The report helped to define the future of the community association housing model. It also provided ideas and action items on how to minimize uncertainty and elevate the collective ability to manage the future. Today, we’re already seeing some of the challenges and opportunities the report addressed come to fruition.
Research shows an increasing number of community associations worldwide and the growing influence of homeowners in communities. At the same time, technology and demographics (baby boomers aging in
place and millennials becoming homeowners) are changing how homes are built and how communities are developed. That’s why we’re turning back to some of the same experts mentioned above to bring you
Community Next: Homes of the Future. This next step in CAI’s
Community Next series offers ideas on integrated technology, government partnerships, banking and internet security, global access to information, the future of reserve studies, and electric vehicles.
For almost 45 years, CAI has educated, informed, and advocated for people who live and work in common interest communities. Thanks to these ongoing efforts, we have a strong and valuable understanding of community associations today. And now, thanks to
Community Next, community association volunteers, managers, and business partners can focus on their daily roles and prepare for the future.
Our increasingly digital world is changing everything—from our purchasing patterns to how we interact with our friends and family. It’s also affecting how we manage our homes and communities. It’s promising to make us more effective board members and more engaged residents. But it’s important to remember one simple truth: Some things never change. One of an association’s most important duties is to enhance the community living experience for residents.
What used to be funded by real estate tax dollars must now be funded directly by homeowners. Community associations are efficient and economical housing management organizations, but they cannot meet future challenges alone. Consider, for example, today’s looming problems and how partnerships with all levels of government might solve them in the future.
The electric vehicle market has grown exponentially over the past few years. States like California and Hawaii, which have adopted laws that allow homeowners to install vehicle charging stations, have been leading regulatory efforts to encourage electric vehicle adoption. Community association leaders should expect residents to bring these vehicles home in increasing numbers in coming years, and they should be prepared.
When it comes to cybersecurity and the inherent risks associated with internet and mobile banking, the future is already here. The Association for Financial Professionals conducted its 2017 annual Payments Fraud and Control Survey and found payment fraud and data breaches are increasing. Neither huge corporate
giants like Target and American Express nor small mom-and-pop stores are completely immune.
Cyber threats also affect community associations, which hold sensitive information about their homeowners. To avoid becoming victims of internet fraud, all communities should follow the recommended best practices and use all available defenses.
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The information mentioned in this article is for informational purposes only, is intended to provide general guidance, and does not constitute legal or professional advice. You should seek the advice of a professional advisor and/or legal counsel to address your specific needs regarding the issues related to your situation. Banco Popular North America does not make any representations or warranties as to the content contained herein and disclaims any and all liability resulting from any use of or reliance on such content.
Controlling home devices is one advantage of smart-home technology; accessing information—in the era of big data—is another.
Access to association information will be catching up with access to glocal information very quickly. “Glocal” is a term coined in the 1980s to describe data shared by local and global resources. YFS Magazine (2011) defined it well: “The term glocal refers to the global innovation that is streamlined for local consumption.”
When you combine glocal data with artificial intelligence, you have the home of the future.
Read the full article here.