The integration comes at a crucial time in reserves study law for community association management
DULUTH, Ga. , May 2, 2023 /PRNewswire/ — CINC Systems, the largest SaaS-based solution dedicated to the association management industry, has partnered with SmartProperty® to complete an integration like no other in the community management space. Through the partnership, CINC clients will have the opportunity to bring their association reserve studies to life with current financial data.
“This integration is what the industry needs now. States across the country are responding to the tragedy in Surfside, Florida, and imposing new reserve requirements,” said Ryan Davis, Chief Executive Officer of CINC Systems. “We’re excited to work with SmartProperty to improve the industry by integrating reserve spending with accounting actuals.”
On June 24, 2021, the Champlain Towers South collapsed in Surfside, Florida. Gov. Ron DeSantis signed new legislation into law in June 2022 that requires condominiums and cooperatives within the state to impose substantial new structural safety and reserve requirements, including a mandatory reserves study to be completed every ten years. Similar legislation has passed or is expected to pass in several other states including Colorado, Hawaii, Georgia, and Maryland.
Integration Transforms Communication Provided to HOA/COA Boards
By integrating SmartProperty with CINC Systems, clients are able to view the SmartProperty Report®, a real-time financial health report, in their monthly financial packages.
“This report transforms the way HOA and COA boards receive communication from their management companies,” said Chris Millner, Chief Product Officer at CINC Systems. “The data is synchronized in real time between property information in CINC and SmartProperty. This means every decision that a board makes can be made with the confidence that the information provided to them is accurate and up-to-date.”
Data from CINC’s 2023 State of the Industry Report indicates that communication and transparency are critical components in measuring board satisfaction. Fragmented data and reporting capabilities within software solutions leave board members frustrated and significantly contribute to decisions boards make to leave their management companies.
“Through the integration with CINC Systems and SmartProperty, boards receive the exact information needed to make the right decisions for the good of their community,” Millner said.
Reinventing the Meaning of the Reserves Study
“Static reserve studies are obsolete and provide little utility after the fiscal year starts,” says Damian J Esparza, founder of SmartProperty. “Today’s boards require tools that empower them to make informed decisions year-round, providing them with greater peace of mind. So far they have been hindered by only being able to look through a rearview mirror instead of looking forward.”
With SmartProperty’s Living Reserve Study®, fueled by financial data from CINC Systems, boards receive greater visibility into component and maintenance histories, custom funding plans that can be updated on the fly, and the ability to compare their community’s financial health against similar communities.
“That’s a lot more powerful than a static reserve study with outdated information,” Esparza said. “Through our program, board members are able to make objective, data-driven decisions that justify fee increases to their communities.”
Empowering the Community Can Save Lives in the Future
“At CINC Systems, the company mission is to make living in a professionally managed community a great experience,” said CEO Ryan Davis. “Creating systems and processes to empower the HOA/COA boards is extremely critical, and that’s why CINC Systems continuously focuses on partnerships that support the boards and homeowners.”
“I am incredibly proud of our integration with SmartProperty,” Davis said. “SmartProperty has reinvented what a reserves study can do to make a positive impact within a community. It’s a transformational innovation that enables board members to make the best decisions for their homeowners and properties. These kinds of software partnerships are critical and in some cases life-saving in community association management, and I’m excited that we are able to provide this to our homeowners.”
About CINC Systems
CINC Systems is the largest provider of SaaS solutions for the community association industry. Founded in 2005, CINC Systems became the industry’s first Internet-based integrated accounting and property management system. CINC Systems is backed by founder Bill Blanton, a third-generation banker, and Spectrum Equity. The company serves more than 20,000 homeowners associations and 2 million homes. Learn more at www.cincsystems.com.
Founded in 2016, SmartProperty is a first-of-its-kind service provider for the community association management industry. SmartProperty is changing the way HOAs and condo associations plan for the future by introducing the Living Reserve Study®. This empowers community associations to take control over the asset management lifecycle and enables boards to make data-backed decisions to extend the life of common area assets and safeguard their community’s future. The innovative solution comes from 35 collective years of industry expertise, and over 20,000 completed reserve studies. Learn more today at www.SmartProperty.com.
SOURCE CINC Systems