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The Future of the Community Association Management Industry


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The Future of the Community Association Management Industry - an excerpt from the CAM Profitability Conference

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The Future of the Community Association Management Industry

  1. 1. CAM Profitability Conference Best Practices for 21st Century Executives
  2. 2. Our Mission “ To provide a series of thought-provoking seminars and social media discussion groups to educate and advise community management executives on ways to better run their companies. Community management companies are under intense competitive pressure which affects profit levels. The topics discussed will give insight into ways to better market management services, increase revenues, reduce expenses and maximize profits in a variety of innovative ways. ”
  3. 3. Industry Specific Technology  Finding the Right Technology The CAM industry is at a Crossroads
  4. 4. The Future of the CAM Industry The CAM industry is at a crossroads. With more than 300,000 community associations in the US alone, the money flowing through this industry has made it impossible for big money to ignore.
  5. 5. The Future of the CAM Industry In an industry that is typically thought of as ‘behind the curve’ in technology and innovation, we have to move up in a hurry if we want to be able to stay competitive.
  6. 6. Drawing from the Present  The conclusions we can draw at this point in time about where community management is headed are:  National firms buying local companies continues  Move towards web based and mobile technology  Integration of internal business systems  Broaden income streams through expansion of services  More outsourcing to save labor  The industry will be more controlled by new laws
  7. 7. What We’ve Accomplished Thus Far  CAM Software Combine many different software packages (word processor, spreadsheets, database, accounting, etc.) into one platform  Mobile Management No longer need to go back to the office to load inspection results  Lockbox No longer have thousands of checks coming to mgmt. company  Check writing No longer need to have checkbooks for every community  Community Web Sites Homeowners can find information and save a call to the Management Company.
  8. 8. Industry Specific Technology  Finding the Right Technology Looking Ahead: The Future of the CAM Industry
  9. 9. More/Better Technology for CAMs Advances in CAM technologies will lead to more efficient offices. Look to these areas for emerging opportunities:  Automatic check reconciliation  AP Lockbox  Software integration with: • • • The web Phone systems Paperless systems  Mobile Data Access will become the standard
  10. 10. New Laws & Oversight  New laws are being passed in both states and nationally to require more education and oversight. As a result:  Employees will become more professional, educated and technically savvy.  Board members will gain a better understanding of their role expectations, and will become better at them.  Fraud, incompetence and apathy will see a reduction.
  11. 11. More Profit Centers  Companies will start performing more tasks to increase revenues: Collections Landscaping Maintenance Mailings
  12. 12. More Outsourcing  Companies will start performing fewer tasks in-house Accounting services HR services Outsource services that require quick response • Resale disclosures, • In-house payment processing • Mass Printing
  13. 13. More Telecommuting  Companies will incorporate telecommuting policies for these benefits:  Salary savings  Savings on office rent  Spread your service areas  Shrink your footprint
  14. 14. ‘Greener’ Management  New State Laws will be passed based on environmentalist pressures:  Electronic record storage will become standard  Paperless Filing will become the norm  Email will be accepted as legal notice  Social Media will become a standard form of communication
  15. 15. Industry Specific Technology  Finding the Right Technology Don’t be afraid to “Jump off the Log”
  16. 16. Prepare For the Future Now  Define your needs. What do you want to accomplish?  Identify where your staff spends an inordinate amount of time  The 3 goals to achieve when evaluating any new technology are:  Efficiency  Accuracy  Convenience  If the technology you are considering does not offer all three, it’s not the right choice