Be Ahead of the Curve with the Latest in PMC Trends
Property management companies (PMCs) have a long-standing reputation honed by the ability to seamlessly manage a portfolio comprised of multiple homeowner’s associations (HOAs, COAs, etc.), each with unique needs and functions. But what makes a PMC stand out amongst the competition?
Since 2020, PMC’s have not been immune to changes in how business operations run (we’ll spare you the term unprecedented times this time around). Changes such as working from home, inflation, acquisitions, and evolving technology have caused macro disruptions in daily operations for even the most veteran PMC. As a result, we see a whole new set of demands and expectations from HOA boards and homeowners.
To thrive in an industry crowded with manual and outdated processes, you’re being asked to keep ahead of the trends like never before:
Top 10 Trends for PMCs in 2022
1. State of Remote Work
Labor shortages require out-of-the-box solutions to keep efficient management processes. To thrive, property managers have learned to work remotely and provide contactless solutions to their communities and homeowners.
In a recent study, 97% of remote workers prefer working from home, and 32% say having a flexible schedule is a must-have benefit. PMCs looking to create an effective remote working environment for their team will benefit from a modern solution to boost collaboration and manage accountability.
2. Business Growth
Growth through acquisition remains a common theme for PMCs in 2022. In fact, less established PMCs are selling their portfolios instead of attempting to keep up with the quickly evolving property management industry.
Other small companies have decided to leave the space altogether. This leaves established PMCs with the opportunity to collect low-hanging fruit by acquisition.
3. Demand for Service-Focused Amenities
Pivoting away from traditional amenities, such as paper workorders, residents are looking for a new type of amenity: 24/7/365 self-service and quick response times. Residents are prioritizing amenities that provide an effortless way to connect via call, SMS, or an online portal for service requests, violation actions, dues payments, and more.
4. Shifting Customer Relations
It is not just the property management industry that has seen workforce changes. Homeowners are also working from home and looking to connect with their property managers on a whole new level.
With homeowners looking to engage with their property managers more frequently, the importance of fast response times is undeniable. Digging deeper, 75% of customers polled on a Self-Service Survey said a fast response time is the most important attribute of the customer experience.
This shift in customer relations has the potential to bog down small/mid-sized PMCs operating with a lean team, and it could even cause disruptions for larger, more established property management companies not equipped to handle high volumes of customer communication.
5. Widespread Technology Acceptance
Both homeowners and property managers are adapting to and prefer more technologically advanced solutions that require less manpower to replace recurring manual processes and tasks.
Homeowners seek the ability to check their account status and information online, without having to call or make an in-person appointment. Keep in mind that even with the ability to self-serve online, it’s critical to create a user-friendly experience. Keeping information up-to-date and highlighting the most popular FAQs are actionable ways of improving your customer’s online experience.
6. Emphasis on Personalized Care
In 2022, property managers are expected to spend more time prioritizing customer relations for increased customer satisfaction and loyalty. This means more time is dedicated to the needs of the board of directors and homeowners within your portfolio, which leaves less time for property managers to complete menial tasks.
Personalized customer care ranks #1 in a recent Personalization Trends study where 80% of customers stated they would more likely buy from a company that provides a tailored experience. In the same study, 66% of consumers said they expect companies to understand their individual needs.
7. Expert-Based Services
Property managers are seeing an increase in expert-based services that require savvy insight and solutions. With a consolidating market and a labor shortage, property managers are being recruited to assist with HOA-specific financial, legal, and tax scenarios.
Specifics such as accounting workflows, reporting, and CC&R violations are industry-specific and difficult to use in an out-of-the-box solution. Relying on industry experts and established providers can lend a hand in filling in knowledge and process gaps.
8. Building Digital Credibility
Having an online presence is invaluable when it comes to creating trust between companies and their consumers. In fact, a 2022 Customer Engagement Report showed a 70% average revenue increase among companies that invested in digital customer engagement over the past two years.
Digital credibility does not have to solely rely on website engagement; PMCs can search to join professional association groups like CAI (Community Associations Institute) to connect with other industry leaders and reach untapped audiences.
9. Vendor Labor Shortage
As residents spend more time at home, the number of calls to their property managers has increased and so has the volume of vendor house calls. Since 2021, labor shortages in the vendor sphere have shaken the property management industry up with backed-up maintenance work orders and lackluster options for PMCs to manage their vendor tickets and accounts payable (AP).
A recent study conducted by Dimension Data found that 73% of customers prefer using a website or portal over any other form of customer support. Providing your homeowners with their preferred service choice will help them to feel empowered and informed.
10. Consolidated Single-Family Market
The hot housing market in 2022 has caused a trend of consolidation throughout the property management industry. Institutional and venture capital investments have been pouring into the HOA market over the past couple of years.
Accelerated by the pandemic, small-portfolio PMCs acquisitions have increased, creating a big opportunity for PMCs to grow.
In times of growth, lean on industry experts and powerful technology. Consider your company’s needs when implementing changes and ask yourself the important questions:
Will this solution promote staff and customer engagement alike?
Does this facilitate, automate, or enhance current processes in a beneficial way?
Is this change sustainable and easily repeatable for every community across your portfolio?
Ultimately, we believe property management companies deserve industry-leading (hello, #1 CAM solution on G2) technology with award-winning support. That is why Enumerate Central delivers on all fronts by making sure that every aspect of HOA management is integrated into a user-friendly system that is easy to use, powerful, and secure.
