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  My company can take advantage of this opportunity by employing innovative new ways of communicating with residents so that we may help them solve their problems quickly. Communication is key in the community management space, working with so many homeowners, subcontractors, and board of director members means things can suffer due to miscommunication or a lack of communication by any of the parties. By opening the channels of communication, we can provide prompt responses to resident inquires via; phone, internet, or mobile, this accessibility will provide my organization the opportunity to provide quality customer service and improve the relationship between residents and management. While this focus on customer experience is not a new concept it is an innovative new idea in the field of community association management. We can build strong relationships with residents by taking advantage of every opportunity to enhance their experience when interacting with management and can improve their experience of living in the community by working collaboratively together to the benefit of everyone. Building these relationships with residents can provide my organization with the opportunity to offer additional ancillary services to both the community and individual residents. By holding my organization to a high standard, we can establish a reputation for quality service and reliability within the community. Depending on services rendered costs can start as low as $20 per month per home or condominium in the community. 

                The innovations my organization will provide will address the opportunity outlined above by focusing on the customer experience by providing high quality customer service and create a collaborative community environment for the association. Customers will purchase my services because the services will offer high quality service without a substantial increase in costs to them. Getting customers to switch may be difficult without an established reputation, management contracts can span multiple years and it can be costly and painful to switch. Making connections with influential people in the community and networking is my intended way of acquiring business early on. The competition are large established management companies which are often know for their weakness of assigning too many communities to a single manager who can not adequately provide quality service to each community. Organizing the business will consist of several community managers, a handful of support staff, and subcontractors. 

                The key to my business is the commitment to the customer experience, I understand that it is a privilege to work within someone’s community and do not take that responsibility lightly. The advantage I see to the community association management space is that it allows you a foothold in the community where you can then pursue more opportunities. I would like to expand the business to include additional services such as maintenance and rental management as well as real estate sales. As an entrepreneur I would love the opportunity to create multiple business which occupy diverse spaces. I would like to build the business to the point where I can reduce my role to less than 15 hours per week, so that I can pursue other endeavors and passions. 

Feedback: 

The feedback I received for my Venture Concept No. 1 was positive and reaffirmed the importance of the strong emphasis I put on communication between my community association management company and the residents of the communities which we manage. The information I gained from the What’s Next assignment has further spurred my interest in providing ancillary services to the communities which we manage as additional revenue drivers for the organization. 

I changed by venture concept by expanding on the importance of communication and how my organization will incorporate strong communication into every facet of its operation.