Since the start of 2020, HOA property management companies have faced multiple challenges from the effect of Covid-19. From trying to prevent the spread of Covid-19 on residents to averting the financial damage that was put on HOAs from missed dues and rent payments, the rise in industry trends such as technology has been a direct reflection of the pandemic.
In fact, the change in technology has been one of the largest trends that HOAs are beginning to become more open to. Many HOAs have now converted to using third-party HOA software as a way to increase their day-to-day processes, communication, financial growth, and community involvement.
If you’re a property manager or HOA board member that questions whether an HOA software is best for your community, consider the following benefits.
One of the most challenging areas of an HOA is communication. Due to the vast amount of responsibilities that are necessary for an HOA to operate, communities can find it challenging to keep communication streamlined. To put things in perspective, think of a time you tried to contact a customer service rep about something you purchased — a few days go by and you never hear back. As a result of this, how did it make you feel? Perhaps upset, ignored, or untrustworthy?
In fact, HOAs can experience the same issues when there is a lack of communication: trust is lost, feelings of resentment can form, rise in complaints can increase and a lack of community involvement can start to generate. By implementing an HOA software, communities can not only simplify processes but can also increase a stronger connection.
TownSq offers an application specifically made for communities and management companies that allows managers the opportunity to effectively communicate and connect with their community.
- Helps streamline daily processes for both an HOA board member, property manager and HOA members.
- Enhance customer service – “Reduce churn and improve satisfaction by knowing who your most stable clients are and the communities needing special attention.”
- Reduce lengthy response time, along with the ability to retrieve information and data faster.
- Provide residents and management the opportunity to receive push and email notifications.
- Streamline responsibilities such as creating agendas and meetings.
- Help mediate and organize conversations among multiple people and channels.
- Open Q&A opportunities during, before and after meetings, or polls to include communitie members.
As an HOA manager or board member, you’re probably well aware of the challenges that financials can bring. Building financial transparency is a key factor in your Hoa’s success. The sole purpose of budget transparency is to encourage members to engage in their community’s organizations and activities. When exercised, members build trust, limit miscommunication, and prevent the so-called “rumor mill.” An advantage to implementing HOA software comes with the ability to increase transparency. For example, they can offer a number of benefits such as:
- Electronic payment options – This option helps streamline many of the responsibilities that are necessary with organizing this area of work.
- Improves the quality of service that your HOA can provide its residents — especially in a digital era where many people prefer to process payments online or through a mobile application.
- Provide thorough tracking of payments and documentation
- Save time, money and administrative cost – vs. paying multiple people to organize payments and dues. An HOA software can also process and reconcile payments in half the amount of time.
- Budget – An HOA software can help your HOA successfully budget, project cost and facilitate unexpected expenses.
No HOA can thrive without the involvement of its members or management. Some of the most successful HOAs have been known to have the highest number of groups and committees that volunteer their time to manage the HOA. As a way to organize these groups and channels, HOAs have turned to using third-party software as a way to help increase involvement and engagement.
- Create digital and in-person events to help members socialize and engage.
- Create multiple committees and groups through an online platform.
- Organize times, dates and locations through digital calendars.
- Create digital announcements for community events and news.
- Save time and money – can help reduce cost in paying for hard copy flyers and time spent manually creating committee announcements.
- Organize and monitor committee budgets when planning events.
Increase in Technology and Portal-Based Services
After experiencing a global pandemic, many traditional HOA communities found it necessary to convert to a new way of thinking, especially when it came to technology. Those that have made the transition to third-party HOA software are now experiencing the multiple benefits that have resulted in their communities.
- Property managers are able to easily communicate with multiple communites from one platform.
- Homeowners are able to receive more information in one place cutting down on the amount of time managers spend answering emails.
- Property managers are finding new ways to use technology to grow their business portfolio and attract potential clients.
If you’re like most property managers, you’re fully aware of the responsibility needed in order to maintain your communities maintenance. Studies have shown that maintenance requests and additional cleanings for shared areas were up compared to previous years. For example, TownSq offers a request form feature that enables residents the ability to submit and process maintenance requests from the convenience of their phone or computer.
- Residents are able to update and view the progress of each maintenance request as it’s completed.
- Sort request by pending, processed, closed, and completed.
- Customize work order requests with detailed descriptions, a photo if necessary, and contact information.
- Managers are able to receive instant notifications for their team to review.
- Management can assign requests to the most appropriate person or teams.
One of the most sought-after applications of HOA software is the ability for a community to create and customize their own website. In fact, websites have been shown to bring many benefits to an HOA community such as increased communication, trustworthiness, presence, involvement, marketing, and financial growth. One of the multiple features provided by TownSq is their ability to offer clients a strong online presence by creating a customized community website.
- Customization – Customize photos, contacts, logos, fonts, and color schemes, website layout.Documents – Upload community documents, CC&R guidelines, legal and financial information. This includes the option to digitally file important homeowner documentation and vendor contracts.
- Pay dues – Members are given the ability to pay dues directly from their community website.
- Community events – Members, managers and board members are able to update events and HOA meetings directly from their website.
- Reservations: Residents can reserve community spaces like clubhouses or spots at the pool.
- Compatibility – TownSq is compatible with both desktop and mobile devices making it easy to always have access to what is going on in your community.
Want to learn more about how TownSq can enhance your communities experience? Request a demo below!