Dwindling Board

Greetings:

We are a self-managed property of about 64 homeowners (townhomes and lofts). The development is 6 years old, and has been self-managed since being turned over to homeowners by the developer. My problem is this: I have served my 2 year term, which comes to an end this month. I have sent a letter to all homeowners requesting that another volunteer step forward......no luck. I have offered to provide any advice or assistance, even prepare the docs and lead the annual meeting in January. Still no takers. I am asking our attorney to provide advice on a good management company, but I understand ---even with a management company -- we need an active effective Board. One member resigned in October due to time constraints (it IS a time ocnsumng venture), leaving myself and one other member. Does a board need to exist and be fully manned for a property management company to assume our property for management?

Jane - do a search here for previous talks about this problem. Bottom line: Yes, if you are incorporated, you need a board or the courts will assign a receiver, which will be expensive. A management company cannot function as a board, but perhaps hiring a management company to relieve the board of some duties would make it more attractive for others to become a board member. If no one wants to do all that work, they will probably have to pay extra dues to have a management company. It's not fair for one person to be doing all this work just to save all the others some money. You might point these alternatives out to your members. Good luck. Harold