Millennials: Shaping the Future of Your Association

Key Insights into Millennial Homeownership

Who currently leads the booming homeownership trend in the United States? The answer is millennials. Often painted by the media as entitled and disinterested in home buying, this generation, born between 1980 and 1999, is proving those stereotypes wrong. Approaching their 40s, millennials are marrying, starting families, and, importantly, purchasing homes. In fact, their participation in the housing market has surged, with 36% of all home purchases being made by millennials in the year ending June 2017, climbing from the previous year's 34%.

Urban Living Preferences

This new wave of homebuyers is unlike any previous generation. Millennials are intent on maintaining their urban lifestyle even after marriage and children, avoiding long commutes and seeking homes in city centers. Real estate development is evolving to meet these demands, offering family-friendly urban dwellings with amenities like sports courts, dog parks, and playgrounds. This shift suggests a growing number of millennials will settle in HOA and condominium communities.

The Importance of Millennial Involvement

Involving millennials in HOA and condominium boards is crucial. It provides them the chance to contribute to the community they invest in, safeguard their real estate investment, and foster a sense of pride in ownership. Most millennials have spent years renting, making them familiar with the role of rules and regulations in community management. Their insights can prove invaluable when incorporated into board strategies.

Harnessing Technology to Attract Millennials

To engage millennial homeowners, leveraging technology is essential. Accustomed to a digital-first lifestyle, millennials prefer receiving information through electronic means. Thus, embracing mass communication tools like text and email ensures effective outreach for board meetings, community events, and volunteer opportunities. If current bylaws hinder this, associations should consider revising them, possibly with legal counsel, to accommodate these modern communication preferences.

Social Media and Community Engagement

Social media is another powerful tool for community interaction. Creating a private Facebook group can facilitate discussions on non-sensitive topics, such as scheduling events and class timings, without incurring printing costs. This digital space allows residents and board members to conveniently plan and promote community events, bolstering participation and camaraderie.

The Rise of Electronic Voting

As electronic voting becomes permissible under more state laws, it offers associations a progressive method to enhance involvement. This option accommodates those unable to attend meetings in person and caters to the technological inclinations of the millennial generation. Checking legal permissibility and adopting such practices can foster greater participation.

Utilizing Digital Feedback Tools

Digital platforms like MailChimp can effectively gather input through polls, appealing to millennials' preference for digital interaction. Engagement increases when individuals are heard, paving the way for stronger community bonds and active participation.

Beyond Technology: Emphasizing Equality and Purpose

Millennials value equality and purpose in their work, extending these expectations to board commitments. Creating an atmosphere where their opinions hold value and ensuring they feel mentored rather than dismissed is crucial for their involvement.

Flexible Meeting Schedules

For boards to effectively engage millennials, meeting times should accommodate their schedules. If in-person attendance is challenging, exploring options such as live streaming or conference calls can provide alternative avenues for participation, preventing alienation.

Securing the Future with Millennial Engagement

Millennials will shape the future landscape of community associations. Prioritizing their involvement is vital for financial and communal well-being. By adopting these strategies, associations can ensure millennials are integrated and active, laying a strong foundation for the future.