Trending Matters

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 COAs and HOAs everywhere.

1. Getting Clear on Finances & Budgeting

While the pandemic had differing impacts on many Condo Association 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 needed services and emergencies.

2. Expanding Safety

Safety will always be a top concern for residents, but at what added cost compared 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 the data that’s stored online for all residents in your Association. Ensuring that resident data is protected and stored securely should be an ongoing topic of the highest importance.

3. Resident Engagement

Communication is key for the success of Condo Associations 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. This will ensure that everyone has the information they need to make informed decisions and take full advantage of what their Condo Association has to offer.

4. Millennial Expectations

People said it wouldn’t happen, but millennials are buying homes. 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 at home just as it is everywhere else. From payments to reservations to access to amenities, they’ll expect to complete actions autonomously from multiple devices.

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 community. Numerous and disparate files stored in multiple locations are a recipe for frustration and potential disaster. Security should be your top consideration: Are the documents you’re charged with securing backed up and housed in a highly secure manner?

As the population puts a priority on where they want to live and how they want to spend their time, associations will continue to grow. As they do, so will the demands and expectations of residents. Consider the points above and how your association will address them? Are there other points we missed?
Let us know where you think HOAs and POAs are headed by emailing support@myardent.com.