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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Property Matrix
Score 9.1 out of 10
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Property Matrix is the software that gives property managers and landlords the tools they need to run their business in the cloud. It includes mobile apps, portals, banking integration, online payments, and marketing services. Tenants can sign their leases online and pay their rent online. Maintenance staff and vendors can use an app to review maintenance work orders and update them.
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.
Property Matrix has developed property management software that incorporates all the power of a highly technical accounting software with the conveniences of state-of-the-art check scanning capabilities. For years, I've struggled with the physical demands of check processing - receipt, delivery, recording and processing. Now I'm able to simplify all of these steps into just one encrypted scan. I'm also able to review every account from one convenient location - tenants, vendors, owners, accounts and check scanning are all accessible from the main screen. I'm able to review outstanding invoices, rent payments, management fees and so much more. It's very well suited for my business.
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.
I especially like the all-inclusive dashboard for accounting. Multiple tabs keep everything organized and accessible.
Customized reports are extremely important. This software allows me to set my own parameters instead of forcing me to used canned reporting data.
Real-time information allows me to always know what task is required next. It also helps me stay focused and never worry that I've forgotten something.
The cloud-based software provides access from any location and device. Now I can spend less time behind my desk and more time in the field where I'm needed.
I've found all aspects of this product to be exceptional for functionality, customization and flexibility. The only thing I've noticed is a limited range of easy-to-read background settings. There are 10 different themes, but all are blue and are a little difficult to read.
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
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.
The Property Matrix property management software has had a positive impact for on-time tenant payments. Before implementing this program, I often had to visit each tenant to collect rent payments. With digital check scanning and EBT payments available, my tenants rarely miss a payment.
Maintaining my accounting records through this software has improved my own efficiency and allows me to spend more time visiting tenants. I used to spend several hours a day doing data entry. I've now cut that time in half and can even record pertinent information from the road.
I'm a better manager with this software and am gaining more respect from my tenants, vendors and owners. With important data at my fingertips, I'm equipped with critical information precisely when I need it. Now when an owner asks for details about a building, I can confidently relay the information without delay.
