With the outbreak of COVID-19, the new normal of social distancing has created a big challenge for many businesses — and real estate firms are no exception. Fortunately for many multifamily operators, opportunities to streamline common business processes using online software solutions are helping to surmount challenges, while delivering unexpected benefits. That’s what Avenue5 Residential has discovered. The Seattle-based firm, which focuses on third-party multifamily property management, oversees more than 375 properties and 70,000 units in 13 states, with offices in Denver, Orange County, Phoenix, Portland, Salt Lake City, San Diego, Spokane and greater Washington, D.C. Recognized as one of NMHC’s Top 50 Managers, Avenue5 is employing digital solutions from Yardi to protect their associates and customers during the COVID-19 pandemic, all without sacrificing service or missing revenue opportunities. In order to continue serving clients and residents, collecting rents, completing work orders and maintaining site operations while following CDC and regional health recommendations, Avenue5 relies on the Yardi Voyager and RentCafe online platforms. With COVID-19 concerns requiring the company to close its property leasing offices to foot traffic, Avenue5 further deepened their focus on promoting online options to residents at the onset of the outbreak; it subsequently saw a jump in resident online payment adoption from 50% to 70% as a result. April and May rent collections were strong, and executives are optimistic about collections in the months to come. “We expect to see a long-term benefit as customers acclimate to the ease of paying online, and as our associates reduce the amount of time spent on manual processes,” said Pål Ottesen, chief financial officer at Avenue5. Ottesen also noted that moving rent payments online had reduced numerous risks associated with accepting paper checks. In order to support residents directly impacted by COVID-19, and...