“During the pandemic, residents still expected service and in 2020, our leasing teams became essential workers,” said Hollinger. The pandemic also shined a light on which employees were essential. According to data from National Apartment Association, the multifamily industry already struggled with a pre-pandemic turnover rate of 32.7 percent and that number is estimated to be in the 70 percent range today. While staffing issues were not a direct result of the global viral threat, they were exacerbated by lockdown mandates, social distancing orders and the fear both residents and employees have of being in close contact with others. They include virtual leasing agents that guide renters though the entire application, approval and lease-signing process and chatbots on apartment websites that answer prospects’ and residents’ questions without burdening the onsite team. The most useful forms of property technology are powered by artificial intelligence (AI) and they take time-consuming tasks off employees’ plates, said Hollinger. This helped to solve some of the greatest challenges that continue to plague apartment operators-a lack of staffing and employee retention. Property managers were able to be available to their residents 24/7.
The use of digital technologies was already ubiquitous in the multifamily industry prior to 2020, but when most work went virtual during the pandemic those technologies became game changers.
We are using automation for efficiency, data analytics and revenue opportunities and to out-compete our peers,” she said. “Tech is no longer looked at as a necessary evil,” said Karen Hollinger, SVP of strategic initiatives for AvalonBay Communities (AVB), a bi-coastal real estate investment trust headquartered in Arlington, Va. It also compelled new demands from businesses and provided a unique opportunity for multifamily operators to gain a deeper understanding of the benefits of digital property technology. The global response to the coronavirus disrupted economies worldwide, destroyed livelihoods and many small companies, and negatively impacted larger ones.
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