Staying up to date on the latest trends ensures you can offer clients and residents everything they want
Key Takeaways:
- The community management industry is constantly evolving
- We could see several new trends emerge in 2023
- Some of these trends could make your job more challenging
- Solutions are available for these problems
It should come as no surprise that the community management industry expects some changes in 2023 as we continue to return to normalcy following the COVID-19 pandemic. And people working in the industry need to understand how it’s evolving so they can provide residents with a comfortable living experience that meets their expectations.
Some of these trends could bring challenges as managers attempt to keep their communities running smoothly. Fortunately, there are ready-made solutions that will help you address many of these issues as they arise without disrupting your entire community.
Ensuring you’re up-to-date on how the industry is changing is essential. Here are the 2023 community management industry trends you need to know.
Cybersecurity
Businesses of all types and sizes should be aware of cybercrime and its effect on operations. Hackers are continually finding ways to infiltrate cloud and on-site computing solutions, and HOAs and other community organizations have become prime targets because they store private documents and resident information in their systems.
Once this information is stolen, it can be sold or held for ransom, creating headaches for your residents. It can also hinder your business operations, as the average attack costs a company between $1.1 and $1.4 million, depending on the type of breach. It’s clear, then, that management companies will need to emphasize cybersecurity in 2023 to minimize the damage these attacks can do.
Residents are also increasingly demanding transparency when it comes to cybersecurity protection. They want to know where you’re storing their information and how you’re protecting it. You should be prepared to provide this information and answer specific questions in 2023 because there’s a good chance someone will ask about it.
Disaster preparedness
It seems as though we’re experiencing more natural disasters than ever before, so forward-thinking community managers are developing disaster preparedness plans. These plans can include both emergency response protocols and disaster relief strategies that can keep residents safe during and after an unforeseen event.
Updating your plan means taking a deep dive into threats that could arise in your community. If tornados or hurricanes are possible, factoring in the damage they can do is essential. You might even consider active shooter and bomb threat scenarios. The goal is to be as prepared as possible for anything that occurs while keeping people and property as safe as possible.
Everyone in your community should have a copy of your plan and understand how you will implement it. You should also have a strategy for repairing damage if a disaster strikes and makes properties in the community uninhabitable.
Greater demand for safety
As infrastructure around the country ages, residents could begin prioritizing safety. As a community management professional, you’ll have to focus on repairing and maintaining common areas throughout the neighborhoods and buildings you manage to keep them in a safe and functional condition.
Overlooking this upkeep could open you up to lawsuits, especially if there are code violations. In 2023, maintenance and safety could become a massive part of your budget, particularly if you manage properties that are aging or were neglected during the pandemic.
Emergency repairs could be worth budgeting for when allocating community funds. Prioritizing these jobs could become necessary, and you’ll want to ensure the money is there when you need it.
Use of technology
Our lives are increasingly reliant on the latest technology, and this is no less true for the community management industry. For starters, firms can use community management software to collect and analyze accounting information, send emails, schedule meetings, and stay in touch with staff and vendors. Remotely managing your communities and teams is far easier with this technology, as it keeps all the information in one place.
Residents will also appreciate this use of technology because it provides them with more ways to get in touch with their community management teams. The result is a faster response, which breeds confidence that management will address any concerns as quickly as possible. Residents also appreciate receiving updates online and paying their rent or fees electronically. These features save time and make their lives easier.
Staffing challenges
One of the main concerns in the community management industry this year is also a problem for almost all American businesses: staffing. Hiring and retaining talent is becoming increasingly challenging in today’s mobile, work-from-anywhere society.
In fact, a recent study released by the Foundation for Community Associations reports that 97% of CEOs and recruitment staff are dealing with a shortage of community managers. There aren’t enough people working in the industry, leading to burnout for those holding these positions.
In addition, community managers need help finding employees and vendors to work with them. There are 10 million job openings in the United States right now, with many appearing in the skilled trades that community managers seek to provide maintenance, repairs, security, and landscaping assistance.
Community managers must be aware of the difficulties this trend can create and how it can trickle down to other parts of the business. Fortunately, there is a way to minimize the problems you’ll have finding vendors.
Relief is available
You can streamline the process of locating and vetting vendors by utilizing a professional vendor management platform. This technology makes it easier to get in touch with local businesses offering the services you need while also vetting them for compliance – so you don’t have to.
VendorSmart offers the software you need to source and manage vendors for your communities. We understand how vital these relationships are to your residents, and that’s why we guarantee full vendor vetting at no additional cost. Contact VendorSmart for more information on how this software can help you stay ahead of the game through 2023 and beyond.