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.avenuelivingam.com for additional information regarding forward-looking statements and certain risks associated with them.