Earlier this year, Investec published research showing that 91% of investors think ‘blended living’ schemes that incorporate a combination of build-to-rent (BTR), student accommodation, co-living, retirement living and/or serviced apartments will be commonplace in the UK within the next five years. Last month, Yardi and Property Week brought together a panel of residential experts to explore what makes a successful blended living scheme, the importance of good design and how tech can improve customer experience. Panel of experts Christian Armstrong, director of brand, product and technology, Get Living Mark Bladon, director, Investec Georgie Drewery, account executive, Yardi Systems Félicie Krikler, architect and director, Assael Architecture Beth West, head of development management, Landsec Simon Creasey (chair), consulting editor/features, Property Week Blended living schemes are already commonplace in the US – why do you think they haven’t yet really gained traction in the UK? Bladon: For a number of reasons. If you look at the most developed of those sectors in the UK, it would probably be purpose-built student accommodation and that’s only been going in one form or another in a meaningful way for about 10 years. In the US, the investor market for this type of product is much more mature. Also, the BTR market in the UK had a lot of false starts between 2000 and, say, 2010 where people were just not able to get developments off the ground, but that’s all changed now. People have taken a bit of a leap of faith and there is now trading product, so you can benchmark yields and you can look at it on a cashflow basis. So what we’ve seen is people that have been in a very specific ‘beds for rent’ sector have realised that they can leverage off their existing operational platform, off their infrastructure, off the location – there’s so many things they can now do to broaden their horizon. What are the key ingredients that you need to make a blended living scheme work for all residents, particularly in terms of things like amenities provision? Armstrong: Amenities are really important but you have to think ahead, do some research and speak to your existing residents and prospective residents about what amenities they would actually use. I’ve seen some stunning stuff on schemes like barbecue terraces and outdoor terraces and then it hits me that we live in the UK – this is not the US. So I’m going to be sitting there with my cappuccino on the outdoor terrace with the froth blowing off! Bladon: That’s where the skill comes in. These schemes still have to make a profit, so you can’t just keep pouring money in. Somebody described it as an ‘amenities arms race’. They’re almost turning student accommodation into hotels and then they’re charging students £350 a week. As a result, you might end up with a half-empty property. The most successful operators are going to be the ones that can find the right balance. West: That’s why I think we haven’t reached that maturity point yet – this amenities arms race is a very immature reaction to what people think is a single market and a single customer for this product, but there are loads of people who want this product. If we’re going to build housing that attracts a broad range of different people staying for a long time then we have to think about offering a variety of different affordability points. Bladon: I think there’s another issue that lends itself to a blended portfolio and that’s the power of building a brand that can be used across the whole lifecycle of your tenant. So you start with your student, then co-living, then they get into their mid-20s and they want to move into BTR. That [BTR] can take them from being single, to married with children and living in a three-bed, all the way up to potentially the age of 60, when they might move into...
Goals Achieved
Nasser Lootah Real Estate
Riyadh Davids joined apartment manager and Yardi client Nasser Lootah Real Estate, part of the Nasser Adbullah Lootah group of companies, in 2010. As general manager, he is responsible for all asset development and operational management, including the implementation of Yardi Voyager as the company’s property management and accounting platform. He offered perspective on his company and its relationship with Yardi from his office in Dubai, United Arab Emirates. Q: Mr. Davids, how has Nasser Lootah Real Estate grown into one of the largest diversified groups in the Middle East? A: We consistently provide innovative technologies and comprehensive know-how that benefit customers in many Gulf countries. In our 25 years of existence we have become active in travel, shipping, cargo, logistics, real estate, IT and interactive media, among other industries. Our portfolio includes more than 30 buildings across all asset categories. We aimed to provide superior professional services in every field, resulting in satisfied clients. Q: How would you describe the company’s business culture and philosophy? A: We have a heritage of hospitality and collaboration. This environment of professionalism directly translates to the advancement of our clients’ interests as well as those of our employees. Q: What’s the most critical challenges to maintaining your brand identity and market position? A: The most immediate one is avoiding complacency with our achievements and continuing to focus on building a lasting legacy. We constantly seek to create new partnerships while securing higher levels of trust from our current clients, associates and employees. Q: What were the challenges that led you to select Yardi Voyager as your real estate technology platform? A: With our company growing across multiple verticals in the UAE, we needed a way to get an overview of the portfolio at a glance and communicate...
YASC Europe 2019
Event Recap
The largest Yardi Advanced Solutions Conference (YASC) to date for Yardi’s European clients, with more than 490 guests in attendance, featured learning, networking and fun in London on November 20 and 21. YASC is a global Yardi event where clients can expand their knowledge of Yardi’s solutions. Clients gain detailed insight into the Yardi product solutions they use, the Yardi development roadmap and newly launched solutions. They also have the chance to speak with other Yardi users and obtain one-on-one advice from Yardi product specialists at Knowledge Central. With more than 100 classes to choose from, in nine role-based tracks, clients can dive deep into technology that supports the needs of a variety of real estate asset types. New to YASC Europe this year, attendees enjoyed a mainstage panel session which featured coworking entrepreneurs Charlie Green of The Office Group; Giles Fuchs of Office Space in Town; and Chris Armstrong of mixed-use operator Get Living. The panel discussed alternatives to traditional commercial real estate. Chaired by Justin Harley, director of coworking and residential at Yardi, the panel dissected two components for running flexible workspaces: putting the member first and integrating a solid technology management platform. Vox Pop! Several clients took part in our Vox Pop station to share what they were loving most about YASC. Here’s what some of them had to say: “I absolutely love this conference – we send people every year. You can learn about how to automate operations and how to expand your services.” -Adam McGrath, Northern Trust “It’s great to meet lots of different people from Europe who use Yardi and it’s great to be here learning from all the technical experts.” -Georgia-Rose Rochester, Grosvenor Estate Management Limited “I’m particularly interested in learning about Yardi Elevate and...
AI, IOT and Real Estate...
Interview with Said Haider
Editor’s note: Said Haider, regional director of Middle East sales for Yardi, recently spoke to Property Weekly about real estate technology’s transformation and regional implications. Technology is constantly evolving and making our lives easier. Said Haider believes that new technologies such as artificial intelligence and the Internet of Things (IoT) are also changing the real estate landscape. Business models are changing, mainly because of digitization and advancing capabilities of applications, Haider said. Yardi is investing heavily in real estate technology, also known as proptech, developing innovative solutions to have a major influence on the industry. Yardi designs, develops and supports software solutions for real estate owners and managers. Its products are available for nearly every real estate vertical, including commercial, residential, investment management, homeowners’ associations, student housing, construction and more. Another area where technology is making a big impact is sustainability. Yardi has developed a platform called Yardi Pulse, a suite of energy solutions that handle utility billing and submetering, energy management and energy usage automation. Pulse helps Yardi clients achieve environmental goals and reduce energy costs. Haider explains Yardi’s support for the real estate sector in an interview with Property Weekly. How do Yardi’s solutions support the property sector? Haider: Yardi was founded in 1984 as a software start-up focused on property management and has grown to become one of the largest companies in the sector. Yardi’s innovative solutions benefit everyone in the chain, from corporations and developers to investors and clients. It offers a single connected solution that meets a broad range of business needs. We help real estate companies streamline their business processes and improve quality of service, which translates to improved performance. For example, the Yardi Voyager is an end-to-end platform combining financial and property management information in a single,...
A Lifestyle Experience
Meet Chris Armstrong of Get Living
Meet Chris Armstrong, director of brand, product and technology at Get Living, an innovative build-to-rent operater in the UK that prides itself on delivering unforgettable resident experiences. We recently had the chance to sit down with Armstrong and learn more about how the company is challenging and changing the renting experience. “We are all about innovating the resident experience at Get Living. We were the first to scrap deposits back in 2017 and we’ve never charged fees. It’s something that our residents value – it not only builds trust but affirms our role as an innovator within the sector,” said Armstrong. “Our focus is purely on the customer experience; from first enquiry to move in, right through the tenancy and when resident’s leave us. We continue to challenge ourselves to meet our residents growing expectations of us to deliver a simpler, better and more rewarding renting experience,” he explained. Read on to learn more about Armstrong’s perspective on resident experiences and how they will transform the marketplace. Q: So it’s all about the experience – How does Get Living deliver it? Armstrong: Residents are attracted to our quality homes and our quality service. Since launching in 2013 we’ve continued to challenge the norms of renting and evolve our offer finding more ways to take the hassle out of renting. Yardi RentCafe has helped us achieve that with both new customers and existing residents. The property websites and the online functionality from Yardi enables us to deliver a great online presence. We can display available units as well as showcase each neighbourhood’s amenities all within the Get Living brand platform. Prospects can complete the entire application process online, enabling us to onboard residents quickly and easily. Our leasing cycle has greatly reduced since introducing Yardi – where renewals would have taken 3-5 days, our relationship managers can turn these around in under an hour. For our marketing team, the increase of web traffic is a major goal, as is nudge marketing and social engagement. It means we are fully maximising marketing ROI, and seamlessly bringing the resident a great experience. Q: It looks like Yardi technology impacts not just your business operations, but the residents life too – how important is technology to their journey with you? Armstrong: Email is dying, our residents rarely use it – in fact we rarely use it on the operational side now either – we are moving to an app-based business. With Yardi’s new white label resident app MyCafé by RentCafe, we are able to completely brand the renter experience in the Get Living style. We encourage our residents to use the resident app, and we provide a user guide and training for each new resident to further communicate its value and benefits. The app is a far more effective way of communicating with our resident demographic. It also delivers far greater efficiency and mobility for our team, allowing them to be fully focussed on residents’ needs. The app delivers full resident on-boarding which includes inspections. Payments can also be executed via PayPal – all on the app. Residents love that. Q: What other benefits does the app give your residents? Armstrong: We can further enhance the resident experience by utilising the maintenance functionality within the app to report and raise maintenance requests. This has not only meant faster response times and a focus on visibility of progress; we have seen the maintenance technicians become advocates for using the app; we’ve removed the use of paper from the entire process; and residents get complete visibility of the progress of a request. We can build a far greater sense of community with the promotion and RSVP for exclusive resident events and that drives the lifestyle experience our communities. At that point the technology and the resident experience really comes together. Technology is key to making these successful. Q: How does the use...
YASC Asia 2019
Meet Yardi in Singapore
The Yardi Advanced Solutions Conference (YASC) returns to Singapore on Nov. 5 and will be bigger and better than ever. Yardi brings together real estate management professionals from across Asia for this one-day event. Come and discover the latest proptech innovations, interactive discussions, meet local and international experts, and network with industry peers. This a great chance to dive deep into Yardi Voyager and the ancillary software real estate professionals use every day. YASC is also a great opportunity to strengthen collaborative skills and network with industry peers. With interactive discussions, local and international experts, more networking time, and previews of new products and enhancements, this is an event not to miss. YASC Singapore is a fantastic opportunity for Yardi clients with portfolio presence in Asia to discuss technology platforms with the leadership, development and support teams. Reserve your spot today! Here’s what to expect at YASC Asia 2019: • Meet the Experts Attendees will hear from industry experts on market trends and technology innovations. Make valuable connections with Yardi’s product experts and discover new insights, tips and tricks for getting the most out of Voyager and other modules. With enhancements and innovations in the Yardi pipeline, hear about new products soon to be released in Asia. You’ll also get a firsthand preview of the new Yardi Elevate Suite for asset management. • Visit Knowledge Central New to YASC Asia, gain hands-on experience with Yardi’s Knowledge Central, which will offer on-site assistance with Yardi products, SQL scripting and reporting. The Knowledge Central team will be available to answer your product-specific questions, provide previews of new products, discuss current software and anything else you’re keen to learn more about. For Knowledge Central hours, refer to the in-app schedule. • Yardi Events App A new addition...
Yardi Dubai
Giving Back at Al Noor Training Centre
Yardi’s Dubai office has adopted a classroom at Al Noor Training Centre for children with special needs as a way of giving back to the community. Philanthropic and volunteer efforts are a key aspect of Yardi’s corporate mission in communities around the world. Al Noor Training Centre for Children with Special Needs is a non-profit organization. Established in 1981, Al Noor has been providing high quality of professional training to the special needs community in Dubai for over 30 years. Al Noor provides care and professional training to approximately 250 children from 35 different nationalities. The centre offers an exceptionally effective work placement unit that trains its students with a capability for employment, which helps the students join mainstream society after their training is complete. Yardi’s Dubai office will sponsor a classroom and contribute towards Al Noor Assistive Technology Department. This department allows the centre to provide holistic training through a range of professional disciplines. It makes use of assistive technology devices that help students play musical instruments, operate a computer, splash paint on canvas, design garments, switch on a kettle, handle a sandwich maker and even play video games. “We are delighted to work with Al Noor Center to acknowledge the efforts of the volunteers who help run the centre. We are proud to be a part of this great opportunity to support the community and look forward to contributing to next year’s event,” said Neal Gemassmer, vice president, international for Yardi. A team of 20 employees from Yardi Dubai office gave their own time on their recent visit to volunteer at the Al Noor Training Centre. It was a rewarding experience for all who participated. “Our team determined that we wanted to directly impact the life of these talented children and give...
Race for a Cause
Yardi UK
Providing opportunities for children without homes and supporting those in need is important to Yardi employees around the globe. On July 18th, Yardi’s UK office participated in PropKart, a go-karting event hosted by PropSki with all proceeds benefitting LandAid and Maggie’s Centres. These two heart-warming charities prioritize emotional support and health support. Read on to learn about the exciting race and the special organizations benefitting from the event. PropKart A team of five Yardi employees proudly represented Yardi at PropKart, The Property Industry Karting Championships, at Buckmore Park Kart Circuit – the biggest professional go-karting track in Europe. In their first time participating in a PropSki event, “the team were raring to go! Enthusiasm got the better of one employee who spun out on the track, but all team members were excited by the event,” says Hannah Holmes, a Yardi marketing associate in Great Britain. Among the 23 property industry attendees were Vectos, Greenaway Architecture, and Buckler Environmental – the first, second, and third place winners. Yardi came in further on in the pack, but was most excited to help raise £5,000 for LandAid and Maggie’s Centres, two important and selfless organizations. LandAid LandAid brings businesses and individuals from across the property industry to change lives by working to end youth homelessness in the UK. According to LandAid, around 86,000 people in the UK will be homeless. Through the nonprofit’s inspiring efforts, countless small-medium sized charities across the UK have received investments totaling over £2 million each year, which enables the construction of new buildings and renovation properties. In its work to end youth homelessness, LandAid follows up its funding with strategic advice and property expertise to each project. Last year, LandAid provided 472 homes for vulnerable young people, reaching their three-year target of...
YASC ANZ
Join the fun in September
The Yardi Advanced Solutions Conference (YASC) returns to Sydney on September 17-18, bringing together real estate professionals from across Australia and New Zealand. Diving deep into Yardi Voyager and the ancillary software you use every day, YASC is a great opportunity to strengthen your skills and network with peers. With interactive discussions, local and international experts, more networking time, and new innovations revealed, this is one event you can’t miss! As one attendee shared about their YASC experience in 2018, “YASC provided great informative sessions and highlighted great new features. There were good training opportunities provided to help expand the scope of work with Yardi in the business.” Why will you attend in 2019? Here are a few new features at YASC Australia and New Zealand in 2019: Yardi Events App The Yardi Events app will help attendees streamline the YASC experience. Access all conference information, venue maps, class materials, social networking, in-app messaging and more within the mobile app. It’s designed to enable attendees to custom-tailor their daily schedule with classes, demos, panels and roundtables, and to set up one-on-one meetings with Yardi staff. The Yardi Events app is available for download in the Google Play Store and Apple App Store. A browser-based version, synced to the mobile app, will also be available, so attendees can access all these features from their desktop. User log-in details will be emailed to all registered YASC attendees. Questions? Email our team at [email protected]. Learn from the Experts Throughout the conference, attendees can learn from industry experts on the market trends and technology innovations that impact our work. With new products in the Yardi pipeline, get an exclusive chance to preview new products soon to be released in Australia and New Zealand. From specialist solutions for coworking, residential, and asset management, there will be a variety of product enhancements and new Yardi technologies to...
Yardi Meets Regional Needs in Dubai...
Develops Rent Calculator Solution
Yardi has recently aligned its Residential Property Management solutions – RentCafe CRM and RentCafe – as per the ruleset of Dubai Land Department’s Rent Calculator that will help tenants and landlords to adjust rents when the facilities come up for renewal. “We have recently developed a Rent Calculator solution within our residential marketing and leasing platform. This Rent Calculator gives automated advance notice to tenants with the benchmark rent as per the norms set by the Dubai Land Department’s Rent Calculator well in advance, so that the tenants could make up their mind on whether to negotiate new rent or relocate,” said Aditya Shah, Yardi’s Director for Middle East Operations, told Gulf Property in an exclusive interview. “This will help both the landlords and tenants to adjust their budgets or decision on renewal well ahead of time and makes things better for all parties.” Rent increase or decrease remains a major area of conflict between landlords and tenants globally and in the UAE. Rental disputes are major areas of concern for the Dubai Land Department. Dubai’s Rental Disputes Centre (RDC), judicial arm of Dubai Land Department set up to resolve mounting rent and payment disputes, resolved 1,863 lawsuits and 326 appeals in 9 months of 2017. And its Smart Judge app, which serves out instant judgements, managed to snag a high user base totalling 3,544 since its launch. Rent defaulters in the emirate are automatically banned from travelling as the case gets linked to the tenant’s immigration file. However, they can now settle their dues at the airport and get on their flights, thanks to the Rental Dispute Centre’s (RDC) new smart system. Imposing a travel ban on individuals with outstanding debts has been stipulated in the Federal Civil Procedure Law since 1992. Article...
The data advantage
Yardi EU leadership insight
Editor’s note: reprinted with permission from Firestarters – Provada Edition. How to handle and collect available data is becoming a key competitive advantage in real estate, says Richard Gerritsen, regional director for Yardi in Europe. The quality of said data is essential. The real estate industry currently faces a watershed moment. “We are in the middle of an explosion of the volume of available data. Tenant apps and all other proptech solutions are worth nothing without the data. The upside is that it is easy to get the data, but at the same time collecting it is also the most difficult – and boring – part,” Gerritsen recently told me. As the real estate industry becomes increasingly digitalised, the quality of data will become ever more important, says Gerritsen. “You could argue that data is the most crucial part of the business. We are living in the data era and it is such a big part of the real estate industry. Any proptech solution tries to add value based on the data already available. Without good-quality data, the value of a proptech solution is limited in a best-case scenario. If you can’t guarantee that the data is good, you can lay dozens of apps over it, but it won’t be a sustainable solution. Those who say it is too much of an effort to bring it together will not succeed.” Gerritsen provides the following example to illustrate the importance of getting the details right. “If I log into a tenant app and discover that the lease information is not correct, that I have logged into unit 24 instead of 23, or that the app doesn’t know me at all, that is really bad. In the past 20 years, those types of errors were commonplace,...
Building a Flexible Brand
Yardi UK Think Tank
New Yardi UK roundtable discussion: With more property companies launching flexible workspace brands, Property Week and Yardi gathered a panel of industry experts to identify the secrets of success in a highly competitive market. Justin Harley (JH) – regional director, coworking, Yardi Maria Cheung (MC) – director and head of interior design, Squire & Partners Giles Fuchs (GF) – chief executive, Office Space in Town Alessa McNally (AM) – head of member’s experience, The Office Group John Williams (JW) – head of marketing, The Instant Group Simon Creasey (SC) – (moderator) contributing editor/features, Property Week What are the key components needed to create a successful flexible workspace brand? GF: Location, design, building layout, staff, culture, ethos, IT, consistency of customer service. You can go on forever making a list, but all of those things need to be a part of it. AM: Location is absolutely key. It’s definitely at the top of the list of things we look for when opening up a space. Also member experience. We are here to create a memorable experience for our members. JW: I agree, it’s all about the member experience. The conventional real estate market is still referring to the ‘occupier’ or the ‘tenant’. They’re thinking about looking after an asset and not providing an experience, which is what flexible workspace providers do so well. Once people experience the flexible workspace market I think it’s a shock when they go back to conventional office space because the level of service just isn’t there. What makes a great location for a flexible workspace centre? GF: We previously had a company that covered the whole of the UK and when we opened a property outside London one of my metrics was it had to be five minutes -walk from a Marks & Spencer. In London, our MO is that the location has to be within a four-minute walk – five minutes is probably okay – of a tube or rail hub. JW: I said two years ago that we were going to start to see the rise of second cities and coworking and flexible space becoming a story in the regions and I’m glad to say I was right. Demand for flexible workspace in cities like Bristol, Birmingham and Manchester is increasing by 25% to 30% every single year at the moment. Those secondary cities in the UK are really flying and we’re also seeing that in Europe and in the States. How important is design and fit-out to a flexible workspace brand? MC: It’s become massively important. It should have always been massively important, but the standards have been raised and everyone is really enjoying and realising the benefit of great design in the workspace. It’s no longer about sitting at a fixed desk. We are working in different ways. People want to be able to sit, to stand, to walk around and look at things. Design can enhance and allow different ways of working through the use of things like natural light, biophilia, control of the environment and even acoustics. JH: One of my favourite spaces in London is [flexible workspace provider] Uncommon. They have a lot of biophilia, but it’s the scent in their buildings that’s really beautiful. Smell is one of the most important senses. JW: I think there is a perception of how coworking and flexible space should look; it’s a bit like coworking design bingo. There should be exposed brickwork, free beer, lots of dogs and avocados on tap, but that’s not the case. There is a real individuality of different approaches and different spaces being provided. In the flexible workspace and coworking sector the word ‘community’ pops up time and time again. How important is it to create a sense of community in your flexible workspace? MC: When we created The Ministry [The Ministry of Sound’s private members club and coworking space] we worked closely with them...
Coworking Outlook
Changing the tech landscape
Editor’s note: this coworking perspective piece was authored by Justin Harley, regional director of coworking for Yardi, in association with Property Week. Harley was a co-founder of the flexible workspace management software Hubcreate. He joined the Yardi UK team in May. Having spent most of my career in the flexible workspace sector, I could not be more enthusiastic about how bright the future is for coworking and flexspace, and furthermore I am delighted to see technology and software leaders such as Yardi investing heavily in technology to fuel the growth and development of the sector. I have been privileged to see the coworking and flexspace sector grow from a few London-based serviced offices to what it is today, one of the fastest-growing parts of the real estate world. That said, it still only accounts for 4% of all deals in London, according to the latest research from Cushman & Wakefield and Colliers International. While real estate continues to develop an understanding of the coworking market, the industry is still a little shell-shocked about how it has crept up on them. That part of the real estate sector often misses the point when they debate coworking. I hear “we are not coworking, coworking doesn’t make money – when will the bubble burst?” Larger operators account for less than 13% of the market in the UK and the flexspace and coworking community is made up of businesses that care about innovation, member experience and the effect of their service on worker wellness. In short, it’s all about the customers and what makes them happy. Their obsession for customer service is what drives the industry. A happy client is a loyal client and, despite being on a flexible license, will stay for a long time. It is...
Said Haider
Yardi Leadership Series
Said Haider, regional director of Middle East sales for Yardi, spoke to us from his office in Dubai, United Arab Emirates (UAE) with an update on the region’s rapidly growing real estate market. Q: Said, what are your principal responsibilities and how Yardi is performing in the Middle East? A: I manage our sales and business development efforts in the region. When we started our operations back in 2012, we had handful of clients; now we work with more than 80 clients in the Middle East and North Africa regions, mainly in the Gulf Cooperation Council. Without a doubt, it’s one of our fastest growing markets. Most of our clients have varied real estate portfolios and almost 90% of retail space in the UAE is managed with Yardi software. Q: When did Yardi enter the market and what was the impact? A: We launched Yardi Voyager there in 2012 and almost immediately saw high demand across multiple vertical markets. We were able to replace customized solutions with a Software as a Service platform that fulfills virtually all business operations requirements out of the box. This allowed companies to focus more on their business and worry less about the tools. As we continue to grow, we are introducing the Yardi Elevate Suite, the most comprehensive set of commercial asset management solutions available on the market. Q: What are some key trends in the region? A: The commercial, retail and residential sectors are growing fast. The real estate investment trust and shared office space concepts are also gaining footholds. Q: What’s our approach to the Middle East and Saudi Arabia in particular? A: Customer experience is the key to competing in this market and that’s how Yardi made its mark. We offer a single integrated solution...
Flexible Workspace
Topic of Yardi Think Tank
Yardi assembled a panel of flexible office experts to discuss the importance of a service ethos, how workspace providers can stand out from the competition and why the sector looks well placed to weather a possible recession. Panelists Gareth Evans, chief executive of BizSpace Katrina Larkin, co-founder of Fora Cal Lee, founder of WorkThere William Newton, president of Wiredscore Katie Whell, managing director at Pure Offices Tony Freeth, director of coworking at Yardi Simon Creasey, features editor at Property Week (chair) Flexible workspaces have been hailed as the future of offices, but as the business model continues to mature many questions arise about what this future might look like. To debate what lies ahead for flexible workspaces, Yardi put together a panel of some of the industry’s heavyweights. SC: How important is customer service for the coworking industry? GE: Customer service is what it’s all about. It’s quite interesting as a concept because one person’s customer service is another person’s lack of service. It depends on where you are regionally, what kind of centre you’re in and what people’s needs are. You can provide frothy coffee or whatever, but if that’s not what the customer wants then you’re not providing good customer service. KL: Myself and [Fora co-founder] Enrico [Sanna] come from a hospitality background, not from a workplace background. So, for us, customer service is absolutely key. We have worked with one of the top hospitality schools in Switzerland to attract the best people from the hospitality industry. WN: Before WiredScore moved into WeWork, we were with a provider who clearly hadn’t yet got what service meant. Their front of house people were security people trying to prevent people getting into the building who shouldn’t be there rather than welcoming in guests who...
UAE Award
Yardi excels in region
Yardi was recently named Property Software Company of the Year award. Hosted by Arabian Business, a weekly business magazine published in Dubai, the awards recognize the most accomplished companies and senior executives from around the region. The awards ceremony took place at the Ritz Carlton, Dubai and celebrated top technology performers in the UAE. Drawn from a select group of over 600 companies and individuals, 21 awards were presented. Arabian Business covers all aspects of Middle East commerce and investment, as well as lifestyle and real estate news. Last year, Yardi was recognized by Arabian Business as the UAE’s top real estate technology provider. This second consecutive year of recognition for software excellence demonstrates how the company is expanding its role in the region’s real estate business. “Yardi has a proven track record across the Middle East for providing long-term, customer focused solutions that represent innovative use of technology across real estate sectors,” said Said Haider, Yardi’s Regional Director for Middle East, who accepted the award on the company’s behalf. “We are honoured to receive this recognition from Arabian Business.” The company also recently announced that it is helping its clients participate in the DubaiNow platform, which provides digital access to multiple government services. DubaiNow is the first unified Dubai government services app, and currently offers over 55 services from 24 government entities. The DubaiNow platform makes city services more seamless and efficient. Examples of tasks that can be accomplished via the app include utility bill pay, visa tracking, trade license renewal, car registration and much more. Yardi worked closely with its Dubai-based clients in the development and testing of the new interface. For real estate and relocation, users can perform transactions associated with moving to a new residence using the DubaiNow app. This...
Yardi Client Q&A...
Geji Masilela, Red Sea Markets
Yardi client Red Sea Markets Company (RSMC) owns Red Sea Mall Jeddah in Jeddah City, Saudi Arabia. Red Sea Mall is an iconic shopping and leisure destination and one of the largest shopping centres at Jeddah City. We interviewed Geji Masilela, the company’s CEO. He shared how the company’s use of Yardi Voyager helps them overcome business challenges. Q: What is your company’s background, heritage and history? A: RSMC has been existence for more than a decade. It was initially formed for the development of Red Sea Mall and other properties. Our aim for the next several years is to grow our assets under management. Q: Can you give a flavour of your company’s business culture and philosophy? A: It’s a happy and informal company culture. While we adhere to corporate norms of running a company, our leaders remain down-to-earth and approachable to our employees, customers and tenants. Q: What is your company’s brand in the current market? A: Red Sea Mall is an iconic shopping and leisure destination and one of the largest shopping centres at Jeddah City. The mall has 242,200 square meters of built area and includes a five-star hotel, a seven-story office building, and external and undercover parking areas. The mall blends international and local brands with a variety of restaurants, cafes, diners and entertainment options. Q: Could you give some understanding of the number or value of the assets involved? A: We’re still in the formative stage in terms of assets. We current have one operating asset and another asset under development. We’re actively looking for growth opportunities. Q: What’s your role? A: I’m primarily responsible for identifying and executing those growth initiatives. Q: What motivates you? A: I have a love of shopping malls, serving mall customers and...
Australia Explores Coworking
Shared workspace practice expands
As coworking continues to gain traction in office markets around Australia, Neal Gemassmer, Yardi vice president of international, looks at the top three tech trends helping landlords stay ahead of the curve. This post is reprinted with permission and originally appeared in Property Australia. More coworking space in Australia was leased in 2018 than in the previous three years combined, finds recent research from JLL. Sydney and Melbourne accounted for nearly two-thirds (60%) of all coworking space – or 95,700 sqm – leased since 2015, JLL has found. But Australia’s other capitals are also jumping on board the coworking juggernaut. Meanwhile, Colliers has recorded a 46.9 per cent increase in flexible workspace in Sydney’s CBD last year. Although, with this representing just 2.44 per cent of the market, coworking is still in its early days. Gemassmer says Australia’s large office landlords are well placed to stay ahead of the curve if they embrace the right technology. He says three tech trends are at the heart of any successful coworking strategy. Know your customer with a CRM Every coworking space should have a customer relationship management system, or CRM in place, Gemassmer says. “A CRM will streamline lead entry, customer lifecycle tracking, vendor relationship management and a host of operational tasks – driving efficiency, enhancing productivity and ultimately leading to greater profitability.” Streamline systems with automated billing Whether you operate one space or multiple locations, automated billing is one of the most vital tech components to success, Gemassmer says. “Manual entry, regardless of how meticulously done, can create leakage – and this problem is worse when you’re a multi-space operator. “Operators who streamline their business with automated billing – particularly when done so alongside other tech-driven solutions – can offer the same product, but at a higher margin and lower cost.” There are software options which combine an accounting package with merchant services, such as the Yardi KUBE, which has a full general ledger suite and accounting package, Gemassmer explains. Let’s get connected “Not all coworking enablers are tech-driven,” Gemassmer observes. “Hosting after-hours events, creating sports teams or designing spaces to encourage incidental interaction are among the many ways to build a coworking community. “But ultimately, most coworking members spend their day sitting behind a screen, and this means tech plays a central role in building and enhancing that sense of community. “Yardi’s member portal helps members book meeting space, connect with an online marketplace, access special deals and pay invoices in just a few clicks. People may be attracted to coworking for its collaborative potential, but it will be the seamless technology experience that keeps them.” The new Yardi KUBE platform allows operators to seamlessly manage their coworking space operations and financials in a fully-integrated platform while providing a phenomenal member experience. Learn...
The Power of Data
Insight from Richard Gerritsen, Yardi
Editor’s note: Richard Gerritsen is regional director for Yardi’s sales team, based in Amsterdam. The following piece appeared in Property Week and is reprinted here with permission. The tech giants of the world – the likes of Google, Facebook and Amazon – are putting all their efforts into gathering, analysing and monetising data about our everyday lives. I find it fascinating that so much of the data they use is generated inside a property, whether it Is the residential property where I live, the office where I work or the shopping centre where I shop. And yet we in the real estate industry are happy to sit back and observe these companies make money from that data, without questioning how we ourselves can better use it. We focus far too much attention on wondering whether data is relevant. This, I believe, is the wrong way of thinking. We need to capture as much data as possible in our properties – because providing we can learn to properly analyse that data, it will allow us to make infinitely better decisions about our portfolios. I understand why property companies are reluctant to embrace the power of data. After all, the essence of traditional real estate is based on the scarcity of information. If you’re a UK investor wanting to invest in Amsterdam, for example, you look for a local expert. If I’m that local expert, and I know something you don’t, you must pay me for it. I’m making money, and if I give you the right advice, you’re making money too. Everyone is happy and the model works. But when innovators come in and disrupt that model, and recognise my local knowledge is just data that could be in a database, we risk being overtaken....
Exploring Your Potential
Vaijayanti Deshpande
Vaijayanti Deshpande, head of HR, finance and administration at Yardi, leads human resources, recruitment, finance and facilities at Yardi Pune. Though she has embraced the responsibilities like a fish to water, it didn’t start out that way. Deshpande had to explore unknown paths to unlock her capabilities as a leader. The Big Switch Deshpande did not begin her career in human resources. For 14 years, she worked as a financial controller with a software services company. “I am a chartered accountant by qualification, and I had always worked in the finance domain before joining Yardi,” said Deshpande. “On being offered a role in HR at Yardi Pune, I was skeptical initially.” Despite her uncertainty, she accepted the role. Seven years later, she loves that she made the switch. The challenges of the transition encouraged her to expand her skillsets. “Sometimes in life, you realize your potential only when you take the unexplored paths,” reflected Deshpande. “From accepting this role, to handling the employee sensitivity part of it, to actually enjoying it today—it’s been a wonderful journey!” With the support of her team, Deshpande emerged as an even stronger and more capable leader. “I received a lot of support from my manager and the people reporting to me. I feel working at Yardi has made me a kinder person. Today, I have a different flavor to my personality. It has broadened my horizons, and I look forward to coming to work every day.” She added with a smile, “The fact that the office is a mere 2.5 km from my residence also makes it easy.” Staying Balanced Deshpande’s day-to-day goals at Yardi center upon compliance and providing timely support for employees. It’s a continual balancing act between building rapport and trust with employees while adhering to and enforcing protocols. “We strive to make life at Yardi better by staying true to our corporate motto: ‘Take care of our clients, take care of our employees, take care of our communities, stay focused, and grow,’” said Deshpande. While she enjoys the diversity of her role and the environment, the work-life balance at Yardi has made it possible to feel success professionally and personally. She works smart in the office and can then savor her personal time. “I enjoy spending time at home and with my family,” said Deshpande. “I read a lot, do the crossword and Sudoku and take an active interest in the affairs of the Housing Society where I stay,” explained Deshpande. Though math puzzles may be frustrating for some, Deshpande’s Sudoku hobby is a nod to her roots in finance. Math is familiar and comforting. “It’s something I have always enjoyed. It is a good exercise for the brain. I also enjoy doing the crossword. In fact, I am a crossword addict.” Looking back on her career, Deshpande tries to summarize the lessons that have helped her to grow. “If I offered advice to my 20-year-old self, it would be this: work hard, work smart. Keep learning. Focus on enjoying your job and not just the monetary benefits. Be a good worker and the rewards will follow naturally. Above all, maintain good relations with your...
