The Importance of Engagement: Managing Through COVID-19

What has contributed to the rise in occupancy within the properties?

Drawing on our experience in asset and property management, we’ve focused on bringing strong on-site management and institutional scale efficiencies to an asset class that, historically, is fairly inefficient. The properties acquired under the fund were part of family run, independent portfolios. By implementing a more structured management platform, almost immediately, we saw improvement across the assets. Occupancy, for one, which is generally very strong within this market sector, was below market at approximately 88-92% respectively upon acquisition of the three assets.

Today, occupancy is averaging 97% portfolio-wide. This is a direct result of increased exposure from enhanced marketing, new photography and property websites, basic search engine optimization (SEO), targeted outreach and customer referrals – which are valuable internal endorsements as we seek to build a dynamic community. Through direct engagement and conversation, customers are treated with a sensibility that is direct, honest, and forthright. There is an understanding that we are working to create long-term relationships far beyond the 12-months of their lease – a level of transparency well received by the customers.

Can you talk about the overall customer experience?

Retention is critical to the fund’s overall success. We have heard directly from customers that there is a significant change in their overall experience. Direct outreach from management reinforced our intention to implement upgrades and services, while keeping the properties affordable. Also, in a sector of the market that has historically been commodity driven – “here is your key and your move in date – make sure to pay on time” – our approach is people first. Management is accessible to the needs of our customers and diligent to the overall operations of the building. They listen, create opportunities for engagement, - although now limited with COVID – and are present to understand the circumstances of our customers, and to know them and their families.

How has the COVID-19 pandemic affected your approach to managing the properties?

Management pivoted quickly, balancing the need to provide timely and immediate service to our customers while protecting the health and safety of both staff and customers. Many of our customers are employed in sectors deemed “essential workers” increasing their chance of exposure significantly. In addition to routine thorough cleanings of all property grounds and common areas, non-essential staff were asked to remain home. Newly adopted online tools and technology, often, only seen in the Class A market, and rarely introduced within the Class B market allows for the continuation of day-to-day business and provides timely service to customers. We will continue to explore and leverage these new and emerging technology platforms to improve management efficiencies while enhancing the community and customer experience.

What is the role of management during the pandemic?

Our managers and staff are empowered to run the daily operations of the properties, and if necessary, help customers to navigate the complexities and personal financial impact of COVID. Working with customers to understand the various options for financial relief in these difficult times contributes to a positive customer experience. Especially now, as local, state and federal legislation is changing in real time, management is a source of information and guidance. And, as for some, COVID has resulted in real tangible hardship. Each customer is treated with the level of care and respect that they deserve as management works to understand their individual needs to provide a path forward.

What are the essential elements that have contributed to the strength and resiliency of the portfolio?

We are driving value in a social and sustainable manner, establishing a management structure that is open, honest, direct, human and proactive. While COVID presents unimaginable limitations, we pivoted our approach to deliver a positive customer experience through new and innovative approaches to management. Despite the pandemic, Edlen & Co. and our management partners are successfully delivering upon the short -and- long-term business objectives of the portfolio while also providing a safe and engaged environment for our staff and customers. This portfolio delivers social impact as it continues to address the growing demand for affordable housing. We are excited about what the future holds for emerging technologies and tools to enhance upon our current value and the customer experience.