Simplify Special Assessment Management
Special assessments are a critical tool for funding major building improvements and repairs, but managing them can be complex and time-consuming. PropMan's building assessment software automates calculations, payment tracking, and reporting, making the entire process transparent and efficient.
Key Features:
- Flexible Allocation Methods: Allocate assessments by unit size, ownership percentage, or custom formulas
- Payment Plan Options: Offer residents lump sum or installment payment options
- Automated Billing: Generate assessment invoices automatically
- Payment Tracking: Monitor which units have paid in real-time
- Resident Portal: Residents can view assessment details and make payments online
- Project Tracking: Link assessments to specific capital projects and track spending
- Board Reports: Generate comprehensive reports for board meetings and audits
- Historical Records: Maintain complete assessment history for each property
Common Assessment Types:
Capital Improvements
- Roof replacement
- Facade renovation
- HVAC system upgrade
- Elevator modernization
- Energy efficiency projects
Emergency Repairs
- Structural damage
- Plumbing failures
- Electrical issues
- Storm damage
- Safety violations
Reserve Shortfalls
- Funding reserve studies
- Insurance deductibles
- Legal settlements
- Unexpected major expenses
- Budget shortfalls
Step-by-Step Assessment Process:
- Create Assessment: Define the project, total amount, and allocation method
- Calculate Shares: PropMan automatically calculates each unit's portion
- Board Approval: Generate proposal with detailed breakdown for board review
- Resident Notification: Send assessment notices with payment options and deadlines
- Payment Collection: Track payments via online portal, checks, or ACH
- Project Funding: Pay contractors and vendors as work progresses
- Reconciliation: Generate final reports showing all collections and expenditures
Real-World Example: Roof Replacement
Scenario:
A 75-unit condo building needs a $300,000 roof replacement. The board approves a special assessment with a 6-month payment option.
PropMan Solution:
Assessment Setup (5 minutes):
- Total amount: $300,000
- Allocation: By square footage
- Payment options: Full payment or 6 monthly installments
- Due date: First payment due 30 days after approval
Automatic Calculations:
- Average unit assessment: $4,000
- Monthly installment (if chosen): $666.67
- System generates 75 individual assessments automatically
Resident Communication:
- Email notifications sent to all unit owners
- Assessment details viewable in resident portal
- Online payment options available immediately
Results:
- 45 units pay in full within 30 days
- 30 units choose installment plan (automatically billed monthly)
- $300,000 collected over 6 months with 100% payment rate
- Board receives monthly progress reports
Benefits of Automated Assessment Management:
| Challenge |
PropMan Solution |
| Calculating fair share for each unit |
Automatic calculation by square footage, percentage, or custom formula |
| Offering payment plans |
Flexible installment options with automatic monthly billing |
| Tracking who has paid |
Real-time payment dashboard shows outstanding balances |
| Sending reminders to late payers |
Automated payment reminders via email |
| Reporting to board members |
One-click reports showing collections, outstanding balances, and spending |
| Resident questions about assessments |
Resident portal provides 24/7 access to assessment details and payment history |