Is Virtual AGM Beneficial for Residential Communities? Dive in to Explore

Virtual annual general meetings are quickly becoming the new normal. That’s because technology is penetrating all kinds of businesses that used to operate offline.

Property managers can see Coronavirus real estate trends unfold. This has come as a result of the travel bans, social distancing, and the need to keep everyone safe.

In property management, communication with rental property owners is as important as that with tenants. You are tasked with taking care of the rental property and keeping the owner well-informed. The good thing is that it can be done through virtual platforms. You can make virtual property management a habit by sending regular updates about:

• Invoices for material and repairs
• Warning of potential renovations required
• Ideas for upgrades if need be
• The situation with tenants in case someone has an issue or is moving out

For successful AGMs, property managers need to have the best virtual AGM platform. The challenge here is that picking software for virtual AGM isn’t easy. To help property managers navigate the decision-making process, here are factors to consider:

• The cost of the virtual platform
• Features of the platform
• Security
• The support
• Accessibility
• Meeting capacity

Benefits of Virtual AGMs for Residential Communities

The major challenge with virtual AGMs is technology. Property managers that choose virtual AGMs must factor in a way to remind leaseholders to log in. This is meant to ensure that no one misses the meeting.

A virtual AGM is not the norm in most residential communities. Thus, it’s understandable if you’re worried about how a virtual AGM could affect your meeting experience.

With the right AGM platform, the difference between a virtual AGM and a traditional one is minimal. In fact, virtual AGMs will improve the efficiency and engagement of your AGMs

Here are the benefits that come with the adoption of virtual AGMs in residential communities.

• Virtual AGMs Are Less Expensive

For property managers, the cost of holding a traditional AGM is a drawback. This is especially so when attendance is poor. Once the venue has been booked, security is hired and catering paid for.

The benefits of traditional AGMs outweigh the costs of preparation and low turnout. By turning to virtual AGMs, participants can bypass the overheads. And save on the costs associated with holding an in-person AGM.

All that’s required to hold a virtual AGM is reliable software for virtual AGMs. You also need to have a small comfortable space at home or the office.

• Increased Accessibility and Attendance

Virtual AGMs in residential communities have been growing steadily for years. This has been a way for property managers to gauge participants’ sentiments and attendance.

Early adopters of virtual AGMs have been overwhelmingly pleased with the turnout. The number of attendees to meetings has increased. This is mainly because some participants are no longer restricted by travel time.

Virtual AGMs offer participants the ability to attend meetings virtually from anywhere. This has increased the level of accessibility which translates to increased participation. This is especially so for those with disabilities. It’s also the case for those with health issues that limit their movements.

The increased participation is directly related to simplified processes. Increased accessibility is due to conducting AGMs virtually. With the integration of online property management software and software for virtual AGM.

• Virtual AGMs Are Secured

One major concern regarding virtual AGMs is security. That’s because of the stereotype that anything put up digitally is vulnerable to attacks. That’s understandable. But the level of security in technologies used for virtual meetings must be of a high level for attendees.

The virtual meeting platforms provide multi-factor authentication and API integration. They also have IP tracking and secure voting tools. The main objective of virtual AGM meetings is voting. That’s why these platforms employ robust security measures.

The multi-factor authentication prevents unauthorized third parties from accessing sensitive data. It also prevents them from interfering with proceedings. The improved security features offer meeting attendees unparalleled security during the meeting.

• They Provide More Efficiency Compared to In-person Meetings

One major complaint about in-person AGMs pertains to meeting efficiency. Usually, participants allocate the originally scheduled hour or two for an in-person AGM. But then they realize that the meeting will significantly exceed the scheduled time. This can be disappointing for all those involved.

The inefficiency comes from key meeting processes. That’s the attendee registration and live-in-meeting voting. This is because of the fact that tabulating and scrutinizing votes is time-consuming. Thus, the processes are susceptible to delays that impact the efficiency of meetings.

The transition to virtual AGMs and leveraging solutions automate processes like attendee registration. The tabulation and scrutinization of votes also get automated. This automation helps to simplify these processes and prevents possible delays. This helps to promote meeting efficiency.

• Real-Time Sharing of Information With All Participants

To connect to a virtual meeting, you’re required to click on a specific URL, enter your username, and password. Participants can then share information whether it’s by video, audio, or text. This means that there would be no need for costly telephone bridge connections.

A lot of web meeting software allows “pushing” of websites that participants can be led through. Virtual meeting software also allows for the recording of the virtual AGM. That way, the recording can be used for future references and sharing with participants who’re unable to attend the real-time session.

Conclusion

Generally, traditional AGMs are costly. From venue rental, food catering, possible travels, and event organizers. But with virtual AGMs, the format saves you from all those expenses.

It also saves the time of participants who may have needed to travel to attend a traditional AGM. Additionally, you can avoid the hidden costs from unexpected huge turnouts.

Considering the newness of the format, communities are uneasy about holding virtual AGMs. Thus, property managers must find dependable virtual AGM software.

This will help to clear misconceptions that rental property owners might have about virtual meetings. The fact is that with the right tools, you can successfully hold virtual AGMs.