RICHARDSON, Texas, (July 12, 2017) – RealPage, Inc. (NASDAQ: RP), a leading global provider of software and data analytics to the real estate industry, announces that CAPREIT Residential Management chooses RealPage software, including a comprehensive financial package that includes Property Accounting, Corporate Accounting, Enterprise Accounting, Investment Accounting, Budgeting and Exponential Reporting, for its 12,000-unit portfolio following a competitive review of property management software solutions.
Based in Rockville, Maryland, CAPREIT manages apartment communities across the United States in various capacities – as full owner, partner and fee manager. Its portfolio includes conventional, senior and affordable properties.
COO Miguel Gutierrez explained that it had become clear his company’s effectiveness was being limited by its software mix provided from various vendors. “We hire the best people with top skills, but found they were spending too much time on inefficient processes, paperwork and menial tasks rather than on customer-oriented and value-add activities,” he said. “It became essential for us to free their time by speeding these tasks—that’s what good software is all about.”
Gutierrez also noted a disconnect between company financial and operational data, leaving management unable to optimize their decision-making. “Financial and operational reports were completely separate, and we needed a way to bring this information together for a multi-dimensional view of our business to help tune-up operations,” he said.
In choosing RealPage, CAPREIT expects to benefit from the close integration a single-vendor solution can deliver. “When we began the review, we weren’t expecting all the software we needed to come from a single company,” he said. “But RealPage put together a package that made a lot of sense from a functionality perspective,” Gutierrez explained.
In addition to solving existing reporting limitations for CAPREIT, Gutierrez said RealPage’s software will immediately and significantly reduce the amount of time spent on cumbersome daily tasks within the company’s existing software. For example, processing SODAs (security deposit reconciliations and reimbursements), which once took two hours to complete, were finalized in less than one minute with RealPage. “I spent time surveying people across the CAPREIT business to learn how we might make them more effective at their jobs. The overwhelming response from employees was how much easier their experience was at their prior company because they used RealPage software,” said Gutierrez. “This was a strong indication that the most impactful thing we could give our people was better, more reliable software with which to do their jobs.”
CAPREIT is in the process of implementing a full suite of RealPage solutions that include Accounting/Financial Suite, Leasing and Rents, and Enterprise Operating solutions such as resident screening, online leasing, mobile facilities, YieldStar revenue management, the RealPage Contact Center and the EasyLMS® learning management system.
For more information about these software solutions offered by RealPage, please visit www.realpage.com.
About RealPage
RealPage is a leading global provider of software and data analytics to the real estate industry. Clients use its platform to improve operating performance and increase capital returns. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves over 11,200 clients worldwide from offices in North America, Europe and Asia. For more information about the company, visit https://www.realpage.com.
About CAPREIT
Headquartered in Rockville, Maryland, CAPREIT is a fully integrated real estate operating company that owns and manages apartment communities throughout the United States. Combining extensive expertise in the management of multifamily rental housing with strong financial resources, CAPREIT has been involved with more than 200 multifamily communities comprising over 40,000 apartment residences. For more information, please visit https://www.capreit.com.