A self managed HOA can seem like a time-consuming uphill battle if you haven’t done it before. Property management companies often convince HOAs that their business experience saves the community time and money while simultaneously improving the neighborhood. While some neighborhoods may require the resources of a large company, for many HOAs the services of a property manager are superfluous.
For those HOAs, self management presents an incredible opportunity for homeowners to invest their time into bettering their neighborhood. Self management creates a shared sense of responsibility, which can lead to a strengthened community bond.
While it may seem daunting to transition away from employing a third-party management company, with the right self managed HOA software and mindset, the switch can actually improve your community and save a lot of money.
- We don’t have the time.
- We don’t have the expertise.
- Liability is scary.
- Becoming a self managed HOA is a pain.
1. We don’t have the time.
Homeowner associations contend with a variety of regular tasks: distributing invoices, collecting dues, issuing violations, and managing the annual budget, to name a few. These can seem time consuming if you haven’t done them before; or if you have tried self management in the past without the proper tools.
While it can be tempting to relinquish control and hand over everything to a property manager, they don’t always fully lessen the load for the HOA. Meetings and check-ins to communicate needs and ensure things are running smoothly can take up a lot of time. Plus, if you’re unhappy with their services, you’ll spend additional time trying to get things right.
Since community volunteers comprise a self managed HOA, these homeowners must juggle the HOA’s responsibilities along with the responsibilities of their regular lives. This anticipated time commitment often stops people from taking the leap into self management.
Self managed HOA software allows volunteers to easily achieve balance between the demands of the HOA and their regular lives. PayHOA is a holistic software system that facilitates all aspects of HOA management, which allows volunteers to easily and efficiently take care of their organization.
Many time-consuming tasks can be digitized and automated within PayHOA. Self managed HOA software also speeds up activities for homeowners. Homeowners can pay dues in their online portal, or set up Autopay to take care of monthly dues. Processes like service and maintenance requests and violations can be streamlined to better organize and serve the community.
2. We don’t have the expertise.
Much of HOA management revolves around finances: managing funds correctly, budgeting smartly, and remaining compliant. To someone without a financial or accounting background, it can seem as if a certain level of experience is necessary to handle the nuances of HOA finances competently.
Self managed HOA software helps volunteers of all backgrounds learn and master HOA management. PayHOA is accessible, quick to implement and easy to use. With its intuitive interface, volunteers new to HOA management can quickly learn best practices to create an organized and successful community.
With features that allow you to automatically sync your HOA’s bank account and generate various financial reports, your new HOA volunteers can quickly learn how to monitor and analyze the financial situation. Using self managed HOA software offers an opportunity to learn new skills to better your community.
While learning how to navigate HOA management will take time, PayHOA offers a system that anyone new to accounting can learn.
3. Liability is scary.
It can be stressful to consider the responsibility placed upon HOA volunteers. In addition to managing the organization’s finances, there are legal considerations: HOA bylaws, state laws and federal regulations. Plus, HOAs often bear the brunt of neighborhood discontent, creating an overwhelming burden for volunteers.
It can be tempting to place that responsibility in the hands of a third-party property manager to have someone to take the fall if something bad happens. But often, bringing in a third party can lead to anger and confusion as they act as middleman between the HOA board and homeowners. This contributes to homeowners feeling as if the HOA is not being transparent and even untrustworthy.
Self managed HOA software provides transparency between the HOA and the homeowners, which fosters an honest and mutually beneficial relationship. With everything out in the open, no one has to wonder if their HOA board is making the right decisions for the community.
PayHOA allows HOAs to store their vital documents in one central location for easy and unfettered access to the right parties. Plus, they can post important information and relevant announcements on their website for homeowners to view at any time.
There are some responsibilities best left to a professional. It is a common practice for HOAs to have an attorney and CPA on retainer to consult with legal and financial issues. An annual audit should always be conducted by a CPA unaffiliated with the HOA. Working with a lawyer knowledgeable on HOAs can help you learn the requirements by state to remain compliant.
Self managed HOAs don’t have to be or feel responsible for every aspect of the community. By working with professionals when necessary, the HOA can focus on building community and working with homeowners.
4. Becoming a self managed HOA is a pain.
Ending the relationship with your property management company can seem like a hassle, from terminating contracts, figuring out new vendors, and assigning new roles. By disrupting the status quo, it is inevitable that your HOA will have work to do and new processes to get used to.
Self managed HOA software helps lessen the growing pains since it is a holistic solution designed to facilitate every aspect of HOA management. PayHOA makes it simple to set up your new system with an easy-to-navigate, intuitive system and the ability to import data from your previous software. It’s also easy to sync with your bank account, allowing for quick transition.
PayHOA provides a holistic platform that can simplify all aspects of HOA management. With everything in one place, it becomes much easier to manage your HOA. From communicating with homeowners in one spot, distributing invoices, and managing requests and violations, self managed HOA software takes the burden away.
Self management doesn’t have to be intimidating. In fact, it often provides a powerful tool for providing the services that are best for your community.