7 Top Benefits Of Using Technology In HOA Management

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house linked together | technology in hoa management

An ever-growing number of planned communities utilize technology in HOA management. When you consider the benefits management software poses, this does not come as much of a surprise. When used properly, technology can significantly reduce costs and time commitments associated with managing an association.

Reasons to Utilize Technology in HOA Management

Homeowners associations have been around since the 20th century and have been steadily increasing since the 1970s. And for a long time, HOA management was done the traditional way – with papers, snail mail, and telephone calls. As technology evolved, though, so did HOA management.

One of the most apparent technology trends for HOAs is management software. Yet, many communities still refuse to adapt to modern methods. If you’re on the fence, here are the benefits of HOA management software that might convince you to take the leap.

1. Streamline Operations From a Centralized Location

First and foremost, you can increase HOA management productivity through software. Management software automates most processes, including administrative or menial tasks. You can schedule maintenance, keep track of work orders, and send invoices from one convenient place.

Management software also keeps you organized, with everything you need at your fingertips. With an automated system, you can address issues as they arise. You can work remotely if you put the system in the cloud or use a website.

2. Save Money

In the past, you needed a team of trained staff members to take care of administrative tasks. If you didn’t have a team, your HOA board would need to put in overtime work to get things done. However, you can delegate those tasks to the system with HOA management software. As a result, your productivity will increase.

This enhanced productivity naturally leads to lower costs. You save money for your association because you spend less time and resources on administrative tasks. While the cost savings may not seem like much, they add up over time. Future board members will thank you.

3. Integration Allows for Cross-Platform Use

Most modern management systems come with integration features. They are compatible with other software, such as accounting software, and can readily connect to banking institutions. This makes it infinitely easier to manage everything from one platform. 

Of course, not all programs are advanced enough to integrate with other systems. If you need management software that offers integration, bring it up right from the start. That way, you won’t waste any time.

4. Bridge the Gap With Real-Time Communication

Communication is a key part of managing a homeowners association. Board members and managers must constantly stay in touch with residents. 

With HOA management software, an association can send vendor invoices, notices to homeowners, and facilitate communication between board members. Most management software also connects to the association’s email provider, making keeping track of messages easier.

In addition, online portals and mobile applications allow residents to access important announcements and documents right from where they are. These documents include meeting minutes, past and current notices, and the governing documents. By bridging this gap, associations can promote transparency and trust within the community.

5. Make In-Depth Insights With Financial Reporting and Data Analytics

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Financial reporting is a big advantage of using technology in HOA management. Often, board members don’t have the skills or expertise to create financial reports or statements on their own. This can lead to misreporting and a lack of understanding of the association’s financial health. Many states require HOAs to produce financial reports, so boards can’t simply skip over this obligation.

Again, this is where HOA management software comes in. Many software programs come equipped with financial management and reporting features. You can generate statements and reports with a simple click of a button. Of course, these systems rely on the financial data you enter, so keeping an accurate record of your financial transactions is important.

These reports allow board members to come to smart conclusions and make better decisions. For instance, some financial reports can track the delinquency rate in the community. Apart from external economic factors, an HOA with a high delinquency rate usually has an underlying issue that it needs to address. It may not be as effective in its collection efforts, or there is a growing number of unsatisfied residents in the community.

All in all, financial reporting features can greatly support an HOA. Most HOA management software nowadays comes with financial management and reporting capabilities.

6. Improve Resident Experience

Another significant advantage of using HOA management technology is that it improves the resident experience. Online portals and mobile applications are quick and convenient tools for interacting with the association. With these, homeowners can pay their dues, submit requests, and access documents online.

These tools also improve the experience of board members. When homeowners can pay their dues online, board members won’t need to collect checks. It also reduces the number of late payments, as homeowners find it easier to pay online. Using HOA software, board members can also review and approve requests remotely.

7. Appeal to a New Generation

There is no denying that homeowners associations are seeing an increase in younger residents. Many millennials are becoming homeowners, and Gen Z-ers are approaching the same level of buying power. As HOA communities start to welcome these generations, it will become more apparent that outdated management methods won’t cut it anymore.

Millennials and Zoomers are more attuned with technology, with the latter growing up with it. Thus, if an HOA wants to appeal to younger homeowners, utilizing management software is one of the ways to do it. The same goes for communities that wish to attract younger board members.

Leveraging HOA Technology

Evidently, there are several benefits to incorporating technology in HOA management. Not only does it streamline operations, save costs, and make communication easier, but it also comes with integration capabilities, an improved resident experience, and financial reporting features. Plus, it can help a community engage with a younger generation.

Management software, though, can be a hefty investment. If your HOA isn’t prepared to take that step, an HOA management company works just as well. Many companies, including Landmark Community Management, use technology in their operations. Call us today at 512-569-5527 or contact us online to learn more!