AI Products & Payments to a CM
Hello Dennis. I ask this AI question hoping other coalition members may chime in too!
1. What sort of questions should a diligent board ask a property management company that has purchased and will roll out Property Management AI Products? Stan AI is one company out there that provides such a product.
Apparently a unit owner can send a text message to a “virtual Assistant” and obtain information or inadvertently generate a task for the community manager, albeit with limitations. What is your thought on AI products in HOA and COA communities? Would this type of AI technology help the community management team more so than the homeowners?
I’m all for streamlined, efficient solutions so long as the cost vs reward truly helps the board and homeowners in minimizing common frustrations in these communities.
2. The property management company is contractually the “Agent”.
Fee schedules for meeting minutes are outlined loosely and poorly in the contract but nonetheless, compensation for services is totally fair. Should the Association pay the Agent such fees for minute taking or directly pay the community manager du jour?
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PJ
Bravo. I wish all board members thought like you. I really can’t weigh in on contractual issues. Each and every board is free to contract for any services they want, with the understanding that they have a fiduciary duty to the community of homeowners to act in the best interest of the homeowners as a whole. If you believe the cost of services is commensurate with the value added by those services, then go for it. What most board don’t realize is that they are not required to accept the boilerplate of any contract they are free to negotiate that language as well if it is not in the best interest of the community. if the vendor or service provider refuses to change their boiler plate you can offer a memorandum of understanding that states that certain provisions of the boiler plate will not be applied in this contract. If the vendor refuses to accept that your duty is to move on and look for one that will truly freely negotiate your contract. Accepting provisions that are unconscional to the interest of the homeowners could subject the board to breach of duty litigation.
Dennis