By Harris Bornstein, Chief Financial Officer, Douglas Elliman Property Management
It’s a very exciting time to be involved in Financial Technology here at Douglas Elliman Property Management. We deliver a variety of online services to our residents, Board Members and property vendors to make their financial transactions easier, faster and more secure than ever. These technology improvements have also reduced waste, by moving from paper to digital delivery.
We are well on our way to transitioning all of our 45,000 apartment residents from mailed invoices and check payments to online billing and e-payments. This digital system eliminates the processing, printing and mailing of monthly bills and also allows residents to pay their monthly fees instantly from anywhere, with no mailing fees, at any time of the day. As a result of these measures, we have reduced the waste stream by over 20,000 pieces of paper per building per year.
In addition, board members and owners can view financial statements and activity online anytime, anywhere, from their own computers. This offers the benefit of optimizing cash flow by being able to see income and expenses in real time. When it comes to approving and authorizing payments on building invoices, board members can do it all by using our online portal with redundant levels of authorizations and security. We maintain bank protocol systems to ensure that your property’s financial data will always remain secure.
Our suite of online financial systems offers an increased level of control and transparency to our residents and boards, while helping them save time, reduce waste and avoid costs. Instant digital information sharing allows board members to securely review financial information on their own schedule, while residents have more flexible options for payments and account maintenance.