- March 14, 2020
- Posted by: Scott
- Category: Article, associations, Business plans, communities, Community, Finance & accounting, HOA, homeowner association
Smart phone technology applied to homeowner associations is cost-effective and has demonstrated higher compliance and collection rates compared to those that run without it. Because our phones have become such a tool in our lives, HOAs are turning to wireless services to communicate with their membership and are reaping the benefits.
MGM Association Management, for example, an Idaho-based association manager, uses smart phone technology that is specifically programmed for HOAs. As a result, the business of an HOA is quickly shared by its Board and is more transparent compared to traditional methods. In the past, a board meeting was the only avenue for its members to access HOA information or to hear about HOA activities. Through one’s phone, MGM automates payment notifications, provides a homeowner access to their personal financial records or can even email delinquency notifications. The Board has the flexibility to remotely manage and communicate with their membership and to their fellow Board members. With a touch of their phone screen, Board members can authorize payments, which saves them time and increases their operational function. Likewise, homeowners instantly received notices and no longer have to wait for an annual meeting to find out their payment status or what’s happening in their community.
The program and all of its features cost less than hiring a bookkeeper. It is also an effective adjunct to facilitate real-time account status and billing services which many bookkeepers do not provide. HOAs who utilize smart phone technology have shown to have more engaged members, and more engaged members mean greater compliance with community norms and less payment delinquency. These were the concerns of a volunteer Board spent enormous amounts of time and energy on financial concerns rather than focus on issues that enhanced their community’s culture.
Smart phone technology provides everyone 24/7 access and the information is uploaded in real-time. In addition, Board members can share any type of file format, for example, photos, newsletters, meeting minutes, community announcements, crime reports, as well as their financial reports.
MGM has incorporated security features, such as a personal protected password, into the software to protect against financial theft, plus a barrier that is independent of Board manipulation.
MGM understands that saving your Board time allows them to focus on relevant issues. MGM simply facilitates, oversees and manages the financial process for each HOA through this service.
Those who have used this program rave about the proven efficacy of member engagement, the accounting specificity and its influence on their membership. If you are interested in learning more, contact MGM Association Management at (208) 846-9189 or visit www.gomgm.com.