19 MARCH 2023PropTechOutlookinto the fitness center, mail and package management, accessing community calendars, booking time at a personal cooking class, reserving a spot at the community pool and more. This is a `win-win' because this frees up staff time that would ordinarily be spent with assisting residents doing this," comments Mendillo.· Proprietary HOA tech equips management teams with the ability to ensure the digital security and privacy of their residentsAccording to a survey of professionals in the HOA management industry, 49.2% of respondents have been using their current tech solutions for three or more years. The rest of the respondents have only been using their current tech solutions for two years or less."Despite being the leader in the industry, we're still learning and innovating every day when it comes to tech," said FirstService Residential, Regional Director of Technology, Walter Christian. "There is so much more the sector can be doing when it comes to tech solutions, and one of the biggest concerns we hear from residents is around how their data is being protected. Their data is solely theirs ­ we are just the `custodians' that keep it safe."Of course, tech makes it possible to keep our residents safe from data breaches and data loss. We accomplish this by:· Establishing the highest level of security through SSL certificates, firewalls, secure network transmissions, authentication and account creation requirements, software-based virus and malware applications, as well as backup and recovery modules.· Ensuring business continuity despite severe weather events through our data center in Las Vegas. The center leverages Microsoft Azure which ­ from a compliance standpoint ­ exceeds the most stringent HIPAA, SOX and FISMA requirements.· Leveraging multiple internet service providers, giving us carrier diversity to provide maximum uptime. Our data center backs up data and stays active in the event of an electrical outage.Further having a tight seal on your residents' data also drives up the value of any community as a bi-product."· HOA tech allows us to facilitate billing and ensure financial transparency and security. "To put it into context, about 350 of the 800 daily tickets we receive and resolve through First Service Residential's Customer Care Center are focused on streamlining the resale process. The HOA resale certification provides buyers with important financial information regarding their HOA, including the board's budget, any anticipated expenditures for the upcoming year and the amount the association has in reserve." "By digitizing this process, we cut the time it takes to complete this process, while also enhancing compliance by keeping all sensitive financial data in one secure platform.""HOA tech allows us to stay on top of billing inquiries, Arc modifications, vendor payments, and provides overall transparent financial among the board and the residents for any specific community."What's ahead for this sector, how is the software evolving and to accomplish what?"We serve various local markets, and they are all very different. At our size and scale, tech gives us the ability to not only enhance the way we serve our boards and residents, but provides a localized service ­ this is huge when you think about local legislation and the specific needs across our local markets," said Mendillo. "Although we are a national company, it's our core mission to deliver the personalized service our markets expect, along with the infrastructure and resources of a national company; tech is the way we can accomplish this and why boards choose us.""With further investment and innovation in this area ­ especially in the era of COVID-19 ­ the sky's the limit when you think about operational efficiency and service delivery.""At the end of the day, building and maintaining great relationships with your community is what really matters. With robust software and proprietary tech solutions, you can transform your HOA community into a well-oiled machine and an even better place for residents to live ­ all well scaling up the value of your high-rise, condo or managed community," explains Mendillo. BTR communities are rising from coast to coast, led by the Southwest and Sun Belt where great climates and cultures attract newcomers. A peek at the Southwest tells the BTR story
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