Financial Technology Benefits Our Boards and Owners

By Harris Bornstein, Chief Financial Officer, Douglas Elliman Property Management Harris Bornstein

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.

Come See Us at the Co-op & Condo Expo!

Stop by and say hi at Booth 200 at The Cooperator’s Co-op & Condo Expo Wednesday, April 26th at the New York Hilton Hotel in Midtown Manhattan. Whether it’s a first-time introduction or a chance to reconnect, we’d love to see you. DEPM President Jim O’Connor will be stopping by, as well as CFO Harris Bornstein, Vice President + Architect Peter Lampen, and VP’s of Management John Janangelo, Jim Miller and Tom Usztoke, along with numerous other property managers and associates. It’s a great chance to talk about your property management needs and ask us questions about how we can help.

The Expo features a variety of co-op and condo service providers who are there to answer your questions, as well as a series of seminars addressing the important issues that Boards must face. It’s a great opportunity to learn more about how to run your building as efficiently and effectively as possible. Registration is free at coopexpo.com.

We look forward to seeing you at the New York Hilton, Sixth Avenue at 53rd Street, on Wednesday, April 26th.

DSC_0296

DEPM President Jim O’Connor (second from left), along with many other DEPM managers, will be at the Co-op & Condo Expo on April 26th at the NY Hilton. Come by and say hi!

As Seen In…

The July/August issue of Habitat Magazine features our own CFO Harris Bornstein with some sage advice. He discusses how DEPM helps our managers respond quickly to their clients needs while balancing the demands of a 24/7 job.

harris-habitat