Benefits of Software for Self Managed Communities

Discover the Benefits of Software for Self Managed Communities

In this blog, we will discuss the benefits of software for self managed communities There are two main types of Homeowners Associations: Self-Managed Homeowners Associations and Professionally Managed Homeowners Associations. The difference between the two is that the Self–Managed Associations are operated directly by the Board of Directors with no professional management company involvement. Those communities that have a Community Association Management Company rely heavily on the management companies’ advice and expertise.

Advantages of Being a Part of a Self Managed Community

There are many advantages to being a part of a self-managed community association. The main advantage is that the Board is in full control of the community, which can lead to more efficient operations as they do not have to involve any third-party management agents before making and implementing decisions on rules and strategies. Self-managed Boards can cut costs by not having to pay a management company to assist with the management of the community. However, this comes with a non-monetary cost – which is the Board Members’ time. Self-managed Boards tend to have more responsibility than those Board who partner with a management company as they will have to deal with the daily operations and services rather than just simply being volunteers who make decisions for the community. This can include dealing directly with homeowners by collecting HOA fees, answering calls, issuing work orders, coordinating with vendors, conflict resolution and much more. Although some Boards may agree that remaining a self-managed community is what works best for them, not all Board members have the experience and expertise that it takes to properly run a community. This includes a basic understanding of financial management. Since there is no management company to oversee the banking accounts for the community in a self-managed HOA, the Board ultimately has unlimited access without checks and balances. There is no third party to ensure they are following legal norms while managing the HOA funds which can often lead to serious financial issues within a community.

Self Managed HOA Software Trestle Alliance

That is where we are available to help! As a Board member of a self-managed community, you may be thinking, “I do not want to change the way we do things now, we have a system, and it works. I do not believe that having a community manager will be worth the cost as the Board is running the community just fine. However, we are experiencing some financial issues and since nobody on the Board has a background in finance, banking or accounting I think we may need someone to assist us with our finances and accounting.” At Trestle Alliance, one of the main services that we offer is accounting help for self-managed communities.

How Trestle Alliance Can Help with Self Managed Communities

All accounting functions are completed within the Trestle Offices by a designated accounting staff, but all of the decision-making authority stays with the Board. The software that we use for all our communities is CINC Systems. CINC is unique in the fact that it was designed specifically for community management, accounting, and Board communication all on one platform that is easy to learn and easy to navigate. We often hear from Board members that a community does not want to deviate from their current management company or even begin to use a management company for additional support because they know the transition period can be difficult. However, CINC has mastered this transition period as their data migration experts have made it almost too easy during this transition time to input all the necessary data and get the community set up in the system in record time! That means that your operations will not have to slow down during this phase. 

When you contract with Trestle Alliance for accounting help the main areas that we will assist with are collecting assessments, paying invoices, reviewing, and reporting the bank accounts monthly, budget preparation and assisting with the audit process for self managed communities. Trestle Alliance not only works to make the Board members’ lives easier but also homeowners’ lives as well. Using CINC systems, the homeowners will each have their own portal account that they have 24/7 access to view their account history, submit payments, and view community documents – all in real time. This will help cut down on the number of inquiries about these items that the Board members receive on a daily basis, leaving them with more time to focus on the bigger, more pressing issues within the community. As Board members, you will have additional access through your portal accounts such as immediate access to the aging reports, account receivables homeowner violations and any open Board tasks. 

Teaming up with Trestle Alliance brings more to the table than just financial expertise and a new level of convenience. Our dedicated professionals know what it takes to successfully manage communities and want to bring their experience and expertise to your community. We understand that every community has unique challenges and goals to be faced and met by the Board members, we work with your Board to solve these problems and meet these goals in the most efficient and effective way possible. With our help your self-managed Association will have access to a new wealth of knowledge by simplifying the Board members daily involvement. We help self-managed communities to thrive and feel confident with handling the community’s financial matters. 

The choice between a Self-Managed Homeowners Association and a Professionally Managed Homeowners Association comes with its own set of advantages and challenges. While self-managed Boards have full control over decision making and potential cost savings, they must shoulder the responsibility of daily operations, financial management, and homeowner interactions. Unfortunately, this lack of expertise can lead to serious financial issues.

Learn More About Software for Self Managed Communities

That is where Trestle Alliance steps in to offer a solution. With our specialized accounting services and the user-friendly CINC systems platform, Trestle Alliance provides much needed assistance to self-managed communities but ALL the control and decision-making stays with the Board. From collecting assessments and paying invoices to budget preparation and audit support, Trestle Alliance helps ease the burden on Board members and enhances homeowner experiences through convenient online portals. Embracing professional support for financial matters can empower self-managed communities to thrive and ensure a more sustainable and prosperous future for all parties involved. Contact Trestle Alliance today to learn more about our services!

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