Quorum Without the Commute

Struggling to get quorum for your board meetings? Even after the pandemic, virtual meetings are transforming co-op and condo board operations. Buildings across New York have embraced digital meetings, resulting in better attendance, more flexible scheduling options, and significant time savings for everyone involved. In this episode, Mark Hoffman, principal at Hoffman Management, offers practical strategies for running smooth virtual meetings and how this shift is attracting previously untapped talent to board positions. Whether your building has residents scattered across different locations or board members with demanding schedules, virtual meetings offer a solution that maintains community while improving efficiency. Habitat’s Emily Myers conducts the interview.

How To Run Your Building: For Co-ops and Condos

Transcript

Emily Myers: Welcome to Inside Track, a conversation with New York's leading property managers. I'm Emily Myers with Habitat Magazine, and my guest today is Mark Hoffman, principal at Hoffman Management. Over the past four years, post pandemic, many co-ops and condos have transitioned to virtual or hybrid meetings. In many ways, they offer increased flexibility for board members and management, improved attendance and more efficient use of time. Mark, you are an advocate of the virtual meeting. Have they made participation easier for board members at co-ops and condos in your portfolio? 

Mark Hoffman: Yes, indeed it has. 

Emily Myers: So what are of the primary benefits of holding board meetings virtually?

Mark Hoffman: Well, it's easier to reach quorums. It's more efficient use of time. People don't have to travel, to be at a specific place. They're able to log in wherever they are into the meeting. 

Emily Myers: And are there any scenarios that sort of illustrate the practical benefits of virtual meetings? Any scenarios that you can remember?

Mark Hoffman: I just think easier to get quorums and more efficient use of time, able to get things done quicker and easier. 

Emily Myers: And have the virtual meetings influenced sort of meeting schedules, such as perhaps having fewer meetings or scheduling them at more convenient times? 

Mark Hoffman: Most definitely. Traditionally board meetings were always held in the evenings after work, later hours, like 7, 7:30 at night.

Now I have meetings in the morning or early afternoon, much more flexibility for people's schedules. 

Emily Myers: And are there specific buildings where they add specific benefits? I'm thinking of perhaps a condo where there might be more residents who rent out their apartments rather than a co-op, for example.

Mark Hoffman: Yes, indeed. It is easier to coordinate the meetings since people are not necessarily living in the building. 

Emily Myers: And have you encountered any resistance to virtual meetings from board members? And if so, how have you addressed it? 

Mark Hoffman: Really none at all for the buildings , that do like to maybe meet in person.

I'm able to log on myself and handle the meeting virtually from my end. Been no issues whatsoever. 

Emily Myers: So what are some of the best practices for ensuring virtual meetings run smoothly and efficiently? 

Mark Hoffman: Well, you have to be well organized, and prepared, just like any meeting. Prepare an agenda, there has to be a courtesy.

People have to allow others to talk. And so people aren't talking over each other. Provide ample time for questions and follow up. But my own experiences, I found them to be very easy to run, to manage, and have worked as well as in person. 

Emily Myers: And are there any specific technologies or tools you've found that are most effective?

Mark Hoffman: Most often I use Zoom. I find Zoom works very well and people seem to know how to operate it and it provides a good platform to hold these meetings. 

Emily Myers: And do you typically record them and are they distributed later to residents who haven't been able to attend the meetings? 

Mark Hoffman: No, I don't record the board meetings.

You know, we take minutes like we always do. When those minutes are available for shareholders and for prospective purchasers in the normal course of business. 

Emily Myers: So I'm curious, are there any legal or compliance issues that co-ops and condos need to be aware when conducting virtual meetings? 

Mark Hoffman: No. From my understanding, the New York's state business law permits the use of virtual meetings. 

Emily Myers: And is there any training or support you provide to board members and residents to help them adapt to this platform?

Mark Hoffman: If people have questions, we're here to help. But I haven't had the need to do that. People have been able to understand the use of Zoom themselves, and I've had no problems whatsoever. 

Emily Myers: So perhaps what are some of the key differences you've observed with virtual meetings as opposed to traditional in-person meetings?

Mark Hoffman: I really haven't noticed any difference. It's an easier way to conduct the meetings without having to physically be present in somebody's apartment. 

Emily Myers: So what are your client's expectations for both virtual and in-person communication with management? 

Mark Hoffman: I'm available as needed.

If I need to be in person somewhere, and as a rule of thumb. If buildings wanna have annual meetings in person, I have no problem whatsoever to attend the meetings in person. There still are many buildings that prefer to hold their annual meetings virtually. I think there's a mix between both.

Emily Myers: Obviously in person allows perhaps a little bit more socializing, which is time consuming, but perhaps it does bring a bit more community to the building? 

Mark Hoffman: I don't really have an opinion on that one way or the other. I think there's a sense of community within a property whether or not you have an in-person meeting or virtual meeting.

Buildings have their own DNA and I think if a building has a sense of community, it's gonna have that, whether or not they have a meeting in person or virtually.

Emily Myers: So then what are the takeaways for co-op and condo board members on this issue? 

Mark Hoffman: For me, my own personal experience has been, it's been a great tool. Streamlines the need to meet in person. It saves time, which is very valuable. I think it engages the board members and I think it will attract more board members who would like to participate that maybe have a more difficult work schedule.

Emily Myers: Oh, good point. So it's actually kind of gonna bring in perhaps different demographic onto the board. 

Mark Hoffman: Yes. I think so. 

Emily Myers: Okay. Great, Mark. Thanks so much. Mark Hoffman, principal at Hoffman Management. 

Mark Hoffman: Thank you very much.