Eastern Ontario Property Management has been a trusted name in condominium management for years. As the company grew from 500 to over 4,000 doors, traditional banking methods didn't accommodate this rapid growth.
They found the solution in Otonom, an automated payment solution perfectly integrated with Condo Manager (among others).
"The first step was to reduce the time wasted on managing customer accounts."
When managing 500 doors, Eastern handled financial transactions via standard banking services. However, this approach quickly became an obstacle as the company grew.
Some of the challenges encountered :
- Access and authorization delays Each new acquisition required secure access to the condominiums' bank accounts, a process that took weeks and delayed the integration of the buildings.
- Manual payment processing Payments involved printing cheques, mailing them for approval, then forwarding them to suppliers. This process took 3 to 4 weeks, which was particularly frustrating for urgent payments.
- Resource-intensive operations The increased workload limited Eastern's ability to manage new properties without adding accounting staff, raising costs and making it difficult to maintain competitive prices for management contracts.
Dean "The big advantage we find with Otonom Solution is on the customer account side. We can process charges without having physical access to these bank accounts. This has been a major asset for us, because previously we had to overcome many obstacles to get this access. It was too time-consuming."
🔑 Conclusion : Choose systems that allow you to manage payments without the need for face-to-face visits to the bank.
"We had to choose a payment solution that could be easily integrated into our property management software".
Eastern's decision to adopt Otonom was primarily motivated by its integration with Condo Manager, enabling rapid set-up, automated processing and simplified management of customer accounts.
Dean : "We chose Otonom Solution because it integrates easily with Condo Manager."
What's more, Otonom's ability to handle payment processing without direct access to bank accounts has proved invaluable for current acquisitions.
This independence has enabled Eastern to integrate new properties without the usual delays associated with traditional banking methods.
🔑 Conclusion : Opt for systems that minimize the number of steps required to access and configure accounts.
"We then eliminated the manual tasks associated with banking.
Eastern used Otonom Solution to eliminate the extra steps imposed by banking systems, particularly for fee collection.
Dean : "With Otonom, the step you avoid is not having to submit this file to the bank. In Condo Manager, everything is integrated. With the bank, we have to submit the file manually into their system."
Eastern has also streamlined the management of returned payments, as Otonom keeps all data in the system.
Brittany: "When we have returned payments, it's much easier with Otonom because those payments stay in your session on Otonom, whereas with the bank, if you forget to process the file in time, it's very difficult to get it back."
🔑 Conclusion Use automated solutions for recurring payment collection.
"Connecting to each bank to view NSF reports was taking too long, there had to be a better solution."
Unlike banks, where manual logins were required, Otonom Solution provides automated reports via email, improving Eastern's workflow and offering rapid access to payment data.
Brittany: "We used to have to log in to see returned payments, whereas now we receive them automatically by email with Otonom."
Dean : "Yes, it's a great advantage!"
🔑 Conclusion : Choose solutions with scheduled reports to reduce the need for manual checks.
"Then we had to find a way to open new accounts more quickly, with the banks it took weeks."
Creating new accounts took hours rather than weeks, an essential feature for Eastern as they continued to acquire new properties.
Dean : "When setting up a new account with Otonom, the process is very simple. I receive a copy of the contract electronically and, within a few hours, the account number is created and ready for use."
Brittany: "Compared to a bank where it can take 3 to 4 weeks."
Dean : "Banks are becoming increasingly difficult to work with. This company we bought in April... four to five months after the acquisition, a lot of the banking elements are still not settled. If it wasn't for Otonom, we'd be in a very difficult situation."
🔑 Conclusion : Fast account set-ups allow you to grow without having to hire constantly, helping you keep your prices competitive. Choose payment solutions to avoid excessive bureaucracy.
"Next, we had to find a way to pay our suppliers faster.
Eastern previously managed payment approvals by sending physical checks, a process that took weeks. Otonom's digital approach has reduced this to a matter of days, enabling faster payments to suppliers.
Brittany: "Before Otonom, we would get the invoice approved by the property manager, print the physical check, meet or mail it to the manager, who in turn would send it to the supplier. Now we can do it via Otonom, and they receive it in 3 to 4 business days."
🔑 Conclusion : Faster payments improve supplier satisfaction.
"How we went from 500 to 4,000 doors without hiring more staff".
Otonom's operational efficiency enabled Eastern's accounting staff to manage an increased portfolio, from 500 to 4,000 doors, with minimal hiring.
Dean : "If we didn't have the right tools like Condo Manager integrated with Otonom, it would have been very difficult. We would have had to make some tough decisions."
Brittany: "This has freed up our existing staff sufficiently for us to take on more and more buildings ahead of these major acquisitions while maintaining competitive prices for management contracts."
🔑 Conclusions: Efficient processes allow you to expand portfolios without hiring new staff. Operational efficiency enables you to maintain competitive prices.
