Manage & Communicate Condo Fees with Budgets

05/29/2024
2 minute read

Welcome to another 1VALET feature update. This week, we are introducing the Budgets feature for condo buildings. The Budgets feature allows property managers in condo buildings to define a monthly management fee for each suite, and then communicate those condo fees to the owner of each suite.

Manage & Communicate Condo Fees with Budgets

To get started, select the Budgets option from the Building Management section in the left-side menu of your 1CONNECT property management software. Please note that this menu item is only visible for condo buildings. When creating a budget, you can add a name, set start and end dates, and specify a fee for each suite.

Users have the flexibility to manually enter monthly condo fee amounts directly in their 1CONNECT management portal. Alternatively, they can download a template, populate it with the necessary information, and then re-import the file. This option ensures that you can choose the method that best fits your workflow.

Once you’re satisfied with the entered information, you can publish the budget. Publishing a budget marks it as active and archives any previous budgets. It’s important to note that only one budget can be active at a time.

To share the active budget with condo owners, select the budget and click “Share” from the side panel. This action will send out the budget’s monthly fees to each owner through the Announcements module. Each owner will receive the information via their 1VALET Resident App.

Before sending, you can edit the announcement template to ensure it includes all necessary details and communicates effectively with the owners. This feature not only streamlines the fee management process but also enhances communication between property managers and condo owners.

We hope you find the new Budgets feature helpful and that it simplifies your condo management tasks. Stay tuned for more updates and enhancements from 1VALET!

To learn more about how 1VALET can help you boost your property revenues and create safer, smarter communities, visit https://1valet.com/book-a-demo/

Manage & Communicate Condo Fees with Budgets

Manage & Communicate Condo Fees with Budgets

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