- March 25, 2020
- Posted by: Scott
- Category: Article, associations, Business plans, communities, Community, Economics, Finance & accounting, Funding trends, HOA, homeowner association, Innovation
With the uncertainty of COVID-19, social distancing has become an un-welcomed behavior. Because of this, homeowner associations are quickly looking to online solutions as an effective adjunct to communicate with their membership. And, homeowners are eating up this technology and the timing couldn’t be more ideal. Wireless communication has shown to have a positive influence on compliance especially with those living in planned developments or subdivisions. This technology is ideally suited for those HOAs who want to remain independent without having to sign a contract with a costly management service.
HOA online solutions come complete with a suite of smart phone services and are priced lower than hiring an outside accountant or bookkeeper. Accounting nuances such as collecting homeowner dues, paying vendors on a timely basis, budgeting, forecasting for potential maintenance issues, communicating with the membership are automated online and keeps the membership and their Board informed. These services are performed in real-time, reports are updated instantly and the information is accessible 24/7. Making accessibility and transparency, two of the most frequent compliments by homeowners, a thing of the past.
MGM Association Management, an Idaho-based association management service, and has been using online technology for over 10 years. Their residents, not only have gotten use to receiving information through their phones, but have come to expect access to many HOA functions. What MGM discovered is that they have been successful at mitigating a Board’s financial burden and alleviating potential threats of mismanagement. By taking away the stress of financial management, Boards find more time engaging with their residents and are quicker to address issues that impact their community’s lives. The primary driver for this change is because Board members volunteer their time and perform free labor, at the same time, homeowners were demanding more accountability from them. This combination produced an attractive place for false reporting, under-reporting or no reporting. Because their HOA information is accessible, no one suspects any secrets.
By operating as a third-party administrator, MGM replaces anyone who directly handles their HOA’s financial records; however, under the direction of the Board, MGM simply facilitates and oversees all the financial obligations.
Smart phone technology and having online solutions increase the efficiency and productivity of your association, giving your community the competitive edge it needs to thrive and grow.
- Fully integrated accounts receivable
- Automated billing and collection procedures
- Delinquency controls
- Instant messaging
- Accounts payable and general ledger modules
- All data is processed and managed in real-time.
- Integrated G/L budgeting
- Automated budget generation
- Unlimited customized reports and parameters
- Access to over 440 pre-configured report templates
Smart phone technology’s intent is to keep your HOA independent and solvent, without having to be obligated to a management company. HOAs that are looking for financial transparency, while at the same time wanting to keep their dues low, make this program ideal. With smart phone technology, a Board can focus on building their community’s culture and preserving property values, rather than chasing payments or putting themselves in awkward positions with their residents. This is especially evident while we practice social distancing.
For more information about incorporating online solutions into your HOA, contact MGM at (208) 846-9189 or go to www.gomgm.com.