Webinar - Save Time, Automate Registrations & Permits with Asset Management

Thank you so much for joining us today. Our webinar is titled ‘Save Time, Automate Registrations and Permits with Asset Management’.

My name is Rebecca, and I am from the customer success team at Condo Control. Our main speaker today will be Adam Aronson, head of product at Condo Control. Adam will be presenting a demo of the enhanced asset management feature, discuss its unique features like the customizable leasing options and revenue generation, as well as help with the q and a session.

And before we get started with the webinar, I want to provide a few housekeeping, reminders. So, this webinar is being recorded. A follow-up email will be sent out to all registrants with the recording link once it becomes available, and then after the presentation, we will have a formal Q and A session. So, please submit any questions into the Zoom Q and A, at the bottom of your screen, and we will do our best to get to as many questions as we have time for. Now please note that all attendees are muted, so be sure to use that Zoom Q and A to ask a question. And then after the webinar, upon leaving the Zoom meeting, a survey will appear automatically in your browser to answer some questions and gather feedback you may have.

Okay, so on our agenda for today, we'll start out by presenting an overview and core benefits of the enhanced asset management feature, and then Adam will go through a walkthrough demo of the feature itself. We'll also discuss some points about managing community assets, the customizable leasing options, and revenue generation opportunities. And then we'll end off with the q and a session. 

So I will now pass it over to Adam who will start us off. Adam, all yours.

Thank you so much, Rebecca. Really appreciate it, and very happy to be joining you all today, to tell you a bit about what we've been doing. For those of you that I haven't met yet, I'm Adam Aronson, head of product here at Condo Control. And for the last while, we've been putting a lot of energy into this feature ‘asset management’, which a number of you all are using. And for some of you, this may be a bit new. So I wanna begin by setting some context.

Communities may track golf carts, and they might do this at no cost and would like an easy way for them to be registered and to issue permits. Another example of where our asset management feature would come into effect, a community has a paid annual parking pass program, and all cars in the community need to be registered. And the program requires residents to renew their parking passes. If neither of these examples resonate with you, there's lots of other things that this feature can do. I'm gonna try today to introduce a lot of the different ideas in the feature, but there is so much one webinar isn't enough time to be able to do it. And I know at a point, I get overloaded with information. So I'm gonna try to hit on some of the highlights.

 

But as you're listening to this, anything that is relatable from your community experience or something that I'm sharing isn't clear, please don't hesitate to raise those questions. We wanna make sure everybody has a really good understanding.

Rebecca, if you'd jump to the next slide, please. So from a feature overview perspective, asset management is going to help track and manage assigned community assets. These might be leased. These might be registered. They may be free. They may be paid. Some examples of where this is really good is those vehicles or golf carts. Another might be storage spaces in a high rise or a bike rack or a bike storage room, for example.

And these would have kinda different subscription needs, whether it's annual or perhaps monthly, or so forth. So the paradigm that we're going for is that residents will request access to those assets, and then the community is going to grant access to them either indefinitely because it's bought or for a period of time like a lease.

And the feature is really going to help streamline that fee collection process, and making sure that all of the operations and the logistics of those shared community assets are easily achieved. 

So we're building this in a phased approach. It's super important to me as a product maker to talk to you, our customers, our prospects throughout the process. So we've been conducting a number of interviews. We've had focus groups. We've had a lot of information submitted to our feedback forum, which is available to everybody to say what the various challenges are or unmet needs in their community.

And so in these early phases of asset management, where we are focusing is around bought assets. So one time, purchase, and then it is part of the record of that unit and the users in those, in those units until they move out or until they maybe discard the item. So, you know, I have a golf cart. It is permitted. I sell the golf cart, and then it gets removed from my records.

Another type of program that we're supporting are annually leased assets. So think maybe you have an annual parking permits program. Again, prepaid, that doesn't matter. But every year, you need to go through this process. You need to receive the request. You need to approve it. You need to verify the documentation is in good order, and to be able to streamline all of those different steps.

And then there are the payment options. So I wanna be, really clear around geographies. So in the US, we are offering paid and free, with our payment provider partner, Zego. And we'll talk a bit more about Stripe. We're bringing the free offering to Canadian customers today.

And we're working on the Stripe integration at the moment where, all of our customers, both US and Canada, that are using Stripe as their payment provider, and there are many of you, where this feature will then become, available for use.

Rebecca, over to you. Thank you, Adam. And we wanted to just start off today as well with a poll to the audience. So, the question today is what challenges do you face when managing assets in your community? And, you can choose more than one. Feel free to choose, you know, all of the above as well.

So the options here, we have collecting payments for assets, difficulty keeping track of the asset locations, high admin costs, so for example for community staff to manage assets, also an option, lack of staff or capacity to manage assets as well, or greater demand than availability for the number of asset types. So please take a moment to fill out the poll.

We greatly appreciate your feedback. Looks like, Adam, we have greater demand than availability being the slight lead and also collecting payments, closely following as well. Very interesting. That that wait list challenge, definitely hits people in their ledgers or in their Excel spreadsheets or so forth, and we'll be talking a bit more about that, later on for certain.

Everyone, we'll just wait until we get everyone a chance to answer. It looks like collecting payments, lack of staff capacity to manage assets, also popular. While people are putting in those last responses, all of these ideas are very important for us. And when we close the the poll in a moment, there'll be a visual, but I'll just start speaking to this a little bit. 

Revenue generation, automating renewals, comprehensive tracking, compliance bylaws, customizable leasing options. Right? There are a lot of different dynamics that are being handled today in a lot of different ways inside Condo Control and asset management, the current version v1, that's there, as well as other features. Sometimes there's this is close.

The software does it, and so something that feels a little bit off but is met by some needs. So, you know, where there was a need to collect payment, we saw sometimes that customers might fall back on service requests. And that's big motivator for us to get the right job to be done for a community in the right part of the software. So in asset management, being able to add in revenue collection was highly motivating to streamline the operations.

You don't wanna do something over here that is a thing that's really over there and the tracking and the traceability and the so forth. Right? Service requests are more traditionally associated with there's something wrong with my unit or there's something wrong with the property, or I want to make property management or the board aware of some of the challenges that are going on so that it could be addressed. This is really different where it's this sort of registry or permit of the various, experiences.

And, Adam, just looking at what, was the leader here was lack of staff capacity to manage assets. So, hopefully, as you mentioned, the streamlining aspect will come in handy, there. So Yes. Going to move on to, as you were mentioning, some of these core benefits here. Thank you so much. And, so, we were talking about revenue generation, streamlining operations.

So if you are in a situation where your practice is to have a permit of a site, maybe it's a parking pass, or it's a storage space that is leased annually, end of year, the New Year's beginning, you need to get the or the permit in place for the following year. Depending on the size of your community, a hundred units, a thousand units, five thousand units, you're talking about a fair amount of overhead. And so with software, we've been able to come in in ways that we believe will help, alleviate a lot of that pressure.

Additionally, filtering, reporting, comprehensive tracking of this makes it really easy to dig into. Maybe your bylaws are what has necessitated this whole program or these operational needs. And then you may also need some flexibility, around the various leasing models. It's annual, it's paid. When does it start, when can it be renewed, these kinds of things. So we'll get into a little bit of those details. 

So the visual that we were looking at just a second ago is part of this new style of documentation that we've been introducing. And for those that were on the visitor parking webinar earlier in the year, you would have heard me talk about this a little bit.

There is an asset management overview in our user guide in the help center, and we're gonna share out an article, to so that everybody here is able to go see this as well as the accompanying information. There's some videos, there's some tutorials, there's a bunch of different information there, and it'll give you more of an opportunity to see, is this a right fit for my community for the challenges that we have and the way that we want to operate things?

I can't emphasize enough. We're putting a lot of effort into our documentation to help answer, a lot of the detailed questions. Communities operate in very specific ways. We wanna be as supportive as possible, in addition to the help that your customer success manager, and your support team members are offering, when you log cases with us. So, by all means, please dig in there.

If we could jump ahead, I know, seeing the pictures and talking about the feature is good, but, seeing it in action is gonna be even better. So let me just have everything ready here one last time. And then without further ado, we're gonna get into the demo. So here we are. Okay. So you will see, test site, QA, on my environment. There's a very particular reason for this. One of the experiences that I wanna demonstrate for you is making a purchase.

 

There are gonna be some numbers on the screen that are not on your screen when you're working in your site. They look like credit cards. They do not act like real credit cards, so please don't make, you know, furious notes for Black Friday sales or anything like that. It's only gonna work in our QA environment.

So without further ado, here we are in the administrator's experience. We're seeing what the kind of whole experience of the community administration, in asset management. It's got a quite a different look and feel than the last feature. And then I'm gonna jump over to the residents experience. So just briefly, I'm gonna walk through the experience of a resident. So they would go to my account, and then they're gonna move over to the assets tab. And here I am grounded in a similar look and feel. So when you are supporting your community from the administrative perspective, there's a very similar experience, over in the resident, side of things.

And here I wanna introduce two main concepts. One, the asset that you are registering or assigning is the thing that the community has to offer. That's what we're calling a community asset request. There are, in some cases, an underlying asset, and that's the thing that the residents or the owners or the stockholders, these are the things that they own. So it's their car, it's their boat, it's their golf cart, and the community asset request is what the community is asking to have registered on file. So this is the annual parking pass or some communities may require a basketball hoop registration, for example.

So here, I'm seeing a couple cars in the unit on the red Audi and the black Tesla.

And you can see up here that there's a 2024 pass for the Tesla and a 2025 pass for the Tesla, but there isn't yet a 2025 pass for the red Audi. So I'm gonna take us to briefly through the experience. I'm a resident. I wanna register next year's pass. Right? It's late November now, and my program runs from January to December. So I'm gonna register my 2025 pass. So I'm gonna request a community asset. I'm gonna say, I want a 2025 annual parking pass, but while I'm here, I could have done any of these other, community asset requests of the various types.

And then the community has been able to set up the instructions that I need to follow. I need to use this form. Stickers are gonna be displayed on the left side of the rear bumper. Units without standing balances will not be issued passes. Right? So you're able to manage your program the way that you want to. So I'm gonna say red Audi twenty five, and this is going to be for, Ishan.

And, you'll notice down here, so let me just briefly explain. A community asset is associated with both a unit and a user, And the user that's selected is who will receive all of the correspondence. Sometimes there's multiple individuals in a household, and you want various people to be managing the logistics of all of the permitting and the registering and so forth. Sometime it'll just be a primary and that person, you don't have to change this to who actually owns the car necessarily. This is who's gonna manage all of those logistics.

The permit number is in this example, a custom field that's gonna be filled in by the community during the approval process or post payment process and so forth, and we'll get into those details in a little bit.

So adding a linked asset allows for the resident that is making the request to say, hey. This belongs to one of my existing assets. But let's say, hypothetically, I had sold my red Audi, and I needed to register a new car, like a blue Ford or something. So I'm gonna create a new asset.

It's a car, and that's because this type of community asset requires a car to be registered with it. I can name the car for my purposes and tracking. And then these are all of the custom field details as part of this community asset type in this linked asset pair that the community wants information on. Make, color, vehicle, model, year, license plate, state, phone number, owner address, relationship, and so forth. So, lots of different flexibility.

Many of you all will be familiar with this if you've used asset management, our first version of it, or other features like service request, violation tracking, so forth. Right? There's a lot of customizability, a lot of flexibility in our features to meet the needs of the community.

So I'm not gonna create a new one for simplicity in the demo. I'm gonna continue on with the existing. I'm gonna add the payment details. Here are those credit cards that I was mentioning that are not going to work. Let's go through this really quickly. Mastercard expiration is gonna be next year, and proceed to confirmation.

This is a similar experience to what you all have seen before. There are various service fees and transaction fees and the total that's very clearly spelled out. There are multiple payment methods, whether it's credit card or bank transfer.

And some of you may be wondering, what are we gonna do about checks and cash? I'll show that over on the admin side of things, where if you're still accepting, offline payments, that can be accommodated for, for, simplicity. We are not offering that to the residents. These are things that would need to be logged by the community admin and having proof that you have the payment method, in hand.

So I am gonna proceed over to confirmation. And so, just as a reminder, this was the experience where a resident is trying to register next year's parking permit. And so they can see they made a request for the details. They included a linked asset. They provided their payment, and here is their confirmation.

And so it's on its way. This is who was registering for what with which, you know, the name that I gave it and the duration of the lease and, all the details about the car that were on file.

One thing that you noticed, just by choosing this vehicle, I don't have to fill in any of this information again from year to year, license plate. And if there was a certificate of insurance or other things, those do not need to be completely, resubmitted, individually in detail every year. This system makes that renewal process a bit easier, a bit faster.

And then these are the payment details for clarity. And as you're accustomed, there's all of the normal emails that go out with this. I made a request. You get an email. It was approved. You get an email, and to make it very clear to all parties on all sides of the relationship how the transaction is progressing.

So this is from the resident's perspective what this looks like. And then if they go back to their account, they will then be able to see, a new request has been added for the 2025 car pass for the red Audi, how much they paid for it, who it is registered for, and what the current status of it is.

We're gonna briefly flip back over to the admin experience. I will refresh here. And where there were four records before, there are now five. And here I have the most recently submitted, 2025 red Audi for Ishan. It needs approval and preauthorization.

So what does what does it mean when it says it is preauthorized? We've changed our flow here a little bit around payment. Because there is a request, an approval, and the assignment with the approval, we don't wanna add a burden to your accounting departments or to your bookkeeping.

When payment is submitted, it's not an immediate technically called payment capture. It's a preauthorization. So you have the opportunity as an administrator to come in, look at this request. If anything needs to be changed about it, you can decline it. It goes back to the resident. They make the changes. They resubmit, then you approve.

Only at the time of approval are we then going to the step of capturing the payment. Approved asset, captured payment, simplicity in the accounting, no refunds, no chargebacks, none of that stuff. That can happen if you collect payment upfront and then end up rejecting. So we hope that this is a nice operations improvement for you all. Here, I'm looking at the details of this request. So we can see who it's for, when it was from. An initial request is gonna begin having all of the details filled in here in the after column.

If I was to reject it, so I can decline this request, give a reason why it was declined, and then the resident resubmits it, this original submission is now gonna move over to the before column, and then I'll easily be able to compare in the after, what did they resubmit?

Did they fix the thing that I asked them to fix? And now is it really easy for me to approve this? So if your first review takes, let's say, thirty or sixty seconds, hopefully, the resubmission review might only take five seconds or twenty seconds because you can quickly jump to the step that you were asking for a correction, it's improved, and then you can move on.

Here, I have access as an administrator to just go ahead and directly make some changes. Maybe they wrote me an email and I said, oops. I submitted this. Can you fix this? I come in here. I tweak this value. No problem. And it goes. Maybe at this point, I'm ready to issue the permit number.

This was that field I was showing that the resident didn't have control over because I'm the one as the community administrator that is gonna be issuing and managing these permit numbers. Now there's a bunch of rules in there around, duplicate checks and is it duplicate against all time? Is it duplicate against active? Again, lots of details in the feature.

I'm not gonna go into everything. Maybe some of the questions that come up later, will elicit this, and I'll tell you more about specific use cases you might have. So just to move things along here, I'm gonna approve this request, and then I'm gonna show you two other quick things about the feature. So, as that item was approved, I have now been automatically moved on to the next record requiring review.

I'm gonna take a step back from these details back to the overview page, and you will now see that that 2025 Red Audi request is both approved and paid.

If you're using the ACH payment method, after the approval, there's several days where the the settlement of the eCheck is going through. And so, you would see approved and in progress.

Again, there's a lot of different stages and steps in here. So we've tried to make it very easy and clear to see what status everything is in. So when I am, looking through, I'm able to see the different, community asset types that are currently in use as well as the various payment statuses, as well as, the approval. Sorry. These are the payment statuses. These are the approval statuses.

If I need to, I'm able to submit a request on behalf of a resident. So this was that experience that I was describing a moment ago that somebody walks in and they have a check. So, I'll take a really quick one like the basketball hoop registration, and, this is for this user. Jump over to, golf cart, which actually requires a payment in this configuration. Check the golf cart liability waiver, which is required.

And then, as a community admin, I'd be able to use the configured offline payment options. And then after I choose cash, I could use a reference number like whatever the note is of what I would normally do if I, maybe more simply, on the check, I'm writing the check number in here, anything that's on the memo line or something in order to electronically line up the transaction with the paper backup, for that case.

 

So, one other thing that I want to demonstrate, so if I'm looking at the details of this red Audi, I am gonna grab the license plate number, and this is meant to demonstrate search.

So this search box, with these various filters and this search field, or search commit, will, allow me to go across all of the assets, present, past, and such, and you'll be able to see all of the records associated. So we are searching across all of the custom field inputs, whether you're searching from within the asset management feature itself, or if you were searching within, global search. You will then be able to see, and you could even see that we weren't displaying some deleted and canceled records.

They're showing up in here as well. So that is the essence of the demo and more than happy to share some more, as we get a little bit further along in the presentation.

Alright. Thank you, Adam. I'm going to now open up the slides here, and we'll continue. So now managing community assets. It's just a little deep dive on the benefits. Adam, over to you.

So as I mentioned before, there's really so much inside this feature. It does a lot of different things. It can be configured in many different ways. So I just wanna highlight a couple of the additional pieces. I was showing the units and residents connection before. And so when you're viewing the unit, when you're viewing the user, or when the resident is, submitting these, there's lots of different combinations, and it can help meet the different, needs and uses that your community have for, again, registering and tracking those assets.

I didn't show any of the ‘add images’ custom fields, but you certainly can. So, if there was a boat rack and a boat and you want a picture of the boat, you know, and it says this is a twenty seven inch, or something, then there could be a request for a photograph of the boat, and it clearly matches up. You know, this isn't actually a yacht trying to pose as a twenty seven inch, wide p rogue or something. Not saying that that kind of shenanigans happens in your community, but check, verify, and whatever your process is because you wanna make this as easy and streamlined as possible. The system gives you the flexibility to capture that information, track it, and make it pretty easy.

There's another custom field around barcodes.

So you could put a barcode either on the community asset type itself or on the linked asset, the car. If they're gonna change year to year, then the community asset is the right place to put it. If it's a one-time assignment of the barcode, maybe it belongs on the underlying linked asset itself. And then with the mobile app, you scan that barcode, and then you're able to see the asset record associated with that. Lots of different functionality in here.

And so we want to do, a Zoom chat here, and it's gonna be a bit different from our previous poll.

 

We want you to submit your answers into the chat. So the question here is what type or types of assets in your community would you like to manage more efficiently?

So examples could include, you know, storage racks for bikes or even boats as Adam mentioned, also parking permits, these sort of things. So, please do submit into the chat, your answers, and, we'll see what everyone thinks here. Bike racks, vehicles. Yep. Lockers, very popular. Storage. The parking passes up. Just a question here, Adam. Any difference for those in Canada on the process for parking passes?

Parking is a great question. If it's an annual lease, I think asset management can work really well for that. If it's a scenario of, we have people coming for six hours at a time or an overnight, maybe visitor parking is the right place for those parking passes. So parking is one of those, it really depends on the program design and the goals, of the community. So I would strongly encourage, to connect with us, tell us more about the program that you're trying to implement, and whether or not asset management is the right place for it. It very well may be. We know many customers that will be enabling the feature, specifically for those purposes.

Alright. We'll just give everybody another minute to respond. Other examples could include, like, recreational equipment, the basketball hoops. Even, would you say, like, a pool area or booking spots in a gym? What other examples, Adam, could you suggest here? 

So the community swimming pool, if you were issuing an annual pass for that pool, and it's opt in, so not everybody wants to have that. Asset management could be a place to do that.

If it's more of the, ‘I wanna go on Saturday, during a specific time slot’, which is a very common scenario for a community, a shared amenity. The amenity booking feature might be a better place to meet that need. It sometimes depends on the specifics.

I did see one question in here. Can asset management for parking handle three months or six months? So we're gonna talk a little bit more about monthly subscriptions.

In that phased approach, we went with, bought and annual leases first. We intend to get to monthly subscriptions very soon and then customize time frames after that. There's a pretty big difference kinda logistically around for us, as we were viewing it around annual leases as an opt in process.

I want a resident in year one, in year two to opt into a permit as compared with I want somebody to sign up, and this is a little bit more typical of, like, a gym membership style, or other monthly subscriptions. Once they've opted in, they will be on a recurring basis and use that asset or that facility until they cancel and they opt out of it.

 

And so that has some different mechanics that we need to address software wise. But we do intend to get to that, next year for sure. Yeah. Thank you everybody for your answers.

Now move on to the next slide here, which flows nicely into the leasing options here. And, really great input from the community there. I super appreciate you all sharing more of your examples. And I know there's a lot of questions in there, and sometimes I have difficulty answering without more information. So if I started to get at it, please don't hesitate to add more details into your question, and I'll be happy to answer for the group.

So on the leasing options, there's a bit of customizability, and there's around a few more concepts that I wanna introduce.

Automated renewals, grace period, and reminders. If I could draw your attention down to the bottom illustration for a moment.

When you move from the first year to the second year to the third year in in offering this annual lease, I think we can all agree if it's a January first to December thirty first, you want continuity, and the holidays interrupt and everything else. So if it's a January 1st to December 31st, just for discussion's sake, there are lots of communities that run programs around the Victoria or Memorial Day to Labor Day period. And so maybe those, the annual period would be more of a May 1st to April 30th kind of thing.

But as we're moving from year one to year two, we wanted to ease the pressure of the transition between those years and not say one hundred percent of the permits for year two needed to be successfully issued by December 31st for continued access or to be active on their last year's permit before going into next year's permit. To help alleviate that, there's a couple different things that we're doing here. One is we introduced the concept of renewal period. So in that car permit, I showed that I was registering my existing vehicle where I have a 2024 permit, and I wanted to register it for 2025.

So in this example, year one is 24, year two is 25. The renewal period was set for that community asset type, the annual parking pass, on November 1st. It's November 27th, maybe it's the 15th. Whatever it is, your community can manage these windows, as you are prepared to support it.

And if I hadn't requested that 25 permit by December 31st, you could also enable the grace period, which would have allowed me whatever amount of time you think is necessary for your community to get to one hundred percent registration for year two. Maybe it's January 15th. Maybe it's March 15th. Maybe it's a matter of people are spot checking your parking lot, and so you're not gonna do a lot of spot checks in the dead of winter. And so you're just a little looser in January, and you don't have a grace period.

 

Or maybe you have automated gates in your park in your community, and those permits need to be active for those automated gates to work. And so you're giving some flexibility on last year's permit before, requiring that next year's permit is in place, and those gates keep opening for your residents.

So this is, again, to help alleviate those transitions between the periods. Try to reduce some of the manual work. You don't want residents calling you frantically. I know you're about to go away for the weekend for New Year's, but I need you to give me a permit right this minute and be like, we're gonna deal with it next week in January. Like, tranquilo, no problem. It's gonna work out just fine.

The system will send out emails. There's an option to enable reminder emails for going out. You know, right now, our default is seven days, in advance of expiration. So your lease is about to expire. It's a informational message. The ability to click through to request a new lease for next year if necessary.

And, again, a lot of this is about the annual lease period. Much of this does not apply in the bought asset for those indefinite durations. You have it one time. There's no year one, year two, year three. It’s open ended. It's permanently owned.

If we could jump to the next slide. So on the point about, revenue generation, totally up to your community. You can charge for this. Sometimes, you are already doing this, and you've got spreadsheets and ledgers and Stripe, product pages, or you might be using our store for this or, again, service request. This is an opportunity to consolidate it. The thing that is being registered, the thing that is being paid for, the thing that is being tracked all in one place, really simplifying, smoothing out, streamlining those operations. We began with Zego. We also provide Stripe in a lot of our other functionality that's coming very shortly in asset management, so stay tuned for that.

And as you transition, the whole world is going digital first, you will be dealing, in all likelihood with fewer checks and cash, but the option's still there if that's part of your program and your administration. You know, opportunity to cut back on the window of time that you accept these, and help really, again, giving time back to the administrators, in your community. 

So, where are we going next? Specific inventory. So a lot of the use cases that I described today are there's an unlimited number of these things. Sure. There's an actual physical work reality.You cannot have an unlimited number of cars, but if your community wants to have, three cars per household or per unit, you could issue that many permits. If it's more restrictive, if there are physical space, there are numbered spaces, there are spots or something like in a boat rack scenario or in a bike rack or garden plots, for example, you need to be able to specifically number those units, or values to not over allocate. This gets to that whole supply and demand side, which brings us to wait list. So let's say in a high-rise building, there's a hundred bike rack spots.

 

You have a hundred bike racks rented, but you have demand for a 120, 140. You've got a twenty or forty spot wait list.

And so we're gonna help introduce a wait list feature that if the supply is gone, and the next person that comes that runs one of those, they can add themselves to the wait list. When one of those one hundred spots moves out or they get rid of their bike and they no longer want to have space in the hundred spot bike room, one will become available. We are helping by facilitating the wait list, management process so that you can then offer that spot to the next person in your community that should be able to have access to it. And then I was talking a moment ago about monthly subscriptions, another time-based paradigm that we need. And then in the, example that came up in the chat about three or six month windows, that moved just a little bit further down the road towards, like, custom subscriptions.

And so we'll be addressing that, a little bit later on as well. So from I've said a lot here, and you all have shared a lot, thankfully. Really appreciate that.

Revenue generation opportunity, you might be doing this already. You might have said this is too cumbersome, so we're just going to give them out for free, and this might be an opportunity to offset some of that charge, and generate a little bit of extra revenue for the community. Ideally, the administrative burden is reduced through the introduction of these methods. And overall, the experience is better for residents.

Both from the administrative side and from the resident, there's a lot of pain in these processes. Call, misconnections, it's a voice mail, it's an email, there's a post letter, there's a something, sometimes there's a fine or a violation.

With the efficient administration, with that improved resident experience, the temperature should come down a little bit in the community and hopefully make for an even greater experience.

And, ideally, this can be tailored to the needs of your community in the way that you prefer to operate.

So, you know, we hear very frequently, one of Condo Control’s great strengths is offering you the flexibility to customize the feature to meet the needs of your community. We hope that you see that in this feature as well.

And with that, Rebecca, back over to you. Wonderful. That concludes our presentation component today. Thank you very much, Adam, for all that info, the walkthrough, and everything. We're now going to start the q and a session. So, as I mentioned, if you do have any questions, please submit them in the q and a function at the bottom of your screen.

 

So let me see what we have, and then I will ask you, Adam. 

Question from Derek asks, is there a place in the admin section to see an overview of who has renewed and who has not?

Great question. There are a lot of different workflows that we anticipate, this being one of them. And we've heard this a number of times. We are very shortly introducing an improvement in the next couple weeks, which will allow you to easily export all of the records, and you'd be able to see in 2024, I had a hundred permits. In 2025, I've got eighty permits. I know that I'm missing twenty.

Excuse me. And then to be able to find those. We anticipate needing to do some additional work beyond that, to specifically highlight the individuals that don't have those renewals for next year.

As a brief reminder, the system is gonna send out reminders, no pun intended, or repetition intended there, to help with that process. So before the expiration comes up, the system is going to let those individuals know, and then ideally, they will actively respond to that by making the request for the renewal themselves.

We have a question from Tammy. Is Stripe available for Canada customers? Are there different fees?

Stripe is available for Canadian customers as an offering, not in this feature yet, asset management specifically. And we are we are working on the addition of Stripe to asset management. I don't have a time frame on it, but we're working on it presently. So I will share more about that once I do.

I also see a question about, we mentioned a webinar and visitor parking. Yes. It is online. It is on the Condo Control website. I'll follow-up with you after with the link directly to it. 

We have a question from Dalton. Previously, we have run into great difficulties registering our condo corp for a Stripe account in Canada and verifying the directors. Is this something that is common, and do you know a workaround?

Oh, Dalton, I'm very sorry to hear this, and we we've run into this, quite a bit. So for those that are not familiar, Stripe incredibly tightened their, KYC, their ‘know your customer’, requirements, which is all in place, for a good reason for, avoiding money laundering and and fraudulent behavior. We have worked with our partners over at Stripe to help streamline the process.

And Muamer Bektic, my colleague on the customer success team has helped put a better playbook in place to work through that. So, Dalton, if you're still struggling with that process, please reach out to your customer success manager, and they should be able to assist you in the process to get through it as efficiently as possible. Unfortunately, some of that much of the information that they're requesting is gonna need to be submitted, but we want to try and help make it as painless as possible. 

Crystal's asking about whether this Zoom meeting will be available for review. Yes. We will be sending out the recording to all registrants.

Lydia asks, could you please show how to add parking spots as assets in order to assign them to every unit instead of common elements?

Well, I'll jump back into the demo and show a version of that really quickly. 

So I didn't get into the setup side of things previously, and I'll go in here and then just kinda paint the picture of how it might be possible. So I've come into the setup area as a property manager. I've gone into the asset management feature, and here are the different community asset types, and these are distinguished from the asset types themselves. So here are the cars, and then here is the parking pass, which requires a car, and the fee is set to fifty dollars.

In the annual parking pass, it requires a linked asset. It's an annual lease. This is the fee, the timing. These are those options that I was mentioning about renewals.

One thing I didn't mention, is that from this year to next, it could cost a little bit more, or if it remains the same price, this is totally the community's prerogative and needs. When that renewal becomes available, whether you want the system to automatically send out reminders, here's that introductory text that we were looking at. And then this would be one way to address, the question that was being asked. So if you are assigning specific, parking spaces, you could add a custom field that is only controllable by the admin to say, what parking space is this car belong in? And then it would be, issued here.

Just to demonstrate that, I would add another custom field. I would choose amongst the different field types. So to do something like a parking spot number, I would choose a single line option.

I would say that it is going to be view only for the resident, and we're gonna prevent all duplicates. Right? So if I've got a list of a hundred spaces, I am not gonna be able to offer slot 47 to two different, assignment.

And it could also be prevent all duplicates just on active records. So one car pass for last year was in spot 47, and one car spot for this year is in 47. As last year's expires and this year's, becomes active, there would be a handoff of which one was active, and both of these records would be able to have spot 47.

And so I'd be able to manage it this way. And during that approval process that I showed earlier, I'd be able to assign that number in there. In the future world, when we introduce specific inventory, you wouldn't necessarily use this approach. You would use the, I wanna set up my, my parking permit, parking passes, our spot assignment, kind of however you wanna call it in your community. And, and then the specific inventory would be spots one to one hundred, and then you would be able someone would be able to either request or be assigned, a specific number. And then if all one hundred were gone, again, they'd be able to go to the wait list. Hopefully, that addresses the question. But if I didn't quite get at it, please don't hesitate to add a follow-up question, and I'll be happy to clarify further.

Thank you, Adam. I'm going to go back to my screen.

I think we have time for one more question. 

August asks, can the asset management system handle and keep track of financial assets such as bond held by the condo?

Great question. I'm also gonna share a little bit of my ignorance. When you say a bond, I'm not sure if you mean, it is like a bond that has been issued, and then it needs to show, amortization interest and payments or those kinds of aspects.

Definitely not what this feature was designed for. It's not asset management as in the physical plant or financial assets of the community. And this has been an area where there was a little bit of confusion, in the past about our asset management feature, and we saw a number of, aspects of a community that would be perhaps more appropriately placed in the maintenance feature where it's like systems and components and, routines for maintaining those systems.

On the financial asset sides of things, I think this is probably a bit more of where an accounting system, might be a better place to record those, shareholder equity and the capital assets of the community, as well as the transaction and things on it, but, not necessarily the right system there. If I better understood and I was more familiar, I might be able to answer better. So if I didn't get at it, please let us know. Very happy to have a follow-up conversation about that.

Thanks everybody. We really do appreciate you joining us here for today's talk. Please be sure to check out events.condocontrol.com, this is where we will post any future webinar registration pages, and just as a reminder after the zoom meeting ends a short survey will appear in your browser, so if you don't mind taking the time to fill this out, we would greatly appreciate any feedback. Thank you very much, everyone, and we hope you have a wonderful day.