The Profitability of Condo Manager

The Profitability of Condo manager

 

Many people may not directly associate software with profitability. However, our software has been proven to show increases in efficiency while reducing operational expenses. The Profitability Module can track phone calls, emails, letters, accounting transactions, on site visits, and more.

When it’s time to renegotiate contracts, you can pull a report that shows the total time spent working with the association and know your hourly rate. This is an indispensable tool for any management company.

We’ve also conducted numerous studies with our clients to put Condo Manager to the test and prove their ROI (return on investment). The results came back and the numbers show it – Condo Manager saves our clients time and money.

Take for example a recent study we did with a few clients. We watched one property manager prepare monthly reports for their homeowners associations. In Quickbooks, they had to print off each financial statement, search through the file folders at their desk to pull receipts, bank statements, and other document. Finally they pulled everything together into one file and had their monthly report completed. When all was said and done, they spent just over 57 minutes to produce one monthly report and they still had 7 associations left!

After implementing our software, that same property manager used the Monthly Report tool in Condo Manager. It included a custom cover page, financials, bank statements, invoices, and management reports with architectural requests, violations, maintenance requests, and communication items. The report had over 80 pages of easy to read financials and management reports. Her total time? Just under two minutes!

This property manager is saving 55 minutes every month for every association she manages. At 8 associations, she’s saving 440 minutes every month or 5,280 minutes every year – that’s 88 hours­ of time saved with Condo Manager!

We talked to another management company that started using email to send correspondence and account statements through Condo Manager. After completing a survey for their owners, the management company had 4,127 owners that wanted to receive email. If every owner only received one account statement or letter each month, the management company would save about $1733 just in postage– not to mention the cost of ink, paper, and envelopes. That’s over $20,800 a year in savings, not to mention the time saved from stuffing the letters!

Many software companies will talk about how their software can save time or save money. While they may save time in certain areas, their users make up for it trying to figure out how to accomplish basic activities or waiting on technical support to correct problems. Put Condo Manager to the test for yourself. Call us today to see how easily it really is to switch to Condo Manager.