Local property management automation company Zego – part of Global Payments (NYSE: GPN) – is expanding and enhancing its platform to optimize performance and profitability.
President & GM
Zego
“It’s crucial that operators adjust how essential functions are performed and that the industry as a whole maintains an open mindset when it comes to new technologies,” said Zego President and GM Mark Peters. “Property management automation is filling a void in the marketplace and offering a much-needed solution for management companies looking to streamline their operations, improve efficiency and maintain overall health in the ever-changing multifamily industry.”
With its headquarters in Kearny Mesa, Zego has grown to a team of more than 400 employees, referred to as Zegonauts. They serve 7,400 residential real estate companies and more than 12 million units nationwide. Most customers are multifamily property management companies but also include homeowner associations, condominium owner associations, student housing and manufactured housing.
Zego recently released its 2023 Property Management Operations Report, which took survey data from more than 600 multifamily operators to reveal how apartment operators are managing and – in some cases – automating processes in their communities. There were two key takeaways. “We found that property management companies are spending too much time and money on tasks that can be automated, and more time spent performing manual tasks correlates to higher staff turnover,” Peters said.
“With the effects of a tight labor market still wreaking havoc on the property management industry, juggling everything needed to run a community is demanding,” he added. “Operating an apartment community has always been challenging. But in today’s landscape, where renter expectations are high and staffing levels are low, multifamily owners and operators face a precarious balancing act: accomplish more with less while delivering better value to renters. And, of course, produce healthy returns for investors, too.”
New Platform Features
The company has released a host of platform features that it believes will boost operations, like Zego Pay, an automated rent payment and homeowner dues collection portal. There’s the Zego Mobile Doorman, an app that automates common on-site workflows like rent payment processing, work order management and resident renewals. Zego Utility is software for property managers that organizes tasks like invoice auditing and expense recovery. The company’s Pay Revenue Protection Suite adds safeguards against losses due to chargebacks, nonsufficient funds (NSF) returns, fraud, and errors. “[It’s] shown to reduce NSF returns during the resident payment process by 95+%,” Peters added.
Earlier this year, Zego partnered with PayLease Insurance Services, LLC (“Insurance by PayLease”), designed to reduce the burden of administering renters’ insurance for property managers.
Notable clients in San Diego include Keystone Pacific Property Management, Walters Management, Associated Professional Services and Curtis Management Co. Inc.
Post-Aqcquisition Growth
In 2021, Zego was acquired by Global Payments, a Fortune 500 company and leading provider of payment technology and software solutions with a current enterprise valuation of $47.53B. “Most of the action since the acquisition has taken place behind the scenes, where we’ve integrated systems, shared best practices and aligned our teams for maximum efficiency,” Peters explained. “We’re excited about the future too, as the acquisition has opened the door for Zego to leverage Global Payments’ global presence, explore new revenue streams and continue to drive more value-added services and capabilities to the residential real estate market.”
Peters was appointed to the role of president and general manager in April after joining the company in 2018. This year, Zego is celebrating 20 years. “Over the past two decades, Zego has transformed from a payments provider to a comprehensive property management automation platform, simplifying critical workflows for 7,000 residential real estate companies representing over 15 million units nationwide,” he explained.
Zego (Subsidiary of Global Payments Inc.)
FOUNDED: 2003
PRESIDENT & GM: Mark Peters
HEADQUARTERS: Kearny Mesa
BUSINESS: software
STOCK: Global Payments: GPN (NYSE)
REVENUE: Global Payments: $8.98 billion (FY2022)
EMPLOYEES: 400+
WEBSITE: gozego.com
CONTACT: ahalteman@gozego.com
NOTABLE: Zego was recognized as a 2022 Best Places to Work Multifamily recipient, its second year in a row.
