How the Right Property Management Software Helped Condominium First Improve their Bottom Line

by Mitch Vinnitsky Net Integrity Inc

In our previous post we touched on the many ways that having the right property management software can boost productivity by streamlining operations and automating business processes. We thought we’d take it a step further and spotlight an existing Netintegrity client, Condominium First, to examine exactly how they’re benefiting from using INFO-Tracker™, based on a recent interview with several members of their key management team.

Condominium First Management Services (CFMS) is a full service property management company specializing in condominium management. They are based in Calgary, have several remote offices and currently manage a large portfolio of select condominium corporations, community associations and rental properties.

Being one of the largest property management companies in Western Canada, the sheer size of Condominium First’s growing portfolio made it increasingly evident that they needed to find a way to improve customer service delivery, eliminate organizational bottlenecks and streamline their internal processes, particularly in terms of their accounting functions. Prior to 2007, CFMS had an older, less sophisticated system in place that simply wasn’t meeting their changing needs. They found themselves wasting a significant amount of time on manual tasks and it was holding them back.

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Switching to INFO-Tracker™, CFMS saw immediate improvement in productivity because the software allowed them to automate so many of their manual and labor-intensive processes. For instance, instead of having to manually process all of their condo fee and special assessment calculations they can now let technology do the heavy lifting for them. The automation of this task alone has saved them approximately 15 minutes per budget exercise. With 500 plus exercises, it’s easy to see just how much of an impact their property management software has had on overall productivity and efficiency.

INFO-Tracker™ has also allowed CFMS to do more with less, which has resulted in the continued growth of the organization. Over the past several years they have been able to bring on more properties without the need to increase their staff. Their customer service levels have also increased exponentially because their software provides instant access to real-time, accurate information which they can then pass on to their customers, on demand.

So what does all of this mean in terms of maximizing revenue? It’s simple. The automation of manual tasks has saved tremendous time, which allows the CFMS team to be more productive and focus on more pressing business needs. In addition, being able to realize growth without having to take on additional staff means more revenue coming in for the same level of output. Finally, by improving customer service levels, CFMS has been able to increase their management rates in some cases because they can provide a much higher level of service. All of these things add up to a much more attractive bottom line, and all by simply implementing the right property management software.

During a recent discussion with Roger Davies, VP of Business Development and Information Technology at CFMS, he was quick to point out that the many combined benefits of INFO-Tracker have provided him with leverage within the condominium management sector.

“INFO-Tracker™ has helped us to acquire clients from our competitors. We feel we have a competitive advantage, particularly in terms of the level of service we are able to provide to our customers now.”

With the help of INFO-Tracker™, Condominium First will continue to live up to its title as one of the most progressive condominium management companies in North America.