CIM Group Exec: Strategies for Streamlining Property Operations
CIM Group's Maja Sofic makes the case for centralization and automating manual processes.
Over the past three decades, CIM Group has been developing, repositioning and operating multifamily properties across the U.S. with a community-focused investing approach. According to Yardi Matrix, the company currently owns 40 properties encompassing some 11,800 units, and manages almost 7,600 units across 21 assets. And technology plays a critical role in overseeing such a large footprint in an efficient way.
“We believe building a proper plan and execution of property management technology is essential for enabling onsite teams to do their jobs more effectively,” said Maja Sofic, first vice president of property management operations.
Sofic has been with CIM Group for 12 years, starting as director of asset services and operations, and shifting to her current role in 2022. Today, she oversees and supports various functions in the company’s entire property portfolio, regardless of the product type. In her words, this spans from operating systems to budgeting, implementations, training and support.
Multi-Housing News sat down with Sofic to talk about asset operations improvement and CIM Group’s approach to multifamily property management.
Can you share some insights into the multifamily operations strategies that CIM Group employs to enhance tenant satisfaction and property performance?
Sofic: In today’s day and age, we strive to involve the use of technology and understanding market trends to maximize profitability and resident satisfaction. My experience has shown that successful property operations hinge on leveraging the right tools and knowledge, and this has helped us streamline operations, enhance resident satisfaction and boost our returns.
How does CIM Group approach business system development for property operations?
Sofic: First, we believe it is very important to build a strategy. Before diving into adoption, outline clear goals and objectives for integrating the technology.
We start by identifying the specific challenges or opportunities the solution is meant to address. Then, aligning those goals with our overall business objectives to ensure coherence and relevance. We are constantly working on optimizing our systems and looking into relevant cutting-edge technology.
Can you discuss any successful initiatives or case studies where CIM Group has effectively implemented process improvements in property management?
Sofic: One of the initiatives I would like to highlight is the implementation of Yardi’s Forecast IQ for budgeting. This allowed us to come together and examine our current process as it relates to budgeting.
In the past, we had a three-day, three-person, three-department process to initiate budgets. This was not all on Yardi. It was how our team chose to use the system and, while we could have used a better approach in past years, we did not.
Adding forecasting allowed us to stop and look at the business processes and truly utilize the tools provided through the Advanced Budgeting & Forecasting function. We built in dynamic property lists based on asset status and acquisition dates. We added stored procedures to accurately calculate revenue and combined that with standard Yardi function groups. To bring this full circle, layering in the Elevate Forecasting functionality brought us to a one-click, 20-minute process.
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What’s the impact of using technology platforms on your employees and the company at large?
Sofic: We believe having the right tools in place is essential. Processes that were once manual and time-consuming can now be achieved quickly and efficiently with digital tools, applications and systems. Because of this digital shift, employees have the ability to focus on more important tasks that drive the company forward.
By leveraging technology, companies can help foster a culture of collaboration, recognition and learning, which can result in improved employee satisfaction, increased retention rates and higher productivity levels. Our property management systems catalog encompasses everything from rent collections to resident communications.
How does CIM Group adapt its property management practices to different property types (e.g. luxury apartments, affordable housing)?
Sofic: Over the years, we have developed robust property management Standing Operating Procedures that cover operations for every product type. Every team member has access to those at any time. In addition, we offer various monthly reoccurring training sessions on operations and processes.
What trends do you foresee in property operations, especially related to sustainability, energy efficiency and tenant experience?
Sofic: The words centralization and automation can’t be said enough these days. I think more and more property operators will look to centralize their teams and automate manual processes. Technology is revolutionizing property management in operations, employee assistance and job optimization, training, predictive maintenance, analytics and more.
We believe building a proper plan and execution of property management technology is essential for enabling onsite teams to do their jobs more effectively. Centralization is followed with several operational challenges like putting too much decision-making pressure and authority in the hands of junior personnel and this can potentially be resolved with technology. In addition, I think operators are rushing to make their buildings highly amenitized and that will help with resident experience and satisfaction.
