What if you could manage more properties without adding more staff to your office?
You would need a system that enables your tenants and property managers to input information for you, as well as automations and flexible reporting in order to monitor your operations. That’s exactly what we set out to do for Fillmore Property Group.
Fillmore needed to replace their existing property management system, and all of their offline Excel spreadsheets with a software that would enable them to be in the cloud and utilize apps.
Property Matrix enabled Fillmore Property Group to have direct access to the information being inputted at their properties and enabled their tenants across 6 states to efficiently enter their payments and maintenance information and grow by 450 units!
Location: Cleveland, Ohio
Industry: Property Management
Fillmore Property Group manages industrial, office, flex space, apartments and retail property exceeding 3.5 million square feet of space across 5 states in the eastern third of the U.S. Their total number of condominiums and apartments under contract exceeds 2,350 units. In addition, Fillmore manages 750 units within the greater Atlanta (GA) market.
FPG is committed to being a leader in the Property Management Industry. With over 25 years of Real Estate experience their firm provides exceptional results with professionalism, integrity and honesty.
Fillmore Property Group is an integrated investment property management company. They provide development management services and brokerage services across six states, and manage 3 million square feet of retail space, and 1500 multifamily and industrial units. As a property management firm with a high level of diverse units, Fillmore Property Group needed a property management software platform that is flexible enough to handle both residential and commercial units, while being robust enough to log high levels of transactions and updates coming from multiple sources. All of this needed to be cost effective as well.
Prior to switching to Property Matrix, Fillmore Property Group used a non-cloud version of Yardi® along with manual Excel spreadsheets to log all their property management operations and accounting transactions. Their non-cloud version made automation across multiple locations difficult. Information regarding different properties would not be readily available much of the time, and the heavy use of Excel spreadsheets meant a lot of extra work being generated for staff to do data entry. The process of manually logging transactions also created security concerns with which employees had access to different types of data.
The obvious solution would have been to upgrade to a cloud based Yardi® system. However, Yardi®’s cost was prohibitively high for Fillmore. Fillmore’s management felt that a Yardi® package with more features simply would not have been cost effective for them.
Fillmore Property Group was trying to modernize their system to allow for greater access to the operations of their various properties on the corporate level. They needed a cloud based system with real time reporting, security access features, and a platform that can integrate with Excel to import existing data. This would allow for the workload for each property to be on the staff of each property, rather than the corporate staff, who are already occupied with corporate operations.
Fillmore Property Group decided to switch to Property Matrix. Upon switching, Fillmore immediately benefited from the online payment feature that allows tenants to pay their rent through their own portal. The payments are logged automatically in Property Matrix’s accounting system, which made tedious data entry from Excel spreadsheets unnecessary. Property Matrix’s flexible CAM accounting systems has allowed payments from tenants towards various property operations to be logged automatically as well. This greatly cut down the level of bookkeeping work Fillmore Property Group has had to do both on the corporate level, and for the staff of their various properties.
Since Fillmore Property Group manages properties across six states, they haven’t always had the most direct access to the operations of their various properties. With Property Matrix’s centralized dashboard, they can now view the operations of all their properties from anywhere. Property Matrix’s cloud based access allows for viewing the activities being reported from various properties from any computer with internet access, or from a phone or tablet, using the Property Matrix app. Property Matrix is also able to restrict access to various functions and reporting for different employees. This alleviates security concerns that manual reporting causes, as employees only have access to data relevant to their position and tasks.
Property Matrix’s customizable reporting feature has also allowed Fillmore Property Group to compile data in a manner that is most convenient for them. With the help of Property Matrix’s in house support staff, Fillmore Property Group is able to create reports specific to the operations of different properties. Instead of sifting through huge amounts of data, Fillmore Property Group can communicate with the Property Matrix support team, tell the team which types of data they want compiled in a report, and how the report should be formatted. The support team is able to generate the report, and create a way for Fillmore Property Group to generate the report for themselves in the future.
Fillmore Property Group has been able to increase their overall level of efficiency by switching to Property Matrix from Yardi®. In fact, Fillmore Property Group is planning on adding an additional 450 units to their Property Matrix subscription. The most noticeable form of savings for Fillmore Property Group is that they did not have to add to their corporate staff in their accounting department. If they had stayed with their previous system, they would have already had to add at least one new employee to help deal with the ever increasing level of data needing to be entered from Excel spreadsheets. However, Property Matrix allows for an unlimited amount of users, so they are able to give their entire company access to the system without increasing the price of their subscription. Fillmore Property Group can still bring on additional employees to use Property Matrix and not have to worry about increased overhead with their property management software.
Fillmore Property Group has also increased their overall online marketing presence with the Property Matrix marketing module. Property Matrix is able to host websites for their various properties for free. They are also able to automatically post ads for their properties on Zillow, Trulia, RentPath, and Apartments.com through Property Matrix. The increased online marketing presence has created more awareness of Fillmore Property Group’s properties for potential customers, while still saving them money as they no longer have to pay to host the websites of their properties.
Fillmore Property Group has also been able to take advantage of Property Matrix’s document management feature. They can scan and upload paper documents, and store them on Property Matrix for future reference. They are also able to create and store templates of commonly used forms. They have created and utilized lease application forms, and eviction notices, that are all legally binding. Property Matrix’s accessibility by the staff of all their different sites allows their various different properties to use the same forms. This allows for a high level of consistency for their document reporting and tenant tracking.
“Our company continues to grow and we have not had to add corporate staff to our accounting department where previously we would have had to add staff in order to grow.
We knew that we needed to get more modern technology and we wanted to provide more access to the sites so we could minimize our staff load at the corporate office by pushing work down to the site level and the system allowed us to do that.
The unlimited amount of users was a plus for us, the integration of online payments, and the flexible reporting.”Vice President
See how Property Matrix can help you transform the way you manage properties.
Property Matrix® is a registered trademark of Property Matrix, Inc.
Yardi® is a registered trademark of Yardi Systems, Inc.
Software Advice, a widely recognized provider of detailed software reviews, recently sampled 385 property management professionals, and established that while 53% are yet to switch from manual to... Read more