You can find many co-ownership management software on the market Their purpose is to facilitate the co-ownership managers’ tasks Some software are incomplete, and others are hard to use
Thus, choosing the right co-ownership management software will allow the managers to... Lire la suite
What Is the Purpose of Co-ownership Management Software?
Co-ownership management software can offer many features, but any good software can manage quota-shares, funds, repairs, accounting, and communication.
These tasks might seem easy to accomplish without software, but the benefits of these tools are considerable.
Co-ownership management software will quickly become your go-to for all-things management whether it be communication, accounting, or anything else.
Are you still hesitating as to whether or not you need software like Condo Expert to manage your co-ownership? Here are a few features you might like.
Managing your communications will undoubtedly be much easier by being able to monitor and keep track of your communication statuses, and add notes and tasks.
Did you know that each co-owner can choose their preferred language of communication? This prevents language barriers.
Imagine letters that write themselves, addressed to the right co-owner with information that affects them personally like their address, their late co-ownership fees for the contingency or emergency fund, etc. Isn’t this time-saving feature so great?
This management software allows you to easily manage your funds thanks to the built-in accounting tool.
The operating, contingency, self-insurance, and emergency funds should legally all be included in your financial statements.
Thanks to this management software, you can efficiently account for your funds without prior knowledge in accounting.
The management section of this software allows you to plan repairs, create work orders (e.g. if you have an in-house maintenance team), or manage conflicts between co-owners.
Many people often think that such software are too expensive and too complicated for a small co-ownership that wishes to self-manage. Know that there are many software available on the market.
Thus, you can get affordable software like Condo Expert.
At $2.99$/door or less, you can enjoy the many co-ownership management features offered by Condo Expert. Calculate the price for your property HERE.
Esign Connect: The official signature available anywhere and anytime. You can sign an official document, or have it signed, on all types of devices. You can also send a document with Esign Connect via email and monitor its status.
If you want to try Condo Expert, our co-ownership management software, for free for 30 days, you can sign up here:
If you want to start with a free demonstration, make an appointment with Rodrigo!
When managing the accounting of a syndicate of co-ownership, you must also manage many different funds. Let’s clarify some things!
What Is the Purpose of a Fund?
A fund allows you to accumulate the amount necessary for one or more repairs on the co-ownership. You can have different funds for each improvement or for all of them.
Usually, syndicates of co-ownership set up four funds:
How to Manage These Funds?
Legally, you must account for each fund’s transactions in different bank accounts and financial statements. Thus, each fund must have its own bank account, earning statement, balance sheet, and statement of net assets.
The statement of net assets is all the assets minus the liabilities. This illustrates the co-ownership’s financial situation. The syndicate of co-ownership can then determine if it has a surplus or a loss.
Sometimes, syndicates of co-ownership multiply the number of funds to compartmentalize every predictable repair. Since every fund requires its own bank account and financial statements, this can complicate things.
Imagine: In addition to four basic funds, you decide to divide the operating fund and create a fund for repairs, a legal fund, and an improvement fund. This means you need to manage 7 bank accounts and create 6 financial statements.
A Compromise?
Instead of multiplying your funds, you can create reserves in the statement of net assets. These reserves do not require a separate bank account. They are created when you have a surplus in your operating fund. You can now justify your surplus by putting it in a reserve.
Sources:
https://en.condolegal.com/management/chronicles/aline-desormeaux/2145-fund-basis
Condo Expert: our new product!
Web management, fund management, communication portal, all for co-owners for only $2,99 per door per month!
Condo Expert is the result of several months of work by the Magex Technologies Team. This online software was designed for co-ownership management. The features are tailored for this type of management:
In addition to all these features, you can add various tools to your Condo Expert account. Magex Technologies lives to provide you with efficient tools and ways to optimize your management. Indeed, many partnerships have been created to help you in your daily management:
Condo Expert is more than co-ownership management software… It provides you with a quick and easy access to a trusted network of partners, technical support, demonstrations and training courses, etc.
Magex Technologies has recently launched a new version of Condo Expert, the syndicate of co-ownership management software. You can now download the mobile version and use Condo Expert on your mobile devices, such as your smart phone or your tablet. Thanks to this new version, you can have access to your account and enjoy Condo Expert’s management features anytime and anywhere.
This new version includes all the co-ownership management features you can find on the web version. That being said, the app offers you complete and immediate access to:
Before heading over to your app store, here are a few features that are sure to convince you to download Condo Expert on your mobile device:
A interface specifically made for mobile devices, so you can have easy access to all your favorites features.
Thanks to the "Contacts" tab, you have access to your contacts in the real estate industry in just a few clicks. On the road, at home, or at work, you can easily find the contact information of the person you wish to reach.
In the "Construction" tab, you can plan the work to be done in the building and follow its progress.
Thanks to the "Collections" tab, the syndicate can collect pre-authorized payments, such as co-ownership fees.
The "Email" tab allows you to receive and send emails directly from the app. Use our automated letter and notice templates to save time!
