The most effective way to attain a balanced partnership in Homeowners Association management that provides cost savings, communication and financial stability is through technology. Technology drives innovation which leads to solutions.
Technology we currently use:
- Software- Industry specific software which provides total integration of all applications including violation tracking, accounts receivable, accounts payable, financials reports etc.
2. Banking – Secure online banking access code for board treasurer to review financial transactions as often as needed. Assess to transfer or withdrawal of funds is not available.
3. Digital Teller – Digital Check with teller scan for check deposits that upload directly to our bank from our office.
4. Deposits- Lockbox provided by our bank for daily owner deposits at no charge.
5. On Line Bill Payment- Payable Lockbox, a Internet based paperless invoice system which allows board members to review invoices before payment. The system provides the storage of invoice data for seven years.
Research has helped us to establish the following processes for success:
- Collection – An effective assessment collection process starts with a legal team partnership that is results oriented and not fee driven. We manage a large number of homes and we have an average collection rate of 95.5%.
2. Payment Plan – We find that if we work with owners on a payment plan, 80% of those payment plan owners will pay their balance due.
3. Legal Partner – The Law Office we use also provides a payment plan option and their success rate for collection is about 85% with minimal fees charged to the owner.
4. Reserve Planning- Reserve accounts including CDs and money markets are important for the stability of any community. We have established or increased the reserve accounts in 76% of the communities we manage. The other communities are developer controlled at this time.
5. Violation Resolution – Violations are a major concern because of the growing number of investment properties (rentals), foreclosed properties and busy owners. Our HOA dedicated software system keeps track of every violation form letter we send out, including a picture of the violation, and the hearing and fine letters, which helps us resolve over 90% of the violations observed or reported. The other 10% usually end up in a bank foreclosure.
6. Customer Service – Voice mail or operated assisted calls that are directed to a voice mail can be very irritating to an owner. With our integrated software, any person in the office can provide basic information to the caller which could include their balance due, date a check was received, clarification of a violation letter, etc. We pick up about 80% of the incoming calls and return voice mail within 24 hours.
7. Professional Management – We spend a minimum of 12 months training a property manager so they understand and can refer to the covenants and restrictions, by-laws, state laws and tax policy pertaining to common area taxation. We focus on accurately presenting the facts obtained in the CCR’s an bylaws in all HOA related situations including board meetings, budget meetings and annual meetings.
8. Cost Effective Legal Advise – We find that about 15% of the questions owners and board members have may require a legal review for clarification. These questions normally consist of resolving owner disputes, collections or violation questions. We find that about 95% of those inquires can be resolved by an experienced paralegal at the Law Office we use at no charge.
9. Retention – Over half of the communities we manage have been with our company for four years or more. We believe that continuity between board elections is very important and quality management leads to a quality board.
If you would like to lean more about the technology we use to solve HOA problems and increase communication, please contact us today for a meeting.
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