This is article is the first in a five-part series on sustainability in the condominium context.
What is Sustainability?
Broadly defined, sustainability is the capacity for human civilization to coexist with the environment. In its modern use, sustainability refers to the preservation of the environment, limiting the use of fossil fuels, limiting the emission of carbon into the atmosphere, alongside a host of other actions and strategies to minimize the impact of human civilization on the planet.
What is Sustainability in the Condominium Context?
In the condominium context, sustainability refers to minimizing resource use and minimizing the effects of the condominium corporation on the environment. A sustainable condominium corporation is one that uses power and fossil fuels judiciously, avoids waste when and where possible, minimizes water usage, and produces the least amount of carbon emissions possible.
What Impacts does a Sustainable Condominium Corporation have on its Stakeholders?
For unit owners, a sustainable condominium corporation is desirable because it:
1. Has a higher desirability for purchasers, increasing property value.
2. Has a higher desirability for renters, increasing property value.
3. Has lower common element fees due to savings in utilities and maintenance of common elements, increasing property value.
4. Has lower operation costs due to decreased utility consumption, increasing property value.
5. Owners feel pride at living a low-impact life.
For renters, a sustainable condominium corporation is desirable because it:
1. Has lower operating costs due to decreased utility consumption.
2. Has a higher value to sustainability-minded individuals.
For the environment, a sustainable condominium corporation is desirable because it:
1. Reduces the harms associated with the release of carbon into the environment.
2. Reduces the harms associated with the generation, transmission, and consumption of electricity.
3. Reduces the harms associated with the extraction, delivery, and consumption of natural gas.
4. Reduces the harms associated with the treatment, use, and disposal of water.
For the Condominium Manager and Condominium Management Firm, a sustainable corporation is desirable because it:
1. Gives Mangers pride to be working with a corporation that respects the environment.
How Can We Achieve a Sustainable Condominium Corporation?
In Episode 2 we’ll discuss sustainability in a corporation’s common elements. In Episode 3 we’ll cover in-unit sustainability. In Episode 4 we’ll review how to get buy in from owners, and how to design sustainable governance and policy. In Episode 5 we’ll cover sustainability where the rubber meets the road: RFPs, contractors, and contractors.
This is article is the first in a five-part series on sustainability in the condominium context.
Michael Trendota, MBA, CPM, RCM
President
Michael is a condominium management professional with experience working closely with condominium corporations, board members, and residents. Using his experience building and operating small businesses, he focuses on creating high-performing teams delivering excellent results to owners, residents, and partners. He has experience operating multi-location properties with large and diverse teams. Michael holds a Masters of Business Administration from Queen’s University, is a Certified Property Manager, a Registered Condominium Manager, and is a CMRAO licensed Condominium Manager.
Michael serves the condominium management industry in several additional capacities. He teaches Physical Building Management and Financial Management at Mohawk College. These two courses form part of the mandatory curriculum for condominium managers in the Province of Ontario. Michael also sits on numerous boards and committees, such as the Association of Condominium Managers (ACMO) membership committee, is a frequent guest speaker and lecturer at the Canadian Condominium Institute (CCI), among a variety of other engagements.
* Though written by a qualified and experienced Condominium Manager, this article is not intended as legal advice. Our team is available to discuss formal advisory relationships.
