November 12, 2019
Getting Started in HOA Property Management: Top 3 Considerations
Your property management business is growing and an opportunity has arisen to move into the Home Owners Association (HOA) market. Congratulations or not-so-fast? Both. HOA’s are very different from single or multi-family rental properties. Before you leap, make sure you have taken into account these top three considerations when it comes to HOA property management.
1. Different Complexities
There’s a big difference between dealing with renting tenants and homeowners who can’t be evicted if they don’t follow community standards, sometimes called the Covenants, Conditions & Restrictions (CC&Rs). The people on the HOA property management team must have outstanding communication, negotiation and people skills. These interpersonal relationships as well as the ability to remain courteously firm help keep everyone happy.
As the property manager, you’ll need to be aware of the HOA’s common responsibilities, pet policies, building considerations and resident behavior expectations. Rules about how tall a fence may be, or what exterior paint colors can be used are specific to the HOA.
You’ll need a way to ensure open communication with all owners as well as a way to address specific fines – which brings us to Consideration #2.
2. Technology + Tools
When it comes to managing a HOA, using spreadsheets doesn’t cut it. You need to have the technology and tools to manage everything effectively. From processing the monthly homeowners’ dues payments and tracking violations to managing all routine and proactive maintenance, there are a huge number of tasks that need to be completed in a timely orderly fashion.
The problem with desktop-bound programs like Excel, is that it’s impossible to monitor version control and information is compartmentalized and siloed on individual computers.
Using a web-based HOA solution helps you and your team collaboration as well as get visibility into maintenance status and dues/fine payments. For instance, dues invoices can be automated to go out at certain times of the years, and payment reminder letters triggered for those that have not paid on time. That can cut down on a serious amount of manual labor and give you back hours in your day.
3. Accounting & Budgeting
One of the main areas where HOAs look for help is regarding their finances. HOAs must manage the association’s budget, and if there are a lack of funds for the things it needs to pay for, the homeowners will either suffer the consequences or there everyone will have to chip in more. So, it is vital to the ongoing maintenance of the community that the HOA effectively collect assessments and accurately budget for things like snow removal or grounds upkeep.
With HOA property management software, you can help HOA members with the ability to easily pay assessments and fees online. This can help improve the HOA’s cash flow. As well, With vendor management tools you can track and monitor all vendor invoices. This allows you to generate budgets and reports that will help you oversee your entire operation.
HOA software enables clear, explanatory financial reporting that lessens misunderstanding. As a HOA property manager you need a clear view of the HOA’s fiscal health with real-time reporting on any device. Using HOA software you to use built-in permissions to share information more conveniently, and keep information safer than downloaded and emailed.
Our HOA Software
Homeowner’s associations can expect quality gains when switching to Property Vista’s HOA software. Whether it amounts to keeping information secure but accessible, managing the company website, or keeping in-touch with residents on a day-to-day basis, property management systems help property managers succeed by giving them more time. Check out pricing here, and be sure to ask for a demo.