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.
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
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.