Each new generation of home buyers brings with them new needs or desires that condominiums, homeowner (HOA), or townhome associations need to consider. The newest generation of home buyers has shifted to the Millennial generation, with Gen Z not being far behind, and they come with their own list of values and desires when considering a home within an association.
Below are various considerations that revolve around the use of technology by associations and sustainability efforts.
Technology
Association documents – Both Millennials and Gen Z have been raised in the technology era and they will likely expect association related materials to be available digitally. This can include governing documents such as the Declaration of Covenants, Conditions and Restrictions (CC&Rs) along with the rules and regulations.
Online payments – Younger generations of owners may prefer to use less traditional means of payment, such as checks, to pay association assessments and fees. Being able to pay dues online could make your community more appealing to these potential buyers.
Virtual meetings – Living through lifestyle changes brought on from working at home, as well as having grown up with technology, Millennials are more accustomed to virtual meetings and may be more active participants in meetings held online. However, it may be necessary for board members to adopt new rules and regulations that consider how to address roll call, opting into online meetings, and accessibility issues. The association’s legal counsel can provide specific guidance regarding the use of virtual meetings in your community association.
Read more here: Four Benefits of Virtual Meetings in Community Associations (https://www.ksnlaw.com/blog/benefits-virtual-meetings-community-associations/).
Electronic voting – This can make the voting process more efficient, faster, and more convenient for all members, particularly younger owners who may be accustomed to technology. Electronic voting software can also eliminate the need for manual counting of paper ballots, reducing the risk of errors and increasing the accuracy of the results. It’s critical that board members work with the association’s attorney to ensure that the electronic voting process complies with the association’s governing documents and state laws.
Social media – This can include creating an official association social media account (ex. Facebook, Instagram, Twitter) to share upcoming meetings and promote community events. Millennials are no stranger to the social media world and may use it as a primary method of learning about the association.
Read more here: 5 Pros in Using Social Media for Association Communication (https://www.ksnlaw.com/blog/pros-social-media/).
Association website – Millennials and Gen Z are known for their preference for technology and digital communication. Association websites can provide numerous benefits to both the members of the association and the association itself including convenience and transparency. It can act as a centralized portal for association policy posting, document requests, assessment payment, community news, upcoming events, and more.
Sustainability
A major shift among the younger home buying generation is the increased awareness for sustainability efforts. Millennials and Gen Z have been known for their support for green options including renewable energy resources, composting, and recycling programs. With an increased desire for alternative energy options, community associations may also need to update rules and regulations to allow for solar panel installation.
Additionally, associations should consider the rapid rise in the popularity of electric vehicles by reviewing association policies in relation to electric vehicle charging stations in an effort to attract new generations of home buyers.
Read more here: Electric Car Charging Stations in Community Associations: Five Things to Consider (https://www.ksnlaw.com/blog/electric-car-charging-stations-community-associations/).
Legal Resource
While the next generation of home buyers offer their own slew of challenges and rewards, they should always be considered firstly as owners and part of the association. Embracing and preparing for ownership shifts can bring new skills and perspectives to community associations.
If your condominium, homeowner (HOA), or townhome community association has legal questions regarding updating your governing documents, virtual meeting, or electronic voting procedures, do not hesitate to contact our law firm.
Please note the material contained in this article is for educational and informational purposes only and does not constitute legal advice. No attorney-client relationship is established by your review or receipt of the information contained in this article. You should not act on the information discussed in this article without first obtaining legal advice from an attorney duly licensed to practice law in your State. While KSN has made every effort to include up-to-date information in this article, the law can change quickly. Accordingly, please understand that information discussed in this article may not yet reflect the most recent legal developments. Material is not guaranteed to be correct, complete, or up to date. KSN reserves the right to revise or update the information and statements of law discussed in the article law at any time, without notice, and disclaims any liability for your use of information or statements of law discussed on the article, or the accessibility of the article generally. This article may be considered advertising in some jurisdictions under applicable law/s and/or ethical rules/regulations. © 2023 Kovitz Shifrin Nesbit, A Professional Corporation.