COVID Has Accelerated the Adoption of Technology in Real Estate By Marco Vartanian

COVID Has Accelerated the Adoption of Technology in Real Estate

BY MARCO VARTANIAN

You’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:

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 NOVEMBER 2020 SNAPSHOT

RENT COLLECTIONS RENT COLLECTIONS MULTIFAMILY SOCAL SURVEY MULTIFAMILY SOCAL SURVEY NOVEMBER 2020 SNAPSHOT RENT COLLECTIONS NOVEMBER 2020 SNAPSHOT RENT COLLECTIONS MULTIFAMILY SOCAL SURVEY MULTIFAMILY SOCAL SURVEY DAN BLACKWELL & TEAM DAN BLACKWELL & TEAM DAN BLACKWELL & TEAMDAN BLACKWELL & TEAM Responses were collected from owners with properties located primarily in Orange County, and bordering regions of Los Angeles Responses were collected from owners with properties located primarily in Orange County, and bordering regions of Los Angeles County. County.

The dataset primarily includes Class B & C properties ranging from 5-70 units. The average of all properties in survey is approximately The dataset primarily includes Class B & C properties ranging from 5-70 units. The average of all properties in survey is approximately 25 units. 25 units. Responses were collected from owners with properties located primarily in Orange County, and bordering regions of Los Angeles Responses were collected from owners with properties located primarily in Orange County, and bordering regions of Los Angeles County. County. Our November survey results are summarized as follows: Our November survey results are summarized as follows: The dataset primarily includes Class B & C properties ranging from 5-70 units. The average of all properties in survey is approximately The dataset primarily includes Class B & C properties ranging from 5-70 units. The average of all properties in survey is approximately 25 units. 25 units. 3% 3%

Our November survey results are summarized as follows: Our November survey results are summarized as follows: 3% 3%

97%

Collected

97%

97% Delinquent/Outstanding

0.6%

0.6% vacancy rate 0.6% 97% vacancy rate

Collected vacancy rate Delinquent/Outstanding

0.6%

vacancy rate

track resident response times, resolution times, and customer satisfaction.

3-D Virtual Tours and Self-Showings

Contactless 3-D virtual tour technology has proven invaluable in a postCOVID world. Virtual tours offer a realistic, immersive way to experience a property online and enables viewers to make decisions on proceeding with more information. Additionally, smart home technology now allows a resident prospect to set a showing appointment and conduct an unassisted tour of a vacant unit (without the need of an owner representative present).

Virtual Maintenance Applications

In addition to online submittal of work orders, residents are now using photo and video content to show actual work order repair needed. At the same time, building maintenance managers are curating basic self-help repair video content for sharing with residents and even using Face-Time video applications to help residents in a live “virtual” work order appointment.

Paperless Lease & Resident Documentation

Automating with technology not only helps reduce paper but makes the entire leasing and resident documentation process more manageable. With real time access, you can quickly convert a prospective tenant into an actual tenant wherever you happen to be. The right technology solution will also help ensure that you maintain standards, complete the necessary background and credit checks, and meet any compliance regulations. Most importantly, it will help improve tenant relationships, more effectively track tenant communication and maintain up-todate records.

About the Author: Marco Vartanian is the president and owner of Sullivan Property Management, one of Orange County’s longest standing property management firms, that has been providing peace of mind for apartment owners since 1976. Always a call away, we welcome the opportunity to help members of the AAOC maximize their property investments and can be reached at (714) 541-0288 or info@sullivanpm.com.

Sullivan Property Management 1231 E. Dyer Road, Suite 230 Santa Ana, CA. 92705

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CARES for Landlords Success Stories CARES for Landlords Success Stories

The CARES for Landlords grant program to date has disbursed $432,433 for 11 different residential property owners to assist 176 households in paying their past-due rent. The CARES for Landlords grant program to date has disbursed $432,433 for 11 different residential property owners to assist When a residential rental property company recently knocked on its tenants' doors in Santa Ana, residents176 households in paying their past-due rent. got a pleasant surprise. When a residential rental property company recently The property manager wasn't there to collect unpaid knocked on its tenants' doors in Santa Ana, residents rent, which many owed after being financially got a pleasant surprise. impacted by COVID-19. Instead, they learned that all of their past-due rent had been paid through the City of Santa Ana's CARES for Landlords program. The property manager wasn't there to collect unpaid rent, which many owed after being financially Some screamed, some cried, some said a prayer. And impacted by COVID-19. Instead, they learned that all there were many smiles of joy and relief. of their past-due rent had been paid through the City of Santa Ana's CARES for Landlords program.

HOW CARES FOR LANDLORDS WORKS The CARES for Landlords Program covers at least 80 percent of the monthly rent owed to participating Some screamed, some cried, some said a prayer. And CARES for Landlords helps pay past-due rent that is owed from tenants who have been financially impacted by COVID-19. This program helps the property owners of residential rental units recoup most of the rent they are owed while removing the burden of often months of backrent from tenants. The payment is a grant that doesn't need to be paid back. It is just one of several forms of financial assistance provided by the City of Santa Ana through the Santa Ana CARES program. HOW CARES FOR LANDLORDS WORKS CARES for Landlords helps pay past-due rent that is owed from tenants who have been financially impacted by COVID-19. This program helps the property owners of residential rental units recoup most of the rent they are owed while removing the burden of often months of backrent from tenants. The payment is a grant that doesn't need to be paid back. It is just one of several forms of landlords since April 1, 2020, provided that they agree to do the following: • Not pursue the remaining 20% of rent owed for the months covered under the program. • Not increase rent for the unit for a specified period. • Not assess late fees for the past due rent paid by the program. there were many smiles of joy and relief. The CARES for Landlords Program covers at least 80 percent of the monthly rent owed to participating landlords since April 1, 2020, provided that they agree to do the following: • Not pursue the remaining 20% of rent owed for the months covered under the program. • Not increase rent for the unit for a specified period. • Not assess late fees for the past due rent paid by the program. For more information, please call financial assistance provided by the City of Santa Ana through the Santa Ana CARES program. 714-667-CARE (2273) or visit www.santa-ana.org/CARES