CARLSBAD, CA—As Millennials continue to age, buy more homes and increase their purchasing power, residential communities will change to reflect their preferences, so they need to get involved in the running of these communities, FirstService Residential California's regional director Marisa McVey tells GlobeSt.com. The firm works with HOA and condo-association boards across the country to ensure the board members they work with are prepared to handle their duties, understand the intricacies of budgeting what can sometimes be millions of dollars and know the importance of planning for the future.

As purchasing power begins to shift from the older generation to the Millennial generation, FirstServices believes it will be key for property-management companies and boards to begin attracting younger board members and prepare them to take over these roles. We spoke with McVey about how property management companies and boards can attract younger-generation candidates who are responsible and interested to serve their communities.

GlobeSt.com: Why is it important for the younger generation to get involved in their HOA and condo associations?

McVey: For the fourth year in a row, according to NAR's 2017 Home Buyer and Seller Generational Trends study, Millennials were the largest group of homebuyers. As this key demographic continues to grow older and Millennial purchasing power increases in every industry, we'll continue to see products, services and, in this case, communities change to reflect their preferences.

From an HOA/managed-community standpoint, younger owners need to get involved in their boards, so they can maintain and protect their investment while establishing a level of harmony in the community. By being involved, they have an opportunity to assist in providing a level of “pride of ownership” for what typically is the largest purchase they will make in their lifetime and help shape the community's rules, priorities and programming.

GlobeSt.com: How can property management companies like FirstService Residential play a role in educating younger people about the importance of getting involved in their HOA and condo associations?

McVey: Management's role is key in establishing the behavior of the association with regard to due process, rule of law and risk management, which is all done with education. When done correctly, both the association and management work as a team to achieve a level of respect and follow-through with homeowners, which is prime for a well-run association. As the largest property management company in North America, FirstService Residential makes an effort to ensure that board members—and those considering becoming board members—are well versed in the roles and responsibilities they will be taking on. Through its e-learning platform, BoardAdvantage and local HOA Board conferences, FirstService Residential takes an active role in shaping the HOA/condo association board members of the future.

GlobeSt.com: What does the property management sector need in order to entice young home/condo owners into serving on their HOA/condo board?

McVey: One word: technology. The younger generation is all about technology, and management needs to find creative ways and digital implementations that meet the needs of the association to encourage engagement, participation and transparency—all within the laws of the particular community and locale. To really increase participation from the younger generation, associations need to find ways to integrate digital solutions for processes like communication, board decision-making, record-keeping and more. The associations that adopt more technology-driven and user-friendly processes will find a younger generation of owners that's more engaged in the community and ready to serve.

GlobeSt.com: What else should readers know about this topic?

McVey: As the NAR study shows, Millennials are not just showing interest in buying homes, they are actually driving the housing market right now. Because this generation tends to be more open to change, they will undoubtedly play a large role in revamping association management in the future. One example would be in energy management. Today's home and condo buyer values green construction and features that reduce their carbon footprint. As more Millennials become involved in managed community boards, they will be more likely to take energy management solutions like those from FS Energy, FirstService Residential's advisory subsidiary, into account and take steps to budget for and implement those solutions long-term, ensure the longevity of the communities in which they live.

GlobeSt.com: Why is it important for the younger generation to get involved in their HOA and condo associations?

GlobeSt.com: What does the property management sector need in order to entice young home/condo owners into serving on their HOA/condo board?

GlobeSt.com: What else should readers know about this topic?

Instant Insights /

Why and How to Draw Millennials into HOA/Condo Associations

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