09 Dec HOA Condo Communities are Increasing in Popularity: How Communities Can Attract Homebuyers & Keep Up with Demand
In a market where single-family homes are simply unattainable for many simply due to skyrocketed prices, a lot of families and singles are choosing to move into condominiums instead. Alongside the increased popularity of condominiums, comes the increase in desire to live, specifically, in an HOA managed condominium community. Approximately 74.5 percent of sold homes as of the 2019-2020 year were in a Homeowners Association, with roughly 73.9 million of those homeowners (about 22 percent of the United States population) choosing to live in a condominium community instead of single-family neighborhood, and only increasing from there. How can condo communities keep up with the demand, and what is causing this uptick in demand for condominiums?
First and foremost, condominium communities come with the added bonus of onsite amenities such as a fitness center, pool and/or hot tub, or business centers that offer printers and computers. These amenities help to increase community engagement and involvement; residents can meet neighbors when using these communal spaces, creating friendships and solidarity within the community. Not only does it encourage involvement within the community, but positive interactions between residents also creates a warm and inviting atmosphere that benefits everyone. The connections that HOA amenities foster can assist with security, too – if everyone knows each other, homeowners will have an easier time identifying strangers or outsiders.
Onsite amenities are one of the main reasons families purchase condominiums in HOA run communities – as an association, you can ensure your current amenities are in peak shape; that they are clean, sanitized, and that any equipment failures have been fixed. You can also speak to your Board about possible room for spending within the budget for new equipment – keep an eye on the competition to see what they offer that you don’t, and you can make some steps in the right direction. If your Board is unsure about spending room, have them speak to your HOA management company. A select few like Worth Ross Management Company can help you rearrange your budget, help you manage reserve funds, and assist with all financial relations to keep your association running and your homeowners happy.
Here are the top five amenities that homeowners voted “must-haves” in their community:
1. Fitness Center
Having a health center will help homeowners meet their fitness and health goals, all without leaving the building. The convenience of simply having this center available is often a selling point to many people, as it means they will not have to spend extra money on a gym membership each month. Some buildings even offer fitness classes each month to encourage residents to use the onsite gym and can help keep boredom away during the colder months when outside activities are not as accessible.
2. Outdoor Recreation
Most residents can agree that they enjoy spending time outdoors, whether it’s to work out or simply enjoy the fresh air on a bench and reading a good book. If your community has extra space, and especially if there are multiple buildings on your property, you can use this space in between them to build a small park, play area, or a few benches for residents to use in their down time. If you’re in a high-rise building, try setting up a space on the roof or see if it is within the budget to set up a fenced in area outside of the building on the ground floor where residents can enjoy the fresh air in peace.
3. Pet-Friendly Amenities
More people are now looking for HOA communities that have dedicated spaces for pets, which shouldn’t come as a surprise since 67% of the U.S. population has at least one pet. Communities are now offering pet-wash stations onsite, off-leash dog parks (if you have the space for it), and convenient pet waste stations around the property. Other pet-friendly incentives that many communities have been offering include hosting pet parades for holidays, doggy socials, and partnerships with companies like BarkBox, which send monthly goody boxes to subscribers, to give back to the residents of the community in a fun and pet-inclusive way.
4. Picnic Tables or Barbecue Area
Offering an outdoor space where residents can relax outside is great, however going the extra step and providing grills (one or more) has proved to be a highly regarded perk when homebuyers are weighing their options when looking to purchase a new home. It might not be the top priority; however, it is a huge bonus if homebuyers are looking for some fun outdoor space to cook or have gatherings during holidays like Independence Day or for game days when grilling is an absolute must.
5. Co-Working Spaces & Business Amenities
In the era of working from home, having a space where homeowners can step out of their condominium unit and have a dedicated workspace is essential. It will give them the opportunity to work elsewhere, offering a separation of work and home areas. Aside from a working situation, many homeowners don’t have a printer in their home and would love access to one occasionally. This is where the association comes in to provide computers and printer(s) to residents as a convenient bonus.
These top five amenities are only the beginning to staying ahead of the competition and keeping up with surging demand of HOA condominium communities, as well as ensuring the happiness of your current homeowners for years to come.
On top of streamlined amenities, the level of service and hospitality your association offers can be the differentiator between homebuyers purchasing at one community instead of another. How do your onsite team members stand out from other communities’ teams? Hiring and training your team members to be the best they can, and to uphold the highest level of service your homeowners (and homebuyers) come to expect. One of the biggest ways you can help your onsite team members keep up with demand is training – providing regular, consistent training classes can keep them sharp and educated on the latest information and practices. Ask your HOA management company about the types of training provided to team members. Most companies only provide the bare basics and only give classes a few times a year, while others like Worth Ross Management Company have a dedicated training department to provide monthly courses to team members. When your team is top-notch, your services will be, too.
Bottom line, the amenities your community offers paired with top-of-the-line services and hospitality can keep you one step ahead all the time. Talk to your homeowners to see what appeals to them, then speak to your Board and HOA management company to see where you have room to spend on any updates to the property or upgrades to amenities. Put your homeowners first and foremost, and homebuyers will be attracted to the level of dedication your community provides to its current residents.
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