In this week's Community Association Management Mashup, we tackle the future, and what it will hold for your HOA! Banking and an uptick in millennial engagement are about to have an enormous impact on the housing industry, and we have tips and tricks to help guide you through that. Plus, the future of condo living is going green! Find out more about the environmentally-friendly new green roofing and more in this week's CAM Mashup!
As an educated member of the Community Association Management industry, you already know how crucial it is to stay informed and up-to-date on the latest news, trends and happenings within the industry. Each week, we bring together our favorite reads of the week and share them with you! Enjoy the CAM Mash Up and please share it too!
I'm a Manager Not a Magician
Even though I am pretty sure Tanoa has magic powers, she makes a really solid point in this week's blog post. When taking on a community that was in desperate need of her help she explained to them that “it was not optional to make repairs and replacements. It is their duty to maintain the property in a proactive, disciplined and fiscally responsible way. By artificially maintaining their low monthly fees, they were setting themselves up for a special assessment. They had misled their residents into believing that it did not cost much to maintain their community, and they are going to have to re-educate the members about what it really costs to sustain the community."
Venting is something I have learned to become better at recently. I typically am the person who bottles everything up until I can't take it anymore. However, I have realized it is quite therapeutic to vent to someone who can relate when something is getting under your skin. But make sure you are venting in a constructive manner. Find out the difference here!
This is the very first time I am hearing this phrase "farm-to-condo" and I think I am in LOVE. "Green roofs have many well documented benefits. They can make a co-op or condo building more attractive to potential buyers. They can turn a tar-paper desert into a welcoming oasis. And in the bargain they protect the roof membrane, absorb carbon dioxide, emit oxygen, and control rainwater runoff. And now for yet another benefit: a green roof can be a source of food for the building’s residents." This is beyond exciting!
New Age Banking and Your HOA
"Technology is revolutionizing the world around us. It has changed the way we communicate, travel, conduct business, and how we maintain and organize our lives. This critical shift in the way we live and work has impacted every industry, including the financial sector. Over the last decade, financial institutions, such as Bank of America, Citibank, and American Express have invested in FinTech (financial technology) companies to meet modern regulatory, digital, and security challenges." You'd be silly to think that this banking revolution won't also take over the way your HOA does banking. Let's take a look.
"Millennials will represent the largest group of American home buyers in 2017, at 33%, and many will turn to HOAs to make home ownership a better fit for their lifestyle. This is a good thing for your community, but this new HOA demographic can change the way you manage." So what exactly does that mean? Pro Millennial Tip: The web is usually ALWAYS the answer.