The verdict in three sentences
For a Dublin managing agent running 120 owners' management companies (OMCs) and 6,000 units, off-the-shelf software billed at 1 to 2 EUR per unit per month costs 72,000 to 144,000 EUR a year, while custom software costs 50,000 to 100,000 EUR and takes 6 months. Custom only pays off if it fully covers the duties under the Multi-Unit Developments Act 2011 and the Companies Act 2014: service charge accounting, sinking fund tracking, annual general meetings, proxy and remote voting and owner reporting. A hybrid option, off-the-shelf accounting plus a custom owner portal, deserves a quote before deciding.
The legal duties the software must handle
Under the Multi-Unit Developments Act 2011, each OMC must hold an AGM, agree an annual service charge budget with owners and maintain a sinking fund, by default at least 200 EUR per unit per year unless the members decide otherwise. As companies, OMCs file annual returns and accounts with the Companies Registration Office, and the managing agent itself must hold a PSRA licence. In Dublin, where many apartment schemes from the 2000s now face fire safety and defect remediation works, these functions have become daily work.
| Duty | Legal basis | What the software must do |
|---|---|---|
| Service charge budget | MUD Act 2011 | Budget per OMC, approval at general meeting |
| Sinking fund | MUD Act 2011, section 19 | Annual contribution calculated and tracked per unit |
| Annual general meeting | MUD Act 2011, Companies Act 2014 | Notices, attendance, minutes |
| Proxy and remote voting | Companies Act 2014, OMC constitution | Online proxy form, vote count per member |
| Annual return and accounts | Companies Act 2014, CRO | Year-end figures and filing calendar |
| Client money handling | Property Services Regulation Acts, PSRA | Segregated accounts and reconciliation per OMC |
| Data protection | GDPR, Data Protection Act 2018 | Access rights, retention, audit logs |
Off-the-shelf or custom: the 5-year comparison
Off-the-shelf platforms already include regulatory updates, which is their main strength. Custom makes sense when the agency wants a branded owner portal, smooth online AGMs and costs that no longer grow with each unit added.
| Criterion | Off-the-shelf software | Custom build |
|---|---|---|
| Setup cost | 2,000 to 10,000 EUR (data migration) | 50,000 to 100,000 EUR |
| Recurring cost for 6,000 units | 6,000 to 12,000 EUR per month | 1,000 to 1,800 EUR per month |
| Total cost over 5 years | 362,000 to 730,000 EUR | 110,000 to 208,000 EUR |
| Regulatory updates | Included | Must be written into the maintenance contract |
| Owner portal and online AGMs | Standard, vendor-branded | Agency-branded, tailored journeys |
| Data ownership | With the vendor | With the managing agent |
| Timeline | 1 to 3 months | 6 months |
Indicative split of the custom budget: service charge accounting (14,000 to 28,000 EUR), service charge billing and arrears (7,000 to 13,000 EUR), owner portal (7,000 to 13,000 EUR), online AGMs and proxy voting (8,000 to 16,000 EUR), maintenance, insurance and contractors (7,000 to 14,000 EUR), data migration and reporting (7,000 to 16,000 EUR). Prices exclude 23% VAT.
Mini case study
Aoife, managing director of a property management firm in Dublin (illustrative persona), currently pays 1.40 EUR per unit per month, or 8,400 EUR a month and 100,800 EUR a year for 6,000 units. She is assessing an 80,000 EUR custom build with maintenance including regulatory watch at 1,500 EUR a month (18,000 EUR a year). The monthly saving is 6,900 EUR, which pays back the build in about 12 months. Over 5 years she spends 170,000 EUR instead of 504,000 EUR. On top of that, online proxy voting saves 3 hours on each of her 120 AGMs, 360 hours valued at 50 EUR, about 18,000 EUR a year.
FAQ
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Is custom software risky as the law changes?
It is if the maintenance contract does not include regulatory watch. Plan 15 to 25 development days a year to follow legal changes, already covered by maintenance at 1,000 to 1,800 EUR a month.
Can we keep accounting on an existing package?
Yes, the hybrid option connects your accounting software to a custom owner portal and AGM module through an API or exports. It costs 25,000 to 45,000 EUR and sharply reduces regulatory risk.
Is online proxy voting valid?
Yes, if it follows the OMC's constitution, identifies the member and timestamps the proxy before the deadline, typically 48 hours before the meeting. Votes are then counted automatically.
How long does migrating 120 OMCs take?
Plan 6 to 10 weeks to import units, owners, balances, service charge history and documents. The switch ideally happens right after a financial year-end.
Do owners actually use the portal?
Adoption often exceeds 60% within a year when notices and service charge demands are published there first. A simple mobile app adds another 10 to 20 points.
Let's scope your project. Tell us your number of OMCs, units and current software, and we will scope a custom or hybrid build on a 6-month plan. Detailed quote within 48 h. WhatsApp +221 77 596 93 33.
Mohamed Bah
Fondateur, Kolonell
Passionate about digital and entrepreneurship in Africa, Mohamed has been helping Sénégalese businesses with their digital transformation since 2020. Founder of Kolonell, he believes every SME deserves a professional and accessible online présence.
