Client Background:
Jaylerton Properties specializes in the sale of used mobile homes within mobile home parks. They also offer in-house financing to their customers, providing a comprehensive solution for individuals seeking affordable housing options.
Challenges:
When we first engaged with Jaylerton Properties, they were eager to optimize their operations and establish robust processes. Despite their dedication, they faced challenges with their loan tracking system, which managed principal, interest, and escrow balances. Their accountant, although diligent, struggled with the intricacies of the system, leading to discrepancies in loan records. Additionally, the processes for managing tax and insurance escrows needed refinement to ensure accuracy and efficiency.
Our Approach:
To address these issues, NLS initiated a thorough discovery phase to understand the existing processes and identify areas for improvement. We implemented processes tailored to their needs, enabling them to streamline their mortgage, loan, and escrow balance management.
Solutions:
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Accounting:
- Cleaned and organized mortgage and loan records.
- Ensured accurate reflection of loans on their books.
- Implemented controls to maintain organized escrow balances for taxes and insurance.
- Assisted with re-organization of accounting processes resulting in accurate and timely financial reporting
- Gained control of accounts receivable collections process increasing client cash flow
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Human Resources and Compliance:
- Developed comprehensive handbooks and onboarding processes.
- Assisted with payroll management.
- Addressed compliance questions using advanced technology solutions.
- Participated in the hiring process for team members
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Technology Integration:
- Leveraged technology to enhance HR and accounting functions.
- Implemented Omnidek, a forms-based workflow tool, for several business processes which added consistency of data and accountability of team members
- Realigned troubled mortgages to get them back on track.
Results:
Today, Jaylerton Properties operates with a high degree of organization and control. They have transitioned from a state of disarray to daily proactive management with efficient processes and follow-up systems. This improvement has empowered them to hire dedicated personnel to maintain their streamlined operations.
By partnering with NLS, Jaylerton Properties achieved significant operational improvements across technology, HR, and accounting. We are proud to have played a role in their journey towards a more structured and successful business. Today, the owners are able to focus on growing their business and maximizing their return on investment instead of wrestling with back-office challenges.