With Yardi Support, Avenue5 Residential Achieves Notable Results Online

Multifamily real estate manager uses contactless Yardi solutions for
business continuity during social distancing

SANTA BARBARA, June
18, 2020 – Avenue5
Residential, a private third-party multifamily property management services
firm, is using digital solutions from Yardi® to protect its associates and
customers, ensure a premier level of resident service and avoid missing revenue
opportunities during the COVID-19 outbreak. In order to continue serving
clients and residents, collecting rents, completing work orders and maintaining
site operations while following CDC and regional health recommendations, the
Seattle-based firm 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 its 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 protect in-place rents, the
company is offering deferrals and payment plans, in addition to referring
residents to other sources of local assistance and support. Avenue5 has seen
less resident turnover than is typical for April and May, and is leasing more
apartments than anticipated given current conditions.

Avenue5 is
currently implementing additional social distancing solutions including the Yardi® Procure to Pay Suite for paperless invoice processing and online
supplier management with VendorShield® to automate credentialing and ensure
compliance, along with Yardi®
Bill Pay™ for electronic payments. Further, Avenue5 has
released online systems training courses for its associates using Yardi®
Aspire. Associates are
leveraging the power of Yardi’s online learning tools to strengthen their
knowledge and skills and prepare for the ever-evolving multifamily industry
landscape.

“COVID-19 has
fast-tracked adoption of online solutions and the industry is seeing an
increasing demand for contactless services. We are so pleased that our clients
including Avenue5 are maintaining business continuity with Yardi solutions, and
we anticipate that customer preferences for online leasing and services will
continue into the future,” said Esther Bonardi, vice president of marketing at
Yardi.

Learn
more about Yardi’s coronavirus support resources and see
solutions up close when you join a
webinar.

About Avenue5 Residential

Avenue5, a multifamily property management services firm, oversees more than 375 properties and 70,000 units in 13 states. The company is headquartered in Seattle, and has offices in Denver, Orange County, Phoenix, Portland, Salt Lake City, San Diego, Spokane, and greater Washington, DC. In addition, Avenue5 retains local experts in major markets including Northern California, Reno, Las Vegas, Albuquerque, Colorado Springs, Austin, San Antonio, Dallas, and Baltimore. The firm employs over 1,800 associates nationwide. www.avenue5.com

About Yardi

Yardi^® develops and
supports industry-leading investment and property management software for all
types and sizes of real estate companies. Established in 1984, Yardi is based
in Santa Barbara, Calif., and serves clients worldwide. For more information on
how Yardi is Energized for Tomorrow, visit yardi.com.