November 28, 2023
Navigating the Future with Confidence: Takeaways from Vantaca Vision
As one of the premier events in the community management industry, the 2023 Vantaca Vision conference provided a space for the top community management companies, banks and software companies to come together and share ideas, collaborate, and envision the future of the industry.
Positive Performance Growth Amidst Economic Uncertainty
Despite the economic turbulence, community management companies are experiencing a surge in business performance. Their services are becoming increasingly essential in communities, highlighting their resilience and adaptability in challenging times. In a poll of community management companies in attendance at Vantaca Vision 2023, 50% said they were Concerned about America’s current economic situation, but a combined 74% said their company’s performance was up slightly or up significantly in 2023.
Technological Evolution Driving Efficiency
A major driving force behind this success is the adoption of cutting-edge technology. Community management staff are leveraging AI tools and task automations to manage workloads more effectively. Furthermore, the ability to offer virtual or hybrid meetings depending on each community's preferences is helping boost homeowner and board engagement. This approach is breaking down barriers, allowing for more inclusive and accessible participation from community members.
The top five answers to what the community management companies in attendance at Vantaca Vision 2023 were most excited and optimistic about in the industry were:
- Remote Work
Data-Driven Decision Making
To enhance their business operations, management companies are focusing on harnessing actionable data and establishing a central source of truth to inform data-driven performance improvement initiatives. With data-driven decisions at every level of their business, management companies can proactively identify potential challenges and trends and take corrective action to address these issues before they escalate and impact the business.
The Challenge of Homeowner Engagement
Community management companies are striving to enhance the community experience for homeowners and boards alike. By integrating innovative tools and technologies, they are fostering a new era of transparency and engagement within their communities with tools like self-service options that grant immediate access to essential information and services. This proactive approach not only streamlines communication but also nurtures a more connected and informed community.
Exploring New Revenue Streams
Community management companies are redefining their roles, aspiring to be the go-to partner and single point of contact for all community needs. By forming partnerships with general contractors and other vendors, they're not only meeting the diverse needs of communities but also exploring new avenues for revenue. Of the community management company owners and executives in attendance at Vantaca Vision 2023, 91% said they had identified new revenue streams in the past year. Of that 91%, 41% of those new revenue streams were classified as new service offerings and 33% were partnerships and collaborations.
Congratulations to our 2023 Vanty Award Winner: Trident Management
Trident Management has reimagined their client onboarding process with the introduction of the "New Association Welcome Letter." This action item transforms the conventional welcome letter into a dynamic drip campaign, beginning with a traditional letter sent through both mail and email. The initial correspondence is enriched with informative infographics that guide new clients on how to sett up payments. The campaign then evolves into an automated series of videos, specifically designed for homeowners and board members. These videos serve as explainer guides for navigating the homeowner portal.
Trident has found that this strategic approach not only streamlines the onboarding process but also significantly enhances client engagement, encouraging owners and board members to actively utilize the portal. Trident believes this method fosters a stronger commitment to using the portal, ensuring a smoother transition for their new clients.
Watch Trident Management's Vanty video submission
Since its announcement at Vantaca Vision 2022, Vantaca is at the forefront of a performance revolution. The 2023 Vantaca Vision Conference is a testament to this transformation, demonstrating how Vantaca IQ drives unprecedented employee efficiency, productivity, and financial outcomes.
Vantaca customers are experiencing not just growth but a fundamental evolution. Vantaca IQ's rich insights and analytics foster a culture of deep engagement and precise execution. This evolution is not merely about progress—it's about sustained performance reshaping the landscape of association management.
Key takeaways from recent interactions with Vantaca customers underscore the shift towards a granular understanding of association unit economics and enhanced employee interactions. These insights have crystallized into a collaborative roadmap for the coming year, designed to turbocharge our clients' operations.
Vantaca was also excited to announce the launch of Vantaca Home, the innovative homeowner and board member web portal. This intuitive interface represents a significant leap forward in self-service and has been meticulously designed to empower homeowners and board members. Vantaca Home is designed to be user-friendly, making even the most complex tasks simple for homeowners and board members. The platform offers straightforward and easy navigation, providing instant access to essential functions, and enabling homeowners and board members to find what they need quickly.
Vantaca Home will significantly improve homeowner and board satisfaction through greater self-service functionality. Second, it strategically reduces the number of calls and common inquiries. By reducing the volume of direct inquiries, management companies have more time to focus on providing value-added services.
Vantaca Home leads the way in self-service solutions, and we are excited to see Vantaca Home become a cornerstone of customer satisfaction and operational efficiency for our customers.
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