CREJ

Page 28 — Multifamily Properties Quarterly — May 2021 www.crej.com Management P roperty managers always must be ready to pivot to new or unfamiliar situations at a moment’s notice. They also need to have their fin- gers on the pulse of what makes for the best and most convenient rental experience, ensuring they’re meet- ing the needs of current residents. The world has changed recently and, as a result, our industry has changed too. It is critical that we adapt and get the renter experience right. With people spending more time than ever before working and living at home – 71% of workers, accord- ing to a recent Pew Research Center survey – good property manage- ment teams and the work they do are even more essential now to ensuring a positive resident experi- ence. Offering a top-notch experience ultimately requires property man- agers to pivot to find new ways to deliver more convenience to their residents. Pandemic or not, ensur- ing excellent service is the main differentiator between property management companies that are successful and resilient and those that are not. According to our recent survey of 1,000 U.S. renters, 54% of renters say the level of customer service provided by their current property management company was a key deciding factor in deci- sions to renew a lease. n Better communications. Consis- tent and effective communication is key to providing an excellent renter experience. During times of crisis, it is impor- tant for everyone (both renters and property manag- ers) to be notified of any important information in real time. The easiest ways to keep everyone in the loop is through bulk mes- saging technology, which gives prop- erty managers the ability to reach residents where and when they want to be reached and avoid manual processes like calling or emailing residents individually. Email is not the only tool in prop- erty management’s back pocket. Advanced property management technology also provides the abil- ity to send bulk text messaging to residents, which is often a more immediate way to reach residents with important or time-sensitive updates, like late-rent reminders, delivery package alerts and updates on in-progress maintenance. Addi- tionally, research finds that the open rate for text (98%) is signifi- cantly higher than the open rate for email (21%). In another AppFolio survey, 87% of managers said they believe that bulk email and text messaging are here to stay. With two-way text features, prop- erty management teams can quick- ly see and respond to messages from residents. All communications are stored in a system of record for easy retrieval, keeping your com- munication history centralized into a single source of truth. There are endless possibilities that messaging technology enables in terms of how property manage- ment teams can better engage with residents where it is most conve- nient, streamlining and simplify- ing your customer service to create exceptional experiences for your residents n A shift to online convenience. Another way to elevate the resident experience (current and prospec- tive) is to embrace the digital trans- formation of most industries that was kicked into high gear in the wake of the pandemic. The most obvious way? Virtual showings. On the same 2020 renter survey, we found that 56% of renters who signed a new lease during the pan- demic viewed the unit either virtu- ally or both virtually and in person, and almost 80% of those renters said the virtual option was high- quality and they were satisfied with it. This is not just a fad: In the same survey, 40% of renters said they wanted to have the option to view units virtually and in-person post- pandemic, and 13% said they prefer to view units virtually. There are several manual, typi- cally paper-oriented processes that go hand in hand with renting, like making monthly rent payments and submitting maintenance or renewal requests. Moving these processes online so that residents can com- plete a number of different tasks with a quick touch of their mobile phone is the way of the future – a future centered around conve- nience. For example, rent payments often are made via paper check and, if not physically dropped off at a building’s leasing office, are dropped off at the post office or mailbox. A manual rent collection process is an extra step property management teams can reduce if they pivot to an online rent pay- ment model, and the data shows that residents want the option to pay online. In addition to online rent pay- ments, taking a small burden off of residents’ plates by offering options like online lease renewals and maintenance requests help make their lives a little easier. In fact, our recent renter survey found that nearly half of renters think sign- ing or renewing a lease should be something that can be done online or on a mobile device; not to men- tion, these methods will streamline workflows for property manage- ment teams. While the shift to online and the increased emphasis on digital transformation may seem like an initial hurdle for property manage- ment teams, residents will be grate- ful for them, and happy residents make for long-term residents. Mak- ing sure the renting experience is convenient and easy will be the best way to support your residents in the coming year, whatever it may bring. s Elevate the renter experience in uncertain times Stacy Holden Industry principal and director, AppFolio