The right processes lead to superior service

Executive summary

In the Bluff City of Memphis, Tennessee, community association management is fraught with small companies hesitant to try new tricks. So when an up-and-coming entrepreneur quickly added over 50 associations to his portfolio, the industry quickly took notice.

Ryan Edwards started his career in custom home development before joining a multi-family management company. After witnessing the clear inefficiencies in communication between vendors, clients and employees, he knew that there had to be a better way to manage properties. EZR Management was formed out of his truck, beginning rental management. Because of Mr. Edward's transparent approach customer service, his clients soon asked him to take on HOA management. Since Mr. Edwards was willing to adapt his and his teams' processes to improve long-term growth, business quickly prospered. 15 years later and EZR Management has transformed from a business-out-of-a-truck into one of the largest - and youngest - management companies serving the Memphis area.

Change brings opportunity

Mr. Edwards learned the hard way that old systems are bound to fail on December 5th, 2014. "That was the day my system incurred a crypto virus," he explained. "My software wasn't in the cloud; it was through a local on-premise server. It took me almost five months to rebuild literally everything. Luckily I was smart enough to have crypto insurance; had I not, the cost associated with the attack would have been catastrophic."

That was a lesson that Edwards never forgot - by keeping systems and processes updated with the latest in technology, a businesses owner isn't just remaining innovative in the industry. They are keeping their data, financials, and clients safe.

Soon after that experience, Mr. Edwards switched to a new software provider. But the moment he recognized inefficiency and a lack of service, he acted quickly.

"The software I was using kept getting acquired by other companies. With each acquisition, another product would get discontinued or another integration would stop working. It was getting very frustrating. What's more, the service was really poor. I could never get a hold of someone to help me with any questions or concerns."

Mr. Edwards knew he wanted to switch software, but he liked his bank. However, he was intrigued to learn more about Pinnacle Financial Partners after his childhood friend Brad Miller joined the company. "His knowledge of the HOA banking relationship was incredible. I felt like their advisory would give me an uncanny advantage in the market."

Even though he was hesitant to manage a bank transition, Mr. Edwards recognized it was the right thing to do. "I realized that this change would make EZR very marketable and competitive, and I could potentially expand 24-36 months faster than before."

A trusted software and financial partner

To build a community association management company with the utmost efficiency, the software and financial institution need to go hand-in-hand. That's why Howard Henry, Community Association Program Manager at Pinnacle Financial Partners, suggested CINC Systems to Mr. Edwards for his software provider.

"At Pinnacle, we focus on delivering a high level of service to our clients," said Mr. Henry. "When Ryan approached us with his desires to grow his portfolio and acquire other businesses, we knew that he needed the right tools and technologies by his side to achieve his goals. CINC Systems was the best fit for him because he needed flexibility in onboarding and implementation, and he needed a team well versed in transferring accounting processes."

When onboarding with CINC Systems, EZR Management was still growing fast. Mr. Edwards added five HOAs to his portfolio during the onboarding phase, and those communities started with CINC before the official go-live date. "It's that 1:1 flexibility that budding entrepreneurs in this industry need, and that's why we enjoy working with the team at CINC," Mr. Henry said.

Pinnacle Financial Partners worked closely with Mr. Edwards to build a foundation poised for growth at EZR, opening financing opportunities so that acquisitions would be possible in the future. "We're not just a bank, and CINC isn't just a software. We are a team of advisors for management companies, and that's why we work so well together."

"I don't resist change."

Through his partnership with Pinnacle Financial Partners and CINC Systems, Mr. Edwards hopes to continue gaining market share while servicing homeowners with the utmost service and efficiency. And while technology certainly creates competitive features for EZR Management, that is not necessarily the driving force behind the company's success.

"The main reason why EZR is successful is because our customers are raving fans. Almost all of our marketing comes from word of mouth, and because we are honest with our clients about how we can and cannot service them, they really appreciate our approach and trust us."

The other key factor to EZR's success lies in something that many entrepreneurs are resistant to do: make a change.

"A new way of doing things will be scary. But I don't resist it. Yes, change is going to hurt. But it's going to lead to prosperity that you could never have without making the change. It's going to be necessary in the long run, so why wait until it's too late to do something that's actually good for your business?"

CINC and Pinnacle are very excited about their partnership with Mr. Edwards and the rest of the team at EZR Management, and we look forward to supporting the company through its continued growth.