WRKO>Audio & Video on Demand>>Ed Doherty (Stoneham Bank)

Ed Doherty (Stoneham Bank)

Feb 7, 2018|

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

If you missed any part of today's show not to worry good financial exchange showed dot com and click to listen. Then click on demanding catch up on every segment. You'll also find podcasts of all of our full show us just punch of that listen button had financial exchange show does come. If you know anybody in the real estate business they'll tell you they love the real estate business with they don't care for is tenants. Dealing with Tenet's collecting rent late rent. Trying to figure out where the rent check is well zero rent is a program. That allows you as the only inward to interface with you or tenants just a little less off than how well. The rents you collect our collected electronically and it goes from your tenets bank account in T Europe business bank account electronically. Joining us now from stolen bank is Adori who's the executive vice president of sales and marketing at stone bank I don't add. I'm doing great very well we're doing well we're glad to have you with us and like what you were I am not sure you're the first bank to license zebra and you were one of the first banks to dual licensing agreement with Z rent. What happened what what was the driving force behind stolen bank entering into licensing agreement was zero. That's a great question though it. When we talked before it had been mentioned on the weekend but it is a small bank technologies something that we embrace. Were always looking to developing would it push the envelope when find ways. Think you are kind of content the better fashion. It is small bank we do you know more and expect such a lot of components united GRE commercial real estate had to be a large portfolio the bank. Because small we don't have a bridge infrastructure. Ability for our clients to own commercials they owned. And the turbine buildings what department. It's possible then to banquet because it'll branch of record sold this technology. Allows them to thank the dot. Anywhere they are that was what was pretty exciting about it because we like have a full service Felicia without Kline doesn't and Tuesday read aloud to do so. So what happened one of your customers come DNC a hail to collect my idol rent electronically and then you entered into this agreement zero. Well I wish it was that way that they what they do or leader I think they do they attack the job it at like if it. Not pushing the envelope of trying to discover what technology needs and help if the decline. They're great panic well respected in the game you know channel that we are up. We have a little the relationship with them and actually approached us knowing that we do a lot of mortgage bank into a lot of Gary landing yeah. Key tool in the books of their reach out to watch out that if we'd be. Inclined to look at the product we could wake could download them and then what and when a matter of few months go for the proper due diligence it is. We were one rule we do what's been happening now what fourteen months. So how your customers liked. It wouldn't like the response been from. You know twenty year customers don't know bad. It's been great and I think what we have really sparked the successes that the technology being anti. Clients you know when it comes to technology has allowed the security issues and I think what do you rent and and folks need to bank put together. Is a product that extent your route. And where the federal Leah. If we have clients bought decline on the cape and banquet and it gives them. He surety to be able to bank with the bank that there have alarmingly ship up but also note that the audits are coming in. That they contracted deposit to deposit coming in safely and and I think a byproduct that as well it. They can now have a relationship with the year tenants. To be able to and secure safe and most importantly easy fashion I'm looking out the window now do you think they'll come down. While we look like might come into our bank Barry yup technologies to keep force right now that enables people. Have more efficiency in their lives and it's it's a great thing it's something that is bank as we get very excited about. As I understand it other banks have approached Z rant about licensing this technology is well. They have been banned because we've that a first Barry we're more than happy speak of the bank and how we looked at the product. How we continued to look it mitigate any books being addressed the media out there. And most importantly how to market it truly to be win win Brookline and anybody else is looking to find more ball. Both the package. Very good Ed thank you very much for your time appreciate it. Our Ed Jordy from leaders are from stone bank. And I just wanna remind you if you were a landlord if you if you're running real estate out here with the had two units rented her a 102 units rented. You can license Z rent through any bank we have to do is go to your bank and tell them to reach out to as you rent. Zero it will license there are software. And their program with any bank in the country I think in a bank trucked in Wisconsin that's it and they've got a mole for the spaghetti it's it's taking off like wildfire. And landlords take advantage it's a it's a great way my sister runs a lot of commercial rules state. And if so. Dealing with the beginning of the month in the collection of rent is always. You know it's a pain in the neck he never wanna be around at the beginning of the month.