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  • Property Management Accounting Software – Improve Your Rent Collection with These Easy Tips

    As a property manager, one of your most critical roles is ensuring that revenues keep flowing in.  Rent collection must be among your highest priorities.  Of course, there’s a true art to collecting rent in a way which doesn’t anger tenants or cause complaints.  A wise property manager can easily boost their on-time payment rates, without resorting to threats or other antagonistic behavior.

    Here are a few tips.

    Four Great Ways to Improve Your Rent Collection 

    1. Be a good property manager. 

    The more that tenants perceive themselves as receiving value from their rented property, the more likely they are to pay up promptly every month.  Keep lines of communication to your office open and be vigilant about responding to maintenance requests and similar matters.

    If you’re prompt in responding to their needs, they’re much more likely to be prompt in responding to yours.

    1. Have clearly-posted payment policies and penalties.

    There should never be any question about your property’s policies regarding payments, or what penalties may be assessed for non-compliance.  Beyond keeping tenants informed, this also protects you from rules lawyers who might try to find loopholes in your policies.  (Or at least discourage them from wasting your time arguing about the rules.)

    1. Keep a constant stream of notifications coming.

    Don’t only send one monthly bill or other notice.  Have a steady stream of reminders both before rent is due, and -if necessary- after a tenant has gone past due.  Relying on your tenants to always remember the date and amount will usually result in disappointment.  Some gentle reminders can substantially increase on-time payments.  A good property management accounting software package can automate these notices.

    1. Offer more payment options.

    This is probably the #1 way of increasing the rate at which tenants pay on time.  Don’t restrict them to just a couple payment methods or force them to pay in-person.  There are numerous options for electronic payments as well, ranging from direct bank debits to modern Internet-based systems like PayPal.    More options will inspire more on-time payments.

    Improve Your Revenues with Asyst6 Property Management Accounting Software

    Why do everything yourself?  The Asyst6 property management accounting software suite gives you the capability to automate and easily oversee everything mentioned in this article.  With a fully integrated online payment portal and robust auto-messaging features, Asyst6 quickly pays for itself.  Contact us to learn more.

  • Tips for Choosing the Right HOA Accounting Software for Your Needs

    More and more housing associations are discovering the benefits of HOA accounting software along with other software packages which help streamline property management.  The right software package can improve just about every aspect of your HOA management, from reducing (or eliminating) your reliance on paper to boosting revenues via better fees collection processes.

    That is if you find the right HOA accounting software package to meet your needs.  There are a lot of options out there, and not all of them will be a good fit.  Here are a few tips from our Asyst team on how to choose.

    Three Things to Watch Out for When Choosing HOA Software

    1 – File and data compatibility

    One danger of migrating to an HOA software package is that it may require you to shift your data into a proprietary format.  This can be extremely problematic!  It makes importing the data difficult and can make it even more difficult to export if you need to move the data into different systems in the future.

    Whenever possible, pick HOA software which can deal in standardized file and data formats which are easy to migrate. That’s your most future-proofed option.

    2 – Avoid “fractured” software

    Be wary about buying HOA software from several different vendors!  It might be tempting to mix-and-match, but this can create serious usability issues.  If, for example, your HOA accounting software can’t “talk” to your tenant management system, you lose major opportunities to link those records together and automate functions such as billing reminders.

    In general, it’s best to choose an HOA software package with an all-in-one interface which can handle all your needs.

    3 – Look for expandability 

    Sure, you know what functions you need your software to serve today, but what about five years from now?  It can be extremely difficult to fully predict what your future software needs will be, and in turn, that means you could end up creating problems down the line if you choose a software suite which isn’t expandable.

    Modular systems are the best option here, which allow you to add more functionality over time as needed.  This gives you room to expand your software as your business needs expand.

    Asyst6: HOA Accounting Software from Pros, For Pros

    The Asyst6 team comes entirely from the property management industry, so we know what you need – it’s why we made Asyst!  Contact us to learn more.

  • Does Your Condo Have A Well-Defined Pet Policy?

    While every condo will have its own rules of ownership and conduct, these tend to be pretty similar across most properties.  That is, except when it comes to pets.  There’s probably no other regulatory topic where you’ll see a wider range of rules and policies in place than the question of what animals -if any- tenants are allowed to keep.

    So, as a condo manager, it’s vital to have well-defined policies regarding pets and the keeping thereof.  It benefits you and gives you some legal options when the rules are broken, and it also allows potential tenants to make informed decisions about where they live.

    The Importance of Clearly-Defined Condo Pet Policies

    Some people might be asking, “Why allow pets at all?  They just cause damage.”  And that’s true, to an extent.  However, an unwavering no-pets policy is also going to somewhat limit your potential market.  A large number of home-shoppers already own pets and will probably not be willing to give them up when there are other condos which allow pets.

    Also, a policy which is too strict can ultimately encourage tenants to hide pets, or even cause disputes over what constitutes a pet in the first place.

    So, while “no pets at all” is an option, many condos do prefer a more nuanced policy.  Among these condos, there are several areas which need to be clearly regulated:

    • What types of animals are allowed?  Dogs, cats, fish, and rodents are almost always going to be permitted, but what about more exotic options such as birds, lizards, or insects?
    • Noise regulations.  Given the close proximity of condos to each other, noise regulations must be in place.  Few would argue that a constantly-barking dog shouldn’t be removed if the owners can’t control it.
    • Sanitation requirements.  Owners must be responsible for their pet’s waste and deal with it in a way which does not inconvenience other tenants.  Be sure this is all clearly defined, particularly if dogs are going on walks in common areas.
    • Responsibility for messes.  Tenants should understand and agree that they are responsible for any messes or damage caused by their animals.  Don’t leave any leeway here.

    Improve Tenant Communication with Asyst6 Condo Manager Software

    The Asyst6 condo manager software is designed to streamline your life, including robust options to communicate rules and policies to your tenants.  Contact us to learn more!

     

  • Are You Prepared for California’s New CID Property Management Regulations?

    There are a lot of great things about living here in California – like the climate, and the people.  However, it does mean dealing with a government that loves changing the regulatory rules a bit more often than most people would like.  This can be a real burden to someone managing a Common Interest Development since the rules can change on a yearly basis!

    We try to keep up with the latest in California CID property management laws, so here are some of the most important changes you need to ensure you’re complying with.

    Three Critical Changes to California CID Property Management Regulations

    1 – Expanded conflict-of-interest disclosure

    One big change came with AB 690, which significantly expanded the disclosures you and other CID managers must make.  Along with having to disclose any direct conflicts of interest, you must also disclose pretty much any and all businesses you have any direct stake in.  This includes full or partial ownership, profit-sharing, or any other financial rewards.

    2 – You must permit most solar energy installations

    Fortunately, AB 634 is a “can’t” rather than a “must” so it requires less effort on your part.  Simply put, in most cases CID residents are allowed to install solar electric systems for their household use, and the property managers cannot prohibit it.   That said, you can impose reasonable requirements, like having the homeowner present their plans as proof their installation won’t cause any communal damage.

    3 – Expanded right to assembly

    SB 407 makes major changes to the power you and the CID board have to restrict community assembly in common areas for non-commercial purposes.  Boiled down, residents are explicitly allowed to peacefully assemble in common areas to advocate for pretty much any non-commercial purpose.  This includes political campaigning, discussions of changes to the CID itself, or other social issues.  They are also permitted to invite relevant outside parties, such as hosting speeches by political candidates.

    However, you can still regulate how many guests\outsiders are brought in, so this won’t be an excuse to turn your CID into a large-scale rally.  You won’t have to deal with the insurance and ADA problems that would cause.

    Asyst6 Streamlines Your CID Property Management

    We’ve worked for years to make Asyst6 the best solution on the market for CID property managers who need an all-in-one management software package.  Contact us directly for more information or a demonstration!

  • Condo Management Software – What Are the Most Important Duties of a Condo Manager?

    To an outsider, being a condo manager might seem like a cushy job – however, anyone who’s actually been a condo manager knows that it’s anything but.  Being a condo manager means constantly having more problems on your plate than you can easily deal with, as well as being on call 24/7 in case of emergency.

    A good piece of condo management software can lighten the burden somewhat, but only for managers who know how to properly differentiate between their different responsibilities.  From our own time working alongside property managers, these are the most important functions to focus on.

    The Three Most Important Functions A Condo Manager Performs

    1 – Operations Management

    The first and biggest challenge facing condo managers is overseeing the day-to-day operation of their condo.  This means ensuring the utilities continue to function, mechanical elements are properly serviced, the trash is taken out, and more.  A property manager may not be taking a hands-on approach to all these, but they must be informed at all times and able to track the work being done by various employees and contractors.

    Without reliable oversight, daily operations can easily fall into disarray – leading to angry residents and maybe even loss of property value.

    2 – Financial Controller

    A condo manager is also going to be one of the most important figures in financial planning, although they may also delegate this partially to a dedicated accountant.  Still, they -along with the condo board- will be largely responsible for planning a budget, as well as ensuring the condo stays within that budget while also keeping money aside in case of emergency.

    3 – Dispute Mediator

    With a condo comes drama.  Disputes will definitely arise between the residents, the managers, and the condo board.  The condo manager is the one who will be right in the middle of these disputes, and the one most sides will look to for diplomatic support.  Often, what truly distinguishes a great condo manager from all the rest is their ability to resolve minor disputes while minimizing the drama.

    Asyst6: Condo Management Software That Understands Management

    The team at Asyst comes from the property industry, with both management and accounting experience on-staff.  That allowed us to create a condo management software package that is fine-tuned for the needs of actual condo managers.  Our specialty software can streamline every element of your day!

    Contact us to learn more.

     

  • Are You Using Your HOA Operating Funds and Reserve Funds Correctly?

    As an HOA property manager, one of your single most important duties is ensuring that community funds are used appropriately, in the best interests of the HOA.  Part of this involves finding a good HOA accounting software suite… but it also requires using different funding pools in the right way, for the best returns.

    One critical area to focus on is proper use of operating funds vs reserve funds.  These two pools of money have very different purposes, and it’s vital to keep them separate.

    Understanding the Differences Between Operating and Reserve Funds in HOA Accounting Software

    1. The Operating Fund

    The operating fund is for relatively minor payments needed for the day-to-day operation of your HOA in normal circumstances.  This includes matters such as:

    • Utility bills (water/electric/internet/etc.)
    • Property taxes
    • Insurance
    • Accounting or legal fees
    • Office expenses (paper, computers, etc.)
    • Landscaping and trash collection (if applicable)
    • General upkeep and maintenance of communal areas

    The operating fund can usually be estimated pretty well simply by looking at the operating costs from the previous year, and then adding a bit more to account for inflation.

    2. Reserve Funds

    As the name implies, reserve funds should be kept in reserve and not used for day-to-day operations, so that they can be used for larger-scale projects.  If you’re planning major renovations or upgrades, that would come out of the reserve funds.  For example:

    • Re-roofing the central office
    • Painting communal buildings
    • Major landscaping changes or additions
    • Large equipment replacements, like replacing the pool’s pumps
    • Any other large-scale changes

    In addition, the reserve fund would be what you dip into in case of emergency.  If a flood wipes out your fences, or high winds rip the roof off a public building – that would come out of the reserve fund.

    It’s important to always keep some money aside for your reserve fund, rather than keeping it all in the operating fund.  Some of these things can be planned for – you’ll know if you need to repaint a building and can work that into the budget.  But there should always be something in reserve.

     

    Asyst6 – HOA Accounting Software by HOA Professionals, For HOA Professionals

    If you’re looking for a better way to handle your HOA finances, Asyst6 is here to help!  We’re all former property management pros, and we created it specifically to address the needs of managers.  Contact us to learn more!

  • What Does It Take to Be A Great Condo Manager?

    What Does It Take to Be A Great Condo Manager?

    There is no shortage of condo managers in the world – but sometimes it seems like the great ones are few and far between.  A condo manager is called upon to wear many hats over the course of a day and is ultimately responsible for one or more extremely expensive property investments.

    What does it take to be a great condo manager?  In our own time spent developing condo management software and working directly with property managers, these are the attributes we’d pick.

    Four Attributes of a Great Condo Manager

    1 – A strong work ethic

    There’s a stereotype of property managers being lazy, but that’s not the case – at least not the successful ones.  A great property manager hits the ground running at 8 AM, dealing with issues that came up overnight and any easier problems they can tackle.  This leaves the afternoon (or even the evening) free to handle tougher challenges.

    2 – Deep knowledge of the surrounding area

    It’s not enough to know one’s properties, when advertising them or talking to potential residents.  You need to know the entire area inside and out.  That’s the only way to be able to quickly answer questions about access to services, shopping, dining, school availability, and more.  Knowing those details can be what pushes someone into signing a contract.

    3 – High levels of availability

    A great condo manager isn’t hands-off.  They’re available for residents to contact when needed.  A manager who’s standoffish, or never seems to be around to deal with complaints, isn’t going to inspire much confidence in the residence.  If the condo manager isn’t willing to pay them attention, they may wonder, is the manager paying attention to their property?  Being available for your residents’ breeds assurance.

    4 – Strong people skills

    From managing a team, to acting as a salesman, to dealing with the politics of local committees…  there’s no shortage of times a condo manager is going to have to deal with other people.  The more people skills a condo manager has, the better – and the more likely they are to be a success.

    Make the Most of Your Day with Asyst6 Condo Management Software 

    If you’re pressed for time as a condo manager, Asyst6 might be just what you need!  We’ve designed it top-to-bottom to address all your needs and streamline your workday.  Contact us to learn more or schedule a demo!

     

  • How Can the Right Software Enable Better Accounting for Homeowners Associations?

    How Can the Right Software Enable Better Accounting for Homeowners Associations?

    If you’re responsible for accounting for homeowners’ associations, you know just how much of a responsibility that really is.  When so much is riding on a home’s property value, everything about your HOA accounting must be impeccable.  Any mistakes could be disastrous.

    Fortunately, the right piece of software designed to help with accounting for homeowners’ associations can make mistakes far less likely!  A good HOA accounting software package can decrease errors, while also making your day-to-day life much easier.

    Four Ways Software Can Improve HOA Accounting

    1 – HOA-specific budgeting modules

    A homeowner’s association has special budgeting needs, particularly when it comes to distinguishing between home expenses and costs associated with common areas.  A lot of off-the-shelf software isn’t equipped to deal with this.  However, HOA software will be designed specifically with such scenarios in mind.

    2 – Automated billing and payments

    Getting residents to pay all their dues, fees, and other bills on time can be a challenge – but software can make it much easier.  Automated systems can send out bills and reminders according to schedules you set, and even send delinquency notices if needed.  This can be combined with online payment systems that make it much faster and easier for residents to pay their bills.

    The result is higher revenues, with less time spent chasing those payments.

    3 – Per-Lot records tracking

    Here’s another feature you’re unlikely to find in typical accounting software: the ability to track records on a per-lot basis, including maintenance records as well as historical price\sales data.  This can be an invaluable resource, particularly when it’s all in one place and easy to access.  When records are that easy to look up, there’s less chance of error.

    4 – Online portals for residents

    Why keep the record-keeping benefits to yourself?  The right HOA accounting software package can include online member portals where anyone can look up the records specific to their own property.  A simple secure login system ensures privacy is respected.  This means that residents can answer many questions they might have on their own, which in turn means fewer calls to your office!

    Meet Asyst6 – Your All-In-One HOA Accounting Software

    The team behind Asyst6 aren’t your standard programmers.  We all come from the property industry, with experience in systems auditing.  Asyst6 was developed specifically based on the problems we saw with existing software solutions.  Contact us directly to learn m

     

  • Why “Free” HOA Management Software Isn’t Such A Good Deal

    Why “Free” HOA Management Software Isn’t Such A Good Deal

    With so many sources for software out there, why spend money for HOA management software when you can get something for free instead?

    Just about anyone in any area of business has probably wondered this from time to time.  If it’s possible to put together a solution from freely available software, why pay more than you have to?  Well, most of the time, it’s a “you get what you pay for” sort of situation.  Sure, much of the time you can find a solution… but it’s rarely going to be the best solution for your needs.

    Free software can be helpful for smaller companies that are just starting out, but if you’re managing a homeowner’s association, you need HOA software that can keep up with your needs!

    Three Reasons Why Free HOA Management Software Isn’t A Good Deal

    1 – You probably won’t be able to do it all with one software package

    HOA software is specially designed by its creators to put all the features you need in one place.  You’re going to have a very hard time finding all that in a piece of freeware or open-source software.  Chances are, you would have to install several different pieces of software, which in turn will greatly reduce your efficiency – or even introduce insurmountable hurdles due to compatibility problems.

    2 – There may be limitations built in

    There’s actually less truly free software out there than you might think.  A lot of so-called free software packages are actually more like standalone demos.  Their designers have put a lot of limits on their utility, specifically to push you towards paying for an upgraded package.

    And once you’ve already invested time and energy into the free version, you might not be willing to walk away – even if the paid upgrade doesn’t fulfill your needs.

    3 – You won’t put your best face forward

    Let’s say you want to implement a portal so that your residents can log maintenance issues.  There is free software that does this – but it’s going to result in a portal page that’s got other branding on it or may even have ads all over the page.  How’s that going to look to the residents?

     

    Asyst6 is the property industry’s leading HOA management software package, designed by people who all came out of the industry.  Contact us to learn more about how cost-effective Asyst6 can be!

  • Maximizing the Potential in Your HOA Software Investment

    Maximizing the Potential in Your HOA Software Investment

    If your operation has recently invested in HOA software or is thinking about making an upgrade, you’ll be getting a software system with the potential to revolutionize how your HOA operates.  However, the key to changing that potentiality into reality lies with you.  How you operate your HOA software and integrate it into your business plans, will be what truly determines the return you get on your software investment.

    Here are some tips to ensure your new software improves your management and pays for itself in the years to come.

    Three Ways to Get the Most Out of Your HOA Software

    1 – Don’t rush rollout and implementation

    This will vary depending on how many modules your HOA applications cover, but basically, it’s better to migrate modules one at a time rather than trying to do everything at once.  In other words, transfer over your billing, and get billing systems working right.  Then transfer your records and ensure they can be accessed properly.  Then implement the resident-facing portal features, and so forth.

    It might take a few months to roll out the software bit by bit, but you’ll end up with a much more stable and well-integrated system.  If you try to roll out too much at once, you’ll probably get overwhelmed.

    2 – Spend time reading the manuals

    Yes, manuals are boring and no fun.  However, it’s virtually guaranteed your new software will include features you didn’t know about – many of which would be useful!  Going through the documentation is the best way to ensure you understand everything the software suite does, and you’re using all the features which are relevant to your needs.

    3 – Don’t overlook training

    Be certain your staff members are on the same page with you when it comes to the new software systems.  Have some training sessions, once you’ve figured out how everything works.  This will be particularly vital if you’re replacing a previous software suite.  Some workers almost always have a hard time adjusting to the change and will need time to get used to it.

    Upgrade Your HOA With Asyst6

    Asyst6 was designed by property industry specialists, for property industry specialists.  We came from the world of housing auditing and management and created Asyst6 to specifically address the problems we so often saw HOA and housing managers struggle with.

    Contact us today to learn more about Asyst6!