HOA software is becoming more common nowadays. The industry-specific software for HOAs helps the HOA board navigate the complex responsibilities of running an HOA. Generic software also has its place, as well, such as using Quickbooks for HOA management. HOA accounting software for free can be good enough for most purposes, but HOA specific software can be even better. Let’s take a look at what HOA software and condo management software can offer your association.
In this article:
HOA Software: The Benefits of HOA Industry Specific Software
In shopping for software, there are three types of software that most companies will consider:
- Generic retail box software
- Custom solutions
- Industry-specific software
Each of these options has its pros and cons, it’s important to consider a few things. Generic retail “out of the box” software often lacks the core functionality needed by management companies and associations. Customized software solutions are very expensive and require a lot of time, energy, and money to invest. On average, the ratio of cost for custom software to an industry-specific solution is 100:1. Unless there are very specific individual needs that a business cannot function without, an industry-specific solution is almost always the best option.
Here are several advantages to using industry-specific HOA software.
1. Easier for Residents and the HOA Board
The real cost of the software is not in the licensing fee. Instead, it can be more in the “soft cost” with a loss in productivity and morale that comes with implementing a new system. Employees may grumble at the thought of having to learn something new. You can reduce these problems by working with a software vendor that understands what your board needs. Also, HOA software vendors are already familiar with the issues HOA boards deal with. This not only reduces the headache of switching to a new system, but it also reduces costs in support and training.
Many of the new HOA software is also designed with your residents in mind. It is now easy to get user-friendly industry solutions. The ease of transactions can set your HOA management apart from other communities. Plus, you get reduced complaints and more efficient operations as well.
2. HOA Software Anticipates Your Future Needs
One of the biggest reasons for getting software that is custom made for the purpose may not appear at first. Experienced HOA managers know that they should not just be satisfied with a solution that fits their current needs at the moment. Good software should also provide functionality that they don’t need right now but will prove useful later on. Great HOA software can provide all those in a way that still keeps all its features well-organized.
This means that your software vendor has already solved problems before you even start to struggle with them.
3. Simplifies Communications With Your Community
Great HOA software can help simplify your communications with your residents, stakeholders, and HOA board members. With the right integration tools, your HOA board can quickly upload board minutes and updates. Your HOA software may even integrate with your HOA website to instantly display this new information.
4. Streamlines Your HOA Operations
HOA software does more than just convert paperwork to online forms. It also eases the task of managing an HOA. Running an HOA entails a lot of repetitive tasks, and that is something that HOA software does great at. A good HOA software kit can help ensure the timely collection of dues. It can also make sure that common area maintenance personnel checks all the boxes for their tasks. Also, it can help your HOA enforce rules and regulations. This can range from the format of your architectural applications to making sure that your financial records match.
HOA software can also do actual tasks for you. Simple tasks like sending out letters at certain times of the year are easy to set up with the right HOA software. Once your HOA board takes the time to set up systems like these, you will find yourself saving a lot of time and energy in the long run.
HOA software also makes it easy to keep track of information. You can set up your HOA management suite to generate regular reports for you at certain dates. The result is a net positive for your HOA in terms of transparency and efficiency.
Get the Right HOA Software Today
Ready to enjoy all the perks of having the right industry-specific HOA software? Homeowners associations everywhere now enjoy faster transactions and streamlined operations, thanks to quality HOA software vendors. It’s never too late to start looking for the right software your HOA needs!
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