May 2020 | Dallas, TX – Recently MRI promoted RealFoundations’ offer to help clients deploy MRI’s new deferred payment agreement feature, which captures and tracks rent payment plans for multifamily residents financially impacted by coronavirus.
In response to shelter-in-place orders and the rise in unemployment caused by COVID-19, the National Multifamily Housing Council (NMHC) published a series of recommended principles that residential owners and property managers should follow to help financially impacted residents retain their housing.
As companies pause on evictions, cease rent increases and implement payment deferment programs for residents, they must also consider the impacts on financial reporting as well as the evolving requirements for maintaining accurate and detailed records that municipal, state and federal law may require for compliance purposes. Developing a strategy that includes consistent general ledger accounting, information management and portfolio reporting is crucial.
Recognizing the significance of the situation, RealFoundations, a long-term MRI Certified Partner, quickly engaged with MRI and other industry vendors to assist our mutual clients in deploying rent collection strategies that reduce disruption and enable quality oversight by management.
The deferred payment agreements feature developed by MRI Software undoubtedly assists property managers in meeting their residents’ needs and accounting for future repayments on individual resident ledgers. Recording each individual repayment plan is critical when dealing with this fluid situation, but additional components need to be addressed when designing and deploying a full-scale solution, including but not limited to:
- Deployment of MRI’s deferred payment agreements feature
- Configuration of deferred rent and repayment charge codes
- General ledger account mapping for consistent financial reporting
- Modification of existing operating policies and procedures
- Documentation and training of new required processes
- Report development for repayment projections, automated resident correspondence, etc.
- Implementation of new controls for information management
- Management reporting and process governance
At RealFoundations, we have a clear understanding of the deferred payment agreements functionality, as well as MRI’s Commercial Management solution for tenants, and have thoroughly tested various scenarios and reporting within our own MRI system. Our team has unparalleled experience helping even the most complex real estate organizations forge ahead in uncertain times. Our Management Consulting and Managed Service practitioners are prepared to help guide you through the decision-making and planning process to account for a variety of resident scenarios while considering the major concerns of management and identifying areas of risk. Leveraging our Modern Digital Workplace, all solutions can be delivered over distance, using the collaborative tools of the Microsoft 365 ecosystem.
Our MRI Software Experience
RealFoundations has significant experience implementing and optimizing the MRI Software platform for clients spanning all real estate sectors. For over two decades, we have collaborated with MRI Software on diverse initiatives, including the development of accelerated implementation methods, the design and implementation of the Connect Suite of Solutions, and the integration of various third-party systems to streamline business processes. Our knowledge and cross-module experience with MRI enables us to meet our clients’ most important functional requirements while increasing their operational efficiency. Named MRI Software’s 2021 Partner of the Year, RealFoundations has completed over 40 MRI implementations ranging from v2.0 through the latest Version X, including some of MRI’s largest global implementations. Since the introduction of MRI Version X in late 2015, we have completed over 50 projects covering strategy, design, upgrade, implementation, process improvement, technology optimization and merger integrations. To learn more about our experience, visit MRI Software Expertise for Proven Success.
Connect with Us
To learn how RealFoundations is helping real estate companies manage commercial tenant and multifamily rent deferrals, contact us by email or +1 214 292 7000.
About RealFoundations
RealFoundations (RF) is the world’s foremost professional services firm focused solely on the real estate industry. Through our delivery of Management Consulting and Managed Services, we help companies that develop, own, operate, service or invest in real estate make better, more profitable decisions. We are proud partners to over 500 real estate companies around the globe, providing accelerated solutions that solve some of real estate’s most complex challenges. We Make Real Estate Run Better.
