Just the tip of the iceberg
If several owners share an apartment building, each owning individual real estate units, together they form a condominium owners’ association (COA for short). Correct administration of the shared property is the responsibility of the apartment owners. Many of them decide to commission a property or real-estate manager with this task. In this case, the property manager undertakes to maintain and increase the value of the property, to use the funds he or she is entrusted with economically and to ensure continuous cost control.
However, a closer look reveals that the property manager’s range of tasks is much more complex. Responsibilities include commercial activities, such as creating and checking business plans, legal and organisational aspects – for example organising and holding owners’ meetings – and technical tasks such as regular inspections and damage repair. If the property manager takes on responsibility for not just one property but a number of condominium owner associations, powerful software is needed to maintain a continuous overview.
To allow you to complete these tasks appropriately, PROMOS provides you with tangible solutions that make all the relevant information available to property managers and also relieve them of labour-intensive routine tasks.
- PROMOS COA management
- PROMOS COA meeting invitation, minutes and decision archive
- PROMOS condominium management
- PROMOS third-party management
- PROMOS Utilities Cockpit
Strict separation of assets
Apartment owners need to make capital available for various purposes, be it to form reserves (for example to realise major restoration projects) or to cover the required assessments (the administration contributions that are required from the individual owners to cover the costs for the shared property). With this third-party capital now in the property manager’s hands, mutual trust is extremely important. PROMOS COA management takes account of the legal requirements and ensures the strict separation of assets belonging to the individual condominium owner associations. For the property managers themselves, the COA is a third-party owner. Thus, each COA is treated as a separate mandate and represented with a separate company code in the SAP® system. This means every document entered is assigned to the relevant mandate during posting. This separates the assets cleanly and allows separate accounting.
SAP® integration and contract management
The PROMOS solutions are fully based on state-of-the-art SAP® technology, so you benefit significantly from seamless integration into your existing SAP® landscape and other SAP® modules for Finance and Controlling. In addition, the various contractual relationships, such as that between the property manager and COA or between the COA and the owners, are correctly mapped and duplicate data storage is avoided.
End-to-end business processes
PROMOS is known for full consideration of complex process logics. Accordingly, with the COA management package, you can also map all business processes in detail: tracking the status of your invitations, for example, or documenting and archiving the decisions made at your owners’ meetings, generating correspondence or adjusting the business plan based on the previous year’s figures.
To summarise, here are all the key service features at a glance:
- Complete integration of your COA management into your SAP® landscape as well as other SAP® modules in Financial Accounting and Controlling and in the Technical area
- Seamless mapping of all business processes relating to COA management – including management of assessments, billing of utilities, invoice checking and presentation of the decision archive
- Pooling of all relevant information regarding object master data or procedures in a central administration system
- Clear separation of assets, both between the property manager and condominium owner associations as well as between the individual associations
- Electronic ordering of maintenance services by means of a state-of-the-art web connection to the easysquare craftsmen portal
- Full consideration of the various contractual relationships as well as provision for these in separate contract types for COA, condominium and third-party management
- Convenient and legally compliant implementation of business plans as well as overall and individual invoices including correspondence in a single application
- Automated allocation of costs to the tenants as well as transparent monitoring of utility cost processes
- Extensive analysis and evaluation options with various views for the relevant mandates and contracts, business plans, open items, reserves and much more
Furthermore, with the PROMOS solutions you benefit from seamless integration of the various solutions: With our easysquare mobile app, not only can you document property and safety inspections on site using digital forms on a tablet or iPad, but also receive fully automatic support for importing them into your system. The connection to easysquare workflow also allows you to systematically handle various standard processes relating to the real estate and housing industry. A host of standard correspondence is already available for you to select and is automatically archived in your system.
Do you manage condominium owner associations? Are you still looking for the right administration software? We can help. Our consultants will be happy to inform you about possible implementation strategies for your specific situation.
Ownership of property entails responsibility, COA management also. The SAP®-based PROMOS solutions for a holistic COA administration.
You may also be interested in the following topics:
- PROMOS COA administration - Correct COA administration in SAP®
- PROMOS COA Invitation, minutes and decision archive - Clearly document your COA decisions
- PROMOS management of condominiums - Professional management of condominiums in SAP®
- PROMOS Utilities Cockpit - Complete monitoring and process controlling of the utility statement
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- easysquare owners' app