{"id":19314,"date":"2018-01-15T05:00:55","date_gmt":"2018-01-15T13:00:55","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=19314"},"modified":"2020-12-24T22:44:00","modified_gmt":"2020-12-25T06:44:00","slug":"one-year-on","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/one-year-on\/","title":{"rendered":"One Year On"},"content":{"rendered":"

\u201cWe wanted innovation and efficiency,\u201d Sandeep Manak, chief financial officer for Wesgroup Properties LP<\/a>, s\"\"<\/a>aid in November 2016, when his company announced its adoption of products from the Yardi Commercial Suite<\/a>.\u00a0 \u201cWe wanted a platform that integrated various departments so they could work more collaboratively.\u201d\u00a0 Other priorities included lower operational costs, more accurate budgeting and efficient management of an existing commercial and growing multifamily portfolio.<\/p>\n

One year later, how has that plan played out for Vancouver, British Columbia-based Wesgroup, a fully integrated real estate owner, operator and developer with 61 commercial and residential income-producing assets?<\/p>\n

\u201cWe have made good progress,\u201d Manak says, starting with better access to lease and portfolio data. \u201cCentralizing all lease and financial records in Yardi Voyager gives us a holistic repository of information that is easily accessible. We don\u2019t have to look at different places or worry about version control or broken links. \u00a0We can drill down to lease clauses and very quickly understand an asset\u2019s performance.\u201d<\/p>\n

Wesgroup reduced costs by simplifying invoice processing with Yardi Procure to Pay, which automates the process all the way to vendor payment. \u201cWe pay several thousand dollars every month for document storage.\u00a0 Storing images in Yardi Voyager significantly reduces these expenses in the long-term,\u201d Manak says. Besides that, he adds, \u201capprovers have immediate accessibility to vendor relationships by being able to review a vendor\u2019s account and approve invoices for payment from the convenience as they are always out and about.\u201d<\/p>\n

Meanwhile, Yardi Fixed Assets helps Wesgroup track assets that have varying amortization schedules.\u00a0 \u201cPreviously each property had its own schedule \u2014\u00a0 for example, roofs amortized differently at different properties when the materials used to build them were identical, in the same geographical environment and were installed by the same builder. Fixed Assets automates this complex process and reduces the risk of human error. Our staff no longer have to calculate the amortizations and type them in. The discrepancies were eliminated.\u201d<\/p>\n

The Yardi Commercial Suite has also improved Wesgroup\u2019s budgeting process. \u201cYardi Advanced Budgeting & Forecasting gives us long-term forecasting ability with precision. Now we have visibility and budgets based on actual lease information reflecting contractual lease step-ups and other nuances of a lease along with the flexibility to include market leasing assumptions over a long time horizon,\u201d Manak says.<\/p>\n

As Wesgroup\u2019s multifamily portfolio grows, the company will look to RentCafe<\/a>, an online marketing and leasing platform that the company is scheduled to implement in the first quarter of 2018, to deliver similar benefits of efficiency and convenience. \u201cAs we acquire and develop best-in-class properties, we strive to engage with our tenants delivering a high level of service. \u00a0We regard RentCafe as a competitive advantage because its online services are attractive to the millennial generation of renters.\u201d<\/p>\n

These Yardi products support Wesgroup\u2019s strategy of using automation to enable human capital to work more effectively. \u201cWe want our technology, including the Yardi solutions, to do the heavy lifting.\u00a0 We don\u2019t want our people doing low-value work by doing data entry on spreadsheet, we want them out there working with residents and continually improving the quality of our properties,\u201d Manak says.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cWe wanted innovation and efficiency,\u201d Sandeep Manak, chief financial officer for Wesgroup Properties LP, said in November 2016, when his company announced its adoption of products from the Yardi Commercial Suite.\u00a0 \u201cWe wanted a platform that integrated various departments so they could work more collaboratively.\u201d\u00a0 Other priorities included lower operational costs, more accurate budgeting and […]<\/p>\n","protected":false},"author":610,"featured_media":19426,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,3354],"tags":[652,2239,40,116,1103],"class_list":["post-19314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-people","category-team-yardi","tag-canada","tag-wesgroup","tag-yardi","tag-yardi-client-profile","tag-yardi-commercial-suite"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"\u201cWe wanted innovation and efficiency,\u201d Sandeep Manak, chief financial officer for Wesgroup Properties LP, said in November 2016, when his company\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"One Year On\" \/>\n<meta property=\"og:description\" content=\"\u201cWe wanted innovation and efficiency,\u201d Sandeep Manak, chief financial officer for Wesgroup Properties LP, said in November 2016, when his company\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/one-year-on\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-15T13:00:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-25T06:44:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2018\/01\/shutterstock_599129810.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Joel Nelson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Joel Nelson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/one-year-on\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/one-year-on\/\",\"name\":\"One Year On - 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