Last modified on August 4th, 2021
By Brittany Benz
This past year has forced many association management businesses to pivot and adopt new technologies in order to keep their organizations running smoothly, carry out tasks remotely, and to continue to serve their homeowners and board members.
To better understand how the industry has adapted, the top challenges association management businesses have faced, and how they are preparing for the future, our team recently conducted an industry survey. Read on to discover a few of the most notable takeaways — and be sure to download the full report at the end of the article.
Communication is One of the Biggest Challenges for Association Management Businesses
If there’s one thing the pandemic put a spotlight on, it was communication and its importance. When respondents were asked what their top three business challenges were, communication was at the top of the list (21%), followed by meeting customers’ needs and expectations (17.0%), and manual/outdated processes (15.8%).
In the full report we will reveal some of the reasons why communication may be a top challenge and the connection between this issue and community association software dissatisfaction.
Operational Efficiency is a Top Priority for Association Management Businesses
With remote work and the transition to digital processes, the need for efficiency has become paramount. When processes are more efficient with the help of technology, association management professionals have more time to focus on customer service and homeowners are happier with their association management companies. Interestingly, when asked what their top three priorities were, streamlining operational efficiency (27.9%) came in the lead, with improving customer service (19.4%), and adopting new technologies (16.4%) following close behind.
Technology is Leading the Way
Technology has proven to be a life-saver during the pandemic, and now that businesses have seen the value it brings, they will continue to leverage it to serve their customers and keep their operations running efficiently. In fact, based on the survey, almost all (83.6%) of respondents said they plan to adopt new technology in the next 12 months.
Curious about what kinds of technologies association management companies plan to adopt? The complete report details this, and the findings might surprise you.
Businesses Feel Confident About the Future
While the past year may have been full of uncertainty, overall association management businesses feel confident and have a positive outlook on the future. According to the survey 78.7% of respondents said they feel confident about the current state of their business, and out of those, many (78.7%) said they were planning on adopting new technology in the next 12 months.
Based on these findings, it’s clear that confidence and technology are strongly interlinked, and those who have modern tools in place have overall fared better. In addition to confidence, the majority (80.3%) said they felt prepared to adapt to any changing needs within the industry and their customers.
It’s clear the association management industry’s digital transformation has only just begun. Those who have put mobile tools to work have been able to overcome challenges around communication, customer expectations, and efficiency.
As a result, they have a positive outlook for the future of business and are planning to continue to adopt new technologies. By embracing modern solutions, you can stay connected to your homeowners, boost efficiency, deliver a great customer experience, and stay competitive. To uncover the rest of the survey findings, you can download the full report here.
Comments by Brittany Benz