The client was using inefficient software and banking platforms to run his residential real estate and strata businesses. He needed a better way to manage payments so he could improve the service to his customers, reduce costs and win new business.
Significant staff time and resources were being spent manually entering large volumes of payment data and processing receipts, which was constraining the client’s ability to grow his business. The client needed to upgrade his IT systems with software solutions that better suited his business needs.
The Macquarie difference
With an extensive understanding of the real estate and strata markets, Macquarie had already developed a suite of products to help property and strata managers.
Macquarie worked with it's business diagnostic team to:
- understand the client's business process needs
- identify the right technology for the client
- improve the efficiency of the client's business.
Macquarie assessed that the client needed to manage his trust accounts and banking differently. He also required a payment system to manage the large volume of payments from his residential and strata clients.
Since the changes, the client’s revenues and profits have grown and he has expanded the business interstate.
Macquarie recommended to the client the DEFT payment system; Macquarie's automated rent collection, receipting and bank reconciliation service which integrated with the client's existing business management software. This gave the client's customers a flexible and broad range of payment options to suit their payment needs. The client also received complimentary training on using the DEFT payment system.
Through the implementation of DEFT, the client was able to make considerable cost savings by improving back office efficiency. This ensured that staff could focus more time and effort on core customer needs. Automation provided by DEFT also eliminated data entry errors. Following these improvements, the client's revenues and profits increased enabling the client to invest in new businesses and grow his business.
The client continues to benefit when the business diagnostic team conducts an annual review of his business and propose new market leading solutions from time to time.The client also receives Macquarie's real estate industry benchmarking reports, which enable him to compare his own business information and performance against the standards in the real estate industry.
Automating as many routine processes as possible is one of the best ways to drive productivity and profits. If you’d like to know how Macquarie’s Business Banking’s team of real estate experts can take your business further, contact us today on 1800 282 401 or complete the request a call form and we’ll call you back.
Find out more about the full suite of banking solutions you can access through Macquarie Bank.