The world has changed considerably, seemingly overnight. For commercial real estate companies, the pain of the pandemic directly impacts your properties. You’ve seen tenants shut down offices in favor of work-from-home solutions, scale back or discontinue operations, and sometimes go out of business entirely.
This environment can lead to distress and trepidation about what’s coming next, but it can also be a time to reimagine your business as you plan for the future. When the economy comes back strong, will you be ready to take full advantage of the efficiencies that PropTech (property technology) has to offer?
Policies and Procedures
Now is the time to build efficiency into your policy management system. Why focus there? Policies and procedures are the foundation for best practices throughout your business. Old-fashioned paper and three-ring binders don’t scale well and can lead to a poor tenant experience. Your tenants are at the mercy of your team’s policy interpretation. And while they mean well, employees may be running your business in ways that are detrimental to your best-laid plans. They may not know which policies are most current, or they may not be able to access them during an emergency or when they are away from the office. Contrast that with a modern PropTech solution that is always current, easily-accessible, and delivered to your employees on their phone, tablet or laptop.
Reduced Turnover and Increased NOI
Digital PropTech solutions provide a single repository for all policies and procedures that is easier to maintain than binders and paper. Have an update? Push it out in real time to your entire team. A centralized, searchable repository that can be accessed from any device keeps your team members prepared, informed, knowledgeable — and ready to handle any tenant request. Tenants appreciate knowledgeable employees who provide an excellent customer experience; the result is reduced turnover and increased NOI.
Train Your Employees
Another way to streamline your business is to add a Learning Management System (LMS) that works with the policy foundation you’ve built to reinforce employee knowledge. Well-trained employees tend to be more engaged and less likely to leave, so your investment in training pays back in reduced disruption to your business and longer-tenured employees who provide the continuity and expertise that motivates tenants to stay.
While you can’t predict the future, you can prepare for it now. Wise investments in technology can prepare you for growth that exceeds your current capacity and position your portfolio to benefit from the next economic expansion.
Ellen Clark is the Director of Assessment at Grace Hill. Her work has spanned the entire learner lifecycle, from elementary school through professional education. She spent over 10 years working with K12 Inc.’s network of online charter schools – measuring learning, developing learning improvement plans using evidence-based strategies, and conducting learning studies. Later, at Kaplan Inc., she worked in the vocational education and job training divisions, improving online, blended and face-to-face training programs, and working directly with business leaders and trainers to improve learner outcomes and job performance. Ellen lives and works in Maryland, where she was born and raised.
Grace Hill partners with clients to protect their multifamily business and prepare their employees to succeed. Armed with the industry’s most robust learning platform and training catalog, Grace Hill clients are able to provide the highest standard of service to both residents and employees. Our comprehensive customer support and innovative solutions to complex business problems reassure clients that no matter what challenges they encounter, Grace Hill will help them move forward. Let’s move forward together. Contact Grace Hill at 866.472.2344.