The year is in full swing and we’ve already seen a number of changes occur in the property management industry, with more inevitably to come. One area that is poised to see significant evolution is that of home owners associations. Being aware of what’s new and exciting in the HOA world can help you better respond and position your company for a strong, profitable future. Here are four main HOA trends to watch for over the coming months.
Greater demand for transparency
These days, homeowners and board members are demanding full disclosure and maximum transparency from their property managers. This trend will continue in 2018 and beyond, which means property management professionals must make every effort to keep stakeholders fully informed. This can be challenging, which is why the use of HOA management software will also continue to tick upward. Having a central hub where all info and data can be accessed will be the key to success.
Desire for fewer restrictions
Homeowners associations have historically been known for the many rules they have in place. While these rules and regulations are intended to benefit residents, there has been a marked shift away from such harsh restrictions. For instance, there have been a number of recent contentions over the ability to display certain flags or signs or to install solar panels. To address these concerns, HOA managers should be proactive in finding ways to modernize and implement flexibility wherever possible.
Increased demand for licensed property managers
More community associations are beginning to see the value of licensing when it comes to property management. Licensed professionals tend to deliver better service and may be better equipped to manage HOA funds. This increase in demand has many property managers clamoring to obtain their credentials in order to be more competitive in the future. And licensing doesn’t just benefit the community. Managers with the right credentials can also command a higher salary.
Software is becoming a necessity
As recent as just a few short years ago, HOA management software was viewed more as a luxury. It was nice to have, but an afterthought for the majority of community associations. Today, however, and over the coming months and years, things will shift dramatically. With increasing demand from residents for fast, efficient and cost-effective service, coupled with an increasingly saturated industry, HOA management software will provide the competitive edge managers need. And 2018 will likely be the tipping point.
Like it or not, community associations are changing. Only those HOA managers that are able to evolve with and adapt to those changes will remain successful in the future. Are you ready for what’s to come? The time to prepare is now. Start by requesting your free product demo of Info-Tracker today.
