a matter could cause the board to lose in court, says Mr. Heller. Owners are interested in any information that could affect their lifestyles or the value of their apartments. For example, information regarding board policy in matters such as subletting and pets, as well as plans for building improvements like lobby renovations and facade work, should be regularly communicated to owners.
Brief newsletters distributed on a regular basis are an excellent source of information.
Correspondence to owners from the managing agent can also be useful. On major issues, such as expensive building-wide renovations, boards should not be reluctant to call special shareholder meetings, says Mr. Goldsmith, especially where owners may be anxious or upset about the work. Effective communications among board members is also crucial, says Mr. Goldsmith. Personal agendas of individual members must be swept aside so that all can focus on the building. Instead, try to set a good example for everyone else.