HOA Software: How Much Is It Really Costing You? | TownSq

What if there was one homeowners’ association (HOA) software solution that would do it all for you: one platform for voting, emails, your website, and more?

In a recent webinar, we found that many boards of directors aren’t familiar with these all-in-one HOA software solutions. To improve your processes and save money, it’s important to look at what you’re using now. Then, compare that to the many HOA solutions available. You might find that you’re able to reduce costs using one application instead of several.

You may also discover a quick and easy way to communicate with the community, delivering notices and emergency updates in an instant. Read on to learn more.

Breaking down the cost of each HOA tool

One of the most effective ways to assess your software is by performing a software operation cost audit. HOAs can find this helpful for understanding the overall cost of their HOA software—it outlines areas of opportunity and cost-saving goals. Here are some questions you should ask of your software to get the most accurate estimate of overall cost:

What applications does your HOA currently use?

Itemize a list of all current HOA software applications and other apps committees may need in their daily tasks, and identify which apps have the most impact on the HOA’s budget. Here are some common apps:

• Website

• Voting applications

• Email applications

• Customer/IT support

• Accounting

• Security software

• Maintenance request

• Architectural requests

• Document storage

How much does each application cost?

Now, let’s look at your costs and expenses. Itemize each application software and the monthly or yearly cost. Be sure to add any additional fees that affect your budget.

To break it down even more, take the numbers from the table above, add in each separate fee, and total up the sum.

Which HOA software is costing you the most?

Using all the information in your tables, you can now assess which HOA tool costs the most. This also helps you determine each app’s pros and cons and whether it’s cost-effective. You can follow the table below:

The total per year is astonishing, considering extra maintenance and web hosting fees aren’t included. Additionally, maintaining several applications for separate tasks can get confusing and can lead to disorganization and stress.

Choosing the best HOA software

Now that your software costs are figured out, it’s time to look at options in HOA software that’ll save you money and improve your board’s efficiency.  

Gather every board member and discuss an action plan. Here is where you’ll need to analyze every application you currently use and see whether it’s still a good option for you. Or consider finding new HOA tools that are more efficient to replace it.

Look at columns 3 and 5 of your action plan above and list common trends you identify. Use these trends as areas of opportunity that your HOA will need to focus on going forward.

The benefits of TownSq—an end-to-end platform application

All-in-one applications, like TownSq, come with many benefits. They not only help reduce costs, but can also enhance productivity, engagement, and communication.

TownSq is an end-to-end solution that offers a comprehensive suite for HOA communities and their management teams.  Here are some of the best features you’ll find on the app:

1. Communication suite

One of the most significant benefits is the community suite where you can:

• Make public announcements.

• Communicate privately.

• Engage with users via forums and polls.

• Get real-time updates to maximize productivity.

Boards and property managers have also found the communication suite beneficial for sending automated announcements and emails.

2. Architectural requests

Architectural requests allow homeowners the option to share new project ideas with their committee and board. Residents may also upload documents, blueprints, floorplans, and dimensional guides for their projects. Additionally, you can:

• Submit requests through the TownSq application.

• Customize forms according to your HOA’s needs and regulations.

• Get automatic tracking for all projects.

• Interact in real-time between administrators, ARC committee, and homeowners.

• Receive in-app verdict letters.

• Get instant email and push notification updates.

3. Digital voting

TownSq’s digital voting feature provides HOAs the opportunity to create an organized voting process. Boards can create effective campaigns for all major voting events, such as new committee members, architectural requests, and much more. Digital voting is easy to set up and can be customized to your needs. Additionally, you can:

• Navigate a user-friendly app.

• Collaborate and increase resident engagement.

• Track and meet quorums efficiently.

• Create, consolidate, and leverage ballots.

• Track real-time voting progress.

• Reduce costs with limited printing and mailing fees.

• Store all data and document results in one place.

4. Document storage

Say goodbye to storing documents in messy folders that take you ages to sort. TownSq’s ability to store multiple records all in one place guarantees safe storage of any document. With it, you can create specific levels of permission for more private and legally sensitive documents. The document storage will let you:

• Store and organize important HOA documents.

• Create customized privacy settings for teams and members to access sensitive documents.

• Stand as an online file where homeowners can check any document.

5. Banking/accounts payable feature

TownSq offers streamlined financial management software powered by ATG and C3. This helps maintain and operate your community’s financial operations, such as accounts payable and financial records. This feature helps you streamline processes for:

• Accurate record keeping

• Dues and invoices

• Maintenance costs and repairs

• Automated data entry

• Automated reporting

• Payment portals

• Digital invoicing

• A/R, A/P, and budget tracking

• Delinquency processing

• Investment funds and rollover dates monitoring

Reduce costs and save time

By employing an all-in-one software solution, you consolidate the number of your applications, saving you money and simplifying your processes.  If you’re ready to streamline your HOA management duties, request a TownSq demo today. See how our cutting-edge application can improve your HOA’s community living experience.