Del Mar, CA (July 30, 2013) — Advanced World Concepts, Inc. (AWC), developers of the nationally respected Property Reserve Analysis (PRA) System (www.prasystem.com) has recently announced the licensing of PRA Core Engine to Reserve Fund Analysis FZE, (RFAF), a Dubai Freezone Company to provide reserve study/management software for hospitality properties.
According to AWC founder and industry pioneer Bill Chaffee, RRP, “The Dubai entity will serve as an exclusive authorized reseller for our proprietary system in the Middle East, Northern Africa and India. Branded RFA Professional, the system will be licensed to individual homeowners’ associations (or stratas) and management companies for wholly owned properties and timeshare ownership resorts within these regions.”
Currently in English, the system is being customized for date, multiple currencies and language formats, the first being in Turkish. This is the third branded reseller license issued by AWC. The others are in the United States and Canada, where the Canadian National Association of Real Estate Appraisers recently adopted a branded version of the PRA core engine, RFA (Reserve Fund Analysis) Pro which is required to be used for their DRP (Designated Reserve Planner) certification designees. Canada passed legislation requiring all stratas to have reserve studies completed by the end of 2013. With this new license, the PRA Core Engine is now utilized in 33 countries.
The connection between AWC and the Dubai entity came about when they did an Internet search for reserve study software, which lead them to the Canadian authorized reseller of the PRA core engine. Since their affiliation, Chaffee has traveled to Dubai to provide training along with strategic planning for marketing and licensing the RFA Professional system.
The first licensee for the RFAF is Reserve Fund Specialists (FZE), a subsidiary of PRD Nationwide Group, a diversified property services and surveying company offering regional developers operational consultancy guidance to enhance the long-term value and sustainability of their projects.
The principals of RFAF have over 75 years of combined international experience in residential and resort real estate planning, development and property management in the U.S., Australia, UK, China, UAE, Oman, Fiji, Vietnam and Singapore. They have served as principle advisors to the Dubai Government on the drafting and formation of their Jointly Owner Property Laws and to the Abu Dhabi Municipality on real estate law reforms, in which strata laws are to be a component. They also played a leading role in structuring and documenting the community governance of many of the region’s largest and most complex buildings and communities, including the Burj Khalifa, the tallest building in the world at 166 stories (2,716.5 feet).
Bill Chaffee designed the first reserve study software more than two decades ago in 1989 to support individual owner associations, property management and reserve study companies. The PRA System enables resorts to quickly and efficiently track reserve items, develop budgets, and projections for their associations as well as support for reserve fund investments. PRA is the only reserve management software which has received an independent CPA Quality Assurance Evaluation for logic and accurate calculations.
Concludes Chaffee, “It amazes me that only about 30 percent of today’s timeshare resorts take a serious approach to funding reserves. Having such a plan in place can have a huge impact on the future financial health of properties. Clearly, our new affiliate in Dubai has recognized the need for funding reserves. It is regrettable that some of our U.S. resorts have not had the same vision.”
To learn more about the PRA System, contact Bill Chaffee at (858) 755-8877 or email him at [email protected]
For additional information, contact
Marge Lennon at 239-482-3891