Property Management Case Study 6

Firm

A well-established full service real estate firm providing real estate investment, development and property management services. They have developed and built 79 properties totaling approximately 11 million square feet in 10 western US states. Over the past decades, their projects have a development value in excess of $1.2 billion dollars.

Needs

Reducing accounting costs substantially to help improve profitability in a tough economic scenario. The firm needed a variable cost structure to manage dynamics of a changing economy.

Challenges
  1. Large scale project-property management accounting for more than 4800 units across 28 properties involving four property accountants and two accounts payable processors
  2. Manual processing of large volume of utility bills necessitated a stringent quality check to ensure accuracy
  3. Service provider needed to learn two new software-OneSite from RealPage for property management and Timberline from Sage for accounting in a short period
  4. Minimal existing process documentation of several key activities
  5. Strict deadlines for month-end closing meant that the team had to quickly learn key activities
Results
  1. Firm reduced the accounting costs by a significant 60% on their base accounting costs. They achieved annual savings of $130,000 through this solution.
  2. Creation of low cost variable staffing model equipped to handle slowdown in business environment
  3. Extensive documentation of existing processes resulting in better handling of staff changes, faster training and standardized processes

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