About 14.3 million people in California live in an HOA. Managing the welfare of these people falls into the hands of HOA boards. As a board member, you're always looking for ways to increase the efficiency of service delivery in the community.
More recently, you've thought about investing in an owner portal, but you're not sure whether it's a smart move. Considering that powerful portals can cost tens and even hundreds of thousands of dollars to deploy, you want to make sure you're making a wise financial decision. After all, the board has a fiduciary duty.
Read on to learn how your association stands to benefit from an owner portal.
1. Improved Communication
Efficient communication is a crucial pillar in HOA management. Whether it's from the board to the residents or the residents to the board/managers, without a clear communication channel, things will not get done.
Newsletters, emails, social media groups, and even SMSs provide an effective way to share information, but none of these have the efficiency of an owner portal. With a portal, which every resident will have access to, it's far easier and more secure to post messages for everyone to read.
Depending on the HOA portal features, private messaging is also possible. This can be used to send HOA bills and assessments to individual homeowners and other confidential communications.
2. Financial Management
Speaking of HOA bills and assessments, every homeowner must pay HOA fees. Management must also collect these funds and budget for them accordingly.
Many people struggle with personal financial management, so you can imagine how challenging HOA budgeting can be. Going house to house to collect the checks at the beginning of a new month is not the way to do things in today's digital age.
An owner portal can revolutionize your association's financial management in multiple ways. One, it can automate the collection of HOA fees and other assessments. With an online payment processing feature, homeowners can schedule automatic payments into the association's collection account.
Two, invoices and receipts can be issued automatically to the homeowners. Bill reminders can also be sent, and fines and other assessments can be added to individual accounts.
Reduce HOA Administrative Expenses
A sizeable chunk of the funds an HOA collects from homeowners to run its affairs is spent on administrative expenses. This can include anything from the purchase of stationery to the hiring of accountants.
An HOA management portal can help slash down these expenses to the bare minimum. For example, with the digitization of HOA fee invoicing, you'll no longer need to purchase as many printing papers and equipment. If you have a team of bookkeepers, those positions can now be declared redundant.
An HOA Owner Portal Is a Good Investment
An owner portal is a must-have for every association today. It digitizes and automates several functions, making the work of the board/management easier.
What's more, you don't have to develop your own portal from scratch. At PMI Oakland, a full-service association management company, we already have the technology to help your community enjoy the benefits of a powerful portal.
Fill out our contact form and we'll get in touch with you, and stay tuned to our blog for more HOA management tips.
