As one of the nation’s leading multifamily firms, Alliance Residential Company manages over 80,000 units spread across 19 states. They hold the top developer spot in the country and manage a growing $14 billion portfolio. Acquisitions and management takeovers are regularly part of the mix. These activities are challenging and need to be well orchestrated in order to be successful within a tight timeframe. It requires a concerted effort, especially when it comes to the lease file audit process.
Multifamily companies complete lease file audits to confirm financials tied to the lease are accurate within an apartment community’s property management system (PMS). This includes a through look at monthly rents, secure deposits, resident demographic information and other lease parameters.
While lease file audits are a necessity, they are often considered monotonous and time-consuming for staff members. With 60 LFAs approaching, Alliance wanted to streamline and automate the process with technology for their property managers.
“Alliance is a technology-driven organization. We source and test new solutions regularly to ensure we stay ahead of the competition,” said Jeff Krohn, VP of Business Development at Alliance.
That’s why they chose InfoTycoon, the premiere asset lifecycle management platform, to handle their upcoming lease file audits.
The first of its kind, InfoTycoon is the leader with its Lease File Audit solution, which is easy-to-use for those onsite and offers substantial efficiency gains.
After partnering with InfoTycoon, Alliance implemented the Lease File Audit solution and saw immediate results. In a short amount of time, Alliance gained a big return on its investment by discovering uncollected rental income and saving time on a process that could be streamlined.
"Our onsite teams were immediately impressed with how the product automated processes that were previously very manual and labor-intensive. Additionally, our executive team found the detailed reporting and user-friendly interface highly valuable," said Krohn.
After piloting InfoTycoon’s Lease File Audit on several properties, Alliance found $1.4 million in uncollected rental income and efficiency gains of over 3,000 hours annually. The platform ultimately reduced the staff time spent on due diligence by 40 percent.
"InfoTycoon's Lease File Audit is game changing. It has helped our organization become significantly more efficient and enables us to deliver superior service to our clients," said Lindsey Fink, Director of Client Logistics at Alliance.