Enliven HOA Software for Your Homeowners’ Association

HOA software are the cloud-based solution that features tools to manage communication, maintenance, and structure-property management business. Learn what colligates!

Imagine you’re going for a land purchase. A team of associated experts come together, meeting each other for the first time, and coordinate their actions to make it happen for you. Your outcome is utterly dependent on how well they work together. You start to think that they are only human, and your collaboration will absolutely make or break a project together. In general, a lot more flexible configurations of a team and teamwork on the fly helps quickly get up on speed and get the necessary work done.

What is a Homeowners Association?

A homeowners association (HOA) is a planned community of people to assist people who wish to purchase the property. The members of HOA jurisdiction (people who buy land with the help of HOA) have to pay HOA fees. Alternatively, some HOA is restrictive of how people use their properties.

HOA consists of a community’s residents. These comprise single-families, multiple-unit-buildings or neighbourhoods. It has a board of directors or governors elected to oversee the HOA’s rules and regulations.

How does HOA help?

HOA assists people in buying a home within a community where there is HOA. It typically has rules in a document called a declaration of covenants, conditions, restrictions (CC&R’s). These set conditions for owners about the maintenance of their properties.

HOA may impose fines on non-compliant homeowners. Its’ conditions sometimes include structural restrictions – its CC&R document outlines the penalties for violating the guidelines set forth. Such penalties range from fees to forced compliance or litigation in some cases.

What’s the difference: Homeowner Association vs. Community Association vs. Property Association?

HOA’s operate by state laws. They focus on shared goals, brainstorms options, make decisions, and move forward. Some states also consider condominium-based HOAs – known as “condominium communities” as property interests of these organizations differ. The designation “community association” serves as a broader term for HOA’s, condominium communities, and co-op boards.

HOA differs from property owners association (POA) as HOA refers to a group of people who look after the well-being of their community and real estate values of the property in their community. POA might include anyone interested in volunteering for this work. They might not own a home in that community, whereas HOA includes people who own a home in that community;

Advantages and Disadvantages of Homeowner Associations

The Homeowners Association (HOA) provides regulations and guidelines for its members. Such standards imply rules like cleanliness of the property, condition of the property, and any due repairs.

Advantages:

  • Also, HOA management provides additional services to its members in exchange for their HOA fees like landscaping, parking lots, and facilities like swimming pools, tennis courts, or party spaces. Often HOA fees also cover the cost of trash collection and snow removal.
  • HOA’s self-govern, enforce community rules and protect property values, services, amenities, and facilities.

Disadvantages:

  • They often have to set fees, set dues, mark assessments, impose restrictive regulations, operate inefficiently, and manage ineptly.
  • The high cost of association fees can cause their prospective buyers to rethink.
  • HOA rules can be restrictive for some ‘homeowners’ who may want to customize their properties.
  • HOA’s can wield significant legal and financial power on the property owners in their zone.

How do HOA’s earn?

HOA’s collect monthly or annually HOA fees, typically $200 – $400/month. But, they can range from $100 – $10,000. These fees also contribute to the association’s reserve fund for ‘reservation projects’ or emergency use.

HOA also imposes special assessments for homeowners when the association lacks sufficient reserves to pay for unexpected repairs on common areas, such as sidewalks or parking lots.

HOA’s can impose fines on homeowners who break the rules or damage the common areas.

HOA’s can also place a lien on a property if a homeowner falls behind on their dues.

What legal powers does an HOA have?

Individual HOA’s have legal powers at different levels. They can enforce community policies like (1) smoking, (2) keeping pets, (3) rentals and can also decide budgets for building and charge monthly or one-time fees to their members. If a member refuses to pay these fees or to comply with the community policies, there’s a lot that an HOA can do. These penalties can include monetary fines, restrictions in community privileges and even litigation.

What is an HOA Software?

HOA software automates everything discussed above. These are cloud-based solutions to handle a large amount of scattered data judiciously and offer – (1) accounting, (2) property management, (3) amenity bookings, (4) calendars, (5) announcements, (6) resident portal, (7) parking, (8) communications, (9) resident data management, (10) work order and rule violations management, (11) integration with accounting partners, (12) knowledge base, (13) document library, (14) customizable forms, (15) help view status certificates receive community (16) updates, (17) online payment processing, (18) website management, (19) work order management, (20) member communities, (21) event management, (22) calendar management, (23) committee management, and (24) member directory, (25) track maintenance requests, and (26) community websites in a single platform. These offer the friendliest, user-friendly tool packed with features to ease decision-making for homeowners association (HOA) and satisfy customers who wish to purchase the property.

Why is a Digital HOA Solution necessary?

Many residential colonies have an associated Homeowner’s Association (HOA) structure to help maintain a clean and cohesive atmosphere in the neighbourhood. HOA can spare the homeowner from some responsibilities. They can as well come off with obligations for homeowners. An HOA solution helps manage such tasks efficiently.

Features of HOA Software:

  • Collaboration Tools
  • Access Controls/Permissions
  • Document Management
  • Meeting and Social Event notices
  • File Sharing
  • Third-Party Integrations
  • API
  • Document Storage
  • Contact Management
  • Reporting & Statistics
  • Billing & Invoicing
  • Portfolio Management
  • Data Import/Export
  • Email Marketing
  • Activity Dashboard
  • Mobile Access
  • Accounting
  • Reporting/Analytics
  • Tenant Tracking
  • Maintenance Management
  • Online forms and applications
  • Creation of payment portals
  • Communicating to residents via their preferred method (Text, Facebook, Email, etc.)
  • Custom websites
  • Ease of access to information

Technology Trends HOA Should Follow in 2021

Scale up your amenities. Have a clubhouse, pool, gym, or extensive common areas, party halls and always be on the lookout for how you can better them off;

Top Outstanding HOA Homeowner Association Software Options

  • Bitrix24
  • Urbanise Strata
  • AppFolio Property Manager
  • Buildium
  • Wild Apricot
  • Yardi Voyager
  • Rentec Direct
  • PayHOA
  • TOPS [ONE]
  • Condo Control
  • LandlordTracks
  • Yardi Breeze
  • Raklet
  • FrontSteps
  • DoorLoop (+ many more)

Conclusion

HOA solutions provide tools such as – (1) CRM, (2) document management, (3) tasking, (4) time management, (5) project management, (6) user profiling on social media, (7) making decisions about maintenance and upgrades that essentially help homeowners associations to manage their people. Follow us for an update on more such relevant topics.

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