TZM Realty Automates their Processes and Enables their Staff to Work Remotely Using Property Matrix

Summary

TZM did not have the property management tools they required to properly operate their everyday business requirements. They wanted to move away from their antiquated system, and make the switch fast. They needed a cloud based software that enabled customized reporting, integrated tenant communications with email and texting, and powerful custom workflows so they could spend more of their time running their business. 

Property Matrix was able to help TZM switch over in less than two weeks, and has revolutionized TZM’s property management operations. Tenants are now paying online using a tenant portal, communications are through email and text, and much of this is handled using automations. Their owners are much happier, as they can now access reports that are customized to their needs, from any mobile device, and they even receive reports automatically. Most importantly, all of their staff is now able to work remotely, and get things done even more efficiently than when they were in the office. 

Challenge

TZM is a real estate investment firm, and property management company headquartered in New York City. TZM Properties owns and manages multifamily and commercial properties with approximately 150 units in total. For many years, TZM was tracking all of their income and expenses using Quickbooks. Although it did a good enough job for their accounting, it lacked many of the property management features that a real estate investment owner and operator would need. In 2011, they switched from using Quickbooks over to Skyline, which they believed would be more suited to a property management firm's needs.  While this system worked for the basics, as the years passed, TZM realized that they were missing many of the key features that would help them grow and manage their business. As the years progressed, it was made abundantly clear that they needed to make a software move in order to adapt to the changing business environment. 

Remote Access

Towards the start of the decade, TZM quickly realized that they needed remote access into their property management system. They would need to be able to prepare new leases, adjust future rents, and access other areas of their business remotely. The only option with their current provider was to sign in to their desktop computers which were located in their office. This proved to be unreliable as well as cumbersome to their team. At this time, they knew that any system they would evaluate would have to be cloud based. When beginning to explore their options, TZM started to realize that not only would having mobile access give them even more flexibility, it would offer a solution to be able to respond to their tenants in real time. In their new software they would need the ability to have access from their individual home offices, mobile phones and tablet devices. 

Reporting

TZM is an owner, manager and investor in their properties. Most of their reporting needs would allow them to make internal decisions regarding their investments as well as relay important information about their properties to their accounting team. Their current system lacked the capability to customize the important details that were needed in their reports. They would need a system that will give them the ability to go beyond just income and expense. Their new system would have to be able to report on all of the information that was contained within their property management system. This would allow them to make better choices regarding their tenants, vendors and properties, as well as growth within their business by making better investment decisions. 

Online Services

TZM’s current system lacked the ability to receive rent online. Tenants were sending checks in the mail, or if they wanted to pay electronically, it involved manual entry every month into their accounting system. Additionally, maintenance requests were not streamlined at all. They were mainly done by multiple phone calls, and occasionally a text or email since there was no ability to manage and communicate with tenants through an online portal. 

Solution

Here’s how we brought TZM’s operations into the cloud and enabled them to automate and add efficiency to their property management company.

Cloud

TZM signed up for Property Matrix in April of 2020, and they needed to be up and running immediately. Within two weeks, our dedicated support team was able to import all of their properties, leases, tenants and accounting data so they could go live for May 1st and begin managing their properties in the cloud. Their team was promptly trained on the new software and they were able to successfully complete all of their work while being remote. Tenants were all given access to a portal where they could now see their bills and pay their rent online. In addition, all correspondence with maintenance requests could be done through this portal which saved them time and created even more efficiency in their workflow.

Reporting

TZM Immediately saw the benefits of having customizable reports within Property Matrix. Their robust reporting needs were not met in their current platform. Since transitioning, they were now able to access over 100 reports, all of which could be customized to include any custom fields that they used to track information about their properties and leases. All reports now accessible from any mobile device, which has further enhanced their ability to manage while away from the office. Lastly, owner statements are being generated automatically, which has given TZM even further insight into the performance of their properties and finances. 

Communications

Being out of the office meant that interoffice communication was more difficult, and having all of their tenant communications in an integrated hub was key. The transition from phone calls into the office, to online communications through text and emails was a pivotal part of the ROI for making the switch.  Communication with tenants is now done mostly via text and email, and because it is all in a centralized hub, all of TZM’s staff has access to any communications with tenants, vendors and owners which enables them to collaborate while working remotely, and effectively support their properties.

Online Payments

Before moving to the cloud, most of TZM’s payments were done via check or money order, which required regular trips to the bank as well as to their properties to pick up the payments. Enabling a tenant portal has accelerated the move to online payments via ACH and Credit Card, while giving each property the ability to automatically receive their payments into a separate operating account to avoid manual transfers. 

Automation

During the implementation process over to Property Matrix, TZM had a goal of automating many of their regular monthly and daily processes. They were able to leverage the automatic action tool within the software to set up emails and texts to tenants when their statements are available. This eliminated their entire process of calling and mailing these statements to both their commercial and residential tenants. They have also enabled an automated workflow for their maintenance requests which will notify their tenants and vendors of work being done at their properties. 

Result

TZM came to us at a time of rapid transition, they needed a solution that would enable them to work remotely, and communicate effectively in a work from home environment. Property Matrix has brought TZM into the 21st century and enabled them to manage their properties while away from the office, streamline their communications with tenants, vendors and owners. We have also given them the ability to automate many of their time consuming manual processes. They’ve moved from receiving their payment in person or with a check to being able to receive automatic payments via credit card and ACH. They have transitioned their maintenance department from phone calls to an online portal allowing email and text communications with vendors. TZM’s owners are now able to run the reports that they need, in order to access the critical business results that are relevant to their properties. 

Cloud

Cloud-based platform enabled TZM to work remotely and support their properties from any mobile device

Reporting

Customizable reports have given TZM’s managers and owners instant access to the information they need to effectively make decisions and manage their properties

Communications

Integrated communications hub with texting and emailing is now the standard method of communications with tenants, owners and vendors which has greatly increased response times and tenant/owner satisfaction

Online Payments

Online payments by ACH or credit card are now enabled across TZM’s portfolio, and funds are received with a next day turnaround

Automation

Over 20 of TZMs daily and monthly manual processes have been automated using automatic actions, allowing them to focus on growing their portfolio

Achievements

• All staff now enabled to work remotely

• Tenants paying online instead of by check

• 20+ custom automations

• Software transition in less than 2 weeks

• Communications moved from phone / in-person to online