Homeowner associations are experiencing a period of rapid change. These changes influence everything from how parties communicate to the appearance of the community. Explore three HOA trends for 2018-2019. Revisiting Short-Term Rental Rules Short-term rentals are an increasingly hot topic, particularly in popular tourist destinations and bustling metros. Many HOAs are tightening up short-term rental restrictions due to local government policy. Complaints from neighboring owners over safety, noise, and cleanliness have also raised concerns At the other end of the spectrum, some HOAs are finding ways to amend bylaws, making it easier for owners to rent out their units. This is rare, occurring only when the majority of owners value the economic potential of short-term rentals. HOAs may also find themselves revisiting rules about the community’s appearance. Regulations on political signage, flags, and other exterior décor have surfaced during owners’ meetings throughout the country and will likely continue. Increasing Demand for Certified Property Managers The demand for licensed property managers has surged in recent years. Community association managers (CAMs) remove the burden of fee collection while dedicating time and resources to owner and prospect care. Residents appreciate the professional services. Managers benefit from delegating tasks and potentially higher resident satisfaction. In most states, CAMs do not need a license. The lack of consistency and regulation has managers seeking CAMs with certifications in an effort to ensure quality Organizations such as the Community Associations Institute (CAI), Institute of Real Estate Management (IREM) and National Associated Builders and Owners (NABO) have witnessed increased enrollment. As these graduates enter the workforce, managers will have a larger body of certified CAMs from which to choose. Growing Prominence of Software Solutions Owners and manager both are discovering the benefits of condo-specific software that expedites documentation and billing processes.These solutions...

It’s an exciting time for the condo industry in Canada. Facing tech disruption, new building, increasing regulation and competition, condo companies need to rethink — and even reinvent — the way they do business. To improve operational performance and increase NOI, condo managers need software platforms that deliver actionable analytics and integrated online services. A Market on the Move  As revealed in the PWC Emerging Trends in Real Estate 2018 report, the condo sector in Canada is seeing steady demand in most markets. In downtown core areas, condo units remain attractive to young professionals with a live/work/play lifestyle, along with retiring baby boomers who are downsizing from single family residences to enjoy urban amenities. The condo industry is also evolving in response to new needs and pressures. Whether there isn’t enough supply to meet demand or oversupply is finally being absorbed, condo managers need a profitable strategy that suits every scenario — including new projects such as popular multiuse communities that are driving density in city centers. These trendy new communities combine a mix of condo units with retail, a range of services and commercial space. Beyond the concept of mixed use, these “developments-as-neighborhoods”  recognize the demand for a community infrastructure that includes schools, parks, shopping and medical services that consider needs of young professionals, young families and older residents, too. According the PWC report, “The age of the shrinking condo may be coming to an end: units are starting to get bigger, reflecting the needs of families and move-up buyers.”  Tip #1: Go Paperless and Save  To be more agile in a changing market and transform operations to be more profitable, you have to say goodbye to paper. By streamlining invoice processing and centralizing spend management with automated online approval workflows, you ensure...

If you are a condominium property manager, every day you work towards maintaining your properties to make them desirable places to live, while keeping operations running smoothly. Further, you must ensure the properties meet the expectations of owners and condo corporations. In competitive markets such as Toronto and Vancouver, this is especially key. According to the experts, the lack of single-family residential unit supply in the current Canadian market is expected to create opportunities for condo markets to absorb excess demand. Condo demand is forecast to increase in Toronto and Vancouver, due to factors including urban migration and the interest of foreign real estate investors.  In addition, rising house prices, which have reached 4.6 times the national average household income, further powers the condo market. Given the high demand and potential growth in this industry, it is crucial to stand out as a property manager. Following are some tips to help you attract and retain condo corporations and at the same time reduce your overhead costs and streamline your operations. Enhance Your Digital Presence It all starts with branding. In today’s world, it is imperative to have a digital presence in order to establish credibility of your business and to attract prospective customers. When it comes to your property management brand, curb appeal matters. Critical first impressions often happen online. Creating a beautiful property website with rich, easy-to-use features including an owner portal will further heighten your brand value and make you a more valued property management service provider. Creating a Community Due to the growth in demand in the condo property market, creating, promoting and maintaining a strong sense of community is crucial to stand out as a property manager. Of course, property appeal goes beyond landscaping and renovations. Today’s owners are looking...