In early 2022, CINC conducted a survey of community managers, management company executives, and board members throughout the country, with the goal of determining the State of the Community Association Management Industry. The feedback and responses indicated several common concerns for the future of the CAM industry, and highlighted a variety of interesting issues including the desire for more comprehensive personal property security in HOAs and condo associations.
Stress levels have hit an all-time high in recent years. The pandemic has recently been directly linked to trauma responses, housing markets and climbing interest rates are growing out of control, the gap between income and rising inflation continues to grow, and on top of it all, communities across the country are facing challenges related to decades of deferred maintenance.
These are only a fraction of the problems individuals and communities are facing every day, and many are seeking new ways to curb their stress and anxiety. The accessibility of digital mental health wellness options has increased dramatically. Businesses everywhere are growing more and more cognizant of the benefits of remote flexibility for the workforce.
But people are changing, too. Since the start of the pandemic, smart home purchases have been on the rise. For some it’s because their travel and entertainment budgets suddenly had nowhere to go. For others, it’s because that extra sense of security was a welcome addition to the home they were suddenly confined within.
In our State of the Industry survey responses, we saw this trend continue. Board members seem interested in advancing their community’s physical security systems with higher tech solutions. As a technology provider, we are thrilled to hear that tech is on the rise on the historically technically-challenged CAM industry. However, from what we’re seeing from the State of the Industry survey, we can reasonably conclude that protective security systems are not the technology solutions communities need most.
The Right Tech for Your Community
When analyzing the responses to our State of the Industry survey, we reached a few key conclusions (all of which are highlighted in our report) that told us some universal truths about what issues the industry is truly facing today.
First and foremost, while a sizeable percentage of board members mentioned interest in adding security features like gate security or building security cameras, the biggest request pertained to technology that supports communication. Better communication and transparency between the association management company, HOA/COA boards, and the homeowners themselves would greatly improve the sense of security felt within a community. Any form of mass communication provided to the community would greatly destress homeowners, including a custom-branded web portal and mobile app that is regularly updated with news and features.
With respects to boards, technology that provides greater financial transparency is key. This will support them in creating better plans to support their reserves fund and prep for emergencies, which is especially important in seasons known for inclement weather. The faster a management company can provide monthly reports to their boards, the better the boards are equipped to make sound financial decisions.
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Preparing for the Worst
When considering the threats posed in the community association management space, understanding the risks and preparing accordingly is key. To learn more about what you can do to better assess threats within your community, we invite you to attend our upcoming webinar with VIVE Vendor Management Software.