How we're leveraging the latest technology to gain an edge on the competition...
Even before COVID-19 shut down the economy, we understood the power of utilizing the latest technology to attract and capture top-tier residents for our apartment buildings. Now, in a world where leasing traffic has deteriorated by up to 70% in some markets, we are seeing MASSIVE results from our investment in "high tech" tools. I used the parentheses because real estate is notoriously adverse to adopting new technology, so none of this is truly considered "high tech" outside of the real estate space.
Competing apartment complexes near our assets are struggling to bring traffic to their outdated websites that contain grainy pictures taken from iPhones just hoping that someone will come take a look at a unit. Meanwhile, we are busy leasing up units to quality applicants and staying ahead of our underwritten business plans even during a complete Black Swan event like this COVID-19 lock down.
How is this possible? Because we are quick to adopt cutting edge technology in a space that traditionally does things the "old fashioned way"...
We are offering 3D virtual walk-throughs of all newly renovated units. This allows potential residents to walk through an entire unit while viewing the unit in 3D high resolution photos without having to leave their house. In many cases applicants are signing leases without ever having set foot on the property. As you can imagine, having 3D tours and high resolution professional photos of our units is giving us a massive leg up on the competition. Check out this 3D tour for a 2-bedroom unit at one of our assets in Memphis, TN.
We are using industry-leading web-based payment technology. Many of the assets we acquire come from unsophisticated "mom and pop" management teams where hand delivering physical checks each month was the norm. We have implemented online ACH and credit card payments across our assets which were increasing rent collections even prior to COVID-19. Post lock-down, these same technologies are providing a safer and more effective way for our residents to make payments resulting in less delinquencies. Collections at our assets for the month of April were only down 1% to 6% from March/February numbers compared to the national average of 13% lower collections reported here.
We are working with RentVision for marketing and web design. RentVision utilizes the latest in digital advertising, search engine optimization (SEO), and strategic advising to further our efforts to attract top-tier residents to our assets. This means potential applicants have greater access to our improved websites, 3D tours, and leasing tools when they need it.
These examples are just the tip of the iceberg on a long list of innovations that are helping us provide a safer, more enjoyable living experience for our residents while still keeping our business plans on track during the turmoil of COVID-19.
Remember, when you invest passively alongside of us, you directly benefit from the cutting edge systems and procedures we implement that give us an edge on the competition. If you haven't yet, visit us at www.Alpenglowinv.com to see how passive investments in real estate can help you to stop worrying about the stock market and start building wealth backed by property.
