Prepare for 2021 - Association Management Trends You Need to Know
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It’s critical to keep a pulse on the industry, but it can be hard with so much on your plate. In this webinar, our panel of community association management experts discussed the latest industry trends, and provide insights on how you can overcome potential challenges and prepare for the year ahead.
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Prepare for 2021 - Association Management Trends You Need to Know
- 1. Prepare for 2021: Association Management Trends You Need to Know
- 4. Housing Remains Hot Fueled by record-low interest rates, inventory shortage, and remote work relocation. 4 SEP 2020 $334K SEP 2019 $292K Median Home Sale Prices SOURCE: REDFIN +14% YOY
- 5. Pending Sales are Up 37% YoY Nearly half of homes are selling within two weeks. 5 Active Listings Pending Sales Under Contract Within 2 Weeks SEP 2020 1.8M SEP 2019 2.3M SEP 2020 604K SEP 2019 441K SEP 2020 48% SEP 2019 35% SOURCE: REDFIN -21% YOY +37% YOY +38% YOY
- 6. New Home Construction Reaches a 6-Month High 77% of new homes built for sale are in associations (2019). 6SOURCES: U.S. CENSUS BUREAU / COMMUNITY ASSOCIATIONS INSTITUTE (CAI) Housing Starts: New Residential Construction SEP 2020 1.42M SEP 2019 1.27M +11% YOY
- 7. The Number of U.S. Community Associations Has Grown 5% in the Last 5 Years 7SOURCE: COMMUNITY ASSOCIATIONS INSTITUTE (CAI) 2019 FACT BOOK 351K COMMUNITIES 27M UNITS 74M RESIDENTS U.S. Community Associations
- 8. California Now Leads in Associations, Growing 13.6% in the Last 5 Years 8SOURCE: COMMUNITY ASSOCIATIONS INSTITUTE (CAI) 2019 FACT BOOK CALIFORNIA 49.2K FLORIDA 48.5KTEXAS 21K Illinois 18.8K N. CAROLINA 14.1K
- 9. Assessments and Fees Collected Have Grown 37% in the Last 5 Years to $96B 9SOURCE: COMMUNITY ASSOCIATIONS INSTITUTE (CAI) 2019 FACT BOOK Assessments and fees collected $96B $70B +37%
- 10. State of the Industry 10
- 11. Covid-19 Has Emphasized the Importance of Communication, Technology, and Compassion 11SOURCE: APPFOLIO 2020 COMMUNITY ASSOCIATIONS MARKET SURVEY COMMUNICATION FLEXIBILITY WFH BENEFITS Lessons learned during Covid in association management TECHNOLOGY COMPASSION
- 12. Some Management Companies are Defining Success as “Business As Usual” While Others Tighten Their Belts 12 BUSINESS AS USUAL HEALTH & SAFETY PAYROLL Defining success over the next several months STEADY FINANCES CONTINUED GROWTH SOURCE: APPFOLIO 2020 COMMUNITY ASSOCIATIONS MARKET SURVEY
- 13. 13 I've learned how important it is for all staff, board, and residents to embrace technology and be open to change. - AppFolio 2020 Community Associations Market Survey Response
- 14. 14 Overcoming Challenges and Preparing for the Future
- 15. Technology Dependency Around Homeowner and Board Communication has Increased 15 BOARD COMMUNICATION BOARD VIRTUAL MEETING ADOPTION ONLINE PAYMENTS Increased dependency on technology VIRTUAL MEETINGS HOMEOWNER COMMUNICATION SOURCE: APPFOLIO 2020 COMMUNITY ASSOCIATIONS MARKET SURVEY
- 16. Management Companies are Preparing for the Future by Adopting Technology and Streamlining Processes 16 TECHNOLOGY ADOPTION DEFER EXPENSES SLOW DOWN Preparing for the future STREAMLINE & AUTOMATE EMPLOYEE TRAINING SOURCE: APPFOLIO 2020 COMMUNITY ASSOCIATIONS MARKET SURVEY
- 17. 17 This shift will force many companies to consider becoming more technology-based. - AppFolio 2020 Community Associations Market Survey Response
- 19. 19 2020 © AppFolio, Inc. Confidential. Q&A