How to Leverage HOA Technology to Reduce Operating Costs

A considerable part of a Property Manager’s job revolves around controlling expenses.

Property maintenance, community visits, and homeowner communications all necessitate additional workforce and relevant costs. Each purchase and labor expense must be analyzed to ensure that the expenditures are not greater than the profit.

Fortunately, we live in a time where technology is at our disposal and investing in the right tool will help make your job a bit easier while adding more to your bottom line. And who doesn’t want to give their bottom line a boost?

HOA software is a great way to streamline your processes and improve your revenue quickly and efficiently. We’ve broken down a few ways using HOA technology can help to reduce your operating costs.

Use These HOA Technology Products to Reduce Property Management Costs

TOPS [ONE] is every multi-property manager’s dream come true.

Take your experience with [ONE] further by implementing all its features to manage your community or portfolio more efficiently.

1. Customizable Accounting and Payment Options

If you’re not an accountant, then doing your community’s accounting can be overwhelming and stressful.

Luckily, you don’t need accounting experience to use [ONE]’s accounting features. On top of the easy-to-use accounting module in [ONE], TOPS also offers full accounting services in the event you hit a snag. But don’t let that turn you off if you’re an accounting whiz yourself! Even the most experienced accountant will find TOPS [ONE] more than worthy with its endless automation possibilities and customizable reporting options.

A tool like TOPS that includes automation features and easily modified reports will reduce your labor costs for bookkeeping tasks. Don’t spend your time digging through multiple spreadsheets and creating complex formulas to view pertinent data points. [ONE] makes it simple to get an idea of your bottom line from any device. Let’s face it… if you don’t have a handle on your finances, then chances are you’re missing opportunities to improve your profits.

You’ll also be able to enable your residents to submit online payments, thereby improving your receivables process. This will remove the need to have someone present onsite to accept payments and make it easier for owners to avoid delinquency. We offer online and contactless payment services through TOPS Pay.

2. Advanced Portals for Homeowners and Board Members

Self-service online portals help increase positive customer experiences while allowing your team to focus on growing your business.

As a bonus, the majority of your customers would rather have a self-service option.

Nearly 67% of residents prefer to get help online versus having to call and talk to someone.

Servicing requests via phone calls take up your staff’s time and the homeowner’s time too. Residents and board members increasingly prefer instant access to the most up-to-date information on the community and on their individual accounts. With a one-stop-shop like Advanced Portals, residents and board members get online access to assessments, payment information, compliance, work order, and maintenance requests.

3. Signals for Enhanced Communication

Effective communication is necessary for any relationship, business or personal.

We offer multiple channels to connect with homeowners quickly.

  • Email – Send updates and correspondences and track their deliverability with an easy-to-use dashboard view for all of your campaigns.
  • Text Messaging – Text messages have a 98% open rate. Increase the likelihood of your message getting opened with text messages. TOPS Enhanced Communications lets you send individual or community-wide texts.
  • Voice Broadcast Messages – Quickly distribute critical messages to owners with a recorded phone call. They can be planned ahead of time or sent on demand.

Having a good communication process in place with your homeowners will alleviate additional calls to your office, so your staff can focus on key areas of your business.

Explore TOPS [ONE] Enhanced Communications to enhance the experience for homeowners and give your team more visibility into the receipt of messages.

4. VendorAlly

Vendor management can incur unexpected costs if mishandled.

A strong Vendor Relationship Management (VRM) system is essential to avoid the unnecessary distraction of unhappy vendors and late fees.

TOPS [ONE] VendorAlly has the power to streamline your payments and automate workflows with your vendors, allowing you to remain focused on servicing your portfolio of communities. Instead of interrupting your team’s workday with calls and emails, vendors can upload their invoices and other documents into the system independently.

VendorAlly’s automated accounts payable (AP) can save up to 75% of labor time allowing your team to concentrate on the more profitable tasks.

5. Community Websites

An active community website can help decrease a significant portion of support tickets from your homeowners.

By creating board forums, your homeowners can help each other with their concerns, saving your team time from repetitively answering the same questions. Board forums also help build a sense of community.

Forums are also a cost-efficient way to observe the pulse of your community – i.e., how can you improve your property? What sort of event would they like to see in the coming holidays? How can you help them during times of uncertainty?

Keeping your community engaged and updated will improve the overall flow of your business. You can maximize the use of your community website by publishing updates, deals, and other helpful content for the residents in your community.

Invest to Save with the Best HOA Technology

TOPS [ONE] offers multiple options to help manage properties better and reduce unnecessary costs.

The products mentioned above will help by simplifying tasks, minimizing human errors, and allowing your homeowners to be self-reliant and more involved with your community.

Want to see the TOPS HOA Software in action? Watch this demo.

FREE Download:
Download a FREE eBook “Leverage HOA Technology to Reduce Operating Costs”

A considerable part of a Property Manager’s job revolves around controlling expenses. Property maintenance, community visits, and homeowner communications all require additional workforce and relevant costs. Each purchase and labor expense must be analyzed to ensure that the expenditures are not greater than the profit.

Fortunately, we live in a time where technology is at our disposal and investing in the right tool will help make your job easier while adding more to your bottom line. And who doesn’t want to give their bottom line a boost?

This is the resource you’ve been waiting for.