Managing Multi-Unit Service Contracts in FalconPro Real Estate Software

Managing Multi-Unit Service Contracts in FalconPro Real Estate Software

Introduction

Service contracts play a crucial role in managing maintenance, security, cleaning, and other essential property services. FalconPro Real Estate Software provides a structured approach to handling multi-unit service contracts, allowing businesses to:

  • ✅ Link a single service contract to multiple units or buildings.
  • ✅ Automatically allocate service costs across different units.
  • ✅ Track payments and monitor contract performance.

This guide explains how to create, manage, and track multi-unit service contracts in FalconPro for efficient property management.

Understanding Multi-Unit Service Contracts

A multi-unit service contract is an agreement between a real estate company and a service provider covering multiple properties. Common examples include:

  • Building maintenance contracts (e.g., elevators, HVAC, fire safety).
  • Security contracts for multiple apartment complexes.
  • Cleaning and sanitation contracts covering multiple units.

FalconPro allows users to centralize these contracts, ensuring accurate financial tracking across properties.

Creating a Multi-Unit Service Contract in FalconPro

Steps to Set Up a Multi-Unit Service Contract:

  1. Go to “Contracts” → “Service Contracts”.
  2. Click “New Service Contract”.
  3. Enter the Service Provider’s Details.
  4. Select “Multi-Unit Service Contract”.
  5. Choose the Properties or Units Covered.
  6. Define the Contract Start and End Dates.
  7. Enter the Total Contract Value and Payment Schedule.
  8. Click “Save Contract”.

✅ Now, the multi-unit service contract is recorded and linked to all selected units.

Allocating Service Costs Across Multiple Units

Once a service contract is created, FalconPro can distribute the total cost across multiple units based on pre-defined criteria.

Methods to Allocate Service Costs:

  • ✅ Equal Distribution – Divides the cost equally among all units.
  • ✅ Proportional Allocation – Distributes costs based on unit size or value.
  • ✅ Fixed Amount Per Unit – Assigns a fixed fee per unit.

Steps to Allocate Service Costs:

  1. Go to “Service Contracts” → “Cost Allocation”.
  2. Select the Contract to Allocate.
  3. Choose the Allocation Method.
  4. Review the Cost Breakdown for Each Unit.
  5. Click “Confirm Allocation”.

✅ Now, each unit is assigned its share of the service contract cost.

Recording Service Contract Payments

After the contract is set up, payments need to be recorded in FalconPro to maintain financial accuracy.

Steps to Record a Service Contract Payment:

  1. Go to “Accounting” → “Service Contract Payments”.
  2. Select the Contract to Record Payment For.
  3. Choose the Payment Method (Cheque, Bank Transfer, Cash).
  4. Enter the Payment Amount and Reference Details.
  5. Click “Save Payment”.

✅ Now, the payment is recorded, and FalconPro updates the contract’s balance.

Tracking Service Contracts and Renewals

FalconPro provides detailed reports to help businesses monitor active, expiring, and completed service contracts.

Steps to View Service Contract Reports:

  1. Go to “Reports” → “Service Contract Reports”.
  2. Filter by Contract Status (Active, Expired, Pending Renewal).
  3. Select the Service Provider or Property for Detailed View.
  4. Click “Retrieve Report”.

✅ Now, businesses can track service contract expenses and renewal dates efficiently.

Best Practices for Managing Multi-Unit Service Contracts in FalconPro

  • ✅ Ensure all service contracts are linked to the correct properties.
  • ✅ Use cost allocation features to distribute expenses fairly across units.
  • ✅ Set up payment reminders to avoid missed due dates.
  • ✅ Track contract renewals and negotiate better terms before expiration.
  • ✅ Generate reports monthly to monitor service contract expenses.

Conclusion

FalconPro Real Estate Software simplifies multi-unit service contract management, ensuring:

  • ✅ Accurate cost allocation across multiple properties.
  • ✅ Seamless payment tracking and financial reporting.
  • ✅ Efficient contract renewals and expense monitoring.

By following these steps, property managers can effectively manage service contracts while maintaining financial accuracy.

FAQs

  1. Can FalconPro link a single service contract to multiple buildings?
    Yes, FalconPro allows one contract to cover multiple buildings or units.
  2. How do I allocate service costs fairly among units?
    FalconPro offers equal distribution, proportional allocation, and fixed amount per unit cost allocation methods.
  3. Can I set up automatic reminders for service contract renewals?
    Yes, FalconPro provides contract expiry alerts to notify users before renewal dates.
  4. How do I track service contract payments?
    Payments can be recorded under “Service Contract Payments”, and detailed reports show pending balances.
  5. What happens if a service provider changes pricing during the contract period?
    FalconPro allows modifications to contract values, ensuring updated financial records.

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