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CLIENT SUCCESS STORY
Pacific Realty Associates (PacTrust)
Our portfolio doubled yet the accounting department remained the same size. This was largely due to Yardi technology
John Hart
Chief Financial Officer, Pacific Realty Associates (PacTrust)
Products featured
The company
Pacific Realty Associates (PacTrust), based in Portland, Ore., has been active in commercial real estate for more than 50 years as one of the largest real estate developers and investment property owners in the Pacific Northwest. The company is also active in California, Texas and Maryland. PacTrust provides operating spaces for office, industrial, flex and retail use.
The challenge
Outdated Technology Hinders Portfolio Growth
PacTrust’s in-house property management and accounting platform became inadequate as the company expanded its portfolio volume and added industrial, retail and other asset classes.
The solution
Yardi Voyager Commercial
PacTrust adopted Yardi Voyager Commercial, which enables management of all operational, financial, leasing and maintenance activities in a single database, along with solutions from the Yardi Commercial Suite. After initially implementing Voyager 7S, PacTrust is in the process of upgrading to Voyager 8.
The story
Staff Efficiency, Tenant Convenience
A single connected platform makes financial and operational data instantly available, eliminating searches and imports involving disparate databases. “Voyager made us much more efficient in our back office operations,” said John Hart, CFO for PacTrust.
One of the additional solutions that PacTrust adopted to meet emerging business needs was CommercialCafe, a portal that enables tenants to receive statements, make payments and submit maintenance requests.
“Thanks to CommercialCafe, our tenants don’t have to worry about statements or checks getting lost in the mail. It’s also easier for our property managers, who save money and time not having to mail statements or wait for payments to arrive,” Hart said. “We are looking to implement CommercialCafe across our entire portfolio.”
Tenants can also use CommercialCafe to submit work orders any time of the day. The system automatically logs them, increasing convenience for all parties.
“We and our business partners gain confidence knowing we can efficiently manage an increasingly diversified portfolio while maintaining stable staff levels and delivering a high level of tenant service,” Hart said. “No matter what our need, Yardi has a solution for it.”
The benefits
Automating property management and accounting processes helped PacTrust double its portfolio without adding accounting staff. A tenant portal enables faster maintenance service and secure online payments.