With property management service provider LumaCorp, Inc. being a longtime Yardi® client using Yardi Voyager® and products from the Yardi Multifamily Suite™, the time seems right for an update on the Dallas-based company’s recent experiences with various products built into the Yardi Voyager property management and accounting system.
Larry Orth, controller for LumaCorp, reported that Yardi LeasingPad CRM™, a mobile solution that lets managers complete any leasing task from any location,“has been very helpful in producing leads and keeping up with our sources. By delivering timely prospect and resident information directly to our leasing managers, wherever they might be, LeasingPad CRM lets them spend their time leasing, marketing and providing the best possible customer service rather than having to find that information themselves. LeasingPad CRM has enabled us to better track our sources of traffic and prospects, all the way through the leasing process, and execute emails and other follow-up actions more efficiently.”
Yardi RENTmaximizer™, a revenue management system that prices leases using the balance between real-time inventory, traffic and market conditions,“has really helped us. Our properties are all performing well with maximum revenue, in part because of RENTmaximizer,” Orth said. “The predictable pricing eliminates the impulse to cut prices and give incentives when a few vacancies come up. Everybody in our company has been very happy with it.”
With regard to processing, Orth recalled that LumaCorp’s maintenance, repair and operating supply costs fell by 4% the first year after adopting Yardi Procure to Pay™, an end-to-end, paperless procurement and invoice processing system. Orth said,“For me, the great thing about it is the time efficiency, both at the properties and in the accounting department. We are a full service Procure to Pay client, so the processing is handled by Yardi, which takes a lot off our onsite people’s hands. All told, Procure to Pay has reduced by 30 to 40% the time our team spends on the payables process. And it’s paperless, which obviously benefits the environment.”
LumaCorp has also benefited from negotiated pricing across its portfolio by using Yardi Marketplace catalogs within the Yardi Procure to Pay™ platform. “We increased the discount from 3.5% to 5% with our largest maintenance supplier. Procure to Pay has driven a reduction in overall supplies expense of approximately 3.5% to 4%,” Orth said.
He added,“In addition, automated workflows in Procure to Pay help us incorporate procurement policies corporate-wide. This keeps us from creating a purchase order after the product or service has already been received or performed, for example. The mobile application also helps us because we invariably need approvals at the last minute.”
About LumaCorp, Inc.
Dallas-based LumaCorp, Inc. (lumacorp.com), founded in 1984, specializes in real estate services for the apartment industry, with more than 150 employees providing property management services in numerous Texas cities. LumaCorp has directed property and asset management for properties with a total insured value in excess of $1.5 billion. LumaCorp and its employees have received numerous awards for outstanding performance in the field of apartment property management, including IREM’s President’s award, the Apartment Association of Greater Dallas (AAGD) President’s Award, IREM’s Certified Property Manager of the Year award and the Texas Apartment Association Regional Manager of the Year award.
Now in its fourth decade, Yardi® (yardi.com) is committed to the design, development and support of software for real estate investment management and property management. With the Yardi Multifamily Suite™, Yardi Commercial Suite™, Yardi Investment Suite™ and Yardi Orion™ Business Intelligence, the Yardi Voyager® platform is a complete real estate management solution. It includes operations, accounting and ancillary processes and services with portfolio-wide business intelligence and platform-wide mobility. Yardi is based in Santa Barbara, Calif., and serves clients worldwide from offices in North America, Asia, Australia, Europe and the Middle East.