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Credit-Based Amenity Booking with Monk Tech Labs

The real estate industry has been considered a Technology laggard. While slow, most Property managers and Operators have already adapted to advancements in Tech. One such example is the use of “Credits” in properties using which tenants can book common shared amenities.

Being a Property Management Software nothing excites us more. That said, we have in place a full-fledged “Credit Management System” that operators can make use of to ensure easy, convenient bookings for meeting rooms, conference halls, gyms, laundry facilities, etc.

Why did we build this feature?

Let’s consider a scenario: Tenant Tom, assigned a hot desk in a co-working space, decides to book a conference room from 10:30 AM to 3:30 PM. On the surface, this seems harmless, but it poses a significant challenge:

  1. The potential for overbooking of common shared amenities: When one tenant monopolizes an amenity for an extended period, it restricts access for others, leading to inefficiencies in space utilization.

How can this be avoided?

The way to avoid this is by adding value to the amenity created within the property. Assigning credits to a contract is a great way for property managers to inform their tenants that they need to be judicious with how they use credits within the property, especially for shared amenities.

How can a property manager achieve this on our system?

  • Navigate to Settings > Core > My data > Credit Setup

Here a user can set the value of each credit before assigning it to a contract.Organization A can consider the value of 1 credit = 10 USD and Organization B can consider the value of 1 credit = 5 USD

  • Once the above setup is complete, a user can navigate to Core > My Data > Units

 

  • Select the Unit to which you wish to assign or update credits

  • Select the Contracts > Add Credits

 

  • Once this is done, tenants can book facilities using the tenant app and operators can keep track of it either on Godview (Web Portal) or REMA (Business App).

The facility is set up on our system with the price set in USD. The reason for this is to accommodate tenants to book using credits and for visitors to book by paying Cash.

The booking page will display the credits that a booking will cost a tenant along with the cash equivalent that they are receiving.

  • As facilities are being booked, credits that are tagged to the contract will start to reduce in value. The tenant will be able to see the decrease in credits on the app.

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