For entrepreneurs in the multifamily real estate space, accounting can be an intimidating task when working to scale your business. Like most companies, its leaders set out to reach ambitious benchmarks with an ultimate goal of expanding operations. Outsourcing to a team of professionals that can streamline accounting processes can allow business owners to expand and increase their productivity.

Partner and President of Lift Residential, Alex Madsen, a seasoned professional in multifamily property management, found himself in a similar position after successfully managing several properties and was ready to take on more. When the opportunity arose, Alex learned that they needed to streamline back-office operations to take on more business.

 As Lift Residential works with development companies and has a significant pipeline of properties under construction, he knew he was going to add several thousand units, and that outsourcing accounting would be an optimal way to support growth. After getting a recommendation from a former colleague about AscentMultifamily Accounting, Alex decided to move forward, and has found success with the partnership.

Since working withAscent, Lift Residential is growing substantially and will soon manage more than 2000 units. This will allow Alex and his team to focus more on client service and fostering company growth. 

Through outsourcing its accounting, Lift Residential now has the opportunity to achieve its long-term goals of  acquiring more than 5,000 units over the next seven years. Alex said, “Outsourcing  accounting allows me and my team to focus on what we do best—and that’s managing properties.”

“Recognizing the importance of having someone else manage the accounting side of things has been groundbreaking,” said Alex. Lift Residential has found that its biggest value of outsourced accounting has been giving back valuable time to its regional managers.

Previously, Alex and his team were often consumed by bookkeeping, accruals and expenses. The time saved by outsourced operations has allowed regional managers to focus on community building, training and implementing innovative strategies to drive growth.

 Lift Residential’s partnership with Ascent has not only improved internal operations for the company, but also enhanced its ability to attract third-party clients. “When pitching the company to potential partners, Ascent has become one of our strongest selling points,” said Alex. “By entrusting Ascent with our back office, we have been able to look into pursuing new ventures and business opportunities.”

At Ascent, we work to help businesses achieve their goals by taking the guesswork out of managing financials and offering entrepreneurs more time to focus on growth and development. Our services are crafted around your business and serve as your multifamily accounting solution.

Keeping up with a fast-growing company and new industry can be challenging, which is why Ascent serves as a reputable resource for up-and-coming property owners and managers to succeed. For more information on outsourcing your back office and scaling your operations with Ascent’s help, call me at 702-467-0789 or email me at mike@ascentmfa.com.