Accruent acquired Lucernex in 2017 to boost its IWMS or asset management portfolio. Lucernex Lease Administration & Accounting is a real estate lifecycle management platform emphasizing compliant financial contracts and accountancy.
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Entrata
Score 6.9 out of 10
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The Entrata Platform, from the company of the same name headquartered in Lehi, is a property management platform designed for leasing management of multifamily properties and tenants. The Entrata platform features a general ledger and accounting management, invoice management, as well as lead management with in-built marketing suite.
I believe Accruent is well suited for companies with a large amount of leased assets that need to be accounted for under the new accounting standard. Companies with fewer leases would not need an intricate tool of this size. It is suited for both real estate and equipment leases, which makes up the entirety of our portfolio.
Entrata isn't perfect, but it is heads and shoulders above its competitors. They consistently respond to customer needs and continually add to their suite of services. The platform is attractive and was built for Google Chrome from the get-go, unlike some competitors that were stuck on Internet Explorer for years and years. That might not mean much to some, but I think it exemplifies that Entrata puts user experience first. It has a robust array of functions and I'm happy to use it. For email marketing, Entrata is great. If you market by text message, Entrata is probably not your best bet. Customers are opted out of texts by default, so we've had to explore other avenues for mass text communications.
Lucernex does an excellent job of listening to its customers to continue enhancing the product to make it the best in the industry and to continue to partner with their customers on this endeavor.
Lucernex's product is an intuitive product that allows its end users to customize and manager their own fields and pages to tailor individual company's needs.
Sometimes, some of our customers won't require a follow-up but there isn't an option to opt them out of follow-ups but the leads will still appear.
Access. Some of the things that should be accessible to all team members aren't (creating templates, saving signatures, or seeing credit screening details) and putting in a ticket or asking for permission can be time-consuming.
I've used Entrata with three companies, all of whom have had an in-house liaison to the company. Consequently, I haven't had to work directly with Entrata support on very many occasions. However, I have personally seen feature requests added to the platform in a timely manner. That kind of service is rare in this industry.
The trainers were knowledgeable and engaging in presenting the materials, and their emphasis on important concepts was helpful (I would rate the trainers themselves a 9!). However, I do not believe there's anything we learned in the in-person training that could not have been taught via live web-classroom. Traveling a significant distance (in our case) to Austin, TX for only approx. 12 hours in the classroom was (in my opinion) not necessary, since the same material could have been presented via live web-classroom and saved us the expense and travel-time. I would encourage Lucernex to consider moving to a live web-classroom format in the future; an online live format would still allow for participation and questions from the participants while saving clients' time and money
I cannot recall exactly what other products we reviewed before choosing Lucernex, but one of the leading factors was how highly customizable the software was. We had previously been using Retail Lease which was an older program with buckets of data stored everywhere. During the data mapping process, we were able to easily find a home for all of this "random" data
Entrata is completely cloud-based and provides much more integrated functionality, but fewer custom features. Also, Entrata's UI could be greatly improved. Overall, Entrata's API is more open and allows for more third-party integrations and ILS connectivity over time than its competitors. Combining the marketing portal (website, email marketing, SMS) with leasing management (renter invoices, rent collection, late fees, move in/move out checklists) provides for a unique, bundled service platform.
Lucernex was able to complete our business objective to manage and process all of our Lease Accounting entries within the software.
Lucernex has enabled all of our departments to become better connected, work together to create synergies and transparency to better meet business objectives.
