In today’s economy, with such a high cost of living, people are looking to save money rather than focusing on maintaining the property values of their condominiums.

While low maintenance fees are desirable, there is a misconception that they make a community marketable, and work that goes into actually sustaining property values takes a back seat.

All too often, condominiums are viewed differently than single-family homes. To maintain a condominium’s property value, it starts with remembering that they are people’s homes and likely their biggest investments. With that in mind, here are some additional strategies:

Balancing between the short and long-term

Proper maintenance for a condominium building is no small cost. The idea of saving a dollar today to pay five dollars down the road is a challenge many communities face. Using the example of a car, a commonly held investment by many, the importance of balancing between short and long-term maintenance becomes easier to understand.

Most car owners understand the importance of regular oil changes and following a routine maintenance schedule. If regular oil changes are missed, you could blow your engine, so paying to have your oil changed on a regular basis avoids a larger bill.

For condos, if you are not on top of regular maintenance or push off capital improvement projects, the building falls into a state of disrepair, and the price tag to fix everything is simply unmanageable.

Fortunately, board members can rely on their property management team, vendors, and engineers to assist with maintenance and capital improvement projects. Through maintenance planning and proper use of reserve fund studies, projects can be prioritized and funded accordingly.

Clear communication for community buy-in

When undertaking capital improvement and maintenance projects, communities must clearly convey to the residents why one project is being prioritized over another. The gym, swimming pool, or party room are shared amenities, and while it’s outside of an individual’s unit, they should still be considered part of that person’s home. Condo owners want to understand why maintenance needs to be done and how it benefits them, just as the owner of a single-family home would.

When an owner understands how regular maintenance benefits property values, and why property values should matter to them, paying into the maintenance of the building becomes important to them as well.

Strategic enhancements

Strategic upgrades will vary depending on what the residents value most. Determining what enhancements make the most sense for your community is a great opportunity to glean valuable insight from residents.

For some communities, enhancements that increase the building’s sustainability, resulting in future energy savings, may take priority. In others, the changing demographics of the condominium may come into play, and family-friendly spaces may be more important.

There is no one-size-fits-all solution. Board members can lean on their property management company for help researching and making a plan.

Fostering and maintaining a sense of community

Because it can’t be easily measured in monetary gains, fostering a sense of community is a tactic that is often overlooked when considering property values. This was largely lost during the pandemic and has been slow to rebuild.

Now is the time to consider reactivating social committees by bringing back community events. Through simple activities like book clubs, arts and crafts for the younger residents, or a summer barbecue, communities should give residents the opportunity to get to know each other, build relationships, and create a true sense of belonging.

First impressions matter, and when someone is considering moving into your building, appearance and cleanliness are important, but so is the interaction with a friendly resident that offers a positive experience. Word of mouth about living in that community goes a long way in showing your condominium is desirable.

Mark D. Hopkins is the president of FirstService Residential Ontario. He leads the company’s Ontario market of 900 associates, proudly serving over 400 communities and 45,000 units across the province. Mark leads the executive team along with other senior leaders throughout the organization. His responsibilities include client satisfaction, growth, associate development, and strategic planning.