Customer Success Story
Security Properties is a well established multifamily investor, developer and operator with a portfolio of nearly 15,000 multifamily housing units. The firm’s investors include a few hundred private investors and numerous institutional investors.
Security Properties had been using one of the industry’s incumbent software providers to manage its investments and investor relations, however it was unsatisfied with the difficult-to-use and antiquated software. “The service provider wasn't committed to upgrading their system, and that, coupled with system downtime and very poor customer service caused a lot of issues. Rather than increasing efficiency it ended up requiring a lot of manual work,” said Edward McGovern, Managing Director. “We're in the customer service business, and we wanted to provide better service to our investors.” Security Properties still relied heavily on spreadsheets, and the complicated system meant that each investor inquiry required research and work in order to respond.
Search for a Solution
Security Properties explored all of the incumbent providers alongside Juniper Square before making a decision. “Most of the existing providers were overly complicated and didn't have a user-friendly interface like Juniper Square did. Moreover, the older firms were slow to respond, and responsiveness is very important to us,” said McGovern. “We found Juniper Square to be a powerful tool, but one that was actually easy and pleasant to use. On top of that, when we reach out to Juniper Square, we usually hear back within an hour,” said McGovern.
The adoption of Juniper Square has meaningfully increased productivity. “Juniper Square is an integral part of how we interact with our investors. All of the information that we used to send out to investors by mail is now available via the portal, which saves us a lot of time and provides a better experience to our investors,” said McGovern, adding, “the volume of inbound inquiries has reduced significantly, resulting in us having more meaningful conversations with investors rather than just answering housekeeping questions.
Juniper Square also allowed the firm to scale its capital efforts. “Security Properties raised more equity in 2016 than it had in the previous six years combined, and Juniper Square accommodated a very big ramp up in our ability to manage our investors without having to add personnel,” said McGovern. The investors were very enthusiastic about the new software as well. “In today’s world investors expect on-demand information, and Juniper Square provides that in a user-friendly, visually appealing format,” said McGovern.
System of record.
“Juniper Square put all of our teams on the same page, and serves as one system of record for the firm,” said McGovern.
Better investor experience.
“Our investors are extremely happy with it, and Juniper Square is universally regarded as a major upgrade to what we had in place previously,” said McGovern.
“We are able to get more done in less time, and without adding personnel,” said McGovern.