Accruent Lucernex vs. Property Matrix

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.

Incentivized

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.

• The classroom and web-base training experience were very well-executed. Instructors and SME's in training were knowledgeable and helpful.
• Upper management oversight of the projects provides the customer with confidence knowing that if escalations need to occur, issues will be handled.
• Management was quick to make it right and switch our team when they recognized that there were some fundamental pieces missing from our initial SOW for our project.

Incentivized

• 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.

• We were misled that we would be utilizing Lucernex employees on our implementation. We have subcontractors from Sense Corp who do not seem that they are very familiar with the software. They often have to take questions away to ask (presumably Lucernex employees).
• The implementation process is very inefficient. The upload templates are not straightforward, and there are "required" fields that are not designated as "required". Also, the sheer number of upload templates that need to be populated does not seem like the best way to get our information into the software. A guide to denote what each field on the template actually represents would be helpful.
• You can tell that Lucernex is benefiting from the influx of business from ASC 842, and is trying to onboard as many clients as possible at the same time. This has caused a lack of attention to our implementation, and it shows with some frustration on our side with the implementation process.

Incentivized

• 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

Incentivized

We chose Lucernex based on the commitment of building and maintaining the customer/vendor relationship to grow the product, the end user ability to configure the system and the systems functionality to complete all of our lease management needs.

Incentivized

• Lease negotiation process has improved, we are able to make quicker, sound decisions with all the data at our fingertips
• Internal and external reporting has been enhanced through the use of the reporting module. Reports can be easily made and tailored for reporting needs
• Percent rent and straight line accruals are now automated through the system which cuts down on manual user error from previously using spreadsheets

Incentivized

• 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.