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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VTS
Score 9.7 out of 10
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VTS is an asset management and leasing platform built to provide real-time portfolio analytics to landlords and brokerage firms. VTS allows brokers and landlords to manage deal activity, a desktop or mobile device.
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.
VTS is well suited for any leasing environment; we use it exclusively for our in-house team, but it is also very functional for brokers and outside agents. We have some people who travel extensively, and they are able to keep abreast of activity through the mobile functionality of VTS. It provides a good set of email digests and reports on key items such as lease expirations and daily activities.
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.
Provides real-time detailed reporting to our clients.
Allows team collaboration and keeps everyone on task and organized.
VTS is specifically customized for our day to day business transactions which allows for our team complete business transactions in a timely and efficient manner.
Uploading market data is difficult. They still have you email a document to them.
Fluidity of pricing. This is getting better, but it's still a bit awkward. On my end, we pay by the square foot. But we have a multi-year contract, so it's annoying to have to continually work on the billing as our portfolio trades and acquisitions are finalized.
Self help section. Emailing support is very quick and easy. Generally you get correct and helpful information very quickly. But their knowledge library is not robust enough yet.
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
We looked at a number of products when making the decision to go with VTS. What we found was that most of the other products in the space were either real estate addons to SalesForce, or an additional module to a software that was focused on another use, like accounting or property management. VTS was the only product we reviewed that was born, bred, and focused on commercial real estate. It became apparent that it was best in breed at the time, and they have been aggressive at making product enhancements and continuous improvement to stay the leader in their space.
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.
