Not-for-profit community associations are not immune to the rapid changes in today’s global economy and the need to evolve and adapt as quickly as possible.
While some trends will come and go, others warrant attention.
Three significant trends that not-for-profit community associations should be examining now include: focusing on digital experience, budgeting for and managing rising fees and costs, and the growing need for centralized data management. Read on to learn more about each of these trends and how they are impacting not-for-profit community associations.
3 Trends Facing Non-Profit Community Associations
A community association is essentially a business – even if it is not for profit – and all companies must grow and change to survive.
It’s not just about adapting to new technology or adjusting processes to make them more efficient or effective. Instead, it’s imperative for not-for-profit community associations to not only plan for change but also proactively pursue it.
Anticipating the impact of key trends on your organization enables preparation and the ability to take advantage of those opportunities. Here are three significant trends that not-for-profit community associations should have on their radar.
1. More Emphasis on the Digital Experience
The first trend is the need for a clear and intentional digital experience strategy for owners, board members, and employees alike.
It’s been said that the mobile phone has overtaken the house phone as it’s easier and more convenient to carry around. So, a cutting-edge experience goes a long way when it comes to pleasing modern consumers.
But it goes beyond designing for mobile. The digital experience includes evaluating how your digital presence will look across all devices, including desktops, tablets, phones, and other new technological advances as they are released.
Modern consumers expect online payment options and the ability to view your site and access information on any device. Is your association meeting the digital needs of your owners and board members?
2. Rising Costs and Fees
The second trend not-for-profit community associations face is a rise in costs and fees.
As we continue to face (and eventually recover from) the coronavirus crisis, owner demands and needs may increase, leading to additional costs. You may also see an upturn in vendor costs as companies face climbing material prices and employee rates.
Not-for-profit community associations must properly budget to avoid additional debt. One way to do this is by cutting down on some of the overhead and redistributing those funds.
Your employee costs are a significant expense that can be decreased with the help of capable technology. TOPS [ONE] helps save time with automation, self-service options for owners, board members, vendors, and other features.
Depending on the size of your association, you may be able to slim down your staff or at least cut back on hours to save some money by enlisting TOPS [ONE].
A few other money-saving ideas that can help trim expenses are to:
- Switch out landscaping for more water-efficient plants
- Evaluate contracts with vendors
- Consider solar power solutions
- Reduce paper usage
- Recruit volunteers
By finding ways to lower operational expenses, you’ll avoid having to increase HOA fees or impose a special assessment on owners.
3. Increasing Need for Centralized Data Management
The third trend not-for-profit community associations face is the increasing need for centralized data management.
More and more often, the need to work remotely is necessary. Employees desire flexibility, as do board members. Enabling remote work may also make it easier to recruit volunteers since they can help from home.
Cybercrime is on the rise and can be devastating if not addressed. A cloud-based solution takes care of your data storage needs and should also address security and updates. Not-for-profit community associations must take this seriously and secure their growing data repository to protect everyone in the community.
We’ve discussed 3 trends facing not for profit community associations today:
- A growing emphasis on the digital experience
- Rising costs and fees
- An increased need for centralized data management
It’s critical not only to consider how each of these will affect your association but also what strategies you’ll use to address them head-on.
If any of these issues sound daunting, don’t let them discourage you. Our team is ready and waiting to partner with you by offering the tools to enhance your digital experience, centralize your data, and improve your accounting to prepare for rising fees and costs.
TOPS [ONE] Can Help Your Non-profit Community Association Handle These Trends
With the continual evolution of digital technology, more and more consumers are looking for a personalized experience that considers their individual needs.
The way people interact with your community association has changed significantly in recent years and will continue to do so now that everything is going mobile.
To be successful, you need to have an online presence where members can easily access important information. If this sounds like something you’d like help with, don’t hesitate to contact a TOPS Sales Representative. We can’t wait to tell you more about our modern, easy-to-use community management software. It works well with associations regardless of their size.
Start embracing these trends now to set your association up for success!
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