There are many benefits and conveniences to using electronic payments for condo fees and HOA dues.
While HOAs do not operate with the intention of profiting, they must make smart financial choices in order to succeed.
A budget based on factual data can help maintain an HOA community’s health and happiness for years to come.
The latest data for February 2021 shows that the percentage of homeowners who have paid association dues on time is back up to 92%.
Besides making monthly mortgage payments, condo owners must pay condo fees as well. This amount covers maintenance costs for common areas in the condo building and it contributes to a rainy day fund. Sounds fair enough, right? Problem is, there’s no benchmark to how much condo fees should cost. In some places, it’s $50 while others […]
When an owner doesn’t pay their dues, the entire HOA has to deal with the consequences. Fees from owners are factored into an association’s budget, and when owners fall behind on payments, the HOA can’t cover all of its expenses. In very rare cases, homes have had to be foreclosed because owners could not meet […]
HOAs cannot operate without revenue. It’s as simple as that. Good accounting is critical to the health and happiness of every HOA development. Managing a multi-million dollar budget is not so simple, however, especially if none of your board members have an accounting background. Accounting can be quite stressful for anyone to navigate, and it’s […]
covid-19 resources Request a Demo Good accounting is an important pillar of a happy and healthy condo community. Condos need money to operate. It’s as simple as that. But managing a multi-million dollar budget is not so simple. With multiple revenue sources, short-term and long-term projects, bills, contractors, and more, taking care of a condo’s […]
Owners who belong to an HOA enjoy a multitude of perks and benefits, however these things don’t come for free.The association makes decisions about and pays for things like maintaining common areas (pools, clubhouses, gyms), cleaning, landscaping for shared spaces, and repairs for equipment and parking lots. However, in return for general maintenance and shared […]
The numbers don’t lie. Condos and HOAs need numbers to understand essential things like profits and losses, as well as more complex issues such as scheduling maintenance repairs for equipment. Numbers provide boards with concrete facts, and help them make informed decisions for their community. Instead of acting on a hunch, they can act on […]
Don’t believe the rumours. Special assessments aren’t just for condo communities. Any covenanted community can have special assessments imposed; this includes gated communities and HOA-governed communities. Click here to download our special assessment letter template What is a special assessment? Why do homeowners cringe when they hear the words “special assessment?” A […]
Every successful business is supported by healthy cash flow. Though condominium corporations are considered not-for-profit organizations, they still need to generate revenue to operate well. Someone needs to keep track of profits and expenses to ensure there is enough money coming in to maintain the value of the property and ensure its longevity. Good […]
Condo buildings are complex and intricate, and they require a reliable source of revenue to maintain the structure, repair systems, keep everything clean, cover emergency or unexpected costs, pay staff, etc. Much of this money comes from owners in the form of condo fees. However, on rare occasions, the corporation or association may be hit […]
Exciting news! We’ve partnered with Rotessa to simplify online payments for condos and HOAs. Through this partnership, we offer residential communities more convenience, and reduce costs for corporations. This new partnership allows residents to make payments from their chequing or savings account while maintaining their current credit option. What is Rotessa? Rotessa is an online payment […]
Condo corporations are considered not-for-profit organizations. This means they don’t have extra money lying around to pay for things like significant improvements or repairs. They must work with the revenues that they generate from condo fees.Planning for the future is part of good condo management. Some portion of the fees collected from condo owners must […]