Industry survey reveals why boards are unhappy with their Community Management Companies
According to a new survey, the majority of boards are not satisfied with their management companies. The survey, conducted by the Community Association Institute, found that only 30% of respondents reported that they were satisfied with their management company.
The survey asked respondents to rate their management company on a variety of factors, including communication, financial management, and overall performance. On each of these factors, the vast majority of respondents gave their management company a rating of “fair” or “poor.”
Here are a few ways you can impress and keep your board ‘on board.’
Board Members say Community Management technology is a MUST
Today, board members in associations are looking for high-tech services and access from anywhere. In fact, more than half of all respondents said it’s important for their association management company to be technologically advanced and use modern digital tools. Respondents put online portals, email, and online payments as the top three most valuable digital topics.
How do you find the best community management software for your company?
HOA Management Software is made to be easy to understand and visually pleasing. The user experience is important because it will determine how simple it is to use for your team.
Does the community management software have all of the features you need to maximize your productivity? Like, accounting, violations, online portals, work orders, mobile applications, architectural requests, communications, etc.
Is your management company meeting board expectations when it comes to accounting?
In the survey conducted, financial management was also rated poorly, with only 16% of respondents giving their management company a positive review.
Your current accounting software may not be up to the task if it wasn’t designed specifically for community management. Monthly financial reports, balance sheets, income, and expense statements, and cash flow statements can quickly become overwhelming.
Out of the respondents polled, most reported that their management company used an outdated method or outdated software for their account management.
Having the right accounting software means:
- No more tabbing back and forth
- Seamless integration
- Real-time balances and reporting
- Online access for management teams and homeowners from anywhere
It’s no secret that boards are expecting more from their management companies these days. One of the key areas where they’re looking for improvement is responsiveness.
The majority of boards are not satisfied with their management companies and switched companies when they found that they didn’t proactively respond, or were not accurately completing projects.
Boards want their calls and emails answered promptly, and they want their requests for information fulfilled quickly and completely. Keeping them up-to-date on important issues. The right community management software should help you do just that.
With online portals being one of the top 3 most valuable tools among board-surveyed respondents, it’s important for your HOA to prioritize software to help manage and stay organized with your portal.
An online portal is a great way for board members to stay informed about what’s going on with the association. It should be easy to find and use, and it should contain important information like financial reports and contact information for board members and association staff.
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Wondering where you can get software like this? You need SmartBooks! We built our accounting software specifically for HOAs and their distinct needs. Our software will help you manage your books with ease and also easily integrate with our management software to create one single platform to manage your communities. If you’re looking for superior HOA accounting software, schedule a demo with our team today and see the power of SmartBooks.