The COVID-19 pandemic has had an immediate and devastating effect on the U.S. job market and labor force. So far, community association managers have been protected from layoffs and furloughs as they provide essential services to clients.
The COVID-19 pandemic likely has caused additional of stress for community association leaders, making it important to prioritize emotional well-being in addition to physical health.
When the widespread threat of COVID-19 in the U.S. became evident in late February, community association board members and managers began asking questions and taking necessary actions.
Nearly 75% of community association board members express being “confident” or “very confident” regarding the current budget, though almost half expect assessment delinquencies to increase in 2020, according to a CAI survey conducted in late April.
It is critical that every homeowner pays their assessments in a timely manner, yet the extraordinary circumstances created by the COVID-19 pandemic means community associations may need to show compassion and be flexible in their collections.