3 Insights Gained from Vantaca's Customer Advisory Board
In April 2021 Vantaca took an exciting step. Vantaca established a Customer Advisory Board with the first convening taking place in Durham, NC. Eight Vantaca early adopters who together represent a diverse cross-section of the management companies Vantaca serves were invited to serve a two-year board term.
The voice of our customers has always been a primary driver of Vantaca’s organization priorities, and I am thrilled that we were able to take another step to invest in this process by establishing a diverse, experienced, and respected Customer Advisory Board made up of several industry leaders from Vantaca’s early adopters. Our first in-person board meeting occurred over two days and left me reflecting on 3 observations and themes.
1. Demands and expectations from Boards are increasing – this is a trend that is likely to continue.
The demographic makeup of Boards across the country is shifting toward younger generations.
Real-time self-serve technology platforms (Amazon, etc.) are causing rising expectations for management companies' services and even more so, speed.
Management companies must evolve their management agreements, staff training, and technology toolsets to meet these needs.
2. Vantaca’s comprehensive solution represents an opportunity to take a giant leap forward in management company business intelligence.
Because all facets of community management flow through Vantaca, a true analysis of management company/association fit and efficiency can be performed. Just a few of the concepts we explored are listed below:
Margin and profitability on a per association basis (Management/Admin fees vs. all activities – emails, work orders, etc.).
Work order turn per manager.
Monthly analysis of payment methodology (and tools to shift where desired).
Invoice turn time, spend analysis, etc.
Cost analysis of community interactions (homeowner calls, late fees, etc.).
Vantaca is committed to working with our customer base to unlock the potential of this data and generate actionable insights that drive value for communities, and profitability for management companies.
3. Our relationship with our management company customers has one consistent, unwavering theme – partnership.
Management companies need a partner in their core software provider, not just another vendor.
Most community management veterans bear the scars of legacy software systems that were either short-sighted in their vision of software innovation, beholden to outside stakeholders (Wall Street, external capital sources, etc.) rather than the management companies they serve, or more concerned with their short-term business agenda than the evolving needs of our industry.
For Vantaca, maintaining a laser focus on the needs and success of the management companies we serve above all else will continue to deliver value for all stakeholders beyond just this quarter or year, but for many years to come.
Customer feedback has always been such an important driver for Vantaca and I feel incredibly grateful that our inaugural advisory board members shared their time, insights, and motivations with us. I look forward to the continued pursuit of innovation, efficiency, and exploring the future of community association management with our customers, partners, and the Vantaca team!
If you want to learn more about Vantaca's next-generation Community Operating System to give you that competitive edge, click here to talk with us.