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...
Devine Guidance
Leading Yardi's Expansion in Asia
We recently caught up with Australia native Bernie Devine, who leads sales and business development across Asia from Yardi’s Hong Kong office. Bernie, please tell us about your journey from Sydney to Hong Kong. Devine: It was an indirect route! I started out as a CPA and economist. But I’d always had an interest in technology and how it supported the operations of the real estate companies whose assets I was responsible for. My focus has been helping clients scale and grow, create efficiencies and gain better insight into their business. Several years back, I had an opportunity to lead a team on a project in Dubai in the United Arab Emirates. When that role ended, my wanderlust didn’t. I’d known of Yardi for many years, having encountered them through my work leading and supporting property technology start-ups across Australia, the U.S. and Europe. When I learned more about the opportunity to grow Yardi’s presence in Asia, it felt like the right fit for me. The region is very diverse, encompassing mature markets for property management as well as emerging ones, and every day provides a fresh challenge. Q: How is real estate in Asia is changing? A: There are two key areas of change. Firstly, as markets mature, rents surpass many developed countries and wage costs rise, real estate companies are putting greater value on accurate data and robust process. Secondly, coworking has taken off at an amazing growth rate. It is estimated that Asia already has the most coworking sites globally, with about 4,000 and growing. This is about 800 more than the U.S., according to a report by East West Bank in June 2018. Most of these coworking sites are located in China, which is a hub for shared and flexible...
Leading by Example
Medha Deshpande
Meet Medha Deshpande, a director of CSD in Yardi’s Pune office. Her team of 450 employees assists Yardi Energy, P2P, Matrix, Utility Billing, Utility Expense Management, and Invoice Processing clients. Deshpande’s department covers a lot of ground. She manages the broad range of responsibilities by focusing on strategic team building rather than tasks. “My role is to mainly ensure that I have the right people at the right place doing the right job,” smiles Deshpande. As her teams develop, maintaining clear, unified objectives keeps the department operating coherently. “I like our company’s vision, growth, culture, values, and philanthropy. It is very important for all of us to maintain this culture and inculcate the same value system within our new employees as we continue to grow at a good speed,” said Deshpande. She is also mindful to maintain her personal growth. During her 14-year career with the company, Deshpande has encountered and overcome numerous challenges. Each posed an opportunity for her to hone her skills and emerge as a stronger leader. Deshpande reflects, “I have learnt and can say I am still learning to have patience. I tell myself that things may not move always the way you want and at the speed you may be expecting.” She continues, “Always be optimistic, demanding, and have perseverance for sustainable growth.” Pursuing Excellence in the Community When she isn’t working at Yardi, Deshpande and her husband operate a weekend school for about 50 disadvantaged youth in grades three through 10. The school allows her to help kids pursue excellence. “We run the school at our farmhouse which is about 15 miles from Pune. We teach the children mathematics, English and value education,” says Deshpande. “This school runs throughout the year with no vacation. Children enjoy the school since our focus is not just education but also personal development through some activities which kids love. There is a library arranged for them with some very good books and educational toys.” The support of Yardi teammates and loved ones has helped the weekend school flourish. “Many friends and colleagues not only from India but from the United States donated books, school stationary, toys and other resources,” she explains. “Our family members and friends also support us on some weekends as visiting teachers. One of our Yardi employees, Chandrakant Manekar, has been a dedicated teacher for about one year, which has been a big help.” “We have been fortunate as we get immense satisfaction and pleasure from spending time with these kids. It has been like a booster to our life!” says Deshpande. To learn more about Yardi’s outstanding team members, visit the People page. Director Medha Deshpande Deshpande with school children Guest teachers with school children Local school children Roll call at school Study session with teachers Students of the weekend school Students welcome guests to school...
Build to Rent Update
Yardi UK Think Tank
Yardi UK invited a team of northern property experts to The Slate Yard, a build-to-rent (BTR) development in Salford managed by urbanbubble, to discuss how the relatively nascent sector is evolving in the north of England and to explore the main obstacles that stand in the way of BTR’s future growth in the region. Participating in the discussion were: Michael Howard (MH), managing director, urbanbubble Matt Crompton (MC), joint managing director, Muse Developments Adam Higgins (AH), founder, Capital & Centric Shelagh McNerney (SM), head of development, Salford City Council Gavin Taylor (GT), regional general manager, Far East Consortium Simon Creasey, consulting editor (features), Property Week (chair) Where have we seen significant levels of BTR development take place in the north to date and why? MC: Manchester is streets ahead of other cities at the moment. I guess it comes down to the rental levels that you need to derive from occupiers and the void levels you can accommodate, which filters through the financial model to result in whether something is developable or not. The dynamics in Manchester work because you can see lots of activity happening here, but you don’t see as much activity happening in other strong northern cities – Liverpool, Leeds and the like. The same dynamic must exist in those cities in terms of agile workers that want to live there and have the flexibility of the BTR offer, but rents need to get to a level where developments become viable. SM: You can’t separate what’s going on in the housing market [in Greater Manchester] at the moment from all those large new employers coming into the city and I think that’s what distinguishes the area. While those other northern cities have got great assets and things to offer, it’s just the sheer...
Coworking Revolution
Becoming mainstream in UK
Increasingly, companies don’t have a five-or 10-year vision based around a particular space with a particular staff mix. They want short-term arrangements where they can flex their head count and floorspace up or down depending on need. This applies to businesses both large and small. While coworking once meant an office for four to six people, today deals are being signed for spaces that will accommodate 25, 50 or even 100 staff. Coworking also helps firms to retain the best employees by providing them with a stimulating and collaborative working environment. Sitting behind all of this is new technology which means that operating or using a coworking space is more streamlined than ever before. But with so many coworking spaces springing up, competition is getting ever more intense. So what can operators do to make their schemes are a success? Businesses today are looking for more than just a desk, a telephone and an internet connection – they want a level of service on a par with what you would expect in a high-end hotel. Years ago, we used to call the people sitting in the entrance ‘receptionists’, but today we refer to them as ‘front-of-house.’ In a successful coworking space they should engage with members, know them by name and be on hand to manage all aspects of the customer experience. Technology is a big part of this. A fast, reliable internet connection is crucial to most businesses and Yardi’s software means access to spaces is seamless, so when a member enters a coworking space they are instantly recognised and connected to the wifi. This can even work across multiple coworking locations. Unlike more traditional companies where most staff leave the building between 5pm and 6pm, some companies operating out of coworking spaces...
