The Community Association Institute’s 2024 CAI CEO-MC Conference brought together leaders in association management to share expert insights and explore key industry trends, and we were fortunate to serve up cocktails and collection efficiencies with Equity Experts. As one of the most important events for HOA and COA management executives, the conference offered actionable strategies and thought-provoking discussions around technology, leadership effectiveness, and what’s to come for 2025.
Here are some of our key takeaways from this year’s event:
1. Technology and AI Are Revolutionizing the Industry
While discussions around technology and AI are not new, the conference showcased how many community management companies are already using AI in their daily operations, bridging the gap between theory and practice. With AI streamlining tasks and improving efficiency, it’s clear that management companies must stay ahead of this technological shift to remain competitive and unlock new benefits. Our booth’s pop-up demo events showcased how TechCollect’s AI-fueled communications can resolve for the majority of the $9 billion incurred in collections and delinquencies, utilizing AI-driven communications to recover 70% or more debt prior to attorney involvement.
2. Transparency in Contracts Is Critical
Clear communication and full disclosure in management contracts were emphasized as vital for protecting both companies and clients. With ever-evolving regulations and expectations, it’s essential for contracts to be transparent, ensuring that both parties understand the terms. This level of clarity builds trust and safeguards against misunderstandings that could lead to costly issues.
3. Adaptability Is Key in a Changing Industry
The need for creativity and agility was a recurring theme at the conference. As legislation changes and industry dynamics shift, management companies must remain flexible and forward-thinking in their approach. Attendees learned about different solutions that have helped companies stay ahead of challenges, highlighting the importance of adaptability in maintaining success. At TechCollect, we work closely with our clients to ensure that their collections communications line up with current and incoming legislation, empowering them to recover debt quickly while staying compliant.
4. To Increase Technological Adoption, Trust is Key
Bruce Turkel, founder of global brand consultancy Turkel Brands, discussed future-proofing brands through creative messaging, a critical consideration as management companies evolve in a disruptive world. He offered a refreshing look into the importance of building a brand focused on the relationships and resources one has at hand.
As the CAM industry faces evolving regulations and technological advancements, community associations need to maintain trust and clear communication with their boards. By focusing on relationships as a core strength, management companies can gain quicker buy-in as they adapt to changes, which in turn increases client adoption of new tools. We often hear from executives that their top concern in adding to their tech stack is successfully selling its value to the boards, as onboarding a new technology can often feel cumbersome. Strong relationships built on trust help ease these concerns, making the transition smoother and accelerating the onboarding process.
5. Building Agile and Responsive Teams
The conference also addressed the challenges of recruiting and retaining talent in today’s landscape, where flexibility and remote work have become the standard. With HOA boards expecting more from management companies, it’s essential to build agile teams that can adapt to the fast-paced changes in the industry.
This is why leveraging the latest technological innovations is critical for team success. Managers are already stretched thin with their daily responsibilities, and increasing board demands only heighten the risk of burnout. The right tools can not only reduce the workload for management staff but also strengthen relationships with boards, empowering managers to achieve their ultimate goal of building thriving communities.
Looking Ahead:
As the community association management industry continues to navigate challenges, the 2024 CEO-MC Conference served as a reminder of the importance of innovation, adaptability, and collaboration. With the lessons learned from this event, community management leaders are better equipped to face the future head-on.
For those who couldn’t attend, be sure to keep an eye out for next year’s CAI CEO-MC Conference – an essential event for those looking to stay at the forefront of community association management innovation.
