2023 is here! For businesses in the community management industry, each new year starts with resolutions and goals to address challenges, respond to trends, and achieve growth objectives. The idea is to find the best strategies that make improvements and drive better results.
Alike many in the community management industry, our organization continually seeks out ways to empower the members we serve and attract new members that appreciate how we stand out as a true partner. One of the areas we have spent considerable time on over the past couple years is technological solutions that solve issues, drive efficiencies, and elevate client and community experiences. Our focus on technology includes a wide range of solutions, platforms, and tools that help our member base optimize operations and generate growth. Below are four examples of how we leverage new technology to benefit our valued members.
Designed to serve the community management industry, this cloud-based management and accounting software solution adapts to each community’s business processes and banking systems. Features include customized workflows and reports with access to real-time analytics, a comprehensive communication that brings all channels into one place, and full banking integration with no need for separate banking portals. Other benefits provided to our members include a streamlined management center with automated accounts receivable processes and comprehensive view of all documents and contracts.
According to Bob Klages of Community Property Management, “Vantaca has helped improve efficiency and security for the communities they serve.” Two standout features are the mobile access and SOC 2 compliance. Things like architectural requests and work orders can be handled from anywhere. Although SOC 2 is a voluntary compliance standard, it does help increase community trust that the technology effectively manages customer data in a secure, confidential way.
This solution addresses the challenges of capital planning for managed communities by offering a Living Reserve Study. With so much uncertainty and continual change, the old methodology for making capital decisions is no longer relevant and does not help create an adequate financial plan.
Our goal with adding SmartProperty was to help our members address a different capital planning environment. Features include the ability to look at anticipated expenses that span up to 30 years and identify how to ensure there are no reserve shortages. The software also enables phased replacement plans, an overview of the impact of Board decisions on the budget, and planning to access to cash for upcoming repairs or projects.
It also includes testing capabilities for various “what if” scenarios related to different timelines and project phases. This real-time planning tool means that homeowners and their Board of Directors have a more accurate picture of the community’s financial condition and the impact of upcoming expenses and projects. Many communities that have used this technology have seen significant improvements in their financial health.
This platform provides 360-degree video and artificial intelligence to improve results from on-site inspections. Compliance View 360 is considered to be the world’s first GPS-driven property inspection system. They have a fleet of hybrid vehicles that are equipped with omnidirectional cameras and driven by Compliance View 360 employees in each market. This technology has helped many of our members offset the workload of handling on-site inspections and freeing up time to address other community obligations and focus on improving relationships with the communities they serve.
Ricky Zilem of PS Management explained how this technology has assisted with maintaining their community standards. “Our team can log in remotely to look at the inspection videos created by Compliance View 360, which saves considerable time and provides the ability to make faster decisions. Adding to the efficiency is the ability to create and send violation notices based on those videos. We can also develop and send work orders for maintenance, landscape, security, and street lights. Staying on top of these issues makes for a better-looking community and more satisfied residents.”
This technology consists of integrated sales-enablement (SaaS) tools that give a prospective Board a better experience with proposals. It offers a private relationship portal where information and materials can be exchanged, helping to establish credibility and trust. With access to a range of tools, this technology has helped our members speed up proposal preparation, customize documents and reports, and access deeper analytics that help drive their strategy, decisions, and communications.
Preferred access to new technology is just one of the many reasons members join the Innovia co-op network. Our model enables us to provide more resources, networking opportunities, and industry expertise to a group of like-minded individuals who see the benefit of working together to leverage greater buying power and knowledge. Feel free to schedule a discovery call to learn more about the advantage of becoming an Innovia member.