CREJ

Page 38 — Multifamily Properties Quarterly — May 2020 www.crej.com home orders have curtailed most on- site traffic and touring, firms have accel- erated their adoption of technologies that can replace much of the on-site person-to-person contact that had once been the hallmark of the industry.This largely has meant figuring out what vir- tual leasing experiences look like. Agent-led tours have categorically been replaced by a number of solutions: prerecorded virtual tours hosted on platforms likeYouTube orVimeo; live video tours through FaceTime, Messen- ger or other video platforms; and self- guided tours.While the industry has long believed agent-led tours were the key to closings, many firms are report- ing that their conversion ratios are actu- ally higher with virtual tours than their traditional models pre-COVID-19. Given this environment, most firms believe having a strong online presence is more important than ever and shift- ing their digital marketing strategies to that end. n Technology and connectivity. Tech teams have been under tremendous pressure as entire companies switched, in some cases overnight, to being digital only.This has meant strain on informa- tion technology resources, overload on IT structures like virtual private net- works, supply chain delays, tech train- ing on the fly and mounting cybersecu- rity concerns, among other issues. On the flip side, organizations are operating successfully because of con- nectivity and new tech. Many IT teams are seeing their new tech adoption plans accelerate as internal teams are desperate for connectivity and digital platforms to help them keep operations up. In fact, after ensuring that remote employees were up and running, some firms are fast tracking IT and cybersecu- rity projects. Companies that made a few strategic moves before the outbreak saw a much more seamless transition.Those who moved to cloud-based business applica- tions like Office 365, shifted telecom- munications to voice over IP softphones and provided laptops to all staff have had the most seamless transitions. IT teams report that company adoption of collaborative tools like Slack,Yammer and Microsoft Teams, which were slow to get traction, now are used exten- sively. Moreover, the pushback against videoconferencing, which once seemed insurmountable, has been rapidly over- come. While the load on capacity at the enterprise level has exploded, the same is occurring at apartment com- munities that now are serving as the home offices and schools for most residents. Those who invested in strong broad- band in their communities are being repaid with happy residents. This boost in demand for always-on and always-fast internet has led many apartment operators and telecom pro- viders to step up to boost broadband speeds, increase video offerings and ensure seamless connectivity across properties to meet the new realities of having millions of Americans work, learn and entertain at home 24/7. n Corporate. Given the unprecedent- ed amount of stress and anxiety this pandemic and its economic conse- quences have put on workers every- where, companies have responded to help their people get through it as best as possible. For many companies, their culture is considered one of their great- est assets, and many have made efforts to maintain it through online efforts. The virtual happy hour may end up a lasting legacy of the crisis. Beyond just maintaining the culture, many companies are supporting their residents with generous sick leave poli- cies for those impacted by the virus and other benefits to assure that the best talent stays on board once the dust from this crisis settles. Many companies have made a con- certed corporate effort to make sure they keep their best residents as well. From flexible payment plans to drop- ping credit card charges to even grant- ing funds directly to residents, many companies are building brand loyalty that should serve themwell in any ensuing economic downturn.That goodwill is demonstrated through charitable donations to key organiza- tions and mobilizing to collect supplies for first responders as well. Many have decided that doing good and doing well are not mutually exclusive. s Haughey Continued from Page 21 along with the Apartment Association of Metro Denver all launched COVID- 19 resources, making them available on their respective websites and con- tinuously updating as the situation develops. Training is an industry focus because labor shortage demanded a strategy that needed to support hiring with and without previous experience, so we adjusted our sails. n Will they remain? Multifamily hir- ing focuses on training for skill and retaining for future leadership by executing on current talent pipeline development. Leaders feel like they are successful when they support team members and watch them grow, get promoted and take on future leader- ship roles. Retention always is our pri- ority, job shortages or not. Our efforts should be to support company and industry culture as well as develop our talent. As a result, our “front- line” operating teams are navigating the pandemic despite any personal struggles. They are invested in efforts to ensure community safety and well- being and, to be honest, that is exactly the skill set to look for when hiring for RPM careers. s Daniels Continued from Page 24 less of a choice and more of a given. n Top cities for active renters in Colorado. Of the cities in Colorado with the highest share of apartment buildings with gyms, Thornton has the smallest difference in rent between buildings with a gym and the city’s regular apartment aver- age, at only $14. Westminster has the highest share of buildings with gyms in the state, with 77% of all properties having the amenity on the premis- es. Similarly, Broomfield has a rent difference of $80, same as Denver, but only 70% of its rental properties have gyms. Finally, Westminster, Fort Collins, Englewood, Littleton, Greeley, Auro- ra and Longmont round out the list of top best cities for active renters in Colorado. s Bona Continued from Page 25 We’re an award-winning, full service property management company with more than 30 years experience managing tens of thousands of units throughout the Western US. We currently manage more than 8,000 units and 51 communities in Denver, Colorado Springs and Reno, NV. Cheers to new beginnings. We manage multi-family properties so you don’t have to. We make it our business to manage yours. GriffisBlessing.com Colorado Springs 719.520.1234 Denver 303.771.0800 C M Y CM MY CY CMY K MultiFamilyAd-020619.pdf 1 2/6/19 4:12 PM