Community association management requires relevant skills, adequate time, and the right certifications. It helps an association to keep functioning and its processes to continue running. The lack of proper management may result in your community beginning to fall apart at the seams.

About third-party management

Is your HOA currently self-managed but you’re struggling with daily operations, facility repairs, and maintenance? In that case, it may be time to consider virtual property management to start. Remote property management companies give you peace of mind by taking over financial, accounting, and administrative tasks.

Make sure to choose a virtual property management company with extensive experience in managing different kinds of communities. Since they’re remotely based, you won’t have to worry about accessibility as long as there’s a stable internet connection.

About a property manager virtual assistant

There’s also the option of recruiting a property management virtual assistant directly. They’re added to your team as an internal hire rather than a third-party provider, so you have more control over their actions and decisions. They’re more affordable than remote property management which is great for smaller associations.

The responsibilities of a virtual property management assistant covers many things. They manage everything from major pest outbreaks to minor disagreements among neighbours. However, their specific tasks depend on the unique needs of your community as detailed in the HOA by-laws.

About the latest trends in CAM

By now, you must be familiar with what community association management is and why you need it. Having a good understanding of related terms and responsibilities ensures you’re maximising virtual property management solutions, be it with a third-party or a VA.

On that note, you need to know what the trends are for 2023 so you’ll keep up with the competition. It also allows you to take precautionary measures should there be storm clouds in the horizon for HOAs. Let’s take a look at the CAM-related trends in 2023 below.

1 – Innovation to do more with less

Technology is what enables associations to handle more clients, despite their teams remaining as small as ever. Streamlining processes like accounting, communications, and payments free up time for your online rent manager to focus on business development, customer service, and other core functions.

Most HOAs leverage technology for the sole purpose of boosting productivity and efficiency in their teams. This is why even offshore staffing agencies like Remote Workmate are transitioning to an AI-augmented workforce. It’s a smart method of increasing revenue while cutting HR costs.

2 – New developments lead to clients

The Foundation for Community Association Research reports that there are around 358,000 associations in the US. This number is expected to grow to as many as 363,000 by the end of 2023. It’s also revealed that 67% of homes completed and 78% of homes built for sale are part of associations.

This spells many opportunities for your virtual assistant in property management to recruit new clients over the next few months. They will provide valuable support when you want to grow your community financially and physically this year. If there’s no space for additional units in your neighbourhood, consider full-scale renovations instead.

3 – Challenging hunt for board members

According to property management platform Buildium, 38% of board members said they’re mainly stressed about finding the people and resources necessary for keeping the community running. It’s also shown that 80% of current board members are 60 and older so they’re hoping to hand the reins over to younger volunteers.

They feel frustrated at how newer homeowners aren’t participating in community management as well as how high the turnover is with members. They’re unable to replace them quickly because it’s a challenge to search for individuals how have the knowledge and skills to make decisions for the neighbourhood.

4 – Competition calls for customer service

There’s an estimated 8,000 to 9,000 community association management companies in the US. Smaller ones feel like they’re being pushed out of the market by bigger ones. There’s around 6,000 to 9,000 large-scale associations with a minimum annual budget of 2 million dollars, making them less likely to choose smaller agencies.

Board members note that they feel the difference between customer service catering to their needs versus one-size-fits-all solutions. This is what gives smaller companies an edge over the competition. Even so, a virtual assistant for property management is best for personalised customer experiences.

5 – Balance competition with pricing

From taxes and insurance to materials and labour, the costs of running a homeowners association is increasing due to inflation. HOA boards are feeling the immense pressure of putting together enough funds for capital projects, maintenance, and renovations without raising the dues.

You need to achieve a balance between staying competitive and keeping prices low. The problem is that 70% of management companies believe it’s necessary to increase prices to cover their costs. In that case, virtual real estate property management by a remote worker may be your best choice.

6 – Staffing is a top priority

Smaller associations are competing with bigger ones for full-time employees and reliable contractors, leading to tinier teams but higher employment costs. Talented individuals will always choose the organisation that pays them higher for their skills and knowledge, or at least offers them better benefits.

When you’re struggling to find a good worker in your city, remove the restrictions of geographical location by hiring a property management virtual assistant instead. They tend to be more affordable than a person in your country since they have lower living expenses.

About your virtual property management assistant

As convenient as it might be to hire a VA, make sure you aren’t choosing one based on who applied for the position first. Pick your employees wisely, especially when they’ll be working online full-time. You won’t be able to monitor them as you might an onsite worker, after all.

Ease your worries about outsourcing or offshoring staffing by cooperating with Remote Workmate. We use artificial intelligence for screening dozens of candidates thereby increasing accuracy. We also train our candidates how to maximise AI for association management.