94. Bringing Good Governance Home: Inside Co-op and Condo Boardrooms with Tina Larsson

In this episode of On Boards, hosts Joe Ayoub and Raza Shaikh speak with Tina Larsson, a former Wall Street analyst, co-founder of The Folsom Group, and author of Living The High Life. Tina works with co-op, condo, and other HOA boards to improve governance to reduce costs, manage major building projects and oversee their shared residence effectively.   Tina shares how she and her husband became involved in board governance after discovering that their New York City co-op board was poorly managed and incurring significant unnecessary expenses. After organizing their co-op neighbors and electing a new board majority, they introduced stronger governance practices to their board and saved their building substantial money in very short order. The conversation explores the governance challenges faced by residential boards, which are usually run by volunteers responsible for complex decisions. Tina shares how boards can improve oversight, manage projects more effectively and shift from reactive decision-making to a more proactive approach to governing their communities. Key takeaways Residential boards face complex governance responsibilities Volunteer board members are responsible for major operational decisions involving buildings, infrastructure, vendors, and regulation Many board members take on these responsibilities without formal training or governance guidance  Financial oversight can reveal significant opportunities for savings Benchmarking operating expenses against comparable buildings can uncover areas of overspending Strategic vendor negotiations and cost reviews can reduce operating expenses by 5–10% in many buildings Effective governance requires proactive decision-making Boards that operate reactively often wait until problems become emergencies before acting Long-term planning helps communities address repairs, projects and maintenance before they become crises Establish clear roles and leveraging community engagement Governance improves when boards focus on oversight and strategy rather than trying to manage every operational detail  Residents who want change must often participate directly by joining the board Building relationships with neighbors and encouraging qualified owners to run for board positions improves decision-making "Living the High Life" Tina's book is a guide and blueprint on how to get involved in the governance of your co-op, and condos or HOA board and how to be an effective board member Quotes " The only way that you can get a say in your community is by running for the board and it talks about skills; good skills, best skills, the elevator skills, and what you are passionate about." "[An HOA, co-op, or condo board] is acting as a miniature government. They are governing the community." "If you are on the board of a residential building… you have to try to manage being on the board and at the same time, you have to handle all shareholders' or owners' concerns." " The only effective way to have a say in your living community is by being on the board." Links The Folson Group Living the High Life: How Smart Co-op and Condo Owners Protect Themselves and Their Investment Guest Bio Tina Larsson and her husband helped her own co-op save substantial money through good governance, after which they formed The Folson Group. They support NYC co-op and condo boards with strategic advice, project management, cost reduction, and help them find a property manager that fits their needs. She is the author of Living the High Life, frequent podcast guest and speaker, and holds a LEED Green Associate designation. Tina is on a mission to educate and support NYC condo and co-op boards to help optimize their living community.