Technology is here to give us a hand, and leveraging digital toolkits is essential for optimizing operational efficiency, reducing costs, and enhancing resident satisfaction in every Condominium Owners Association. Property management software solutions that offer a comprehensive suite of features can help COAs tackle their diverse responsibilities and streamline their operations to better manage communities, ensuring that they remain safe, attractive, and cohesive.
If you’re planning on digitizing your property and streamlining your operations, keep in mind these 10 Must-Have Features of Property Management Software for COAs:
-
Comprehensive Accounting and Financial Management
A robust accounting and financial management system is vital for COAs. A study by the U.S. Census Bureau found that there were over 350,000 COAs in the United States in 2021, collectively managing billions of dollars in assets. Streamlining financial tasks with software like ONR helps reduce errors and maintain transparency, fostering trust among community members.
-
Online Payments and Resident Portal
A 2020 survey by the National Multifamily Housing Council revealed that 78% of respondents preferred paying rent online. By offering online payment options and a resident portal, cOAs can enhance the resident experience and increase the likelihood of timely payments. A platform like ONR’s resident portal also serves as a centralized communication and information-sharing hub, promoting a sense of community among residents.
-
Easy Communication and Collaboration
A Community Associations Institute (CAI) report found that 63% of respondents considered communication and transparency to be the most important factor in effective community management. Efficient communication tools enable better collaboration between COA board members, property managers, and residents, ultimately leading to improved decision-making and stronger community relationships.
-
Work Order and Maintenance Management
The U.S. Census Bureau estimates that around $515 billion are spent on residential improvements and repairs yearly. A streamlined work order management system like Propertyware simplifies the process of creating, assigning, and tracking maintenance tasks, allowing for faster response times, efficient resource allocation, and increased resident satisfaction. Well-maintained communities contribute to higher property values and a better overall living experience.
-
Compliance and Violation Tracking
The CAI reports that there are approximately 2.5 million volunteers serving on COA boards, responsible for enforcing community rules and regulations. A compliance and violation tracking feature, like the one provided by CINC Systems, enables property managers to monitor rule adherence and take appropriate action when necessary, helping preserve property values and ensuring a well-maintained community.
-
Customizable Reporting and Analytics
A 2019 Gartner survey revealed that data-driven organizations are 23 times more likely to acquire customers, six times more likely to retain customers, and 19 times more likely to be profitable. Customizable reporting and analytics features allow COAs and property managers to track KPIs, identify trends, and make informed decisions that improve community management and financial performance.
-
Document Management and Storage
A PwC study found that 7.5% of documents are lost or misplaced, and organizations spend an average of 21.3 hours per week searching for documents. A document management system like the one provided by ONR simplifies the storage, organization, and retrieval of essential records, improving efficiency and reducing the risk of lost or misplaced documents.
-
Mobile Access and Compatibility
85% of U.S. adults own a smartphone and 93% use the internet, according to a 2021 Pew Research Center study. Mobile access enables property managers and COA board members to respond quickly to issues, access important information, and manage their communities more effectively, aligning with modern technological habits.
-
Integration Capabilities
Accenture conducted a study that resulted in the fact that 81% of executives believe that data silos negatively impact their organizations. Integrating multiple software systems allows for seamless data transfer and efficient workflows, improving overall productivity and reducing the risk of errors due to manual data entry.
-
Security and Data Protection
A 2020 IBM study found that the average cost of a data breach in the United States was $8.64 million. With the increasing number of cyber threats and data breaches, a secure property management software like Entrata’s Property Management Software safeguards sensitive data, protecting both the COA and its residents.
Investing in comprehensive property management software is a strategic decision that reflects the commitment of COAs to providing exceptional living experiences for their residents; it not only demonstrates a proactive approach to tackling the challenges today but also prepares them for future trends in the real estate industry.
Are you ready to learn more? Book a free demo today!