Technology Integration: What to Look for In Modern HOA Management Software

What Features Should HOA Management Software Include?

HOA software is designed to improve financial management for HOA boards and communication between boards and residents. That’s what your HOA management software should do for your organization, with features that include:

• Database tracking – Your HOA management software should include database functionality to better track residents and property owners. Databases are better when they’re editable, so pick one that allows for custom fields like contact information and pets. Ideally, it would allow for easy database importing and exporting, to quickly transfer information or for other reporting purposes. 
• An online resident portal – Modern HOA management software includes a user-friendly communication portal for residents. This should be accessed via secure credentials and once inside, your resident portal should provide access to important documents, payment options and a communication history. 
• Two-way communication tools – Once logged in, residents should have access to their message history and be able to access any important communications through their resident portal. This goes both ways as your residents should be able to send messages to your property management staff and submit maintenance requests. 
• Online payment processing – Online payment options are extremely convenient for residents, to the point that they’re expected. Your HOA management software should make it easy for residents to pay their dues, with secure payment processing functionality.

The above features are useful for both HOA boards and their resident clients. There are many more features that your software should include to improve efficiency for HOA management purposes. Those features include:

• Accounting, budgeting and forecasting – HOA management software can be designed with accounting and budgeting functions that make financial management easier for the board. This includes charting your accounts, tracking account balances, establishing billing schedules and forecasting budgets. 
• Expense management and vendor payments – Through your HOA management software, the board should be able to capture data from vendor invoices, facilitate approvals and assist with vendor payments.
• Work order and inspection tracking – HOA management software provides tracking functions that allow property management to schedule maintenance orders and inspections without conflicts. Properties should be able to track the status of each task through this software as well. 
• Reporting features – If your HOA management software is designed with robust reporting features, it can help the board and property management track important information like balance sheets, cash flow, maintenance reports, compliance reports and delinquency reports.

Drilling down deeper into the software (beyond the top-line features), your HOA management software should also be built with the following:

• Mobile compatibility – Residents should be able to access their portal and its features from their phone or tablet, so prioritize mobile compatibility with your HOA software. 
• Security features – Online, property management must protect sensitive payment and personal information, so invest in HOA software that’s built with 256-bit encryption, tight access controls and a reliable audit trail that tracks all user actions. 
• Backup functionality – Automated backup functionality ensures property management never loses the critical data they require on a daily basis. Your HOA software should regularly backup its information with proven data restoration processes. 
• Third-party integrations – Third party integrations can add or expand accounting and other essential property management functions, like performing background checks. Your HOA software should allow for third-party plugins to boost its utility further.