Putting Clients First With Complete Commercial Real Estate Solutions

Fintechs and traditional banks alike are working to simplify banking for clients across commercial real estate. JPMorgan Chase (JPM) recently sat down with clients to better understand and solve for their needs and aspirations in an evolving industry. In the process, they learned that a common pain point was the amalgam of disconnected and uncommunicative technologies that handle various aspects of the CRE ecosystem with little overlap. The result was often a disjointed view of the CRE landscape due to software systems that are incapable of sharing information. Partner Insights spoke with Rob Philpott, JPMorgan’s treasury services regional manager, about the firm’s consultative client discussions, and real estate-focused solutions to help clients better run their businesses.

Commercial Observer: Describe the complete commercial real estate banking solution JPMorgan Chase is creating.

Rob Philpott: We want to better understand and solve for our commercial real estate clients’ needs to help create a seamless experience and value beyond traditional banking solutions. That’s why we talked directly to our owner and operator clients. We learned that they spend a significant amount of time juggling different business management systems: software and online spreadsheets and databases. There wasn’t one centralized place where they could manage everything. In response, we set out to reduce the amount of time our customers spend managing those systems, leaving them more time to focus on managing their portfolio. 

We’re developing simple, straightforward banking products tailored to the needs of our commercial real estate operators. Along with our simple and intuitive online banking platform, Chase Connect, we’re working on digitizing and streamlining rental payment activities. 

Talk about how multifamily treasury services are developed with the clientele in mind. 

With our consultative approach, we always put the client first. We make a point to learn about each client’s business and how they manage their daily banking, from rent collection to mortgage payments to investor payout. It is important we know what tools they use to move money efficiently. With that understanding, we’ve built two products. The first is our Essential solution. Clients already using third-party software to manage their receivables and payables often use the Essential solution, which doesn’t have a monthly fee. Then there’s our Advantage solution, which has additional tools to help our clients simplify bill pay and receivables collection while paying interest on their checking. 

What should clients consider when moving their treasury operations from one bank to another?

Customers moving their treasury operations from one bank to another should consider a few things. 

Customers should examine the ways in which a bank can add value to their business today, and where they want to be in the future. We’ve made it a point to listen to our clients to help drive our technology and innovation. We continue to invest in technology firmwide to ensure solutions help meet our client’s business needs.

Property owners changing banks should also look to see what sort of support their new bank has for its clients, such as fraud protection and digital tools. They learn whether their individual representative specializes in their specific industry, and what costs are associated with their account.

We’ve built our treasury solutions and team to be real estate specific to help anticipate the needs of our clients. From onboarding through implementation and servicing you have a dedicated team providing white-glove service.

Why is it advantageous for treasury clients to move to all digital operations, and how does JPMorgan Chase help them make that shift?

Our online tools allow clients to convert from paper-based processes to a simple, more seamless digital experience. Among the many benefits of going digital is better control over incoming cash, improved cash flow visibility and increased data accuracy. Shifting to all-digital solutions could also increase efficiency, allowing customers to reduce their time and costs.

Digital rent collections can also help a landlord take a holistic approach to tenant relations and communications. There should be a way to expand on the basic two-way communications involved in rent payments that is directly integrated with their banking platform, which is something we are working on today. For everything from payment reminders to notifications about building-wide repairs or policy changes, this digital tool should be a one-stop shop for landlords and tenants to communicate with each other.

When thinking about the digital rent collection system, there are certain functionalities every landlord should have. The system should accept as many digital payment options as possible, including debit and credit cards, Apple Pay and other digital wallets, pay by text, as examples. For any possible payment option, landlords should offer it as an option to their tenants. Much like supporting the range of payment options, a digital rent solution should be accessible to all audiences. As an inclusive system, it should offer different languages and offer an accommodation for residents with visual, hearing or other types of impairments.  

As for moving current processes to digital, we have created a streamlined self-serve process for commercial real estate owners and operators to move accounts in an efficient manner. Along with self-serve tools, we also provide white-glove service to help clients transition and to work at the client’s pace to adopt the changes on their timeline. Our service provided to clients doesn’t stop with opening accounts; we want to develop a close relationship so we can better build the experience around them. This includes live and on-demand webinars to help our clients uncover new functionalities that can add value to their daily banking routines. In addition to our fully integrated digital tools, we have a dedicated support team available.

Reach out to rob.philpott@chase.com to learn more.