December 2020 Apartment News Magazine

COVID Has Accelerated the Adoption of Technology in Real Estate

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ou’ve heard the rumblings for years — technology tools are changing the landscape of apartment operations for both property owners and residents. With the onset of the COVID-19 pandemic, real estate’s technology transformation has quickly accelerated with no signs of regressing. The following are five key areas where technology will enhance apartment operating efficiencies long after the pandemic subsides:

BY MARCO VARTANIAN

Apartment Management Software

Online payment, screening, advertising, maintenance, resident communication and document storage now allow real-time owner visibility into property operations. These tools also allow tenants to easily engage with owners and create a more streamlined, digital resident experience. There are several full-suite property management software providers in the marketplace including Buildium, AppFolio Property Manager and Yardi Breeze.

Mobile and Electronic Communication

Traditional communication is no longer sufficient. The next generation of qualified residents want their property owner to use omni-channel communication methods that are tailored to their preference. These channels include text, phone, email, chat and potentially even via social media messaging. A platform that facilitates omnichannel resident communication can Technology — continued on page 26

NOVEMBER 2020 SNAPSHOT MULTIFAMILY SOCAL SURVEY RENT COLLECTIONS

NOVEMBER 2020 SNAPSHOT RENT COLLECTIONS

NOVEMBER 2020 SNAPSHOT NOVEMBER 2020 SNAPSHOT RENT COLLECTIONS RENT COLLECTIONS

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DAN BLACKWELL & TEAM

MULTIFAMILY SOCAL SURVEY

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The dataset 25 units.primarily includes Class B & C properties ranging from 5-70 units. The average of all properties in survey is approximately 25 units. 3% 3% Our November survey results are summarized as follows:

Our November survey results are summarized as follows:

3%

0.6% 0.6%

3%

vacancy rate

0.6% vacancy rate

0.6%

97%

vacancy rate

97% Collected

Delinquent/Outstanding 97%

vacancy rate