Business Challenge
The Erie County Investment Co. real estate portfolio includes a variety of companies and partnerships, including Arby’s restaurants, retail locations, and multi-tenant commercial properties. Because it relied on spreadsheets to track information about leased and owned properties, the team’s hands were tied on the amount of information it could gather.
Documents were inconsistent and scattered in multiple locations. The team spent countless hours searching for files before being able to address a real estate issue. These manual processes caused costly mistakes that included missed lease deadlines and expiration dates.
To avoid these financial penalties, the Erie County Investment Co. turned to an automated, cloud-based solution.
Solution
To expand and automate their lease management capabilities, Erie County Investment Co.’s team chose to implement the AMTdirect lease accounting and administration suite from MRI Software. Portfolio data was centralized and could then be accessed anytime, anywhere, by anyone authorized.
Implementation paid dividends early when discrepancies were identified quickly and corrected immediately. These corrections redeemed savings that exceeded the cost of MRI’s solution. In addition, portfolio management has transformed from reactive to proactive.
Outcome
- Replaced scattered data in spreadsheets with cloud-based centralized data
- Team members across the organization can access and leverage a more comprehensive view of their lease data
- Immediate ROI through discrepancy identification and correction
- Approximately 100+ hours saved per year
Implementing MRI Software was the beginning of a journey that has already more than paid for our investment in the software. It has been invaluable in handling several major projects.
– Dennis Steele, Manager of Accounting
