Many are hesitant to use software for HOA management. But, the reality is that both self-managed communities and HOA management companies can benefit from the use of such software.
Why Should Self-Managed Communities Use Software for HOA Management?
A self-managed homeowners association relies solely on its HOA board to run the community. But, board members are only volunteers. More often than not, they lack the proper knowledge or skill needed to perform their various duties. On top of that, they usually lack enough time to devote to the association, especially with personal responsibilities in the balance as well.
If these problems sound all too familiar to you, then perhaps it is time to invest in HOA management software. Here are just a few ways such software can help with community management.
1. Easier Accounting
Accounting is often the most difficult aspect of HOA management since it requires more than just a passing familiarity with the subject matter. And there are a lot of tasks involved here. Managing an entire association’s finances means having to keep accurate books, tracking invoices, and staying on budget. It also means having to prepare monthly financial statements.
If you have no experience with these things, a software for HOA management can help. Most of these programs come equipped with full accounting systems that let you track your operating expenses, create special assessments, and adjust your budget. You can also keep separate accounts for your operating fund and your reserve fund.
Beyond that, many programs allow residents to pay their dues online. Besides being convenient for homeowners, this is also convenient for the board since the payments go directly to the HOA’s account. This also makes it easier to see which owners have paid and which ones are delinquent.
2. Track Maintenance Issues
It is the homeowners association’s job to maintain the common areas of a community. When you have a particularly large community, though, maintenance issues can quickly multiply.
Maintenance modules also let you communicate with vendors directly via email so you can request a quotation or issue a work order. If a vendor’s insurance has reached its expiry, the system will also alert you. You can also schedule preventive maintenance so issues don’t snowball. Beyond that, many programs come with data analytics that help identify trends.
3. Manage Violations
An HOA management software can also help you track architectural requests and manage covenant violations. It comes with a built-in notification system that will alert you when it is time to inspect an owner’s property. You can also access the history of inspections and easily send violation letters once needed.
4. Grows With Your Community
Although expanding your community is good, it also means added work for your HOA board. The beauty of a software for HOA management, though, is that it can accommodate growing communities. You can simply add new members to the system and set them up with their own online accounts. The work largely remains the same, too, because the system is scalable and mostly automated.
5. Accessible from Anywhere
Thanks to technology, managing your homeowners association has never been easier. You can access the program from virtually anywhere with a connection, even using portable devices such as smartphones or tablets. This is perfect for board members who are always on the go and can’t find the time to stop by at the office.
Why Should HOA Management Companies Use HOA Software?
Self-managed homeowners associations are not the only ones that can benefit from HOA software. Companies that specialize in HOA management or provide it as a service can also make use of such programs. Here are just a few ways such software can help your HOA management company.
1. Faster Setup
When you sign a new community as a client, an HOA management software allows you to seamlessly set up their profiles. You can easily copy key information with the help of a user-friendly interface and straightforward menus.
2. Stay Competitive
Staying relevant and profitable is crucial in a highly competitive market. Because everything you need is already within the software, your company can look forward to time saved. This will allow your staff to become more efficient and give you time to focus on improving your profit margins.
3. Full Community Management Features
An HOA management software comes with all of the features you could possibly need to successfully manage communities. This includes communication tools, resident management, accounting, covenant enforcement tools, and request tracking. With fully integrated HOA software, you can run communities more efficiently and effectively.
4. Manage Multiple Communities
It is nearly impossible to keep up with the demands of multiple communities at once when using manual processes.
There is so much time and resources wasted on flipping through physical documents, making copies for safekeeping, and storing mountains of paperwork in a very limited space. Add to that your obligation to maintain financial records for every community and you have got yourself a circus of probable errors.
With an HOA management software, though, all these problems just go away. You can manage multiple communities simultaneously and waste no time doing so. Search for documents easily in just a few seconds and copy key information with the press of a single button. Expandable storage also means you can store as much data as you want.
5. Client Retention
With the help of software for HOA management, you can look forward to reduced administrative work thanks to automated processes. Because staff members spend less time on such tasks, they can concentrate on keeping clients happy. This all goes toward client retention and possible referrals, thereby having a positive effect on your bottom line.
The Best Option in the Market
When it comes down to it, software for HOA management is simply essential. It is clear that both self-managed communities and HOA management companies have something to gain from it. But, finding the right one is not always easy.
If you need a fully integrated HOA management software, look no further than Condo Manager. Give us a call today at (800) 626-1267 or contact us online for a free demo of our product.
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