What's a hybrid AGM? A hybrid AGM is a form of an electronic meeting that uses the best elements of...
Which format is best for an AGM? - Virtual, hybrid or in-person?
If there is one thing recent times have taught us, it’s that technology has proven to be more than essential. Those who experienced their annual general meetings virtually discovered how tech can help with the most daunting tasks and save you hours of work.
To find out where the trend is going next once mandates are lifted, we conducted a survey with over 500 syndicates in Canada with different characteristics to find out how condo associations did their AGM in their last 2 years and how they plan to organize with mandates getting lifted.
New Surveys done on Propty says that over 57% of co-owners want their Next AGM to be Virtual
But wait, this definitely does not apply to all condo associations. 33% still want their AGMs to be done in-person or hybrid, why and how do you know which approach is best for your building.
Why do some condo communities still prefer the traditional AGMs?
Meeting in person has a different level of communication and interaction. Many co-owners attend events in person not just to vote and discuss community topics, but also for the opportunity to meet and get to know their other neighbours, whether it’s someone who just bought a unit or lives on a different floor.
Building characteristics also play a huge role because every community is different. Condo communities with 30+ units tend to find virtual AGMs, most convenient from a time and cost perspective. In other communities with older demographics, In-person AGMs are best to gather co-owners without technology accessibility.
Which approach is right for your building?
First, let’s understand the difference between the 3 different formats then the advantages and disadvantages to know which approach could work best for your building. Each type provides its own unique benefits.
- Understand the different formats
This table will show you what’s the differences between the below 3 formats:
- In-person – All co-owners are physically present in one location
- Virtual – Co-owners attend the event entirely online
- Hybrid – Some co-owners attend in person, others online
| In-person | Hybrid | Virtual | |
|---|---|---|---|
| Least effort | X | ||
| Least cost | X | ||
| Easier to setup | X | ||
| Least Distraction | X | ||
| Easier to vote | X | ||
| Most Convenient | X | X | |
| Data-driven | X | X | |
| Least Scheduling challenges | X | X | |
| Better Quorum reach | X | X | |
| Least Technology problems | X | ||
| Best for Communication | X | ||
| Networking and Interaction | X | X |
2. Conduct a survey
Asking your residents through a survey does not only help you validate the board’s decision before you schedule the AGM but also involves your community to participate in important building decisions. In return, you will get a snapshot of what most people want.
Sometimes we don't know how to but free tools exist. For example, you can now use Propty to hold your surveys for free.
3. Review and assess all options with your board
Since the board of directors is most knowledgeable about the building finances and budget, discuss all the options with them. Once you have a consensus, send the meeting notice to all residents by making it clear where and when the AGM will be held.
Conclusion
Condo associations choose a virtual AGM because it is almost effortless and comes with significant cost reduction. For buildings with older demographics, in-person or hybrid AGM typically will work best. With the trend of working remotely and living abroad, the hybrid will also win the case but comes with a cost and more effort on the organization.
What matters it’s to hold the most important condo meeting of the year in a format that pleases the majority of your building while following bylaws. The best way is to ask your residents' opinions, analyze the results to make the best decision.
