As the New Year approaches, homeowner associations across the country are preparing for new regulations, new concerns, and a new market. 2022 has been an eventful year with rising prices, government regulations, and other challenges. Still, the communities that reached success were fearless in evolving with these changes. As we look forward to 2023, let’s dive into what lies ahead for homeowner associations and the real estate industry.
Ongoing Communication
After the pandemic, efficient and frequent communication has proven essential to both residents and HOA boards. Moreover, homeowner associations are leaning on digital systems and strategies such as email marketing, monthly newsletters, websites, and resident portals. HOAs should consider taking advantage of the digital resources available to them and streamlining communication channels to create ease for their residents.
Expenses Are On The Rise
The beginning of a new year always brings about an increase in renovation projects, home maintenance checklists, and updated landscapes as homeowners write their New Year’s resolutions. As prices increase across the board, HOAs must also consider their budgets for the new year. Materials and property services will cost more in 2023, including landscaping, labor costs, maintenance and repair, and insurance premiums. Many HOAs are preparing for inflation in 2023 by raising their dues 10-15%, purchasing materials in bulk, and even signing annual contracts with vendors at a lower rate.
A Change In Homeowner Needs
Flexible and remote work arrangements have taken the world by storm since the pandemic in 2020. Homeowners associations must remember that many residents will now be working hybrid and even fully remote positions, most often from the comfort of their homes. Homeowners’ needs and wants will now start to shift as well. Home renovations will become more popular and social gatherings will become more frequent, for example. HOAs should prepare for potential resident disputes as their needs continue to shift throughout the year.
If your HOA Board needs help preparing for these 2023 challenges or any other association issues, contact Prism Realty Management. Give us a call at 512-676-5842 — we’d be happy to talk to you about who we are, the services we offer, and our process.
