Transformative or Trendy? How to Know What New Technology in Community Association Management is Worth It

Community association management is evolving rapidly, with technology driving major shifts in how HOAs and COAs operate. From AI-powered automation to enhanced financial tools, these innovations are helping management companies save time, cut costs, and improve homeowner experiences. But what exactly do these changes mean for management company executives, and how do you know what's here to stay versus what's trendy? We break it down with our take on the tech trends that will transform community association management - and how to spot a key need from an overhyped trend.

Spot the Hype: How to tell if it's just a fad

Not all new technology is created equal. Some innovations are created to solve a true need that will have long-lasting impact, while others are created simply to create buzz for a brand. To know if a new launch is trendy - not transformative - consider the following:

• Does it solve a market need? Is the new product offering solving for a problem that has caused decades of strife in community association management, or does it just look incredibly entertaining? Take the launch of Metaverse in 2021: Zuckerberg and the Meta team poured millions into this launch, and the technology was great. But in reality, it addressed no real purpose and solved no real problem. When considering new technology for your management company, be careful not to fall in the Metaverse trap - just because it looks cool doesn't mean it actually solves for anything. 
• What's the impact? Can the solution provide a significant financial impact to you - such as labor cost savings or hard cost savings - and can the organization providing you the solution quantify the revenue you should expect to generate and overall ROI? Numbers don't lie - especially when there are no numbers - and management company executives should be wary of new technology that fails to show a true financial impact. 
• Is the technology adaptable? Technology evolves over time, and so should the solution offered to your management company. Long-lasting products have sufficient product roadmaps and beta programs to regularly enhance their solution for the consumer. 

On Trend Technology: What's going to have a lasting impact in community association management?

To determine if a solution offered to your management company will serve a purpose that will have a transformative, long-term impact, consider the following:

• Does the solution serve macro-economic trends that are here to stay? Oftentimes, new technology launches out of a response to a new macro-economic condition - but not all macros are alike. For instance, products that were launched to address COVID-19 solved for a short-term need, while solutions that solve for GDPR compliance will be continuously needed. Consider whether or not the solution will solve for a challenge your management company has that will continue to be a problem for the long run. 
• Has this always been a problem? If the new technology makes you think, "Finally! Something is out there to address this" - that's a good sign. Oftentimes the best solutions offered in community association management aren't very entertaining, but address a challenge that has been rife with time-consuming, costly processes for far too long. 
• Is the technology groundbreaking? Some innovations, like virtual reality, are simple advancements. Other technologies - like Generative AI - are going to change nearly every industry. When a solution offers game-changing technology, one should take notice. Be careful, however - not all GenAI products are created alike. If the solution offered doesn't have a solid financial impact and address a long-term need, it may be more of a fad. 

What Technology in Community Association Management is Game-Changing?

Now that we've broken down transformative versus trendy technology, let's take a look at which new solutions in the CAM space are serving management companies with long-term, financially sound innovation:

1. AI & Automation Are the Future of Resale Processing 

Generative AI is the backbone of smarter, more efficient operations. In the past, resales in particular were bogged down by manual data entry, mailed documents, and slow approvals. Today, AI-powered platforms automate resale transactions, reduce errors, and speed up closing times.

2. Paperless Workflows Are the New Normal 

Management companies that still rely on mailed documents and paper checks are falling behind. The shift to digital resale processing, e-signatures, and online payments is now a necessity. Management companies should be highly considerate of any new technology that eliminates the need for paper. 

3. Real-Time Financial Insights Are a Must-Have 

Gone are the days of waiting for financial reports to see where your association stands. With modern management platforms, managers and Board Members expect real-time financial visibility. Any platform that can help executives and Boards make financially sound business decisions in real time are here to stay. 

4. System Integrations Are Breaking Down Silos 

Disconnected software systems are a thing of the past. Management platforms, resale solutions, and accounting tools now integrate seamlessly, giving teams a single source of truth for data.

5. Homeowners Expect a Digital-First Experience 

Millennials and Gen Z are now a major part of homeownership and Board leadership. In fact, Gen Z is outpacing past generations in homeownership. These digital-native homeowners expect modern, streamlined processes - meaning slow, paper-heavy workflows are no longer acceptable. When considering new technology, management company executives should keep in mind how the solution will attract the new generation of HOA/COA Board Members. 

The Future of Resale Technology is Klozed.

Technology in community association management isn’t just evolving. It’s setting new industry standards. Fully digital resale and settlement processes, real-time financial insights, and seamless system integrations aren’t just trends; they are fundamental shifts that will continue to shape the way management companies operate.

If your team is still relying on manual resale processing, mailed documents, or outdated workflows, now is the time to evaluate how much these inefficiencies are costing your company. Klozed offers a custom savings analysis to help you see exactly how much you could be saving by going digital. If you're interested in seeing how Klozed will impact your management company, ask us for a custom analysis.