Company Name
Common Cents Property Management
Door Count
1,000+
Portfolio Type
Associations
Buildium Customer Since
2013
Company Name
Common Cents Property Management
Door Count
1,000+
Portfolio Type
Associations
Buildium Customer Since
2013
Chris DiMarco founded Common Cents Property Management in 2003, serving a mixed portfolio of HOAs and COAs, as well as single- and multifamily properties. About a decade ago, the company adopted Buildium’s ePay tool to help streamline fee and rent payments.
In those 10 years, he and his team have shaved off significant hours from their check and payment process.
Let’s take a deeper look at how ePay has helped Common Cents improve payments and provide more convenience for their residents, owners, and staff.
Before ePay, DiMarco identified dues and rent collection as one of the biggest pain points for the company.
Without an automated system, DiMarco estimates that it took his staff between seven and eight hours a month to process payments, from opening envelopes to depositing the checks and posting the payments.
“We could never manage the number of units that we do using an Excel file or using some other non-automated way to do it,” he says.
But, he points out, there were other issues to consider when dealing with paper checks and manual entry. Keeping the books accurate for every property, for example, is a challenge. And when a resident is sending a check in the mail, security becomes a problem, as well.
“It’s a time savings, and it’s also a security benefit, so you don’t have to worry about licking an envelope and sending your information through the mail with a signature sample,” says DiMarco
DiMarco and his team adopted ePay to help alleviate some of those challenges.
At first, says DiMarco, it was an uphill battle to get residents to adopt an online payment system.
“It makes your community financials and your financials as an owner much better, but it’s a big push to get folks to see their value,” he says.
Now, however, DiMarco and his team have developed effective strategies to bring owners and residents on board.
First, he lets them know that setup is simple. Since he already has most of their information on file, all he needs is an account number and a routing number to get them set up.
Then, he points out the time savings, the security, and the convenience.
“If your mortgage is paid automatically and your car payments are paid automatically and your health insurance is paid automatically and your employer takes your paycheck and your taxes out automatically, why aren’t you paying your rent and your dues?” DiMarco points out.
His final argument—avoiding late fees. When a resident calls about a late fee, DiMarco sees it as the perfect opportunity to update their data and suggest they switch to ePay.
“Make sure that you have the right data in there and then ask them, ‘Hey, I saw you were late.
Can we help you save some money? Is that something you can put back in your family budget versus paying your HOA or paying your landlord?’”
“We’d rather not charge you a late fee. So if there’s a way to gain some infrastructure there, we’re happy to help you save some money and save some time.”
The effort to onboard residents, says DiMarco, is well worth it. At between 50 and 80 percent, his HOA and COA clients have the highest adoption rate for ePay in his portfolio.
Payment processing is down to 2.25 hours per month. And DiMarco lists a number of other benefits that have come from setting up ePay for his associations:
Finally, the accuracy of his association finances has increased, while the need for staff resources have decreased.
“It’s just that the books are done and they’re always right. It’s 100% accurate and there’s no staff involvement,” says DiMarco.
Before adopting Buildium’s ePay, Common Cents Property Management spent hours every month processing payments manually. That left room for late payments, lost or stolen checks, and entry errors.
After using ePay for nearly 10 years, DiMarco’s associations now have more accurate charts of accounts, late payments have dropped, and his staff has cut the time they spend on payments by more than half.
“That process saves our staff hours of time,” says DiMarco. “That process allows us to go home earlier and allows us to stay healthier. So yeah, we appreciate that.”
To learn more, check out Buildium’s ePay or request a demo.
