myRPlanner: Revolutionizing Condominium Reserve Fund Management with IoT
Technology Category
- Application Infrastructure & Middleware - Database Management & Storage
- Infrastructure as a Service (IaaS) - Cloud Databases
Applicable Industries
- Cement
- Equipment & Machinery
Applicable Functions
- Maintenance
- Quality Assurance
Use Cases
- Building Automation & Control
- Inventory Management
Services
- Testing & Certification
About The Customer
The customers of myRPlanner are condominium boards and management teams. These customers use the app to manage their reserve funds, generate financial updates, create 5-year plans and budgets, request for quotations (RFQs), make investment recommendations, and conduct risk assessments. The app provides them with a comprehensive dashboard where they can view basic information about their condominium, modify their 5-year plan, and view their service agreement and invoices. The app also allows them to generate an annual update and a 30-year re-forecast by providing the financials from the previous year.
The Challenge
Steven Laidlaw and his colleague Taylor, founders of myRPlanner, started their careers as engineers at an oil and gas SaaS company with very little programming experience. They were tasked with building a condominium reserve fund management app. The challenge was to create an app that could be used by Reserve Plus engineers during onsite inspections to calculate volumes, capture age and condition, and collect photos of various condo components. This information would then be used to auto-generate the reserve fund study. The data would be stored in the myRPlanner database and used by condo boards and management to generate financial updates, 5-year plans and budgets, RFQs, investment recommendations, and risk assessments. The founders wanted to offer their services on a 5-year contract, amortizing the cost of the reserve fund over 5 years. They aimed to be the only reserve fund provider offering subscription-based SaaS.
The Solution
The founders chose Bubble, a no-code platform, to build their app due to its easy-to-use tools for database workflows and calculations. When a user logs into myRPlanner, they first access the dashboard from which they can view basic info about their condo, view and modify the 5-year plan, view their service agreement and invoices. They can then access the request for quotation (RFQ) which will gather 3-5 quotes for a proposed project or upcoming expenditure. By providing actual financials from the previous year, the app can generate an annual update and 30-year re-forecast along with a Condo Risk Assessment. All these tools tie back to the reserve fund study which provides in-depth information to the user. Information or data entered by the user bolsters the accuracy of the financial forecasts and information contained in the reserve fund study.
Operational Impact
Quantitative Benefit
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