As it’s been made clear in our 2024 State of the Industry Report, the challenge of deferred maintenance can loom large, often leading to costly repairs, dissatisfied residents, and strained finances. Luckily, the software provided by solution providers has entered a new era where proactive measures can be taken to curb these issues effectively. Here are seven CINC products that we know help improve issues surrounding deferred maintenance with respects to better budgeting, clearer communication, and improved homeowner relations.
Budgeting Software: Fiscal Planning Made Efficient
One of the primary pillars of effective association management is robust budgeting processes within an accounting solution. Budgeting software from CINC, tailored for HOAs and COAs, enables meticulous fiscal planning, allowing boards to allocate funds strategically for routine maintenance and unforeseen repairs. By providing comprehensive financial insights and forecasting capabilities, these tools empower boards to proactively address maintenance needs and avoid the pitfalls of deferred maintenance.
Subledgers: Managing Special Assessments
In cases where special assessments become necessary to cover unexpected expenses or significant projects, subledger functionality proves invaluable. Imagine having the ability to track specific assessments on a separate Homeowner ledger(s) than the regular assessments. With CINC’s Subledger Tools, HOAs and COAs can accurately track and manage funds allocated for specific purposes, ensuring transparency and accountability in financial transactions related to deferred maintenance projects.
Portfolio Manager: Streamlining Project Scheduling
Efficient scheduling of maintenance and repair projects is essential for preventing deferred maintenance. CINC’s Portfolio Manager empowers community and property managers to streamline project scheduling, allocate resources effectively, and monitor progress in real-time. By centralizing project information and facilitating collaboration among stakeholders, Portfolio Manager keeps HOAs and COA on track with maintenance initiatives.
Banking Integrations: Seamless Financial Transactions
Smooth financial transactions are the lifeblood of CAM operations, especially when dealing with large maintenance projects. CINC’s banking integrations within management software simplify the process of managing incoming and outgoing payments, transfers, and reconciliations. This seamless integration enhances financial transparency and reduces the risk of errors or discrepancies.
Vendor Invoices: Payment and Relations Made Easy
Managing invoices from various vendors can be a cumbersome task for association management companies, and disorganized standards can cause issues with vendors. Seamless vendor invoicing modules such as VendorPay streamline the payment process, allowing management companies to efficiently track and pay vendors for their services. This ensures timely payments and fosters positive relationships with vendors, ultimately contributing to the successful completion of maintenance projects.
E-Voting: Engaging Homeowners in Decision-Making
Engaging homeowners in the decision-making process regarding maintenance projects is crucial for garnering support and ensuring transparency within the community. E-voting platforms such CINC’s integrated solution provide homeowners with a convenient and accessible way to voice their opinions, participate in surveys, and vote on important matters related to maintenance initiatives. By fostering community involvement and consensus-building, e-voting contributes to the successful execution of maintenance projects.
Violations Tracking: Monitoring Progress and Compliance
To effectively address deferred maintenance issues, it’s essential to monitor progress and ensure compliance with established guidelines and regulations. Through mobile-first violations processes within the CINC Manager app, managers, board members, and homeowners are able to track maintenance progress, identify areas of concern, and enforce compliance with community rules and regulations. This proactive approach helps prevent deferred maintenance from escalating and preserves the overall aesthetic and value of the community.
Deferred maintenance is understandably a huge concern in the community association management space. From recent legislation to rising costs, it’s no wonder that boards and management companies alike are concerned with developing the right approach to improving maintenance concerns. By embracing technology-driven approaches to budgeting, project management, financial transactions, community engagement, and compliance monitoring, HOAs and COAs can proactively address deferred maintenance issues, promote fiscal responsibility, and enhance the overall well-being of the community.
