Keystone Asset Management manages the foreclosure, maintenance, and subsequent sale of homes. During the Great Recession they were overwhelmed with the sheer number of foreclosed properties they were being asked to manage, so they moved rapidly to improve their systems and gracefully handle the traffic.
Keystone has a nationwide network of real estate agents and contractors that service the properties under their care. Keystone reimburses expenses differently according to many factors, including the bank owning the property, the type of work done on the property, the property’s value, and the expense amount. Keystone needed to control this process so that they didn’t front money for services that the bank owning the property wouldn’t reimburse.
Our team developed a new system and workflow that enforces a uniform process around:
We built the system using Microsoft technologies (ASP .NET, C#, SQL Server, and Visual Basic) and integrated it with Solomon, Keystone’s ERP system.
The system provided Keystone with many benefits including:
Keystone reimburses contractor and vendor invoices by sending out checks. Keystone originally used a paper check request template to gain approval from accounting; like most paper-based processes, it was prone to delays and lost requests.
We worked with Keystone to improve and automate the check request process, implementing the following features:
The project provided Keystone with several benefits:
This is another example of a boring, back-room process that wouldn’t seem to have much of an impact on a customer’s interaction with Keystone. In Keystone’s business, the realtors, contractors, and other vendors who help service distressed properties are just as important as the banks that pay for Keystone’s services. Getting checks to those vendors quickly and efficiently helps Keystone provide a better experience to everyone.