The Future of the Community Association Industry

By James A. Bradley, MBA, LCAM Association Prime – Powered

South State Bank

Adam Balkcom

CAM Leadership Institute

To predict how the Community Association industry will look in the future, we can reflect on the technological developments that have shaped the industry to date:

1. Cloud-Based Management Platforms: Gone are the days of hosting all your company’s data on a hard drive in your office. Thanks to cloud technology, managers, boards, and residents have real time access to needed information. With everyone able to self-serve, inbound calls and emails are reduced while also providing greater transparency to all parties.

2. Mobile Apps: Managers are able to review communities directly from a tablet or smartphone while on site visits in the community. Residents are able to make payments, report maintenance issues, and stay up to date on community news and events.

3. Virtual Meetings and Communication: With the rise of telecommuting, virtual meetings and online communication have become the new norm. Community associations can leverage video conferencing tools to conduct virtual board meetings, town halls, and other events to engage with residents digitally – allowing managers more time to serve communities that otherwise would have been spent driving around to meetings.

These improvements center around providing greater access to information to management company stakeholders – from any location – making it easier to accomplish more faster!

The next wave of technological advances will allow management companies to manage a higher volume of communities with excellence – while also meeting the higher expectations of boards and residents.

1. Artificial Intelligence and Machine Learning: AI is taking the industry by storm and has come a long way in a relatively short period of time. Stan AI, based in Toronto, through a chatbot, can answer a vast number of homeowner requests. ChatGPT is making it easier and faster to create communications for your boards and residents (we even used it to assist with this article).

2. Virtual Site Reviews: One of the most time-consuming aspects of community management is site review. There are companies that are using vehicles equipped with a camera to record rules violations and automatically upload them into management company software.

3. Smart Building Technology: The sensor revolution is only beginning. Now it is possible to know if, and where, a pipe is leaking in a building, when a light bulb needs to be replaced, and how to efficiently adjust the building’s systems to reduce energy costs. Eventually buildings will be able to automatically provide feedback directly to the management company without anyone ever physically going to the community.

4. Remote Team Members in Other Countries: While remote team members themselves aren’t a technological advancement, their integration into US companies has been driven by technology. Managers now have the tools to do the majority of their job remotely. The financial benefits of having employees work in other countries with lower exchange rates and significant cost of living differences is undeniable and most large management firms have already implemented this. Companies like Gordian Staffing have made the offshoring process turnkey.

As we look further in the future, technology will continue to reduce the number of staff members needed to manage a community:

1. Streaming Aerial Photography: Even though memorized flight plans are a regular feature of drone software today; drone operations still require humans. The next generation of inspections in our space is likely going to be a subscription service from companies like Amazon or Google that are using drones and can license the video for commercial use. Combining this technology with AI could further reduce the human input needed to orchestrate site reviews.

2. Blockchain: When people think about blockchain they usually only think about cryptocurrency but blockchain has farther-reaching implications. It has the potential to create new business models that are more efficient, transparent, and secure.

 Smart Contracts: Smart contracts are self-executing contracts that are stored on the blockchain. They can automate the execution of contractual terms and conditions, reducing the need for intermediaries and providing greater efficiency and transparency. This may allow for many more associations to be self-managed and allow the management company to act as an intermediary.

 Identity verification: Blockchain can be used to create a decentralized identity verification system, providing users with greater control over their personal data and reducing the risk of identity theft.

At times, thinking about all the technology shifts that are happening can be overwhelming and anxiety inducing. Take a deep breath and instead think about putting the bricks of a foundation in place to set yourself up for success in the future. Using this list as a guide, start at the top and learn more about each item and implement the advancements into your company. Carve out time each week to read and stay on top of developing industry trends. If you take incremental steps, you won’t wake up one morning and realize you are too far behind to catch up.

James A. Bradley, MBA, LCAM is currently the Senior Vice President & Director – Business Development & Strategy for Association

Prime Powered By South State Bank where he is responsible for a team that manages a $1.4 billion in association deposits and approximately $350-Million in association loans. Before starting this role with the bank, he was a principal of for Disaster Consulting Services, a firm that consulted with management companies to help associations in their claims with insurance companies for not paying association large loss claims.

You can reach James at jbradley@blackboxadvisory.com.

Adam Balkcom's primary role with Association Prime was working with owners of community management companies to grow their portfolios and profits while also creating more personal free time. The first CEO peer group was started in 2019 and quickly grew into four groups. The success of the CEO groups, as well as Adam’s passion for working with business owners, motivated him in August 2022 to step out from the bank and focus full-time on the groups.

You can reach Adam at adam@camleadership.com.