Is your HOA using self managed HOA software to meet the daily needs of your community?
If not, investing in the right HOA management software could pay dividends not only in cost savings, but also in your most precious commodity—time.
According to Business Wire, workers spend over 500 hours each year on repetitive administrative tasks. That equates to roughly a third of work hours spent on admin alone. This lost productivity leads to trillions of dollars in lost annual revenue.
But there’s good news: the same study found that most workers felt encouraged about the impact new technologies could have on improving productivity and wasting less time on administration.
More and more organizations across the United States are seeing the benefits of investing in powerful software solutions to help manage workflows in their businesses and enterprises, and HOAs are no exception.
Self-managed communities rely on board volunteers. These are dedicated residents who must balance neighborhood responsibilities with their daily lives. This means that the more organized, streamlined, and efficient your property management systems are, the more time members can commit to doing their duties effectively.
Self managed HOA software gives boards a one-stop digital hub for systems like budgeting, dues billing and collection, vendor and unit management, tracking maintenance requests, document storage, communication with homeowners, and more.
Here’s how your members can stay organized by reaping the benefits of self managed HOA software.
Table of Contents :
Managing Finances With HOA Software
A crucial feature of good HOA self management software is centralizing and streamlining a community’s accounting needs. In fact, many HOAs have been dropping their paper ledgers or multiple spreadsheets and investing in accounting software.
Simply put, software can help you mitigate risk, add transparency for residents and stakeholders, increase revenue, and generally make life easier for any treasurer.
Yet generic accounting software isn’t designed to handle the unique needs of an HOA. For instance, a program like QuickBooks works great for billing and invoicing other businesses and individuals, but it can’t handle an HOA’s need to effectively bill and collect from all units in a community each month.
Self managed HOA software organizes and centralizes your budgeting, invoicing, collecting, and reporting needs like other accounting softwares. Yet it is also designed specifically to handle bulk billing for all units in a neighborhood. Residents can pay dues and fees digitally through a unique and secure resident portal, and late fees and other penalties can be tracked using HOA software.
Other important features include:
· Track digital communications with homeowners about payments.
· Send direct mail invoices and other mailed communication.
· Sync active bank ledgers.
· Generate a variety of financial reports for improved planning and reaching goals.
· Leverage up-to-the-moment analytics.
The best HOA software gives you instant access to all your association’s accounting needs at the click of a button.
Self Managed HOA Software Centralizes and Organizes Your Data
Each day, property managers may need to check or update information about the units in their neighborhood, manage vendor contracts, issue violations, address maintenance and architectural requests, and access association documents.
When each of these systems is kept separate, it means additional time navigating from one to the next, to find exactly what you need when you need it.
HOA software offers secure, cloud-based storage for important data such as board minutes, annual reports, founding documents, and more. Files can be easily stored, searched for, and accessed through a centralized repository. For increased organization, board members can customize their files and folders, and who can access them.
Unit and Vendor Data
A large part of HOA self-management is overseeing units, properties, and vendor relationships.
HOA software allows you to store and access important information about your units, residents, and vendors easily and intuitively.
Customize and view unit data such as resident information, documents, maintenance history, communications, and payment history. This information is easily searchable using tags, custom fields, and notes, and homeowners can easily access their account history as well.
Organizing data using a digital repository also makes managing vendors easier. With HOA software, you can quickly access any individual vendor’s data; store, view, and update contracts.
Violations and Requests
Tracking violations, maintenance, architectural issues, and general requests using self managed HOA software can save time and prevent costly mistakes.
As opposed to tracking each of these systems individually, a software solution allows you to efficiently organize and manage everything without any missteps.
When a resident makes a request, HOA software will automatically create a ticket with attached text and files. You can then send this information to the appropriate parties and close the tickets when you’re done.
When tracking violations, pre-made templates and e-mail resident notifications can speed up enforcement. If your association prefers to send physical notices, you can manage that process digitally as well. Like requests, violations can be closed when completed.
Customize the Conversation
Using HOA software, communications between board members and other residents are threaded and centrally stored so nothing is ever lost, and individual messages can be easily accessed by all involved parties.
Software gives you a multi-channel approach that’s easy to customize. Board members can send mass texts, emails, or programmed phone messages to any number of recipients, as well as physical invoices, notices, and newsletters.
Other features include a website builder and community calendar that residents can access from their accounts.
Board members will be alerted when residents send messages, requests, and digital payments, so you never miss an important communication.
PayHOA’s trusted self-management software offers comprehensive digital management tools for communities of 100 units or more. PayHOA’s powerful all-in-one, cloud-based AI technology helps you organize and streamline your accounting, communications, payments, documents, violations, and owner requests.
When you use self managed HOA software to stay organized, you can save time, improve efficiency and transparency, lower risk, and keep your neighborhood thriving.