Right Start for Apartment Owners Associations

With the end of the 2020-21 Fiscal Year just about a week away, this is the right time for Gated Communities to relook at their housing society accounting and finance strategy. One of the things to consider would be either taking on a housing society management software or migrating to a new system.

Why Do You Need A Housing Society Management Software for this Fiscal Year?

Organised Administration

Management Committees and Resident Welfare Organisations are formed by voluntary members who already have a high pressure day job. Also Residential Communities run on a very fixed budget with limited revenue streams. Cost saving is a big part of any HOUsing Society’s finance strategy.

Automation of Routine Process like Maintenance Invoice Billing & Collection, Payment Reminders, Regular Accounting Entries save Community Funds on Manpower. Communities end up losing approximately 12% of their annual revenue on a manual accounting system.

Communities that run on a fully tax compliant housing society management software save monetary resources and time, allowing them to refocus their energy on infrastructural development leading to high appreciation rate of the property.

Strong Administrative Foundation

A housing society management software helps Associations set a strong foundation. Here’s why :

  1. Promotes transparency in the maintenance of Society Accounts.
  2. Process automation reduces resolution time leading to happy residents.
  3. An official communication platform creates a strong feeling of Community bonding resulting in residents being more involved with Community administration.
  4. Automated reminders and alerts help increase Maintenance Fee collection as high as 95% while bringing defaulter rate to as low as 5%.
  5. Increasing the longevity of Assets with Trackers and AMC Reminders. Communities on a society management software can save approximately 40% of Annual Revenue on asset maintenance.

Digitising your Community Administration makes MC Handovers easy. Just pass the User Id and Password and the new MC has all the details needed to continue the good job.

Higher Property Appreciation Rate

After the slowdown in the Real Estate market for the past 3 years, the Property Gurus predict a rise in investment in residential real estate. This means a lot more people will be looking to invest in new or pre owned apartments in gated communities. Process automations and complete digitisation of gated community administration is directly related to property appreciation rate. A well maintained community is attractive for buyers and tenants alike.

Research shows 40% of the Resident Population in Gated Communities are Tenants. Tenancy is a great way to have a regular RoI for Owners on their properties.

Why Gated Communities Love ADDA as their Housing Society Management Software?

  1. Easy Handover : Be it the First Ever MC or a New MC, pass on the User Details and the incoming administrative board has all the Documents and Records they need to continue with the good work.
  2. Easy Migration : ADDA offers a hassle free Software Migration programme to anyone looking to upgrade from their present system
  3. Proven & Auditor Approved ERP : When it comes to Housing Society accounting, Auditors love ADDA ERP. Enabling remote work, entries made in compliance with tax laws, easy availability of reports – top reasons why the product is favoured.
  4. User Oriented Product : Leading the Community Management segment for over 10 years now, ADDA has been the most adaptable and innovative product in the Market. The User Friendliness of a feature packed Resident App is just another reason why MCs choose ADDA.
  5. Usage Longevity : With a strong and constantly evolving Product, the regular enhancements to the products makes it easier for MCs to stick to one product.
  6. Globally Trusted : ADDA is the trusted Community Management platform for 3500+ luxury Communities across India, Middle East and South East Asia, including the likes of Princess Towers.

If your Community Finance Objective for 2021-22 is Savings and a high Audit Standard, feel free to contact us. We are always happy to help create cash rich communities.

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About the Author: Karnika Roy

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