This article was written by our valued partner STAN, who provides Innovia Co-op members with revolutionary AI-based live chat solutions.
As the global economy continues to fluctuate, community management companies are facing unprecedented challenges. Inflation, raising interests, and labor shortages are just a few of the obstacles that they must contend with in order to thrive in today’s economic climate.
Therefore, attracting and retaining skilled community association managers (CAMs) or HOA managers become crucial for them.
A fair salary is crucial to incentivize talented and experienced Community Association Managers (CAMs) or HOA managers who can handle the diverse responsibilities of the job.
As inflation rises, the cost of living increases, making it more challenging for CAMs to maintain their current standard of living. Therefore, property management companies need to find ways to help CAMs manage their workload and increase their compensation to maintain their job satisfaction.
STAN can help achieve this by automating time-consuming manual tasks, enabling managers to focus on higher-level tasks and responsibilities.
With the rise of inflation, CAMs are expected to handle more tasks and requests with fewer resources. This can lead to a decrease in job satisfaction and ultimately, hinder the growth of the property management company.
Based on a survey from the Foundation for Community Association Research, 55% of community managers cite homeowners’ unreasonable demands as the top cause of job dissatisfaction. 49% of CEOs and hiring personnel say they are working to reduce the workload for portfolio managers.
With STAN’s automation, CAMs can manage more properties efficiently and delegate most of the repetitive and administrative tasks to the AI Assistant. We see a 50% increase in Admin Assistant capacity based on our survey of 1,500 properties across multiple populous states(California, Washington, Oregon, Arizona, Colorado, Nevada, and Texas). It equates to $25k in labor savings per person as the average salary of administrative assistants is between $40k and $50k.
This increased efficiency allows property management companies to take on more clients without hiring additional staff. We have seen companies double their portfolios without compromising on service quality with STAN’s help. 97% of property managers who have used STAN are satisfied with it.
By reducing overhead costs associated with hiring additional staff, property management companies can allocate those funds towards increasing the salaries of their existing CAMs, HOA managers, or property managers, increasing their job satisfaction.
STAN’s data-driven approach can provide valuable insights for CAMs to make data-backed decisions that can lead to improved community management performance. By using STAN to collect and analyze data from conversations, CAMs can identify areas where they can optimize their operations and improve efficiency.
Our monthly report provides community managers with insights on frequently asked questions, inbound message trends, new conversations and users, engagement tips, and more. This allows managers to quickly identify urgent issues and take proactive measures to address them, as well as prevent future problems.
By leveraging STAN’s data insights, CAMs can demonstrate their value to property management companies and board members by improving the overall management of the community. This can lead to better job performance, increased job satisfaction, and potential salary growth.
Property management companies often struggle to provide residents with timely and accurate responses to their needs. This can lead to frustration and dissatisfaction among residents, which can in turn affect the reputation of the company.
Based on our survey, 93% of homeowners want to be able to text with their management team. With STAN, homeowners can receive instant and accurate responses via text messages.
STAN can handle various homeowners’ requests including account balances, upcoming fees, service requests, community rules, CC&Rs, ARCs, amenity bookings, complaints, violations, etc. By responding to those inquiries automatically, STAN can reduce residents’ wait time and increase their satisfaction.
By streamlining communication with residents, STAN also helps prevent small issues from becoming larger problems, ultimately saving money for property management companies. These cost savings could be redirected to increase the salaries of CAMs, ultimately helping to attract and retain skilled professionals in the field.
Property management companies can also leverage STAN’s white-label option to enhance their branding. By branding the AI assistant as their own and integrating it into their existing communication channels, property management companies can increase brand recognition and resident loyalty.
STAN not only streamlines operations and reduces labor costs but also helps property management companies to attract new clients. With the success of the company, community association managers could expect higher salaries and benefits.
In summary, by automating manual processes and streamlining communication between CAMs and residents, STAN is transforming HOA management. It improves efficiency and satisfaction for all parties involved. With STAN’s customizable white-label option, property management companies can enjoy a competitive edge and steady growth.
Ultimately, by implementing STAN, CAMs will have a better chance of increasing salaries and property management companies will be able to thrive in the turbulent economic climate.
Contact us to learn more about our partnership with STAN, and how they help our member companies optimize their customer service efforts with AI-driven chatbot solutions.