Management of Condominiums
The Condominium/Strata version has been designed for those property managers who mange condominium properties for the Condominium Association. It is not unusual however, that property managers who manage for the Condominium Association, pick up additional business by managing units rented out by owners to tenants.They manage those units on behalf of owners, collecting rent from tenants and paying owner's condo fees, mortgage, taxes etc. For all their trouble, they will be paid a management fee by the owners. Such property managers have to run two sets of books however: one for the Condominium Association and one for themselfs.TeXtra has been designed to handle all the complexities that stem from this duality of operation.
The lease definition on the side of the owners allows for Common Area Fee, Reserve Fund, Speciall Assessment, Contingency, and garage fee in a case the Condominium Association owns a pool of garages and rents them out to owners. For cases where owners rent out their units and let them be managed by the Management Company, there is additional provision for charges that are charged by the Management Company to owners. They include: Common Area Fee paid by the Management Company on behalf of owners, maortgage, property taxes, and management fee.
The lease definition on the side of tenants allows for rent.
TeXtra fully automates the annual calculation of the Assessment and generates Notice of Assessment to individual owners based on a free format, user pre-specified, templete. TeXtra will also calculate and invoice every owner for his share of a one-time extra capital expenditure not covered by the reserve fund.
The Personally Approved Payments functionality allows to debit owner's bank accounts on a monthly basis to pay for the Common Area, Reserve Fund, and Special Assessment or Contingency fees. This productivity tool saves time as no payments for individual owners have to be entered to the system. Once the owner gives his permition for an automatic debit, the transaction is handled automaticall by the system.
For those property managers that manage rentals, TeXtra offers an extensive set of queries that with one click of a push-button will let you know which leases expire, which tenants are moving out, which units will become vacant etc.
TeXtra is equipped with a system of notes that lets you query your entire portfolio for all tenants that are subject of a particular category of a notes (collection problem, noise problem etc.).