Homeowner associations (HOAs) have grown in popularity over the last twenty years and nearly one in four Americans lives under HOA governance today in one of the 350,000 associations across the country. This trend doesn’t show any signs of abating given that over 60% of new home construction resides within an HOA. Similar to a rental property, an HOA will oftentimes hire a property management company to help them manage their day-to-day activities – everything from landscaping and maintaining common areas, to communicating with residents, to hiring and managing contractors for repairs and special projects. But because HOAs are formed by a collection of homeowners and operate differently than rental properties, there are additional activities that a property management company is responsible for while managing an HOA – board reports and approvals, collection of HOA fees, integrated banking, account balancing and reconciliation, etc. CINC’s software uniquely allows HOAs, property management companies, and banks to solve these challenges, and we’re thrilled to announce our investment in the business and welcome newly appointed CEO, Ryan Davis.
When we first met with founder Bill Blanton and heard the CINC story, it became clear his experience uniquely positioned the business for success. Bill’s family has been in the banking business for 3 generations and he followed suit as CEO / CFO of several community banks for 30+ years. Outside of his banking career, Bill always had a passion for real estate, and that, combined with his banking expertise, is what led to the founding of CINC.
CINC’s software benefits all constituents in the HOA market. For HOAs, it improves communication with property management companies via an easy-to-access online portal, provides automated reports and board docs for review / approval, and allows residents to pay their HOA fees online. Property management companies utilize
CINC’s all-in-one-management accounting software that integrates with partner banks to accurately and efficiently serve their HOA customers. Partner banks benefit as CINC serves as a customer acquisition channel for them, and CINC’s software helps automate key banking functionality like account reconciliation.
CINC continues our theme of investing in fast-growing, vertically focused enterprise software companies that exhibit deep product functionality, customer-centric approaches to innovation, and scalable cloud-based platforms, joining the likes of Origami Risk (insurance-focused risk management software), Verafin (fraud detection / AML software for banks) and Tenstreet (recruiting software for the trucking industry) in our portfolio. We’re excited to support CINC’s mission to empower the modern association management company to grow and scale profitably, and we’re looking forward to partnering closely with Bill, Ryan and the entire CINC team to drive continued product innovation and further growth.
If you’d like to learn more about the company and the community association market, read the press release about Spectrum’s partnership with CINC.
Date Source: ’18-’19 National and State Statistical Review for Community Association Data.