How Terra helped Parkside bring their management in-house–and hit their business goals 9 months sooner than their pro forma
*company name has been changed to protect client privacy
Key Metrics
25%
40%
$ 1,800
About the company
Parkside owns and operates multi-family properties nation-wide.
3500
10
1.5
4
The Background
They wanted to bring their property management in-house.
Parkside had been working with a third-party management company to operate their properties for a number of years, but felt that the management company wasn't effectively executing their business goals.
a) create a strong brand by managing with a personal touch
b) reach a better NOI
The Challenge
Getting set-up properly was an enormous task.
After attempting and failing to repair things with their property-management company, the decision was made to bring the management in-house.
The only problem: they had never managed their own properties, and the technical logistics of getting set-up and fully managing their own portfolio was brain-numbing. Where to start and what to focus on?
The Terra Solution
A supportive ecosystem that would allow them to operate their own properties while still keeping up with their growth.
By partnering with Terra, not only would they be able to outsource the back-office work and focus on their operations, they would also gain access to a team of experienced specialists who can guide them in effectively setting up their operations for success.
The Switch
Training and on-demand support for a seamless transition.
The VP at Parkside had heard from peers that migrating to Yardi is a huge undertaking, and that using Yardi could be a more of hindrance than a help.
Using Terra alleviated this concern, as Terra would not only set them up properly, but provide training and on-demand support to all their employees.
The Onboarding Experience
An experienced guide to lead the way.
For Parkside, getting set-up with Terra was more than just a technical migration of data–it was a learning a whole new skillset.
The Terra team drove their onboarding. From advising them on creating streamlined systems to creating an employee handbook outlining all their processes, Terra was there every step of the way.
They especially appreciated how Terra was there to support their growth in every way. For example, they realized that while they were getting a lot of tenant leads, they weren't converting and their occupancy was low. They turned to Terra, who advised and set them up on a CRM tool. The result? 25% occupancy increase within 6 months.
The Result
The most growth they’ve ever experienced in 10 years.
In just the first year of partnering with Terra, they:
- purchased more properties than any other years
- successfully operated their own properties at a higher NOI
- executed their business plans on their new properties
faster than they’ve ever been done before
What is especially valuable to them is that as their company grows not only is Terra able to seamlessly keep up with their growth, but Terra is able to support them in new ways. For example, instead of having to hire a financial team in-house, they took on more controller services with Terra. This allowed them to grow much faster, without skimping on a business plan.
