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...
Stellar Remote Work
6 Pro Tips
Shelter in place practices have driven most organizations to explore remote work environments in greater depths. This new terrain presents unique challenges and opportunities. A common challenge is promoting unity and engagement amongst employees during an undetermined period of isolation. Below are six tips to drive employee engagement and productivity among remote workforces during COVID-19. Connect with tech There are numerous tools that make remote communication an effortless part of any workflow. Microsoft Teams, Zoom, and Slack are popular options for keeping employees connected. Each offers chat, voice, and video services suitable for duos and small groups. Yardi uses Microsoft Teams and GoToMeeting to promote engagement for groups of all sizes. When employees must share documents, graphics and other media, Robohead facilitates team and inter-departmental project planning. Reach out regularly Encourage consistent connection between team members and leadership. While managers and executive staff may not attend every meeting, weekly or bi-weekly meetings with leadership can help employees feel better connected to the health and vision of the company. Since taking 80% of its employees remote, Yardi has shifted from annual executive meetings to weekly “Global Town Hall” meetings. Some of these virtual gatherings are live, and others are pre-recorded. Each offers employees an opportunity to learn from leadership, explore the company’s response to COVID-19, understand client feedback, and connect with other teams. Find time for fun Attempt to replicate the ambiance of the “water cooler” or staff lounge. This is a space where employees share non-work-related news, participate in fun team-building activities, and relieve stress. Yardi client Lincoln Property Company features several remote work tips on its blog. A recent post on long distance activities to enjoy at home offers suggestions on ways to promote employee camaraderie at a distance. For example, consider hosting...
Self-guided Tours
6 right now benefits
If you are on the fence about self-guided tours at your property, take heart. The benefits of self-guided showings are plenteous, and you can still provide many benefits of agent-led tours. Additionally, self-guided experiences alleviate many frustrations for leasing office staff and prospects. Read on to learn how you can benefit from making the switch. The benefits of agent-led showings Multifamily professionals often prefer guided tours for a few great reasons. Leasing agents learn more about prospects during the tour. They can then use that information to determine which unit, amenities, and community features will most appeal to the prospects. Of equal importance, leasing agents build rapport with prospects which is a vital part of the sales process. When tours are booked through the office and led by an agent, property managers may feel more at ease. They know exactly who will be on the property and when. When prospects are accompanied by an agent, the property manager knows the guests will see the best of the community and have all their questions answered. Self-guided tours can offer many of the same benefits—and more! Agents can still connect with prospects before the showing. They can use that information to highlight areas of interest for prospects. Additionally, self-led tours can be accompanied by audio or written guides, so prospects don’t miss out on the most important details of the unit, community, and neighborhood. Technology also addresses security concerns. Through the tour scheduling app, prospects receive a unique code that is only functional during their tour time. Property managers will still have a clear idea of who is touring the unit and when. There are several unique benefits to self-guided tours as well: The benefits of self-guided tours Practice social distancing without losing business. Social distancing...
Safer Screening
Online ID Verification
For its speed and efficiency, online leasing might be one of the best things that’s ever happened to property managers and renters. And with the current impact of COVID-19 on multifamily operators and renters alike, mobile tools and services that enable social distancing for necessary transactions are more valuable than ever. Renting sight unseen Prior to the pandemic, the 2020 NMHC/Kingsley Associates Apartment Resident Preferences Report found that 14% of respondents would rent without seeing an apartment in person. There’s no doubt that the number of unvisited rentals will explode with social distancing rules in place. But that comes with increased risk. In order for online leasing to support your bottom line by filling your units with quality residents, you need to be sure your applicants are who they claim to be. New technology can help you safely confirm the identity of your applicants online in just a matter of seconds. ID Verify is a smart software solution that quickly authenticates real world personal ID documents such as driver’s licenses and passports and it’s now accessible within the RentCafe leasing workflow. Protection that converts The right online services can help you sign leases with quality renters without meeting them in person. Customer journey statistics show that while engaging a customer in a mobile transaction, if you require them to leave the channel to provide documentation, such as a personal ID for a rental application, the abandonment rate can be as high as 90%. Allowing applicants to provide ID documents online as part of the leasing process can make a big difference in your conversion rates. ID Verify harnesses computer vision and artificial intelligence technologies to automatically classify, extract and authenticate ID documents within seconds. Automated verifications For optimal processing, guided document capture helps applicants...
Free Webinars
COVID-19 Client Support from Yardi
Like Yardi, you are closely monitoring COVID-19 recommendations from national and international organizations including the Centers for Disease Control and Prevention and the World Health Organization. You are taking measures to protect your employees and assist your clients during these difficult times. To support your efforts, Yardi has curated and created a library of digital resources to help you practice business continuity, safety and productivity during this period of disruption. Online Training Courses Our near-term reality embraces remote work, social distancing and the need to constantly adapt to change. Though daily office operations have altered, less face-to-face interaction does not mean that staff education and onboarding must come to a halt. Yardi is offering free online training courses for clients that promote productivity, efficiency and security. These courses empower Yardi clients to optimize usage of Yardi software so that you can provide essential services to your residents, tenants, and investors. Free Webinars You can also take advantage of free webinars that explore Yardi solutions that facilitate social distancing while managing properties and other assets. Topics include but are not limited to: How COVID-19 Changes Affordability Compliance Staying connected with residents via RentCafe Facilitating social distancing while managing vendor relations Automating payments and tenant communications using CommercialCafe Leveraging RentCafe Senior Living and EHR tools Recorded webinars are available to clients via Client Central. Yardi Matrix COVID-19 Updates Yardi Matrix also has two webinars set for this week that will focus on the impacts of COVID-19 on the U.S. real estate market. Join experts fully versed in the latest national data for a discussion of the economic and real estate impacts of COVID-19 on the multifamily and commercial industries. Sign up for the multifamily impact webinar. Sign up for the commercial impact...
Safeguarding Seniors
Staying Connected in Senior Living
As the novel coronavirus spreads, senior living providers are taking every precaution to keep their residents healthy and safe. That includes visitor restrictions and entrance screenings. While effective, these safeguards are also creating anxiety for residents and their loved ones, who now find it harder to see each other. What’s happening in the community? How do they keep in contact? During these uncertain times, communicating openly and regularly goes a long way towards reducing fear and building trust. Many senior living providers already have strong infection protocols in place for seasonal flus, so they know how to effectively minimize illness risk. The key is making everyone aware so that residents, families and staff can rest easier. So although the national guidance recommends social distancing, the need to stay connected is stronger than ever. To that end, we’re here to help our senior living clients ensure the wellbeing of their communities. Here are a few simple ways that you can use Yardi tools already available to you to empower communication and prevent business disruption: Overcommunicate on all channels RENTCafé Senior Living can help families stay connected. Residents and loved ones can opt in to receive SMS alerts from the community, and they can also send confidential messages and questions through the online portal to staff about their concerns. On the administrative side, RENTCafé Senior CRM allows you to send emails and track all correspondence from one place. Staff can also set announcements to display on the online portal right after someone signs in. These are simple, effective ways to share updates and useful links about the coronavirus situation. Access and upload health information Within the RENTCafé Senior Living online portal, family members can view the latest records about their residents, including vital signs, diagnoses and medication orders. This data is shared from Yardi EHR in real time, so as caregivers and nurses make their rounds, families can keep tabs on any health changes without having to make extra calls to the community. If a resident must visit a hospital for any reason, the family members can also upload test results and documentation to RENTCafé Senior Living. That way, care staff are kept in the loop so they know exactly how to help when the resident returns. Take routine interactions online Family members who would normally drop off a check in person when visiting should be encouraged to pay their bills online instead. They can see the current balance, view the statement history and schedule one-time or recurring payments (through ACH, credit cards or debit cards) within the RENTCafé Senior Living online portal. The same advice extends to asking maintenance for assistance. RENTCafé Senior Living allows residents and family members to submit requests online, and maintenance personnel will be able to see the tasks instantly on their smartphone. On that note, residents and their family members can also pay their bills and request maintenance on mobile devices through the RENTCafé Senior Living Resident app for Android and iOS. Ensure staff are prepared on every protocol Many providers have revisited their infection protocols ahead of a possible outbreak of COVID-19 in their communities, and it’s critical that all staff are aware of the right steps to take. Yardi eLearning can help your organization quickly distribute the latest training without the potential health risks of a large in-person meeting. The online platform offers live classroom sessions and webinars in addition to on-demand courses. You can quickly customize content around your protocols as well as guidance from the CDC, then track participation and follow up with knowledge checks to ensure that staff are prepared. Help potential residents tour virtually Move-ins over the next few months will likely slow, but they won’t stop entirely. The decision to join a senior living community is often preceded by a health change or care need, and these potential residents will still want to know what a community is...
7 Ways to Earn Loyalty
During Social Distancing
Social distancing is a necessary yet challenging directive for apartment communities. We must build a sense of community and safety if we want to earn resident satisfaction and loyalty. But social distancing practices don’t exactly conjure warm, fuzzy feelings. We’ve got seven tips for maintaining resident satisfaction and earning loyalty even when keeping your distance. Check on your seniors and vulnerable residents. Call vulnerable renters to make sure that they have the essentials. They will appreciate knowing that you have their wellbeing in mind, even if they’re already taken care of. If they are in need, consider either of the options below to help. Receive donations and stock up for those in need. In times of panic, many people naturally think of self-preservation. Acts of altruism shine brightest during these times! Place a large box outside of the office and invite residents to make food and toiletry donations for those within the community who need it most. Pre-package items can be easily wiped down before distribution. As a business, you may also have wholesale access to resources that are not available in stores. Consider stocking up on essential items for residents in need. It’s a small investment to make to earn resident gratitude, respect, and loyalty. Share community updates and best practices. Use your online resident portal to issue updates by your local health centers, especially any news or tips that are empowering and uplifting. Be sure to cite your sources and provide links when you can. This step encourages residents to get information from credible sources. Inform residents of your measures to sanitize the property. As your property takes additional measures to sanitize the site, inform your residents and prospects. They will appreciate that you are prioritizing their wellness and taking care of staff health. Host online gatherings. It’s important to support a sense of community even when you can’t congregate in groups. Shift community events to online platforms instead! Watch movies and TV shows together on viewing apps and online networks like Watch2gether. Attendees can make comments and share reactions just like in a live setting. Do your best to accommodate those with extenuating circumstances. Technology has enabled many people to work from home. There are some who cannot, particularly those in the service and hospitality sectors. They may not be able to work and may temporarily struggle with rent. Organize and communicate efforts to accommodate renters with extreme circumstances. Compassion during tough times will be remembered during lease renewals. Encourage online payments and online maintenance requests. This is a smooth way to discourage unnecessary visits to the office staff while highlighting conveniences that you’ve made available for residents. If leasing office or maintenance protocols have changed, clearly communicate those changes with renters. When you go above and beyond to support residents during challenging times, they will remember your efforts during lease renewal time. Watch this quick video to learn how the Excelsior Group uses technology to stay engaged with...
