Financial management of the building’s funds – the duties and rights of the Resident’s Association

Not everyone who lives in shared buildings understands how complex it is to run a Resident’s Association, especially on the financial aspect. Therefore, the financial management of the building’s funds is not a trivial matter, and it is important to understand what this role comprises and how it can be made easier.

What is the role of the Resident’s Association?

The Resident’s Association, or Building Management as it is sometimes known, are people appointed and democratically elected by the occupants of the shared building. If there is a committee in the building, there is also a management company involved.

Either way, there are many responsibilities, and it is important to know what these include:

Managing the building’s accounts and cash register

Collecting payments

Managing suppliers

Providing solutions to maintenance problems in the building

Supervision and control of routine maintenance

Receiving new tenants

Out of all these, the most essential role is the payment collection as, if this is not managed correctly, there can be major issues with the ongoing maintenance of the building. These payments that are sent directly to the building management account are in fact, the key to keeping up acceptable living conditions in the building

If the finances are not managed properly, this can decrease the quality of life and impact both physically and mentally the well-being of all the tenants in the shared building.

Financial management of building funds – this is how to do it right

We are lucky enough to be living in a new techno-world full of innovation and technological progress reaching almost every domain you can think of, even building management fees.

A technological and innovative system for collecting building management fees, Bllink has got you covered. We understand how critical the economic pipeline is to the proper functioning of your building and encountering payment delays means everything can go wrong.

Our platform will ensure a seamless, painless and user-friendly experience every time. Take away the effort and unpleasantness that can be caused when trying to collect overdue fees with Bllink. And the best part? You don’t need any technical know-how at all!

Call now for a consultation, and let’s start making a difference together.