“The property management industry is resilient,” says Bernard Streeper, Senior Vice President (SVP), Northern Alberta for Avenue Living Communities.

While other industries ebb and flow with the economy, people will always need places to live, and in multi-family residential properties, there’s always a manager. But while the prospects for employment remain steady, the industry itself is undergoing a transformation. The property management industry has traditionally been a fragmented one, dominated by smaller operators who have largely learned “on the job,” as they tackle everything from viewings and lease management to maintenance and repairs.

Advances in prop-tech, more complex systems in buildings, and evolving resident expectations are all demanding a more standardized, professional approach to management.

“In the past, you might have one manager who’s looking after the entire building, and he goes to bed at eleven o’clock at night. You can see how that breaks down if someone has a problem at 11:30,” says Bernard.

High-tech equipment and prop-tech have made building systems more efficient, but also more complex. Property managers now need to develop the same knowledge facilities managers have been amassing for years. They may not have to be experts on sprinkler systems or boilers, for example, but they must understand the basics and how their function can affect resident satisfaction — and the health of the building.

On-the-Job or By-the-Books

In spite of how vital a service good property management is, the profession is still evolving in terms of certification and training. The Real Estate Institute of Canada (REIC) offers a Certified Property Manager (CPM) designation, an internationally recognized designation that “demonstrates a mastery of the analytical and leadership skills needed to enhance the short and long-term values of large real estate portfolios, including residential, commercial, condominium, industrial, institutional and mixed-use.” Our own Bernard Streeper holds this designation, having gone through the two-year program as a complement to his MBA and years of experience in the industry.

CPM designation is targeted at professionals with a variety of credentials — post-secondary education, other industry designations, or on-the-job experience. Required courses touch on everything from how best to manage a team to effective marketing and financial tools.

This designation is a way of bolstering credibility in the industry, much the way BOMA (Building Owners and Managers Association) and other organizations have done for commercial building operators and facility managers. In fact, there is a great deal of overlap now between property managers and facility managers, who both deal with complex structures and systems and are both navigating higher customer expectations.

While training and certification programs are currently few and far between, we have filled the gap by developing focused training modules, which we deliver through Avenue Living University. We’ve started using virtual reality (VR) technology to help our maintenance associates learn new skills, even from a distance (and with the physical distancing in place that’s so important right now). Ensuring our employees have proper training benefits our team as well as the residents and properties we serve.

Measuring the Outcome

“One of the things Avenue Living has done really well is figure out how we can quantify the resident experience,” says Bernard. In fact, it’s become something of a mantra at Avenue Living: David Porter, our SVP for Southern Alberta, often says, “What gets measured gets managed.”

What gets measured also provides value for investors. The data we collect allows us to maximize our investment in our properties, but also allows us to set clear benchmarks and continually improve our processes. As we consolidate what has traditionally been a fragmented industry, we bring standardization and a proven customer-service model to our multi-family assets, ensuring we operate to an industry-leading standard.

Our Call Centre and work-order resolution processes aim to address resident issues and measure satisfaction through clear, ongoing communication. Connecting with our residents helps us see where we need to refine our processes or skills to ensure we meet expectations. Our three SVPs cover a lot of territory, and it’s vital their teams have the knowledge they need to keep operations at every property running smoothly.

“SVPs and regional vice presidents are not always on-site to deal with problems. We look at what we’re measuring, and gauge it against our experience, and if something jumps out at us —that’s when we get involved.” The goal is to equip our teams with everything they need to address issues quickly and efficiently. That could mean knowing when to call a trade — and who to call — or how to work with residents to address other concerns. It also involves a proactive approach to maintenance, including regular audits to ensure systems are in good repair.

The professionalism we foster through training and culture exists at every level of our organization and starts from the moment a prospective resident reaches out to us. And it’s professionalism that’s transforming and elevating the property management industry. “It really is an industry where you can build a career,” says Bernard.

This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at www.alamstg.wpenginepowered.com for additional information regarding forward-looking statements and certain risks associated with them.

In all of Avenue Living’s acquisitions, our number one goal is to make the process as seamless as possible for new residents so they have an exceptional customer experience. How we onboard a new building and how quickly we scale our operations to care for our residents and the units within our buildings is a process which we seek to continually improve.

To hear more about this process and what goes into prepping a property, we spoke with Shi Campbell, Director, Quality Assurance, Acquisitions. Shi and her team are critical members of the Avenue Living platform and support many of our service departments, including property services groups, capital projects groups, work-order coordination, quality assurance, lease audits, and occupational health and safety.

Acquiring and onboarding a new building takes a full-team approach to ensure a smooth transition for new Avenue Living residents.

“As soon as the clock starts ticking and we go conditional on a purchase, the ball is rolling. Multiple departments, stakeholders, and teams come together to complete tasks which allows us to thoroughly budget and model. Most importantly, everyone is ‘In It Together’ and has a clear understanding of the purchase strategy.

“We have a streamlined approach for every phase of a deal which ensures full support for each team to get the deal across the finish line seamlessly,” Shi says. Our meticulous acquisition strategy allowed us to successfully onboard over 1,500 units in just one week earlier this year.

Creating a positive resident experience

Once we close on a deal, our main objective is to provide a positive experience for our new residents. Our Resident Experience Managers take pride in getting to speak to each new resident to assuage any concerns and to provide a point of contact for each resident for any future needs.

Every onboarding situation is unique. Our detailed process maps out required tasks for each respective team to ensure deliverables are completed in a timely manner throughout the deal. This enables a smooth transition for each team as the property is incorporated into our portfolio.

“On the day of possession our ‘green army’ go to each unit to advise residents of the new ownership and management and are cleaning and improving on day one. We hand out welcome bags containing relevant information for residents and we talk to them to understand their prior experiences and how we can better assist if needed. We understand a change in property ownership and management can be daunting for some and it’s our responsibility to our residents to offer reassurance and to provide a positive resident experience within all Avenue Living properties,” Shi explains.

Well before we close any acquisition, a transition plan is created that can be implemented on possession. Whether we absorb the assets into a current portfolio or we are hiring for a brand-new portfolio, our Operations teams work diligently to bring staff up to speed in advance of the takeover and prepare them for what to expect. The strength of our vertically integrated platform lies in working with the right people to help us serve our investors and communities.

A positive resident experience is imperative to us as it reflects the values and principles that guide our organization.

Using a researched purchase model

As a process-driven organization, we meticulously research and prepare for each acquisition, ensuring outcomes are more predictable.

“Our purchase model — purchase strategy and budgeting forecasting —allows us to go into newly acquired buildings and address many of the ‘easy wins’ right from day one,” Shi says. Foundational improvements include conducting thorough deep cleans, tidying up landscaping, touching up paint, fixing doors/ locks and any other minor maintenance. Fixes like these are started on possession day and help immediately improve the resident experience without it being a large project for the team.

Incorporating resident feedback

Our capital investment programs enhance the resident experience — and ultimately drive retention — through value creation. This is all backed by a team that brings rich experiences from all walks of life to their interactions with our residents.

Keeping in close contact with residents is important to us; their feedback helps us find new and creative ways to continually improve our operations and offerings.

“As a collective group we connect with our residents, understand their pain points, and work together to make things better for an enjoyable Avenue Living experience,” Shi says.

This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at www.alamstg.wpenginepowered.com for additional information regarding forward-looking statements and certain risks associated with them.