The desire for safe and secure living conditions has never been higher. At the same time regulations are impacting more and more of our lives. Here are trends we see impacting HOAs and POAs everywhere.
1. Getting Clear on Finances and Budgeting
While the pandemic had differing impacts on many HOA budgets, one thing that’s clear is that there are lingering effects throughout the economy. Many common maintenance items are in short supply, from road salt to seed to construction materials. Or at the least shipments have been delayed. That could result in rising costs that in turn could be passed on to associations. Getting clear insights into historical expenses and projected costs will enable associations to maintain an adequate budget and prepare for service and emergencies.
2. Expanding Safety
Safety will always be a top concern for residents, But at what cost to convenience are they willing to accept? Access to amenities and the property is always high on the list. There are gate access and facility controls available today that meet almost any need or requirement. From biometrics to temporary passcodes, it’s all within reach of associations now. However, one thing that isn’t often considered is the safety of residents online. Ensuring that resident data is protected and stored securely should be an ongoing topic of conversation.
3. Resident Engagement
Communication is key for the success of HOA and it has to be intentional and so that all residents say informed. You can’t rely on word-of-mouth from neighbors walking their dogs to convey information. Similarly, while social media has its place, it’s not the right channel for every communication. We see technology that will match media to message as critical. A robust mobile app is a great tool for example. From in-app messaging to calendars to notes and the ability to enable electronic access, mobile apps have a wide range of uses. That will ensure that everyone has the information they need to make informed decisions and take full advantage of their property and neighborhood.
4. Millennial Expectations
People said it wouldn’t happen, but millennials are buying houses. As they move deeper into the market, they will be the next to join the ranks in associations. One thing that millennials will definitely bring with them is the expectation that technology will be available here just as it is everywhere else. From payments to reservations to access to amenities, they’ll expect to complete actions autonomously on their terms.
5. Document Storage
While maybe not the most exciting topic, it can be crippling for your association if you get it wrong. How and where you store your documents can make a huge difference in both your staffs’ workflow and throughout the property. Numerous and disparate files in multiple locations are a recipe for frustration and potential disaster. Security also should be a consideration: are the documents you’re charged with secure and backed up in a secure manner.
As the population puts a priority on where they want to live and how they want to spend their time associations are going to continue to grow. So are the demands and expectations of residents. Consider the points above and how you will address them? Are there other points we missed? Let us know where you think HOAs and POAs are headed. Email [email protected]
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