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7 Tips to increase the revenue for Gated Communities

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Frequently, Management Committees wonder how to improve their society’s income without upping the maintenance fee. In this article, we explore how you and your society can increase the revenue and how an apartment management software like ApnaComplex can improve your apartment complex’s financial situation.

 Society Activation

This is one of the most significant 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/rent depending on the size of the booth and the popularity of the brand. 

Since the program’s inception a year back, ApnaComplex has conducted 1000+ such events across India. Some brands 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 community using this revenue stream.

Eliminate defaulting

Maintenance due is the primary 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 quickly dealt with.

Residents do not default on their dues purposefully in most cases. They forget to pay their dues on time due to a busy schedule. With software like ApnaComplex, you can send reminders automatically by configuring the application. 

Furthermore, ApnaComplex enables community management to impose restrictions on defaulters so they can’t use facilities like clubhouse, swimming pool or raise any complaints. Societies using ApnaComplex have seen a 20% increase in their timely dues collection using such measures.

Bill your residents digitally.

Manual billing is time is consuming and a waste of good 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. 

ApnaComplex offers payment gateway options like UPI, PhonePe, Google Pay, etc., for residents to pay their dues seamlessly. This convenience and the automatic invoices will also urge them to pay the dues right away, improving the maintenance collection.  

Automate the accounting process

In more prominent communities, reconciliation of the maintenance payments received against the flats can take days to calculate. It takes up the time and energy of the Management Committee. Even slight miscalculations cause errors and discrepancies. To avoid this, committees usually hire and pay hefty amounts to experienced auditors to reconcile the accounts.

ApnaComplex can eliminate the hassles mentioned above through automation. When residents use ApnaComplex to pay their dues, the software will automatically reconcile the payments against the concerned flat. 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, and attend treasurer workshops. These are the first things you should know before getting into investment. With software like ApnaComplex, on-time tax filing and keeping track of assets becomes super easy.

Make money through your clubhouse.

Clubhouses are not just luxury assets. When used wisely, they can be turned into a revenue-making machine. 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. Communities can also rent their club to non-members for higher tariffs, rent out spaces in the premises for advertisements, billboards, kiosks, exhibitions, etc.

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, install solar panels if possible.

Harvest rainwater and reuse water, introduce waste segregation, collect compostin your apartment and use it for fertilization 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. 

The ApnaComplex software is India’s most advanced gated community management solution that can efficiently support revenue generation for communities in multiple ways. To experience the software and for a free demo, visit 

https://bit.ly/3EH33FW

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