2022-02-24
Today, there's no shortage of ways technology continues to make life easier for everyone. Homeowners associations are no exceptions! The right software solutions offer a wide range of benefits by eliminating tedious and time-consuming tasks and promoting efficient processes and better accountability.
Given all this, board members of a homeowners association or a condo owners association stand to benefit by using HOA management software. In turn, the community can benefit from having a more effective board that identifies and fixes common problems quickly and efficiently.
Let's look at the three main types of HOA and condominium management software and how the right technology can help you operate a successful association!
Types of Condo Association Management Software
HOA boards should research options before committing to a software system that might not meet their needs. There are three primary types of technology options: generic, industry-specific, and custom.
Generic Retail Box Software
Could a generic software solution meet your HOA’s needs? Unfortunately, out-of-the-box or generic software, like Quickbooks, isn't designed specifically for community association management. Instead, it's available for use by various industries, and HOAs can also take advantage of the financial features that it offers to help manage association dues, invoices, and more.
While generic software is a step up from not using software at all, it often fails to address your board and community's specific and unique needs. In that case, a better option would be industry-specific software tailored for HOA boards.
Industry-Specific Software
HOA-specific software is designed to help HOA boards better keep up with the pulse of things. It offers better functionality and user-friendly solutions since it's tailor-made for HOAs. There are two types of industry-specific software: free software and paid software.
Free software has limited features, although it can still perform basic functions. In contrast, paid versions offer advanced features, such as financial reporting and analytics. As a result, paid versions are often better for associations, even with a small budget.
The good thing is that a paid solution doesn’t have to be expensive, but it should meet your community’s needs. If generic or standard solutions aren’t supporting your community well, it’s time to consider a customized software option.
Custom HOA Management Software Solutions
In many cases, a one-size-fits-all HOA software doesn’t meet the needs of community associations. Custom solutions provide more functionality than a system with only a few basic features that can’t be adjusted to fit your needs. However, custom solutions can require a substantial investment, so many boards don’t consider them.
Why Should Boards Consider Software?
There's a long list of reasons why boards should consider HOA and condominium management software! To support a thriving community and minimize frustrations for board members serving residents, consider these benefits of the right software system.
Increased Efficiency
HOA software helps boards streamline operations, which can be a lifesaver for busy communities with a small board. Many board tasks are repetitive and tedious and work well with a system that can handle them with minimal human interaction. For instance, sending routine updates to the community and collecting dues is more efficient with a system that can keep those tasks moving.
In addition, using industry-specific software with an intuitive feel means that boards don't have to spend a lot of time learning how to use the software. By taking over various tasks, HOA software increases efficiency, resulting in additional benefits. Moreover, when board members spend less time on routine tasks, they have more time to handle homeowners association disputes.
Saves Time
HOA software can perform various functions that cut down on valuable board member volunteer time. For instance, the communication system reduces the time it takes to schedule events or inform members. HOA software enables communication with residents through online chat features, forums, and scheduled emails.
In addition, members can make easy and quick payments through a convenient online payment system. With some systems, residents can log in through a portal and perform various functions, including submitting complaints about HOA fees. Handling financial data is another time-consuming task that HOA software can handle. This ensures the board maintains accurate and organized records to help build trust within the community.
Implement the Right Management Software With Help From An HOA Management Company
Not sure where to start finding the best HOA and condominium management software? Your board and the community have unique needs and requirements, so finding the best software solution is essential. Trestle Community Management is here to help board members research solutions that serve their communities well.
There are many good reasons to work with a professional community management company. Many of them involve simplifying your board’s operations and delivering peace of mind that your community has the resources they need for success! If you’re ready to learn how professional HOA management services can benefit your condo association, reach out to our team!
What do condo owner associations need to know for thriving communities? Download a free copy of the "Best Practices for HOA Operations!"
