HOA Software: How Much Is It Really Costing You? | TownSq
Given the vast amount of HOA technology now available on the market, one would think that its benefits would influence management companies to engage more heavily in its opportunities. As we entered into the year 2020, many property management companies experienced the need to shift their old way of operating their communities to a more software driven way of living. Not only were more homeowners working remotely, but property management companies were having to establish new workplaces and options for their managers to work remotely as well. Your traditional in-person meetings quickly shifted to zoom and online meetups - that was just a thin coat of icing on the cake.
Yet, had the pandemic never happened, HOA industries were still headed toward new changes. It was the pandemic that helped put the car into gear - property management companies either got on board or they got stuck waiting for the bus.
According to a recent survey of professionals in the HOA management industry, 49.2% of respondents have been using their current tech solutions for 3 or more years. Yet, according to this same study, 28.6% of respondents feel neutral or dissatisfied with their current tech solutions. The key question is why?
At the end of the day, the show must go on! Regardless of how or who manages the HOA, a property management company must be prepared for the best and worst of scenarios. Although we can only hope that property managers are provided with an efficient support system, we must consider ways to help reduce these obstacles — not only for the sake of our property management companies, but more importantly the communities they manage.
One way to help property management companies effectively run their communities is by providing advanced sources of software that can help manage their billing and financial responsibilities. To better understand, let's explore what makes HOA banking software an essential tool to helping an HOA become successful.
For starters, an HOA banking software is not only unique, it’s become the future of all HOA softwares! A software such as this, is specifically built to accommodate the financial needs of HOAs and their communities.
The number one benefit to using an HOA banking software comes with its ability to track and manage finances.
Another benefit comes with its ability to increase efficiency. This allows managers to use one program vs. multiple applications and symptoms.
Considered to be one of the more popular benefits, payment options has become a head turner for many HOAs. Community managers are able to manage payments, oversee payment statuses, and communicate with community leaders on a continuous basis.
One responsibility of being a property manager is to oversee the billing process for those that help run the HOA. This may include: contractors, vendors and any cover expenses as needed. An HOA banking software allows managers the ability to easily process payments, along with keeping a track record of all invoices, reports and completion dates. Other benefits may include:
Communication is key to running a successful HOA. Money can be a sensitive topic, especially when it comes to managing large communities with multiple board members. An HOA banking software allows property managers the ability to build a strong level of trust, transparency and communicate in a timely manner.
Looking to simplify the payment process for your communities? Request a demo to see TownSq's full suite of solutions to take the communities you manage to the next level.