Community association managers have many responsibilities. From fielding resident concerns to handling accounting and legal matters to ensuring the maintenance of amenities and much more. These duties are made more difficult when working in an environment with outdated tools and inefficient processes.
To better support employees, many community association management companies are turning to digital tools. Investing in technology can help these businesses automate processes and reduce administrative burdens.
Digitization will be at the forefront of community association management in the coming years, which will help address the below community association management industry trends.
Talent Shortages
The intense demands of community association management have caused many to leave the industry, creating a labor shortage. AvidXchange recently conducted a survey in partnership with The Community Associations Institute (CAI) that identified the top challenges facing community association management companies this year as:
- Recruiting talent
- Mitigating staff burnout
- Retaining employees
The Foundation for Community Association Research reported that 97% of executives in the industry believe there is a shortage of qualified workers. To address this exodus, leaders in the community association management space are implementing tech tools to automate processes, streamline administrative work and minimize errors.
In a modernized workplace, community association managers will be able to focus on core competencies and leave administrative tasks to technology. This will improve job satisfaction and positively impact recruiting and retention.
“As a result of staffing challenges, community managers have less time to focus on strategic initiatives like researching technology solutions to enable them to scale or increase portfolio accounts to grow the business. Technology like AP automation helps reduce manual tasks and frees up time so staff can focus on more strategic initiatives.”
Increased Cost of Doing Business
In our survey with CAI, we found that keeping homeowners’ association fees flat was a major concern for community management associations in 2023. This is increasingly difficult as business costs rise due to inflation and other factors.
Rather than pass these costs on to homeowners, community association managers are looking for ways to cut expenses in areas that won’t impact the level of service homeowners receive. Many are using technology to create business efficiencies that reduce management costs and streamline operations.
Digital Platforms
Homeowners have become accustomed to instant gratification with services like same-day delivery and real-time messaging offered by the businesses they frequent. To keep pace and meet homeowner expectations, community association management companies are adopting digital platforms to manage communications, documents and financial transactions.
Digital platforms provide a convenient avenue for addressing homeowner concerns, disseminating information and collecting feedback. They facilitate quick updates on community matters, enable online payment processing and foster a sense of community by organizing virtual events and forums.
By embracing technology, community associations are creating a more effective way to interact with the homeowners they serve.
Technology Addresses Community Association Management Industry Trends
In response to the escalating cost of operations and a talent shortage in the industry, community association management companies are implementing a range of strategies to mitigate the financial burden on residents.
These efforts include automating administrative responsibilities and optimizing operational efficiency through digital platforms. By adopting modern technologies and fostering collaborative approaches, community association management companies will improve working conditions for employees, addressing the talent shortage in the industry while continuing to deliver high-quality services to homeowners.
Learn more about the community association management industry trends we predict for 2024 and how financial leaders in the industry plan to address them in our free downloadable whitepaper, “Community Association Management Forecast: 2024.”