What is Asset Management?
Asset Management is a comprehensive solution that allows communities to manage, track, and if applicable, generate revenue from community-owned assets. Our Asset Management feature allows residents to purchase or request access to community-owned assets, such as annual parking permits, storage spaces, recreational equipment and more. Some core elements of the Asset Management feature include:
- Payment collection for community asset requests via credit card or bank transfer, as well as the option to record offline payments (e.g., cash, cheque).
- Customizable leasing options with fixed-term or indefinite leasing periods.
- Automated renewals for leased community assets with automatic reminders to notify residents of upcoming renewal opportunities.
- Reporting functionality for community asset requests, payments, and custom fields.
Why Choose Asset Management?
Asset Management allows communities to streamline the management and fee collection process for shared community assets. There are several benefits to utilizing our Asset Management feature:
- Revenue Generation: Communities can charge for the use of community assets, whether it's for parking spaces, recreational facilities, or storage areas, thereby creating an additional revenue stream.
- Automated Renewals/Reminders: Asset Management simplifies the process of managing leases for community-owned assets by allowing automated renewals, grace periods, and reminders. This reduces manual work for administrators while ensuring residents are informed about their lease statuses.
- Comprehensive Tracking: Administrators can track community asset requests, payment statuses, and renewal cycles from a centralized location, offering complete visibility over community asset management.
- Compliance with Bylaws: Communities that require the registration and management of owner assets for legal or operational purposes can use this feature to ensure compliance, while also streamlining the administrative process.
- Customizable Leasing Models: The system allows flexible setup for asset types with either annual leases or indefinite durations, adapting to the community’s specific needs.
Subscription Requirements
Asset Management included
Asset Management available as a paid add-on
Feature Requirements
If you plan to collect payment for Community Assets, you have to enable and configure a payment provider for your workspace. Currently only Zego Payments is supported but Stripe functionality will be added soon. Click here for instructions on how to setup your Zego account and connect it to your workspace. Once enabled, you can utilize Online Payments for additional features like Amenity Bookings, Service Requests, Visitor Parking, and the Store.
Note: Asset Management transactions do not currently export to 3rd party accounting systems.
Recommended Resources
For instructions on how to configure and utilize the Asset Management feature, refer to the guides below.
- How to Enable Asset Management Permissions
- Asset Management Request, Approval & Payment Process
- How to Request a Community Asset on Behalf of a Resident
- How to Approve, Decline or Delete a Community Asset Request
Have ideas or suggestions on how to improve this feature? Share your thoughts on the Condo Control Feedback Forum and vote on other ideas that are important to you and your community.