Unit Contract Management for Retirement Villages
With evolving changes in the retirement village industry, it is important for villages to accurately track the details of contracts or licences with their residents. VCare™ stores a multitude of information including the contract dates (contract, settlement, occupancy, vacancy,) purchase price, conditions, medical assessment, management fees and services.
VCare™ also tracks the status of each contract, noting when each condition is satisfied, the dates that the agreement was signed, settled and the unit occupied. In addition to the actual dates, expected dates can be entered allowing each contract to be planned and scheduled. VCare™ will automatically calculate cooling off expiry periods and payout periods based on the contract’s details.
Once fees and services are entered, VCare™ uses this information to generate invoices for the residents and can provide information for accountants including the accrual of membership fees. Commissions can be generated for sales staff based on the sale type and contract price.
Additionally, residents are able to take a loan on the unit and VCare™ will calculate the interest and maintain the balances for each contract.
When a resident vacates, VCare™ records their intent to leave as well as the actual dates that they vacate and clear their unit. Combined with the dates for the next contract on that unit, these can be used to calculate the payout dates and amounts for the departing residents.