As a leader in an HOA community, it can be challenging to determine which investments are worth the time and money. The last thing you want to do is allocate residents’ funds in a way that produces little return and wastes your precious time on top of it. One decision you may face is whether or not HOA management software is worth the output of money as well as the time it will take to learn the program. Here are a few important things to keep in mind.
What is HOA management software?
HOA management software is a comprehensive program that organizes a broad spectrum of information related to your homeowners association. The software effectively combines and automates the management of everything from your resident payments and other financial activities to the violations management process to board reporting and much more. The purpose is to enable more efficient management of the HOA.
How can HOA management software help?
There are a number of key benefits to investing in HOA management software. Some of these considerations are as follows.
Convenience for Residents
One of the nicest things about HOA management software is that it provides homeowners within the community a quick, easy and super convenient tool for conducting business as it relates to their homes. For instance, they can pay their monthly or quarterly fees right online, submit maintenance requests and view or print their signed documents at any time with a few simple clicks of a keyboard. Oftentimes just selling this benefit alone can be enough to get residents on board with the investment.
HOA management software can be liberating for community leaders because it automates much of the time-consuming busy work that would otherwise bog them down. Rather than waste precious time on these important but incredibly tedious administrative tasks, HOA leaders can focus their efforts on more important initiatives, such as building a better community. In other words, it allows for a much better allocation of resources.
Because HOA management software handles most tasks and workflows digitally, it’s much easier to make the transition to a partial or fully paperless environment. For example, many of the things that would normally be produced on paper, such as announcements and event calendars, can be posted online instead. This can dramatically reduce the carbon footprint of your community – something that many homeowners are passionate about and would therefore strongly support.
When the majority of the menial administrative tasks are delegated to software robots, your business productivity will dramatically increase. With this boost in productivity comes a subsequent reduction in money spent on performing these tedious tasks. Over time, these savings will add up and, as a result, the board will appreciate the ability to allocate more of their homeowner fees on things that will improve their community and enhance their quality of life.
Better Financial Reporting
Many of the people who rely on financial reporting for your community are not accountants. As such, it can be incredibly helpful to have reports drawn up that are clear, straightforward and easy for everyone on the board to understand. HOA management software can enable you to product financial reports that are self-explanatory and simple to understand. This will help to minimize potential misunderstandings and facilitate better financial decision making.
As you can see, HOA management software can be one of the best investments that you can make for your business and your community. Considering the various ways it can improve the overall environment and save you both time and money, software can easily pay for itself in a relatively short amount of time. Want to experience HOA software for yourself? Schedule an interactive product demo today!