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Revolutionizing Property
Management and Deposit Handling with Rentable

Revolutionizing Property Management: Buckingham Properties’ Success with Rentable’s Deposit Solution

In the operationally intense world of property management, time is of the essence. Efficiency, transparency and streamlined processes are the key differences in tenant satisfaction and operational excellence. Buckingham Properties, a Rochester, NY based management company, was well aware of the challenges in managing security deposits and tenant transitions before embracing Rentable’s innovative platform. This case study explores the evolution of Buckingham properties journey, highlighting the pitfalls of their old processes and the impact of Rentable’s security deposit management solutions on their business.

Challenges Faced by Buckingham Property Management

Buckingham’s innovative approach to property management led them to Rentable. Before Rentable, Buckingham Properties faced several challenges in managing security deposits, lease agreements, and tenant transitions. The team was burdened with an intricate process involving multiple forms, email communications, and manual paperwork. Tenants had to navigate through various platforms to access lease documents and forms, leading to an arduous leasing process. Furthermore, managing security deposits in different banks and adhering to diverse compliance requirements proved to be a cumbersome and time-consuming task for their leasing and accounting staff members.

Old Process Pitfalls:

The old process was time consuming and cost valuable resources from their teams. Sarah, Director of residential leasing at Buckingham Properties, noted, “We were managing payments, sending W-9 forms through DocuSign, and chasing residents for forwarding addresses. There were countless steps, leading to significant time expenditure.” Daniel, from Buckingham’s accounting department, added, “We struggled with manual data entry, paper documentation, and the challenges of different bank requirements. It was a tedious process that left us with limited time for strategic financial analysis needed to push the business forward.”

Embracing Rentable:
A Game-Changer in Deposit Management

Buckingham Propertie’s decision to adopt Rentable brought a drastic shift in their operations. Rentable’s seamless integration with their existing RentManager system streamlined the entire security deposit collection and refund processes. Sarah expressed her relief, saying, “With Rentable, it was a one-stop solution. Residents access all necessary documents in one portal, eliminating confusion. Move-ins and move-outs became effortless.” Daniel concurred, “The integration is so smooth. It has eliminated the complexities we faced with different bank procedures.”

Transformative Advantages with pentable

Rentable's platform bought several transformative advantages to Buckingham Properties:

  • Streamlined Tenant Onboarding: Rentable's integrated system simplified the onboarding process for staff, reducing the time from hours to mere minutes. All lease documents, forms, and payment processes are now consolidated into one user-friendly interface that fulfills compliance requirements.
  • Effortless Security Deposit Management: Managing security deposits became automated and hassle-free. Rentable's platform handles collections and disbursements efficiently, allowing the team to focus on more forward thinking strategic initiatives.
  • Enhanced Resident Experience: Tenants appreciate the clarity, multiple payment options and access to their leasing documents. The intuitive interface has drastically improved Buckingham’s resident experience.
  • Strategic Planning: With the tedious manual tasks automated, staff members can focus on more strategic initiatives that impact the longevity of the business. He shares, "I can now focus on in-depth financial analysis to bring valuable efficiencies to our processes and improve our business." Similarly Sarah reflects that her team can “focus on day to day management, like leasing the rest of the units, focusing more on resident retention, getting people to renew their leases."
  • Compliance and Accuracy: Rentable ensured compliance with various regulations and standardized the process. Accuracy in documentation and adherence to legal requirements became a hallmark of Buckingham properties’ operations.

Fully Transitioned Deposits:
One integrative process

With the implementation of Rentable, Buckingham Properties observes an immediate impact with
enhanced efficiency, tenant satisfaction, and staff productivity. The team has seamlessly
transitioned their entire security deposit portfolio that were held at various banks to
Rentable’s management platform. With this simple process, Buckingham Properties has fully
offloaded the entire end-to-end security deposit management process with Rentable. Daniel
and Sarah’s team no longer have to adjust to the various procedures from multiple banks to
create security deposit accounts, pay out interests, and facilitate tenant refunds. Instead, they’re
able to work with Rentable’s RentManager integration to have one universal process that handles
the entirety of the security deposit management and compliance requirements.

Conclusion

Buckingham Properties’ partnership with Rentable exemplifies the transformative power of technology in the real estate industry. Every efficiency and positive operational change has a cascading impact on leasing staff, finance teams and tenant experience. By addressing the challenges of the security deposit management and old processes with Rentable, Buckingham Properties elevates their tenant onboarding, security deposit management, and overall operational efficiency. This case study serves as a testament to the success achieved by embracing innovative solutions.

About Rentable

Rentable is an industry leading company that’s modernizing the move in and move out process for landlords and tenants alike. First and foremost, Rentable is tackling security deposit management, an antiquated, on-paper undertaking that creates unnecessary headaches and friction. Landlords are liable for damages when traditional security deposits are not handled properly, but they have not been provided with effective alternatives, until Rentable.

Rentable’s easy-to-use platform allows security deposits to be managed transparently and with ease, giving landlords and property managers time back to focus on scaling their businesses. Additionally, landlords and tenants seamlessly interact through the platform, creating better relationships that minimize disputes, increase transparency, and decrease turnover.

To learn more, please reach out to sales@rentable.com

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© 2024 Rentable. All Rights Reserved

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Twitter Linkedin-in
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© 2022 Rentable. All Rights Reserved

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