Property Management

SUCCESS STORIES

True Service New York

New York City-based True Service New York – which specializes in the management of cooperatives, condominiums and rental properties – formally launched operations with an established portfolio of Manhattan properties in January 2017, with an eye toward steady expansion into all five boroughs. The firm selected IBS as its technology partner to support True Service’s progress.

Erick Martinez, founder and chief executive officer, is a long-time member of the regional property management community, and for many years in a former role he worked with the IBS legacy system. “I knew IBS was the right choice based on my history with the company,” he said. “The product always provided what I needed for budgeting and managing day-to-day property operation. Equally important, IBS has a great, well-earned reputation for customer support.”

For Martinez, the fact that IBS redeployed its product as the cloud-based Imperium application sealed the deal. “Property managers are always on the go, and in this modern age we need something that moves along with us,” Erick said. “That’s the beauty of Imperium. We can get to the system from our cell phones and laptops.

“Imperium allows our team to put together professional reports without having to develop them from scratch,” he added. “We always know that our financials will be accurate and presented in a format that looks great and is consistent with current accounting standards. We also like that we will be able to take advantage of phased-in features like integrations with other software products, including our current payment system.”

Vornado Realty Trust

IBS’ development of its web-based system opened doors to new levels of functionality, and today the firm partners with system users, like Vornado Realty Trust of Paramus, N.J., to leverage this potential. This includes revamping key features to strengthen capabilities and improve efficiencies.

IBS and Vornado, one of the country’s largest real estate investment trusts, completed a custom redevelopment of the IBS system’s lease abstract feature. “As technology consumers, we have become accustomed to being able to insert copy, cut-and-paste and create attractive reports as basic functions of most programs we use,” noted David Perl, Vice President of Lease Administration at Vornado. “And while the IBS system always has been reliable in terms of data integrity, the abstract function was utilitarian.”

IBS redesigned the feature to capture information on customized pages. “Now, users can choose what sections they want to include in their abstracts and define the fields on each page,” explained Vornado’s Diana English, who was instrumental in the development and training process. “Through a series of startup utilities, we can then configure the pages accordingly, adding drop-down lists, text boxes, yes/no options and other navigation tools.”

David noted that the feature’s reporting flexibility is critically important for Vornado. “We are an information-hungry company, and we have many different groups that need to access information captured in our tenant data base,” he said. “What this project has done is take us from a Model T Ford to top-of-class Lexus in a single step. It has every modern capability we could imagine.”

“The IBS team is an extension of our team, especially when it comes to onboarding newly acquired properties. They have a very clear understanding of our network and have recommended several areas of improvement as our business has grown.  IBS is very responsive to issues as they arise and communicate well with our remote locations.”

Rob Weiner

CFO, Panco Management

“It is super rare in the world of software companies for a company to stay relevant for two to five years; 30+ years in property management software for IBS is pretty remarkable. In my experience, software vendors tend to over-promise and under-deliver. IBS treats us fairly and delivers what they promise. If someone who was on the fence about choosing IBS I’d tell them to choose the company that will be around in 20 years!”

Jonathan Nagin

Senior Vice President, Superior Management