Intuit has introduced a streamlined version of its MRI Residential software targeted at owners of less than 3,000 units.
The new Residential Multifamily Lite product is a sharp departure in the software company’s business model, which previously targeted the largest of the large multifamily firms, mostly real estate investment trusts.
Intuit, which also makes the popular QuickBooks accounting application, said that in the past, smaller multifamily owners were not on their radar.
“A lot of smaller companies already use QuickBooks as their accounting application, and as their companies grew, they’d look for something more real estate specific,” said Tom Ricci, a senior client manager with Mountain View, Calif.-based Intuit, Inc. “But when they’d call us, if they were under 1,500 units, we would basically turn them away.”
So, the company has scaled down its flagship MRI Residential product while maintaining the basic core functionality, such as leasing, accounting, budgeting, and billing.
The new Residential Multifamily Lite eliminates a customization toolkit that comes standard with MRI Residential, a set of tools that allows clients to change the flow, order, and appearance of MRI to suit their needs by adding additional fields, tables, and processing logic to the product.
Other features less suited for smaller owners, such as the online portal and yield management modules, for instance, are also de-emphasized, though those applications, and the customization toolkit, could be purchased later as add-on options.
Intuit is piloting the product with smaller customers and plans to release it later this year.