PayHOA
A comprehensive management platform built specifically for homeowners associations
Overview
PayHOA provides a comprehensive management platform for self-managed homeowners associations. These HOAs run their communities using volunteers who may or may not have accounting or finance backgrounds. PayHOA helps them streamline dues collections, store and organize accounting information, manage vendors, issue violations and maintenance requests, and more through one central hub.
From the homeowner side, they get an individual user portal where they can see their account status, pay dues, submit and track maintenance requests, communicate with the board and other homeowners, and more.
Back up, I still don't understand what an HOA is.
HOAs came to being in the 1960s with the invention of suburbs. HOAs were created to handle tasks normally performed by city municipal workers, like trash collection, maintenance, etc. Today, HOA communities collect dues to upkeep amenities (like a neighborhood pool or clubhouse) and perform varying degrees of maintenance. The HOA board creates and enforces rules intended to keep property values high. Keeping property values high is the main goal of an HOA.
The HOA board, which is elected by the homeowners, meets periodically to talk about neighborhood issues and initiatives. HOAs are governed by their "Declarations of Covenants, Conditions, and Restrictions," also known as "covenant documents" or "CC&Rs." This is basically a contract outlining what the HOA expects of homeowners and what the homeowners can expect of the HOA.
Ok, how does PayHOA help?
Most people who use HOA are serving as volunteer treasurer for their HOA board.
Dues collection — This is the main concern of a prospective PayHOA client. Most HOAs collect dues by hand in the form of paper checks. It is time-consuming to go around to every house and collect dues, package them up for the bank, enter them into their accounting software, issue late fees, etc. PayHOA allows for digital payments, so homeowners can pay at their convenience, instantly, from anywhere.
Organization — Most HOAs perform accounting in QuickBooks, spreadsheets, or on paper. Even though they may be using software, the process is heavily manual. Plus, general accounting software isn't designed to serve the HOA structure. You can read more about that in this blog. PayHOA is designed to serve HOAs, acting as a digital repository that automatically stores and sorts important information and documents.
Reduce costs — Many HOAs use a third-party management company, which can cost over $10,000 per year at the very least. These companies come with a lot of issues. They take banking and accounting info completely out of the HOA board's hands, they offer little flexibility in enforcing rules, and they aren't usually transparent about their fee structure. PayHOA costs $40 per month for its base product.
Key Features
Digital Payments and Mass Invoicing
In addition to the info above, digital invoices have the benefit of automatically updating to include late fees and other charges. Without a digital platform, the HOA would have to send an additional invoice, which means more manual work.
Vendor Profiles
Within PayHOA, you can create profiles for vendors like landscapers, etc. You can link the vendor's banking info with their profile to pay them directly from the platform.
Reports and Analytics
Because dues, fees, expenses, and other transactions all take place within the platform, PayHOA can generate budget reports, balance sheets, profit and loss statements, and other reports indicating the financial health of the HOA.
Mass Communication
From the platform, you can send mass emails, texts, surveys, polls, even physical mail. You can even see the receive/open status for each individual recipient.
