Oftentimes, Management Committees wonder how to increase their society’s revenue without upping the maintenance fee for the former is very likely to irk the residents. A handsome revenue can benefit your apartment complex immensely. You can maintain the premises and assets better, improve the facilities, provide staff with better pay, and do much more.
In this article, we explore the means using which you and your society can increase the revenue and how an apartment management software like ApnaComplex can improve your apartment complex’s financial situation.
This is one of the biggest sources of income for gated communities. When brands put up stalls inside a gated community, that society’s Management Committee can charge them a fee/tent depending on the size of the stall and the popularity of the brand.
Since our commencement, ApnaComplex has gone the extra mile to tie up with popular brands and bring them to societies that use the ApnaComplex application. In the last year alone, we have conducted 1000 such events across India.
Some of the brands we have a partnership with include Tata, Dabur, Reliance Trends, Pantaloons, Bata, 1 MG, etc. Societies can earn from ₹ 10,000 t0 a few lakh rupees depending on the size of the society.
Maintenance due is the major source of income to gated communities and when a chunk of residents default on their dues, it causes a setback to the accounts department. The good news is, this particular issue can be easily dealt with.
Residents do not default on their dues purposefully in most cases. They simply forget to pay their dues on time due to a busy schedule. Sending a reminder every month can help you collect dues on time. With software like ApnaComplex, you can send monthly reminders automatically by configuring the application, and by this, you can see a significant reduction in defaulters and an increase in revenue.
Bill your residents digitally
Manual billing is time is consuming and a waste of fine resources. Calculating the dues of hundreds of residents and billing them can cause a headache to any accounts manager no matter how skilled they are.
So, ditch the pen and paper and adopt a society billing software like ApnaComplex. The software will calculate your residents’ dues based on their past arrears or advance payments automatically every month on the scheduled date. The software also generates invoices and sends them automatically to the residents.
Make online payment mandatory
This is one of the best ways to reduce maintenance defaulting. ApnaComplex offers payment gateway options like UPI, PhonePe, Google Pay, etc. Using these options residents can pay their dues seamlessly and comfortably. This convenience and the automatic invoices will also urge them to pay the dues right away improving the maintenance collection.
Automate the accounting process
Manual reconciliation takes days to calculate, it takes up the time and energy of the Management Committee, and even minute miscalculations cause errors and discrepancies. To avoid this, committees usually hire and pay hefty amounts to experienced auditors to reconcile the accounts.
ApnaComplex will eliminate the aforementioned hassles instantly. When residents use ApnaComplex to pay their dues, the software will automatically calculate the payments based on the entries.
Income and expenses are calculated diligently by the software eliminating any sort of manual error. The reports generated by the software are also audit-ready. This removes the need for external auditors, thus saving time and money for the Management Committee.
Consider investment and pay tax on time
Investing is the best way to increase your gated community’s revenue and as a member of the Management Committee, you should know about gated communities’ financial laws. Take the advice of a tax consultant, file your taxes on time, add the correct GST amount to the maintenance due, and attend treasurer workshops. These are the first things you should know before getting into investment.
With software like ApnaComplex, collecting GST and other taxes is a cakewalk since the application calculates tax as well. The taxes are added to the dues and the software generates the final bill accordingly.
Secondly, learn about the tax-saving investment schemes and learn how to invest your apartment’s funds in those schemes. In this way, you can save substantial money and earn interest by the end of the year.
Asset maintenance can also increase revenue
Assets of a gated community such as lifts, water dispensers, etc are subjected to inevitable wear and tear, and maintaining them regularly will increase their longevity.
The ApnaComplex software will assist you better in the asset maintenance department. Once the details of the assets are uploaded to the software, including their maintenance period, the application will send you reminders automatically when it is time to service an asset.
When assets are serviced regularly, there is no need to replace them often. This saves plenty of money and increases the funds for a gated community.
Make money through your Clubhouse
Clubhouses are not just luxury assets. When used wisely, they can be turned into a revenue-making machine. Manual booking of the clubhouse can cause confusion like wrong payment collection, double-booking, etc causing revenue leakage. By adopting ApnaComplex, you can do away with this.
The pre-booking feature offered by ApnaComplex allows residents to check available slots in real-time and book them in advance right at the comfort of their homes. The payments are recorded and reconciled separately.
This easy process of clubhouse booking is very likely to invite more residents to book the clubhouse often for their entertainment, thereby increasing the revenue.
Rent whenever possible
There is nothing wrong with renting whatever that you can rent in your apartment complex to increase your revenue.
Rent your clubhouse for parties when it is free to non-members for higher tariffs, rent out spaces in the premises for advertisements, billboards, kiosks, exhibitions, etc.
With ApnaComplex, you can easily keep track of all these incomes.
Going green can also bring in income
Yes, you read it right, sustainability will help you save money and generate income. Whenever possible, cut down electricity usage, or better yet, instal solar panels if possible.
Harvest rainwater and reuse water, introduce waste segregation, collect compost in your apartment and use it for fertilisation instead of buying, you can also sell the excess compost to generate money. These initiatives will save you a lot of money and help bring in revenue in the long run.
Impose parking fee and gym/pool subscriptions
Facilities like the gym and swimming pools require high maintenance and are also used regularly. Therefore, it is wise to impose a subscription fee instead of offering these services for free. The income generated through this can be used to maintain these facilities efficiently instead of scrapping from the main maintenance due.
There is no harm in imposing a parking fee for outsiders’ vehicles either after a certain duration. However, consider the opinion of other residents before levying this and be reasonable with the fee imposed.
The ApnaComplex software is one of the matured solutions created exclusively for managing gated communities. It has been developed and modified over the years based on the feedback submitted by several Committee Members and therefore, the software can efficiently support revenue generation.
To experience the software and for a free demo, visit (apnacomplex.com)!