If you’re a member of our network, you’ve seen us talk about artificial intelligence and its increasing role in the HOA industry and marketplace. Not only are property managers using the technology, but boards themselves are finding the tool useful for budget analysis, communications to residents, board minutes formatting and a host of other benefits.
Not surprisingly, the demand is pushing development of the software to new heights, but data concerns may cool demand in some segments. A recent article by OpenPR did a nice job of summarizing the key issues:
Increasing demand for efficient and automated property management solutions in homeowners associations (HOAs) and growing adoption of cloud-based software solutions for better accessibility and scalability in property management are the factors expected to propel the growth of the global HOA property management software market. However, resistance to change and traditional methods of property management within some HOAs and concerns regarding data security and privacy in the use of property management software is anticipated to hamper the growth of global market.
According to their report, the rental property segment accounted for the largest share of the HOA property management software market revenue, with AI software is widely used by landlords and property managers to manage rentals, handle communication, and streamline their collection processes, which is expected to dramatically increase the overall market growth.
One thing is certain:
As HOAs deal with tasks like maintenance requests, financial management, and communication with residents, the demand for tailored property management software solutions is increasing. Thereby, driving the growth of this segment in the global HOA property management software market.
You can read the whole thing here.
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