The Company
Founded in 1999, Timbercreek Asset Management (“TAMI”) is an investor, owner and manager of global real estate and related assets focused on delivering sustainable and growing returns to its investors. Timbercreek advocates a value-oriented investment philosophy combined with a hands-on asset management platform. Timbercreek Communities, a division of TAMI, currently manages a quality portfolio of over 200 multi-family residential buildings totaling over 22,000 residential suites well-located across Canada.
The Challenge
Outdated Technology
To manage its $5+ billion multi-family portfolio, Timbercreek requires flexible and scalable state-of-the-art technology solutions. Manual processes and a lack of integration were costing the company time and money and made adding much-needed ancillary services difficult.
The Solution
Yardi Voyager Residential
Yardi Voyager Residential is the most advanced and widely adopted multifamily property management SaaS platform with built-in accounting, real-time performance analytics and mobility. It enables clients to centralize operational, financial, leasing and maintenance management in a single database.
The Story
Automation and Mobility
When David Melo, president of Timbercreek Communities, joined Timbercreek his first call was to Yardi. Melo knew that the company needed a stronger, savvier technology provider to manage its complex accounting needs, and also enable the company to add vital solutions for ancillary services. Yardi Voyager delivered the tools that Timbercreek needed to succeed.
The company is thrilled with the ability to automate guest card entries at the site level with Voyager. Melo explained, “Instead of having staff at the head office manually entering guest cards, we now have an efficient process to deliver real-time information.” That efficiency allows Timbercreek to convert prospects to residents faster.
Cost Control
Beyond superior accounting and reporting capabilities, moving from manual to automated processes within Voyager has provided Timbercreek with cost control and greater end-to-end operational efficiency. As an early adopter of Yardi PAYscan in Canada, Timbercreek quickly realized the benefits of automating accounts payable. “Moving from a manual process to one that is automated with a workflow not only increases accuracy and processing speed, but also improves cost control. You can’t move an invoice for payment unless it’s been approved by the designated person. And you can’t approve an invoice if it doesn’t match the PO,” said Melo. He added that the PAYscan mobile app is a great tool for staff who travel frequently, as it allows them to approve invoices from airports or anywhere else they happen to be.
Streamlined Services
Timbercreek is also rolling out RentCafe resident portal and Yardi Maintenance, including the mobile app, across its portfolio. They expect significant time savings and improved responsiveness thanks to seamless Voyager integration. Melo commented, “We were manually receiving emails from our website for maintenance requests, which required someone attending to the email inbox and forwarding the messages to the right people. Now residents can simply log in to the resident portal, enter their service request and start the workflow.”
Enhanced Collaboration
Consolidating operations portfolio-wide on the Voyager platform has also improved communication within the company. As part of its inherently collaborative culture, Timbercreek has found great success with appointing Yardi champions across its business. Melo commented, “These individuals lead the charge and take ownership of each solution piece of our Voyager platform. This is an exciting new approach, and we’re already seeing great results from our 430 onsite employees. Yardi has absolutely helped empower our success.”
