What should community managers do regarding capital improvements?

The emphasis on obtaining at least three bids when practicable reflects a best practice in community management, particularly in managing finances and ensuring transparency. This process promotes competitive pricing, which can lead to cost savings for the community, improving the overall efficiency of capital improvements. By soliciting multiple bids, community managers can assess various service providers based on cost, quality, and reputation, ensuring that the community receives the best value for its investment.

Furthermore, this approach fosters accountability and builds trust among community members by demonstrating that decisions are made based on careful consideration and due diligence rather than on a single source's recommendations. It also helps in comparing different proposals and understanding what services are offered, thereby making a well-informed decision that benefits the community as a whole.

While the other options may contain elements of prudent management, they do not encapsulate the fundamental principle of actively seeking competitive bids from multiple contracts to ensure financial efficiency. Consulting state regulations and seeking owner approval are important, but without the context of obtaining multiple bids, those steps alone do not guarantee the best outcomes for capital improvements. Keeping renovation plans secret contradicts the transparency expected in community management and could lead to mistrust among community members.