Managing a condo can be a lot of work, that is why most property managers and board members are implementing condo management software.
Key benefits of using a condo management software
Date Published: Aug 21, 2019
From automated payment collections to easy maintenance requests, condo management software can save you a lot of time and money. It allows you to manage condo operations through a cloud interface that’s accessible on your smartphone, tablet or PC.
That means you can work from anywhere and since the app handles the bulk of the work, you can scale down on the number of admin staff you hire.
If you were ever on the fence about using condo management software, wait ‘till you see the amazing benefits you can get from it!
Whether you’re managing a condo building with 50 units or a portfolio with 5000 units, there’s bound to be communication issues when you use old-school methods like phone and email.
Think about it; why is it that condo residents like to complain about late responses from their managers? It’s because most of them still use outdated methods and that’s no way to do business-or retain residents- in the modern age.
As a condo manager, you need to maintain a constant flow of communication and the right software will make this so much easier for you.
Condo management software gives you on-demand access to your contact history so you can make announcements through multiple channels. This includes email and push notifications, text and voice messages.
Residents can also enjoy the benefits of online condo management software. They can use it to book amenities, pay online, make service request, receive/sign documents electronically and so much more with the swipe of a finger. There are a ton of features that cover all aspects of your condo management and operations
The condo’s manager is the first person residents turn to when emergencies and accidents happen. But, this doesn’t always mean they’ll get an instant reply. Now you can stay on top of maintenance requests 24/7 with a condo management software.
You’ll get instant alerts to maintenance requests with full details of the incident. From there, you can hire the relevant contractor for repairs and set a suitable date on which to fix the problem.
Residents and unit owners can upload images of the damaged area and submit it as part of their report. This eliminates the need for costly and time-consuming inspections and helps to get the job done faster.
Keep in mind that regular maintenance is the key to resident retention as people are less likely to leave a well-managed building that looks good.
Manage payments online
Is keeping track of condo dues giving you headaches? You and your residents no longer have to suffer thanks to property management software. Residents can pay condo fees through the software’s online interface and processing takes minutes instead of days.
You can also generate real-time reports to see who has paid and who hasn’t. It’s much simpler and more effective than trying to introduce records manually via spreadsheets.
Keep in mind that not everyone likes automatic deduction and some of your residents may not agree to it. Condo management software offers a middle ground that allows residents to make electronic payments through a safe and user-friendly online interface. Plus, you get real-time notifications and seamless integration to your financial reports. It’s a win-win for everyone!
On-demand access to information
What’s your record-keeping process like? Do you still keep files in physical cabinets or in elaborate spreadsheets and folders on your laptop? Either way, it doesn’t sound very efficient.
What if you could store all of your condo management records in a central location that’s accessible from anywhere in the world? That’s what you get with condo management software. All of your data is stored online and made available at your fingertips.
As the main administrator, you can delegate tasks to your staff members and make certain features like maintenance requests available to all residents.
You may also manage resident-related information on the platform, including acceptance letters, lease agreements, protocols and financial data such as payment terms and interest for non-payment. You can also store other documents like marketing, security and service agreements, etc.
Less administration work
Adding new data to spreadsheets is inefficient and unnecessary. It opens up room for human error and you’ll spend hours scrutinizing your information to establish patterns and irregularities.
Condo management software does all the work for you. It automatically updates your data and generates all-inclusive reports so you can track changes on the go and at any time.
It simplifies all the tasks that would otherwise eat away at your precious time, from generating reports to sending email reminders. No matter how many new units or properties you add to your roster, your workload won’t increase because of it.
Your condo management software will continue to improve in performance and efficiency as technology continues to advance. Just update it regularly and you’ll enjoy even better scalability over time.
Streamlined financial reporting
Keeping track of financial records can frustrate you if you use old-school methods. The amount of paperwork involved is enough to send anyone over the rails.
From sending payment reminders to owners, processing vendor payments, to keeping track of the annual budget. No wonder accountants make a killing each year fixing errors in condo association financial records!
Some condo management software seamlessly intergrades with most financial software like TOPS, Yardi, etc. This enables you to set up things like insurance policies, payment reminders, and track expenses from your smartphone. It offers programmed invoicing and accounting so you can automatically invoice your residents based on owners agreement while taking into account turnover and utility costs, etc.
The system also allows you to keep track of maintenance costs and vendors. You can use this information to do a side-by-side comparison with your budget.
Good condo management software should have accounting integration so you can easily manage multiple units and establish different financial budgets. This includes things like profit-and-loss budgets, maintenance budgets, and cash flow.
Some software even comes with an income tax calculation feature that’ll calculate your income tax liability so you can plan accordingly.
A lot of condo management software options can automatically collate data into graphs and charts. This gives you a bird’s-eye view of your condo building’s performance in the short and long term.
Access to the advanced analytics offered by this software means you can mine massive amounts of data using a simple keyword search on your app. For instance, you could discover that maintenance costs tend to spike at certain times of the year. Cross-referencing this data with things like maintenance reports will allow you to spot inefficiencies and nip them in the bud.
Condo management software also works really well at tracking things like HVAC and water heating costs to determine inefficiencies either in machinery or misuse. This can really come in handy if you want to maximize costs and identify early damage to some of your systems. In the long run, this can mean a world of difference between costly repairs and affordable maintenance.
Resident screening is another time-consuming activity that unit owners are more than happy to delegate. Some condo management software can help you ensure that prospects meet the defined criteria. This software will also perform a thorough background check that’s even more comprehensive than manual methods.
For example, condo management software will crawl through many databases to establish the truth about a resident. This includes their credit history and criminal record. Since development companies create condo management software with the latest online privacy legislation in mind, you don’t have to worry about privacy breaches.
Moreover, a lot of this software is frequently updated to reflect the latest property management legislation. This means it can automatically raise red flags if it sees any sign of prejudice during the resident selection process.
For example, a few American states have passed legislation that prohibits rejection based on dated criminal convictions. After all, people change and it’s not fair to deny a resident due to a mistake they made a decade ago.
This ensures fair conduct and protects applicants from discrimination.
Keeps your data safe
Online data security is a major concern for all of us and it’s also one reason many people are skeptical about using management software. The good news is most software companies offer innovative encryption technology that’s guaranteed to keep your data safe from security breaches and third-party interference.
In fact, your condo management software’s cloud interface is probably the safest place for you to store sensitive data like financial records, agreements, and insurance information.
Keep things running smoothly
Do you want your condo association to operate like a well-oiled machine? Do you want to want to spend less time putting out fires in your office and more time doing the things you want? Condo management software can help you do that–and more- by helping you stay on top of all your tasks.
As we mentioned, you can use this software to keep track of maintenance tasks, onboard new residents, generate comprehensive reports and even manage your building’s security concerns. You’ll also enjoy automatic information updates and payment processing that not only benefits you but for your residents as well.
This software is also useful for storing vendor information so you always know who to contact when residents make maintenance requests.
Separates you from the competition
Let’s face it; owners looking for a place to stay are spoilt for choice. There’s always a new condo building going up in most major cities and depending on the location, buying a condo is better than a single-unit home. Residents get to enjoy a virtually maintenance-free lifestyle and access to a wide range of amenities.
One way to set your condo building apart from other condos is to run a tight ship. This means staying on top of maintenance, doing regular inspections, keep building security tight, and keep tabs on expenses so you won’t have to special assess unit owners and residents.
Some of your competitors might still use old-school residents on-boarding methods which allow perfectly good residents to slip through the cracks. They may take longer to run credit checks thus driving residents to your arms because you’ve established yourself as a smooth operator who’s efficient and quick.
Using condo management software also means that you can automatically track marketing data and use it to improve your efforts when looking for new residents. Since the software constantly updates the data, you’re able to respond quickly and decisively to market changes.
It’ll save you a ton of money
While condo management software isn’t free, it costs a fraction of what you’d spend hiring employees. Plus, most software providers offer different packages that are tailored to your specific situation.
That way, you get the features you need, an easy-to-use interface and a cost-effective solution.
We all want to feel safe and secure in the spaces we inhabit. That’s why building security is a top priority for residents that are looking for a new condo to call home.
Software such as Condo Control Central comes with convenient security solutions like real-time security logs for your concierge personnel, visitor parking management, and a security patrol system. Your security personnel can use the latter to scan checkpoints and make real-time incident reports from a smartphone.
Whichever software you choose, make sure you understand how it works so you can make the most out of it. It’s definitely a step up from filing papers and going through the exhausting motions of manual condo management. It’s a modern solution that allows you to leverage technology to your benefit.
You’ll have all the information you need at the palm of your hand, including a list of all your units and residents, a comprehensive breakdown of your taxes for the year, maintenance reports, inspections, repairs, purchase orders, resident onboarding, meetings, security and more.
In a nutshell, condo management software offers a suite of features and benefits that’ll forever change the way you manage your property.
Check condo controls central, the really smart way to manage your condo.