Divaris Implements Web-Based PM Software

VIRGINIA BEACH, VIRGINIA –  How can accounting, marketing, brokerage, property management and information technology all work together from the same software?  One could ask the same thing about the variety of computer systems that can access the Internet. 

And that’s the answer!  The Internet is revolutionizing the way commercial real estate does business by providing immediate, real-time accounting, management, and leasing information in a user-friendly and accessible format. 

Divaris Real Estate looked to the Web to attract new tenants and enhance its services to existing ones.  After comparing alternatives, DRE’s software committee concluded that the Web-enabled systems developed by Yardi Systems, Inc. were the best on the market -- more than just property management software, they provide comprehensive real estate business solutions.

The Yardi products that are being implemented by Divaris include Yardi Enterprise™, an accounting and property management system with powerful general ledger, accounts receivables and payables, check writing and bank reconciliation functions.   Enterprise™ combines a property and tenant database with custom report writing.  The application is designed for all types of real estate management, including commercial, office, industrial, retail, residential, homeowner associations, condo/co-ops, assisted living, tax credit, and other types of properties.

Enterprise™ works with Yardi Systems eBanking™ to furnish automated cash receipts, electronic check clearing, and custom tenant statements and payment coupons.  Other integrated systems include asset management, a spreadsheet link, construction, maintenance, budget forecasting and Internet Voyager, the component that launches accounting and processing information to any place with an Internet connection, 24 hours a day.

Therefore, Yardi’s software benefits both internal and external clients.  Through an Internet browser, prospects search a database of properties for vacancies by location.  Both managers and owners will have immediate and secure access to comprehensive reports for each property including move-ins, move-outs, expirations, delinquencies and maintenance requests. 

Several reports, such as financials or lease expirations, can be scheduled to run on a specific date, then delivered via email, sent to a printer or posted to the Internet with secured login access.  Through the Web, tenants will submit maintenance requests and then monitor the progress. 

“Using the system is logical, easy and user-friendly,” says Denise Taylor, CNE, director of information technology for Divaris and project manager of DRE’s Yardi implementation.  “As we add associates and properties, getting users up to speed quickly will be a bonus.  And the Web interface will make it easy for our clients to use.”

Both costs and procedures are streamlined.  The system will save time and money with online authorizations for work orders and purchase orders with automatic spending limits set by Divaris’ property managers.  The work order system is fully automated, turning a purchase order into an invoice and posting it to the corporate accounting books.   It shows expenditures relative to budgets and eliminates the need to shuffle paper invoices between offices. 

“The 200 tables of information integrate all functions in the company onto a single system that serves each department’s particular needs,” explains Taylor.  “That’s a tall order because property management, corporate accounting, brokerage and marketing function differently.  Yardi streamlines information management into one program that runs off a single database so the various departments can easily share information with one another.  This is an amazing tool for Divaris Real Estate’s associates to use.” 

“When Divaris decided to upgrade its property management system, the most important considerations were identifying what commercial real estate customers wanted and what technology had to offer,” Taylor continues.  “We decided that if we were going to do this upgrade, we didn’t want to just upgrade our back office.  Yardi Systems provide the resources to be more efficient and effective.  It will change the way we do business.”

“Divaris wanted a system that can streamline our business processes.  We also wanted a technology that has a proven, track record, is readily available, with a long life expectancy.  A Web-based product was essential.  Information security was also a high priority, so it was critical to maintain our system and security, in-house,” says Taylor. 

“The conversion of our property management accounting system to Yardi provides us with state of the art sophistication and the ability to provide the level of service expected from our clients.   It will be a terrific tool and will make us leaders in the ever-changing world of commercial property management,” says John M. Millar, principal and national director of property management for Divaris Property Management Corp.