Coast Property Management goes all in on digital payments
Coast Property Management operates a 20,000 unit multifamily portfolio consisting of Market Rate and Affordable Housing. A Zego (Powered by PayLease) customer since 2015, Coast has made a strategic decision to reduce the risks that come with paper payments and move 80% of their resident payments to the Zego platform by the end of 2020. With a current digital payment adoption rate of 25% across their portfolio, achieving 80% is an aggressive target so they partnered with Zego to implement industry best practices to attain their lofty goal.
Watch our interview with John to learn how his team is rallying around digital payment adoption to drive their business forward.
“We’re a multi-disciplined property management company headquartered in the Pacific Northwest. Today we’re about 20,000 multifamily units, kind of split almost 50/50 between market rate and affordable. We’ve been with PayLease, I believe, 4 years now. And we’re actually currently looking to expand that relationship through the different product mix that you guys are offering. Really we’re on a journey to move our client base to all electronic payments. Probably like many other companies we’re looking to make it efficient for our on site staff, to focus on residents and one way to do that is to have those interactions that are more tailored to a personal relationship and conversation. And from the corporate side, reducing risk. If they’re not utilizing PayLease, we’re still getting checks, and in some instances still getting cash, which again from a risk mitigation standpoint isn’t good for us.
We’ve made a business decision that starting in 2020 all of our market rate properties, we’re only going to allow them to make a payment electronically through the PayLease platform. Today our utilization is about 25%, we’re going to be aggressive and make a clean cut on January 1st that – that’s just the way that we’re going to operate and do business. All told, we believe by the end of 2020 we’ll be at 80% or greater.
We’ve had a really great relationship with our account manager, and I think they’ve been patient, and at the same time proactive with best practices, with what the industry’s doing, leveraging time, reducing risk with our residents, and then helping drive revenue. The client success team at PayLease is bar none the best we have out of any of our other partners, so their responsiveness, again the ability to what we call “look around the corner” and help us with something that might be coming up, and then help adoption as well. So make sure our residents are well taken care of, our corporate staff is well-trained, as well as our site staff. So we would say it’s best-in-class.
And then, smart home technology is certainly in the forefront of everybody’s minds so the acquisition of Zego is pretty attractive, and what the platform could look like over the next 12-18 months is something we’re excited about. The real estate industry is typically slow to adopt technology, but this seems like one that will move quickly within the industry. But again, back to having one platform for multiple uses within the real estate community, so paying your rent, utility billing, smart home technology, being able to lease units 24/7. All these things that PayLease is working on are things that are on our roadmap as well.
We pride ourselves on working with companies with strong values and finding another company that cares about their people, that is looking to put the right tools in place and the right processes beneath those tools, seems like it’s a path for success.”