{"id":22008,"date":"2019-04-24T05:00:04","date_gmt":"2019-04-24T12:00:04","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=22008"},"modified":"2020-12-25T01:46:36","modified_gmt":"2020-12-25T09:46:36","slug":"joe-anfuso","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/joe-anfuso\/","title":{"rendered":"Meet Joe Anfuso"},"content":{"rendered":"

Growth can be a mixed blessing. San Diego-based MG Properties Group, for one, certainly didn\u2019t mind significantly expanding its portfolio of properties in California, Arizona, Nevada, Washington and Oregon. But by 2015, the company\u2019s investment management technology couldn\u2019t keep pace, and the company, which acquires, rehabilitates and manages apartment communities, was approaching a stark choice: Modernize or risk stagnation.<\/p>\n

Cramped by Spreadsheets<\/strong><\/p>\n

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Joe Anfuso<\/figcaption><\/figure>\n

The spreadsheet programs MG Properties used for investment calculations and investor reporting couldn\u2019t keep up with the rising volume of work. A single report often contained up to 450 tabs, for example.<\/p>\n

\u201cWhen we loaded a number and hit \u201cEnter,\u2019 we crossed our fingers and hoped the whole system didn\u2019t crash,\u201d recalls Joe Anfuso, the company\u2019s chief financial officer. \u201cThe old method was stressful, error-prone and hindered our performance.\u201d It became clear to him and other executives that the company needed a modern, professional investment management software platform, one capable of automatically capturing and distributing all relevant investment information.<\/p>\n

Anfuso and his colleagues also realized that if they wanted to compete with the major players\u2014the big institutional investors\u2014they needed to invest in technology that removed pain points, time and effort and enabled more efficient operation. \u201cThat\u2019s when we decided to ditch our spreadsheets for a more modern solution,\u201d Anfuso says.<\/p>\n

A Single Connected Solution<\/strong><\/p>\n

That solution, adopted in July 2015, was Yardi Investment Management, which automated MG Properties\u2019 asset, investment accounting and investment lifecycle. The system helps MG Properties track not just the movement of dollars, but the result of the investment they represent, from the moment an investor makes a commitment.<\/p>\n

MG Properties grew its investor base by 150%, its properties by 24% and its units by 50% without needing additional staff or expenditures to manage them. The quarterly distribution process that previously took seven weeks now takes less than two weeks.<\/p>\n

The company later added two other components of the Yardi Investment Suite<\/a>: Yardi Investor Portal, which gives investors statements, capital calls, distribution notices and other information online and via mobile devices; and Yardi InvestorPlus, which tracks and aggregates investor and investment information in real time.<\/p>\n

Solid Results<\/strong><\/p>\n

Benefits that the Yardi Investment Suite has delivered for MG Properties include:<\/p>\n

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  • MG Properties can pull up all of the investor\u2019s activities and answer inquiries immediately. Investors can log in to a secure portal, online or from a mobile device, and see cash-on-cash returns and what they received for their quarterly distributions. \u201cThat\u2019s where we see the true impact of the Yardi platform because those are the things an investor really wants to know,\u201d Anfuso says. Gone are the days of running around to check spreadsheets or making multiple phone calls when an investor called with a question about their returns or distributions.<\/li>\n
  • Yardi Investment Management was instrumental in expanding the company\u2019s investor base by 150% and adding more than a dozen properties without additional accounting staff. Yardi Investment Management also projects unrealized gains, supporting growth by driving better decisions about disposing of or retaining investments.<\/li>\n
  • MG Properties\u2019 reputation has expanded over the last few years to the point that investment managers often refer clients to the company. \u201cThat\u2019s largely due to the fact that the Yardi Investment Suite transformed our ability to deliver outstanding service to our investors,\u201d Anfuso says.<\/li>\n
  • Automated consolidation and distribution means the company never misses a reporting deadline. And the presentation looks good\u2014in fact, investors frequently compliment the reports\u2019 appearance as well as content.<\/li>\n
  • When Anfuso arrived at MG Properties in 2015, the quarterly distribution process took seven weeks to complete. It now takes less than two weeks, even though the investor base has doubled. \u201cWe can keep scaling up without needing to spend any more money on our resources,\u201d Anfuso says. \u201cWe doubled our size and units without spending one extra dollar.\u201d<\/li>\n<\/ul>\n

    \u201cWe\u2019re a regional company, but one of our goals is to grow, not just for the sake of growth but to do it in a smart way. The Yardi Investment Suite enables us to do things we were never able to do, which helped us grow our business,\u201d Anfuso adds.<\/p>\n

    The market value of MG Properties\u2019 apartment portfolio exceeds $4 billion. Learn more<\/a> about how the company provides quality living spaces for residents, excellent returns for investors, and fulfilling career opportunities for its employees.<\/p>\n