“I love change, but I don’t like change for change’s sake. I like thinking about the why around what it is that we’re trying to achieve.” That quote comes from Brandon Ribar — CEO of Sonida Senior Living, one of our amazing clients — in an interview with Senior Housing News (SHN). Ribar is an honoree in this year’s Changemakers series, which spotlights innovative, dynamic leadership in the industry. We’re proud to join SHN in presenting the 2024 class of visionaries, sharing the insights gathered during their in-depth interviews. In leading one of the nation’s largest senior living organizations, Ribar has extensive knowledge to share — including his growth strategies, focus on employee feedback and more. Get a snapshot of his interview below.   Meet Changemaker Brandon Ribar SHN: In what ways do you think that you’re a changemaker? Ribar: I put culture first and believe that Sonida is going to be successful only based on whether or not we have the best people working with us at Sonida. I continuously push not only the industry, but our company to bring people into the industry and to elevate people from within who really want to push hard to deliver that change. Where I’ve really pushed hard for change is in the types of people that we surround ourselves with, but also how hard we push to be something that’s special and differentiated in senior living. That’s what I love to bring to the discussions that we have and to not accept that what we do today is anywhere near good enough. We have to be better and better every day. SHN: Can you talk about a time when you try to execute a change and things didn’t go according to plan? How did you pivot and what did you learn as a leader? Ribar: I’ll go back to making decisions that I fundamentally believe were good ones but skipping the step of ensuring that the people that were really responsible for the day-to-day execution were involved in that development. I pivoted by immediately ensuring that it had nothing to do with me being the generator of the idea. It was really their idea. I was simply a conduit that brought to them options to think about. When people really feel like it’s their idea and their model that’s changing, then they will go full speed ahead. They’ll be excited about it. SHN: Choose one artist, scientist, thinker, entrepreneur, or other person living or dead to help change the senior living industry for the better. In only a few words, who are you choosing and why? Ribar: Steve Jobs is somebody who saw beyond what people thought that they needed, and he created products and services that people gravitated to because they were something they hadn’t thought about. That level of innovator who just has an ability to understand the customer and to develop things beyond what the customer thinks they need, that is senior living. Another person is Taylor Swift. If Taylor Swift did her concerts and her songs from senior living communities and told people about how cool of an experience it was with residents and sang all day about senior living, we’d get pretty good exposure and build our reputation that way. Jobs innovates, and then Swift’s going to sell it for us. Learn more from Changemaker Brandon Ribar Don’t forget there are more insights from Brandon Ribar — read his interview with SHN. If you’d like to explore the Changemaker interviews we’ve highlighted recently, visit our blog home page and social...

Most people realize that carbon emissions come from heating, cooling and lighting buildings, houses, roads, bridges and other elements of the built environment. But there’s another significant source of carbon whose environmental implications might be less visible but no less urgent: embodied carbon, which comes from the extraction, manufacturing, transportation, installation and disposal of materials such as steel, concrete, insulation and drywall. Buildings account for about 39% of global energy-related carbon emissions, with about 28% coming from operational emissions and 11% from materials and construction. For new buildings, embodied carbon emissions typically equal about 20 years of operating emissions. With the world’s building stock expected to double by 2060 – the equivalent of adding an entire New York City to the planet every month – the World Green Building Council calls managing embodied carbon a “significant yet often understated role on the path to net zero,” with “the built environment sector [having] a vital role to play in responding to the climate emergency, and addressing upfront carbon is a critical and urgent focus.” “Reducing embodied carbon from construction materials is essential to effectively addressing climate change,” adds the U.S. Environmental Protection Agency. Evaluating the level of embodied carbon involves completing a whole building life cycle assessment. This process examines the quantities of materials and products used and where they came from, from sourcing through construction and use to end of life disposal. With this assessment in hand, developers can make carbon-smart choices during design, procurement and construction. The movement to control embodied carbon is growing. For example, the EPA and other federal agencies have formed a Buy Clean Task Force that encompasses 90% of federally financed and purchased construction materials. State and local governments along with private sector institutions have adopted similar initiatives. The Inflation Reduction Act of 2022 also provides grants, tax incentives and loans to procure low-carbon materials for construction and renovation projects. “Finding creative ways to reuse existing buildings is an increasingly important strategy for reducing embodied emissions. The urgent need to reduce greenhouse gas emissions in the short term means that the calculus for saving rather than demolishing an existing building has changed and is now weighed much more heavily against demolition,” according to AIA California, an 11,000-member advocacy group for architects. Benefits of attention to embodied carbon include presenting more marketable buildings for buyers, lessees and investors to whom a building’s climate impact is important.  Steps that can reduce embodied carbon include: Focusing on high volume materials, since between 50% and 75% of embodied emissions typically come from the concrete and steel in the foundation and structure. Renovating and upgrading buildings where possible, especially the foundations and structure where most of the embodied carbon lies. Seeking out recycled content materials; the embodied carbon footprint of new steel and aluminum can be five to six times that of high recycled content. Salvaged materials such as brick and wood typically have a much lower embodied carbon footprint than newly manufactured materials. Global business consultant firm McKinsey & Company says, “Open data and collaboration across silos are going to be key, and the technology the industry uses to measure and reduce the environmental footprints of buildings is starting to reflect that. With new models of collaborative solution development powered by connected data, it may become possible to cut GHG emissions dramatically in less than a generation.” Yardi is a real estate technology leader and ENERGY STAR® Partner of the Year Sustained Excellence winner awarded by the EPA and the U.S. Department of Energy. See our comprehensive solutions for managing costs, consumption and reporting across a...

It’s time to introduce the next batch of 2024 Changemakers — senior living visionaries who are shaping the industry as we know it. Senior Housing News (SHN) has conducted thorough interviews with each of this year’s honorees, including the honoree we’re spotlighting today: Franklin Farrow. As the CEO and co-founder of Morning Pointe Senior Living, a Yardi senior living client that’s been in the industry since 1996, Farrow knows all about driving impactful change. In his conversation with SHN, Farrow shares how the company’s start still impacts how it operates today — as well as how he envisions Morning Pointe evolving in the future. Hear from Changemaker Franklin Farrow SHN: How have you changed as a leader since starting in this industry? Farrow: Our company was co-founded by myself and Greg Vital, who’s the president, 27 years ago in 1996. We each brought attributes and experiences, time, and talent to the table. He’s 15 years older, and so he had a different network of people than I did at the time. We blended our talents and experiences to launch the company. At that time, I was more capable of tasks and completion of thoughts and ideas. He was the more entrepreneurial leader having been in the business world in advance of me. To answer the question, I’ve transitioned from being more of executing the completion of the ideas that were generated to more of generating ideas and having others follow through on them. It’s been a metamorphosis of me, and I think this is true for any young professional who grows through any industry, that they are advanced because of their capacity to complete projects and they start leading others to help them complete projects, and then, ultimately, they start thinking and leading concepts and philosophies for others to complete and finalize and implement. I’m playing more of a top senior manager, owner role, setting larger vision, setting larger goals, and then, because I was involved in tasks and details, I’m able to articulate to them what I think the scope and capacity of the project is and make sure they have the resources, but don’t have to physically roll up my sleeves as much, although I enjoy that part. Also I have to caution myself that my time is more valuable being visionary and thought leading than task completion. SHN: If you could turn the lens back at yourself, what sort of changemaker do you think you are? What area do you think you’re a changemaker in? Farrow: I would say if you were to interview my senior management team who hears me pontificate and try to set direction, I think they would tell you that I do try to think through the mind, eyes, and feelings of those who are sitting in various seats, the seat of a regional operator, the seat of a senior manager, or the seat of a business office manager, or even a resident care aide. I’m constantly trying to shape and form the way we conduct our business, and I often use the word psychology. I’m not a psychologist. However, I’m constantly thinking, “What motivates a regional vice president or what motivates a nurse on the floor? What environment are they looking to operate in? How do they want to be treated?” I’m also trying to weave in principles of standards of conduct, ethics, and standards of the golden rule of doing to others. Not only are we trying to operate from the viewpoint of those in the seat or hot seat of those various capacities and roles, I’m also trying to say, “Let’s just do things because we want to be decent, honest, and upright standing people too, not just the pure business robotics of things.” I host a standing Tuesday morning session, where anyone in the company who can get away for 15 minutes can come and listen to an...

New features in the Yardi Senior Living Suite are here! This release includes improvements to Voyager Senior Housing, RentCafe Senior CRM, EHR and eMAR and as always, everything was powered by client feedback. Keep reading for a snapshot of what’s new! Our senior living clients can also explore new features documentation and webinars, shared below. See evolved functionality in Voyager Senior Housings Voyager Senior Housing is our community management solution that unites financial accounting and complete business oversight in one place. Courtesy of the new release, this single connected solution now offers: 1) Community Manager dashboard updates including features to move-in and manage services for residents plus the option to remove a pending manage service. 2) The ability to move non-residents into excluded units and bill them. 3) A new option to require lease execution at move-in. 4) Expanded abilities for managing leave of absence details after moving out Medicaid residents. 5) Refreshed entrance fee functionality such as amortization when a daily rate changes mid-month and ledger consolidation with drill down to individual transactions. Learn more about the Voyager Senior Housing new features. Explore new features in RentCafe Senior CRM RentCafe Senior CRM — our mobile-friendly sales and marketing solution — is built to help operators strengthen lead management, maximize occupancy and more. With the latest release, our clients benefit from: 1) The ability to capture gender identity and pronouns on the prospect profile which transfers to Voyager Senior Housing and EHR upon resident creation. 2) The option to set specific charge codes for concession in the proposal workflow. 3) Functionality to force a lease to be executed before you can move-in a resident. For a complete list of new features, clients can click Help in CRM and select Updates and New Features. Discover the latest in EHR & eMAR EHR (our full-service electronic health record solution) and eMAR (our dynamic medication management solution) are both designed to help staff deliver the highest quality care. Thanks to the new release, clients will now access: 1) The option to update all active and inactive care plans simultaneously with a new community care plan feature. 2) A new document signature section in the resident profile that gives better visibility into workflows and equips you to generate new documents for digital signature. 3) Usability enhancements to the order resolution queue that allow you to bulk archive, reprocess or delete. 4) The ability to view the complete field modification history of a progress note directly from the resident progress notes screen. 5) The option to link progress notes that different users entered, then view all linked notes at one time. Watch the EHR new features webinar and the EHR new features setup and configuration webinar. For a complete list of new features, clients can click Help in EHR and select Updates and New Features. Connect with team Yardi We’re pleased to provide our clients with exciting new functionality across the Senior Living Suite. New to Yardi senior living solutions and wanting more information? Book a meeting with our...

The annual Changemakers series — sponsored by Yardi for the sixth year in a row — continues to celebrate innovative leadership in senior living. We’re loving the opportunity to feature visionaries like Justin Dickinson, co-founder of Evolve Senior Living, who’s part of this year’s Changemakers class. With Evolve launching in 2023, Dickinson has fresh insights on topics crucial to the industry today including value-based care, data visibility and more. Read on for a glimpse at his insightful interview with Senior Housing News (SHN). Learn from Changemaker Justin Dickinson SHN: Do you see yourself as a Changemaker? Are you always excited to drive change? Dickinson: Definitely. I think that the industry, depending on who you have spoken with or what your opinion is, was really founded in the early to mid-90s in terms of private pay, AL, and memory care. Over the course of time, the industry has shifted from more of a hospitality model to more of an acuity-driven model. As that shift has happened, there’s been a lot of change as it relates to data, technology, the operations, and the investment structure. I think that that change will continue to happen in what the future looks like in terms of hospitality or the acuity model is to be determined. I believe that is going to be more of a care-driven model. From my perspective, being a new operator, and a younger individual in the sector, I do view myself as a change agent, having the ability to look at some of these problems with a fresh set of eyes and with fresh perspective. I think it’ll be interesting as regulatory pressures persist and the model changes to continue to look at things through a new lens. SHN: Given where you think it needs to go, do you think that the industry is changing fast enough to keep up with the times? Dickinson: Change is happening faster now than it ever has. This change is being driven by some of the regulatory pressures I mentioned and external capital market pressures. You’re seeing consolidation abound. We went through the change curve that we saw on the data side through the ’90s and early 2000s. 2005 through late 2020 was the advent of the [Software as a Service] model. SaaS companies came about within our space and started to really make a move. I think now we’re starting to see AI make a big play, and I’ll layer that onto the SaaS model. The change curve on the data size is reaching a new era, which will further expedite change. Change is happening quickly, and stakeholders need to be prepared for that. SHN: Choose one artist, scientist, thinker, engineer, entrepreneur, or other person living or dead to help change the senior living industry for the better. In only a few words, who are you choosing and why are you choosing them? Dickinson: Steve Jobs, because he’s a revolutionary thinker and he helped to reimagine his sector. We can use that type of insight in ours from a technological perspective. Read more insights from Changemaker Justin Dickinson Explore Justin Dickinson’s interview with SHN. We look forward to highlighting the next batch of honorees — coming...

Ready for insightful stories and advice from a senior living leader? Courtesy of the 2024 Changemakers series, presented by Senior Housing News (SHN) and sponsored by Yardi for the sixth consecutive year, industry visionaries are sharing their experiences through in-depth interviews. Today’s honoree in focus is Vassar Byrd, CEO at The Kendal Corporation. Her Changemaker interview covers her thoughts on diversity, risk-taking and growth — paired with examples from her career. Read on for a highlight.     Say hello to Changemaker Vassar Byrd SHN: Think about a time you implemented a change and things didn’t go according to plan, how did you pivot and what did you learn as a leader? Vassar: There are so many failures. That’s part of not being afraid of change. The beauty of being a single-site is that, at that scale, you can afford to try new things and fail. The most important thing is to never fall in love with your own opinion. You’ve got to look for contrary voices. You’ve got to make sure that you don’t take yourself too seriously or your organization too seriously because we’re all just practicing all the time. I was trying to think of a specific example that would be interesting, and I would say I failed over and over and over figuring out how to make our operations team work well at Rose Villa in particular. I’d get parts of it to work, and then the rest wouldn’t. You have got to keep your eyes open to say, “Okay, that was not successful. Let’s try it this way.” It’s never going to be perfect, but you can get as close as possible. SHN: Changemakers tend to be risk-takers. Do you agree with that statement? And how do you describe your own appetite for risk? Vassar: I think people really misunderstand risk. Doing nothing is as risky as doing something. Doing nothing is a choice. For me, that’s a foundational principle. When you take into account that everything else around you is changing all the time, then doing nothing is even more risky than not changing. Why would you stand still if everything around you is changing? I will say that I have a great appetite for perspective, and that’s the perspective that makes the risk not scary. SHN: In what ways is Kendal is changing for the current times to be able to meet the demand? Vassar: I would say that we are really focusing on how we can partner with different kinds of organizations. I would love to find other interest groups, other affinity groups, other areas where we can make a difference, to do something with that organization that neither one of us could do by ourselves. Partnership is really key to diversifying who we are, diversifying the kinds of services that we offer, and the types of housing that we offer. Certainly, our Kendal at Home Affiliate is a huge part of the future. I’m super interested in growing that. See more from Changemaker Vassar Byrd Read Vassar Byrd’s full SHN interview. Don’t forget to continue visiting The Balance Sheet for the Changemaker interviews to come — released in batches as the series...

It was a film buff’s paradise last week at the National Apartment’s Association biggest tradeshow, Apartmentalize. In addition to the Yardi Theater showings, eventgoers had the opportunity to attend a session titled “Leasing: Back to the Future with AI & Human Touch.” Led by Paul Yount, industry principal at Yardi, the discussion featured Anne Baum, director of marketing at Towne Properties; Diana Norbury, SVP of multifamily operations at Pillar Properties; and Tyler Lucas, director of marketing technology at Gates Hudson. (Pictured, right.) Onsite staff were also presented virtually, with Emma Akervold, assistant property manager at Pillar Properties and Leslie Armstrong, area manager at Towne Properties, sharing their thoughts on Chat IQ, Yardi’s virtual assistant that answers to prospects and residents. Back to the future of customer service & technology Yount set the stage with a “Back to the Future” theme, even donning Marty McFly’s iconic vest. The theme highlighted how modern renters want traditional customer service nostalgic of the past, but with the efficiency of cutting-edge technology one could expect from the future. (But the good news is that this kind of innovative technology is available today.) “In the past, hands-on customer service meant compromising staff roles. Great service but very inefficient,” Yount explained. “But today, with the right technology, you can have that great hands-on customer experience and leverage efficiency at the same time.” Yount demonstrated how customer expectations for excellent service have remained constant, but the means to deliver it have evolved. Drawing parallels between scenes from “Back to the Future” and property management, the session emphasized AI and technology’s role in improving human-centered service and overall efficiency. Reshaping & elevating onsite roles The panel discussed how AI and automation reshaped onsite roles to focus more on higher-priority tasks. AI-driven solutions help staff handle repetitive and manual tasks, lightening workloads. This gives teams more time to focus on more meaningful, high-value activities, which leads to better customer experiences and employee satisfaction. Additionally, AI can instantly provide leasing teams with the information they need to enhance performance. “It’s performing faster than any of us can,” Lucas emphasized. But AI’s powerful capabilities can’t completely replace human abilities — it just enhances them. Panelists agreed that AI and automation enable property managers to reallocate their resources more effectively, ensuring that human talent is utilized where it can have the greatest impact. How AI transforms operations Speakers shared their experiences with Chat IQ, highlighting improvements in lead conversion rates and operational efficiency. They noted a significant reduction in the time between lead inquiries and scheduled appointments, resulting in faster lease conversions and reduced vacancy periods. “We’ve seen a huge increase in inquiries being scheduled without us having to initiate that conversation,” Akervold, assistant property manager at Pillar Properties, said. “I can’t emphasize enough the value that I find in it.”  The benefits of AI extend beyond operational efficiency—they also power faster response times and improved lead management, which directly contribute to better occupancy rates and revenue performance. Team & customer reactions to AI Integration While skeptical at first, staff members like Leslie Armstrong of Towne Properties eventually embraced AI for its ability to handle routine tasks, freeing them to focus on resident engagement and customer satisfaction. This change led to improved team morale. “Chat IQ makes our customers feel like we’re always present even after business hours,” Armstrong said. “When I’m at home with my family, I know that my offices are still being supported.”  As staff attitudes shift towards the support of AI, operators can also look towards using AI to combat staffing issues. “I think what nobody talks about when you’re short-staffed are that the people that are left behind. It’s a lot of burnout. They feel a lot of the pressure and so it allows you to be a little bit more flexible with operations,” Norbury noted. Choosing the right AI platform It’s no secret that the multifamily...

The real estate market ebbs and flows with the seasons. Understanding these trends is a key to success for those in the market. And when it comes to prime time, summer takes the crown, offering various benefits for the real estate market. Summer increases inventory, with many properties listed in the spring and summer, leading to a more extensive selection. The market experiences a surge in activity, reaching peak time in June.  Typically, a property will go on the market and within a month, it is sold, whereas in the winter, it averages 50 days on the market. With summer’s better weather, it’s an ideal time for property hunting, inspections and moving. The impact of better weather showcases a property’s natural lighting and landscaping. Summer is also crucial for family considerations since most would want to move during the summer before the next school year begins. June is the peak season for the market since the school year just ended. By the end of the summer, families try to settle before the school year starts. Though there’s still high demand for selling, buyers tend to have less competition and better negotiating power toward the end of summer. Advantages vs. disadvantages. For a seller, summer brings in a surge of demand and activity. Sellers can confidently ask for a higher price, and properties tend to sell faster. Selling in the summer can enhance the property’s curb appeal by showcasing lush gardens and optimizing outdoor spaces—for example, plant lavender or other aromatic plants for instant gratification for those approaching the property. Native plants are a splendid option since they are aesthetically pleasing, practical and ecologically valuable for landscaping. Another tip is to consider adding landscaping lighting to boost curb appeal in the summer with solar lighting and accent lighting that highlights landscaping features. Keeping up with yard maintenance in the summer showcases the potential and stirs the excitement to see the interior. For buyers, summer presents a wealth of options, a diverse range of properties on the market, and the potential for some promising negotiation opportunities in a competitive market. Buyers can feel empowered in the summer real estate market by staying informed about off and pre-market listings, considering strategic concessions and contingencies, and making personal connections with sellers. Of course, summer has challenges in the real estate market with higher prices and competition. Properties can increase in price, so budgeting appropriately and securing financial assistance is crucial. And with such a competitive market, bidding wars are inevitable. That’s why working on negotiation strategies and adding a personal touch when highly interested is vital for summer real estate transactions. The past few summers have been a seller’s dream. However, now, fortunes are changing. Home prices are still rising, but gone are the days of throwing up a for-sale sign, and a mad rush begins. According to Business Insider, sellers around the country face similar circumstances: fewer buyers, and those on the hunt have more options. Now is the time to price properties conservatively and take care of more significant repairs before listing. Since buyers are already battling high interest rates and prices, taking on more expenses as soon as they get the keys is...

It’s time for the annual Changemakers series, a collection of in-depth, insightful interviews published by Senior Housing News (SHN). Each year, the series celebrates a group of senior living leaders driving positive change in the industry. As sponsor for the sixth year in a row, Yardi is proud to join SHN in presenting the 2024 class of honorees. These honorees are trailblazers, innovators, visionaries and more — and their interviews detail how they got to where they are today. We’re delighted to introduce the first batch of Changemakers as the series begins, starting with a dedicated Yardi senior living client: Chris Guay, founder and CEO of Vitality Living. In his interview, Guay discusses how Vitality is evolving in the industry, the importance of staff diversity and how he creates a safe environment across his communities. Read on for a highlight of what he shares — then check out his full interview with SHN. Meet Changemaker Chris Guay SHN: We at SHN think of you as a Changemaker, but do you think of yourself as a Changemaker? Guay: I do see myself as a Changemaker. I believe it was always in me. I started out working with Emeritus, and I think I was a Changemaker there; always trying to push us to do things differently and work things through. Then when I got the chance to start my own company, I had to put a little of that on hold initially, because you’re trying to build an organization and build it forward. We’ve been fortunate that I’ve got a really great team of people. We’ve been able to build a really good company. The last couple of years, I’ve been able to shift back into that Changemaker role. I like to change things. I’m always innovating, always trying to change. That sometimes drives my team crazy. I have to find that delicate balance of pushing us forward, but also making sure we’re not pushing so fast that we’re changing just for the sake of changing. I ask myself, “Is this going to improve the experience for our residents?” I’ve really tried to hone in on if a change is going to improve the experience for our team members as well. If a change makes it harder for a line staff or caregiver, it’s probably not a change we should do. The third customer that sometimes gets forgotten in this business, “Is that change going to have a positive impact for our ownership partners?” I filter everything through those three pieces. Then based on how that comes through that filter, then I decide what we’re moving on. SHN: Do you think that the industry is changing fast enough to keep up with the times? Guay: I don’t. I find myself getting into the same conversations that we’ve had for the last 10 years. There’s opportunity in that because if you are a company that’s innovative, there’s opportunity to excel. However, it’s hard to innovate when you’ve got different weights dragging you down. It’s not an easy time. I don’t think people aren’t changing because they don’t want to. I just think there are some headwinds that keep dragging us back. You’ve got to keep fighting, you’ve got to keep pushing. SHN: The coming year is sure to be a year of growth and evolution for this year’s senior living industry. In what way is Vitality growing and evolving? Guay: One, we’re preparing and we’re building. We like to build a team around what we see, where we think we are. We don’t wait for it to come. We try to get ahead of it. We are really trying to be a world-class sales organization. We also look at the digital space. How we win there and how we get really innovative there is important. We decided to invest on the people side. We’re really shifting into how do we become a...

Yardi Canada recently hosted its inaugural Executive Commercial Briefing at the W Montréal Hotel, setting the stage for an evening of insightful discussions and networking. This event left attendees inspired and eager for more conversations with industry experts. Keep reading to learn what you can expect at our future executive briefing.  A platform for industry insights and collaboration The Executive Briefing series is an invitation-only event that delves deep into property and program management topics. It provides industry leaders and our executives with the opportunity to discuss the latest challenges and technology solutions shaping the real estate and housing markets. These briefings offer a platform for sharing insights, best practices and innovative strategies directly from top experts and decision-makers in the field. Through exclusive networking opportunities, interactive sessions and presentations from leading analysts, participants can forget important connections and gain valuable knowledge. With the rapid evolution of the real estate market and its supporting technology, these briefings are essential for staying ahead of the curve. Key highlights from the briefiing Jason Chacko, senior account executive of Yardi, shared compelling insights into the Yardi Investment Management Suite. He highlighted the efficiency brought by automation, stating, “The example I like to quote is with on of our major clients. On a quarterly close, they were taking 21 days to calculate their waterfalls. They reduced that to a half-day process with Yardi.” By integrating accounting, performance measurement and reporting into one platform, real estate businesses can streamline investment management. This tool provides real-time insights, boosts efficiency and supports data-driven decisions, helping clients like Timber Creek reduce manual work and improve accuracy in financial operations. The client panel also provided valuable perspectives on digital transformation. Olivier Rocheleau, corporate controller of Groupe Petra, emphasized the necessity of a fully integrated solution, saying, “We were looking for a best-in-class solution and a strong partner to establish ourselves with a solid foundation. Once we identified the modules we needed, Yardi’s implementation team guided us through the process seamlessly.” Groupe Petra is a leading real estate investment and management firm known for its extensive portfolio of commercial properties across Québec. They focus on acquiring, developing and managing high-quality real estate assets, ensuring sustainable growth and value creation. By partnering with Yardi, Groupe Petra aims to enhance their operational efficiency and maintain their reputation for excellence in the real estate market. Michael Sutherland, vice president of Canderel, echoed this sentiment, reflecting on Yardi’s impact on their operations. “We saw Yardi facilitate our strategic direction to streamline our service lines. The savings were compelling when we eliminated ancillary software and replaced it with a single Yardi stack. It was a no-brainer for us.” Canderel is a prominent real estate investment, development and management company with a diverse portfolio spanning office, retail, industrial and residential properties across Canada. Known for their innovative approach and commitment to excellence, focusing on creating value through strategic acquisitions, developments and property management. By adopting our solutions, Canderel aims to streamline their operations, enhance efficiency and support their long-term growth objectives. Exploring the future of AI in real estate David Franklin, industry principal at Yardi, captivated the audience with a discussion on our advancements in artificial intelligence, particularly in lease abstraction. “This technology is exciting. We are going after the ability to abstract leases, cut time on accounts payable and give [clients] a built-in assistant using technology.” Virtuoso represents a significant leap forward in real estate technology. Virtuoso includes advanced features designed to enhance efficiency and accuracy, such as chatbots for improved customer interactions, smart AP for automating accounts payable processes, smart Lease for lease abstraction and an AI assistant for various operational tasks. By integrating these tools, Virtuoso provides seamless automation and intelligent assistance, helping Yardi clients streamline workflows, reduce manual errors and make more informed decisions. Looking ahead Yardi is dedicated to supporting and enhancing the real estate market in Québec. During the...

The Canadian Federation of Apartment Associations (CFAA) hosted its annual conference in May located in Toronto. This year’s theme, “Building Communities Together,” highlighted the urgent need for collaboration and innovation in the multifamily housing sector. As the industry grapples with longstanding status quo and historically low vacancy rates, stronger partnerships are essential to address Canada’s housing challenges. This event provided a crucial platform for fostering discussions on these pressing issues and exploring prospects for the multifamily housing industry. As a strategic partner and sponsor, Yardi played a pivotal role in the event, contributing to multiple sessions and sharing valuable expertise on various aspects of property management and technology integration. Day 1: Innovations in urban living & industry insights The conference kicked off with a series of building tours, including notable properties managed by Tricon Residential, Minto Apartments and Stackt Market. These tours highlighted new practices in real estate management and provided a practical understanding of how modern technology enhances building operations and resident satisfaction. One standout visit was to Stackt Market, a vibrant community space designed entirely using shipping containers. Stackt Market exemplifies how innovative design can create dynamic community spaces, fostering a sense of community while maximizing the use of urban space. Yardi’s own Parisa Vafaei, director of sales, led a session that delved into the findings of the latest Yardi Multifamily Report, highlighting the necessity for innovative ideas and new partnerships as more units are expected to come into the market to address Toronto’s low vacancy rates. “The vacancy rate in Toronto for Q1 2024 is 2.5 percent, indicating a tight rental market,” Vafaei noted. The report also revealed that Toronto has one of the lowest annual turnover percentages among Canadian census metropolitan areas (CMAs) at 11.6 percent and a lease-over-lease rent growth for new leases of 15.5 percent. These metrics show the critical need for strategic planning and collaboration to manage demand, improve housing availability and maintain affordability in the multifamily housing sector. Day 2: Thought leadership and technological innovations The second day featured key industry leaders, including the mayor of Toronto. Peter Altobelli, vice president of Yardi Canada, led a session on “Leading the Way: The Next Generation,” focusing on workforce management. This session reviewed aligning company values with new talent, fostering mentorship and offering structured career development. The panel discussion highlighted new expectations of the emerging workforce. “Today’s talent is entrepreneurial and ambitious,” one panelist noted. “They interview employers as much as we interview them. While they have technical skills, we seek soft skills. They want autonomy, decision-making roles and alignment with company values.” The discussion stressed the importance of providing broader perspectives, growth potential and dedicated time for succession and leadership planning. Innovative strategies to attract new Canadians were also highlighted, with Fritzrovia’s rotational program standing out for its unique approach. This program helps retain talent by moving individuals through various roles and departments over a set period of time. Emphasizing resident experience and partnering with firms that share ESG commitments were noted as crucial. “Transparency about these commitments is key to attracting talent,” added Courtney Chisholm, project manager at Fitzrovia. Structured onboarding and new technology were also highlighted as critical for maximizing talent contributions. Evolving property management One of the most anticipated sessions was “The Crystal Ball of AI: Leveraging Data & AI for Predictive Insights in Property Management,” moderated by Meherzad Bakht, senior sales manager for Yardi. This panel discussed the transformative impact of artificial intelligence (AI) and data analytics in the multifamily housing sector. Killam Apartment REIT covered the benefits of generative AI technologies, such as chatbots and automated crm systems, to streamline interactions with prospects and residents, enhancing efficiency and improving response times. QuadReal Property Group shared their use of biometrics to authenticate applicant identities before a tour as a new first step for fraud prevention. simplydbs’ survey of 20,000 Canadians revealed renters want their next unit to be...