Challenge

The head of a busy family with multiple single-family and multi-family real estate holdings, Martin found himself spending too much of his time managing those properties. As his portfolio grew, Martin reached a point where he had to spend most of Friday, every Friday, just to stay on top of the finances of the properties. It took him hours each week to classify expenses, wait at the bank to make deposits and transfer funds, and write dozens of checks for his real estate holdings. The bookkeeping all had to be done just right. But did Martin have to be the one to do it?

Solution

When Martin approached Maxwell, we talked about how we could help take over the burden of managing the finances of the properties. We evaluated his needs, recommended industry-standard best practices for property management, and together agreed on a solution. We then moved Martin’s data and management of properties to our accounting platform, where we now record deposits, invoice tenants, and track expenses by property on his behalf. We caught up on all back work and now we maintain all his financial property management detail in accordance with best practices. We also generate complete and accurate financial statements that support strategic investment and tax planning, to help ensure that Martin realizes the full benefits of his investments.

Results

With Maxwell managing Martin’s investment and personal properties, he now spends just an hour or two a month checking in with us on the status of his properties.

“Now that I have Maxwell managing the finances of my properties, I can’t imagine living without them, ” he said. “I’ve got my Fridays back–and I’m free to focus my energy on myself and my family. ”
In addition to the hands-on time that he saves, Martin also says he appreciates knowing that his property bookkeeping is in the hands of professionals. “That gives me peace of mind, ” he says. “I no longer find myself second-guessing whether I’ve done something right or got everything filed in time. ” He also appreciates that we help him take the longer-term view not just managing the day-to-day details of bookkeeping, but also looking out for future opportunities or challenges.

Names and other details have been changed to protect the privacy of our clients, but the numbers and quotes are real.