Technology Disruption

After COVID it seems that the world has gone virtual. How has that affected the co-op, condo and HOA space?

I honestly think technology disruption in this space is at an all-time high right now. Everyone wants to get more productive with managing their buildings. So by adopting new technology, they can put a little bit more time back into their days and let the technology work for them. It’s making them more lean and mean in this market.

There’s old software that does one thing, like QuickBooks. What makes the new players more agile?

The goal of this software, which we call prop tech, is to make operations more automated from an accounting standpoint. The software has the ability to do auto reconciliation, positive pay and work orders. It is also able to do any type of architectural requests, either on a mobile device or a desktop. What the software does is relieve board members from taking all this information down manually, putting it in an Excel spreadsheet, and then trying to track that information. This new technology allows them to do this organically and on the fly. It’s all real-time data, so you can actually manage your co-op or condo more efficiently.

Can these platforms allow vendors access?

Yes. If you give your vendors access, say when your community is undertaking a big job, it will keep the communication flowing between the board, the management company and the vendor. You also have the ability to receive invoices and pay the vendors directly through your preferred bank.  

How do you get tech-resistant boards to warm up to this new technology?

In the end, the goal is to provide the board with more revenue. As bankers, we are not trying to be all things to all people. But if we can promote an unbiased approach to technology, boards will realize it can help automate and streamline their business processes. That involves building a relationship, making sure we understand exactly the challenges and concerns the board is dealing with. Then it requires going on-site and doing some type of lunch-and-learn, and later getting board members some training and giving them the tools to make them feel that it isn’t a daunting task to start utilizing this technology. So really it’s all about education—teaching boards that tech is nothing to be afraid of.