Achieving renter happiness might be tied to the same desires that have made fast food and Amazon Prime among the most popular innovations of our time. Are you offering your residents instant gratification? That was one of the technology trends discussed on a panel at the recent Crittenden Multifamily Conference in Dallas, Texas. Industry experts John Pendergast, senior vice president of client services at Yardi; Ray Thornton, senior vice president of information technology at MAA; and Tom Bumpass, managing director and chief information officer for Greystar Realty Partners, participated in the panel that focused on the past, present and future of multifamily technology. With advancements in the areas of cloud services, business intelligence, single stack solutions and mobility, there’s enhanced opportunity not only to improve resident’s experiences, but to foster a more collaborative working environment at the home office. With the move of most management platforms to a cloud-based environment, creating a true partnership between the IT department and the business and marketing specialists within your firm is an enhanced focus that can produce enhanced efficiency, processes and results. “It’s not enough for the IT group to be a support for the operations and marketing teams. In order for businesses to be successful today, there has to be a partnership between the technology group, business/operations group, and marketing group. That means all the groups are working together throughout the process of meeting your business needs. They’re a collective team,” said Pendergast (pictured, left). Delivering a successful business intelligence solution is one area in which such collaboration is especially important. When Greystar Realty Partners developed their internal BI solution, the business and IT sides of the firm worked hand-in-hand. Now, adding additional data points into the system is a much faster, less complicated process. “They’re...

Viva Industrial Trust Management (VIT) will leverage cloud-based property management and automated budgeting solutions from Yardi to manage its 2.4-million-square-foot business park and industrial property portfolio. VIT selected Yardi Voyager®, a browser-agnostic, mobile enabled Software as a Service (SaaS) platform that utilises the latest in cloud services technologies. VIT has its own installation of the application and its own secure database, allowing the company to control program versions and upgrades. VIT anticipates faster budget review completion, highly accurate budgeting and forecasting, timely calculation of net present values and internal rates of return, and advanced commercial tenant analytic reports from Yardi Advanced Budgeting & Forecasting™. “We were impressed with Voyager’s extensive functionality, ease of use and strong local presence. Voyager will help us make well-informed business decisions by improving our business processes resulting in better service for our tenants,” said the financial controller of VIT, Mr Lawrence Chan. “VIT is one of many real estate investment trusts (REITs) to recognize the benefits of applying proven property solutions that solve critical business challenges,” said Neal Gemassmer, vice president of international for Yardi.  “We are excited to welcome VIT to our growing roster of Asia Pacific clients.”   About Viva Industrial Trust Management Viva Industrial Trust (VIT) is a Singapore-focused business park and industrial trust listed on the Mainboard of the Singapore Exchange (SGX-ST), which comprises Viva Industrial Real Estate Investment Trust (VI-REIT) and Viva Industrial Business Trust (VI-BT). VIT focuses on a diversified portfolio of income-producing real estate that is used predominantly for business parks and other industrial purposes in Singapore and elsewhere in the Asia Pacific region. VIT properties cover an aggregate gross floor area of 2.4 million square feet. Its 11 buildings serve more than 100 tenants. For more information, visit...

Are we on the path back to the good old days of booming prosperity in real estate? Any step forward is a step in the right direction. Explore the top ten hottest metropolitan areas that are leading the surge in multifamily unit construction. Washington, D.C. The population rose by about 10 percent from 2000-2012. While job growth is a contributor, reverse sprawl has suburbanites returning to the city.  A blend of Baby Boomers and Millennials are taking up residence downtown. These new tenants are drawn to the conveniences of pedestrian-friendly living. Dallas The city seems unstoppable. Dallas continues to be a leader in population growth, now estimated to grow at 345 people per day or nearly one person every four minutes. Jones Lang LaSalle suggests that the Dallas-Fort Worth population will reach 9 million people in the next 16 years. Job growth in the financial services sector attracts talent to the city. Houston Houston welcomes more than 302 people per day. Like Dallas, Houston residents are drawn to the city’s job growth in the private sector. Dallas and Houston have been economic powerhouses throughout the new millennium. Los Angeles Interestingly enough, LA is losing ground in its trademark markets. The city doesn’t boast much in terms of job growth, either. New construction is an optimistic risk but developers are taking the leap. If we build stunning, eye-popping high-rises, they will come. San Francisco The city suffered from a 10.1 percent unemployment rate in 2010. By the close of 2013, unemployment dropped to nearly 5 percent. Job growth has revitalized the city so that it is bursting at the seams. A lack of competition has led to some of highest rents in the nation. As far as apartments for rent in San Francisco go, new...

As a college student,  my family and I would always invite a few international students to our home during the holidays so that they wouldn’t be stranded on campus alone. It was one of the many times that I realized how tough it was to be a student abroad. The 2014 National Apartment Association (NAA) Student Housing Conference and Exposition addressed the unique needs of the international student population during a rare and exciting breakout session. Student housing providers got to bounce ideas around that could improve client relations, marketing, and workflow. Client Relations Many housing providers are hiring Millennials, especially when it comes to social media outreach. It’s also a good idea to keep a few international students or professionals on staff. They provide unparalleled insights into the needs of international students. They can also come in handy as translators. While it is important to treat students fairly, it’s also worth noting that international students are more likely to refer friends, pay their rent on time, and to renew their lease than American students, reports Lauren Boston, staff writer for NAA. Being mindful of international students when planning community events, marketing strategies, and resident retention endeavors will pay off in the long run. Marketing New developments attract students with everything from party-sized Jacuzzis to state-of-the-art media rooms. It can be tough for existing buildings to compete with the glitz but there are several features that international students value more: access to bus routes, proximity to an international farmers market, en-suite kitchens for preparing dishes from back home, housing during the holidays (some campuses oust students during breaks), and 12-month leases will earn more points with them than a fancy sundeck.  It’s also a good idea to mention any programs that help residents get...

Every year, The Bozzuto Group recognizes its top property management performers with a late winter gala that’s more like the Academy Awards than a rote corporate get-together. This year, the event truly reached superstar status when #BMA2014 – the Twitter hashtag for the event – trended on the social network while it was taking place. For those unfamiliar with social media parlance, “trending” on Twitter means that a hashtag is being used frequently enough that it is recognized network-wide as being a pervasive happening with mass appeal. If you log onto Twitter, you’ll see the constantly changing “Trends” section just below “Who to follow.” #BMA2014 trended organically, meaning Bozzuto did not pay for its placement on the list. It’s possible – maybe even likely – that this is the first time in history a multifamily real estate awards event has garnered this kind of social media traction. So we went to the source of the company’s Twitter strategy, Digital Media Strategist Alex Middel, to find out more. Here’s what he shared: Tell me about your Twitter strategy for Bozzuto and how it enhances your brand. Middel: Social media is a major part of our marketing strategy. You could say that our Twitter strategy is very much guided by some of The Bozzuto Group’s guiding principles and goals; building great communities. Part of that comes from making sure that we invest the time to interact with our fans and followers and help them in any way that we can. Whether that’s by answering customer service requests, providing more information about leasing at one of our communities, sharing news about Bozzuto, or showcasing the fun and innovative things we’re doing at Bozzuto and our communities, it’s all there for our followers to see.   How have...

Denholtz Associates’ success as a commercial property developer, investor and manager comes in part from regularly adopting new technology to meet emerging business needs. Most recently, the company enhanced its mobile capabilities, business continuity, tenant services and invoice processing—all with Yardi solutions. Denholtz upgraded its Yardi Voyager® property management and accounting platform to 7S, the newest, fully mobile version of Yardi Voyager. The Software-as-a-Service (SaaS) option allows Denholtz to determine when to apply upgrades, new releases and plug-ins. “One of the most attractive features of our upgraded Voyager system is mobile capability that lets us communicate in real time with our staff about work orders and other activities. We can easily monitor what the staff is working on, and their activities are automatically recorded in Voyager. It’s a powerful product in terms of efficiency and tenant service with functionality we didn’t previously have,” said Steve Cassidy (right), president of Denholtz Associates. Superstorm Sandy, which battered the U.S. East Coast in October 2012, underscored the importance of business continuity for the New Jersey firm. “Sandy disrupted our business for 14 days. We couldn’t communicate with tenants, cut checks or process payments. With Voyager SaaS in place, if something similar happened again we would suffer less disruption and financial loss because we could work remotely and know our business data was securely backed up offsite,” Cassidy said. He added, “Voyager SaaS also improves time management for our staff. They spent a lot of time on self-hosting activities, and now it’s more efficient and less costly to use our software without having to also maintain it.” Denholtz uses another new Yardi product, COMMERCIALCafé™, to offer tenants the convenience of online access to statements, maintenance requests, and other services from their desktops or mobile devices. “We can easily...

The built environment has a huge impact on every aspect of human life. The places in which we live, work and play can affect both our mental and physical wellbeing. As a promoter of healthy communities, the Urban Land Institute (ULI) has launched a series of projects aimed at encouraging sustainable living choices among urban dwellers, including Ten Principles for Building Healthy Places and Intersections: Health and the Built Environment. The two reports are part of the Building Healthy Places Initiative, a multifaceted program launched in July 2013 by ULI to purposely “leverage the power of the Institute’s global networks to shape projects and places in ways that improve the health of people and communities.” Over the next couple of years, ULI and its members will explore issues of land use, urban design and development so as to delineate clear paths which will eventually lead to the creation of nurturing living environments, conducive to active lifestyles, social interaction, and a higher quality of life in general. “We are looking at city building through the lens of health and wellness as a way to measure sustainability and long term prosperity,” said ULI Chairman Lynn Thurber, chairman of LaSalle Investment Management in Chicago, in a written statement. “The Building Healthy Places Initiative is an extension of ULI’s ongoing pursuit of sustainable, thriving communities worldwide. The difference is that, with this effort, wellness is the intent, the designated outcome – not just an additional benefit of thoughtful design and development. Our focus will be on defining the role land use plays in creating healthy places for all generations.” Intersections: Health and the Built Environment builds on the premise that intelligent urban design can help put an end to many of the ills currently menacing communities all across...

Storyteller Children’s Center provides preschool education and support services for at-risk children and their families. The organization began in 1988 as a half-day preschool out of Transition House, with a parking lot for a playground. Over 25 years later it is a thriving organization with two locations, a dedicated staff, and a constant waitlist for student enrollment. “We’ve never not had a waitlist,” says Joya Thomas, Development Associate at Storyteller. “Even after opening our second site in 2007 we still have about 80 families on the list at any given time. This shows that the need is really great.” The need is great, indeed. 2013 census data by the American Community Survey reveals that the poverty rate in Santa Barbara County rested at 16.3 percent in 2012, higher than the national overage of 15 percent. According to the Santa Barbara View, there are nearly 1,500 homeless individuals living in the area. Many Storyteller students come from such families that struggle with housing, food security, and access to other basic necessities. Challenging home conditions have an adverse affect on children’s development, often creating lasting obstacles in their path to academic success. “If a child has experienced trauma, like most children at Storyteller have, there are behavioral and emotional effects of this that affect their ability to focus or follow instructions. If a child has never had the opportunity to develop cooperative relationships or skill-building activities in a classroom setting before they enter kindergarten, it’s unlikely that they’ll do well or develop a confident view of their abilities,” Joya explains. “That negative self-image and accompanying academic failure often build on one another throughout grade school and is one of the factors that leads to dropping out of high school, which is the trajectory that these children...

The talents of Jacob Fisher of Pennrose Properties are getting noticed. Fisher recently received Philadelphia Business Journal’s “40 Under 40” distinction. The honor recognizes his business success, community involvement, leadership ability, and influence. “It’s not surprising that Jacob was selected for this terrific award,” says Mark H. Dambly, president of Pennrose Properties, a Yardi client. “From day one, we were impressed by his willingness to take on any challenge and his desire to give back to the community. Jacob exemplifies Pennrose’s commitment to develop communities and homes, not just construct buildings.” Fisher serves as the Senior Developer for Woodrow Wilson Commons, a new community of townhomes and apartments in Long Branch, New Jersey, being developed in partnership with the Long Branch Housing Authority. Generally, constructing a community in flood-prone lowlands is not the best idea. Fisher and his team tackled the topographical challenge with skill and creativity. Woodrow Wilson Commons rests on a 14-acre site that is the low point for nearly 35 acres. This places a heavy burden on storm water infrastructure. To naturally accommodate the flow of water, Fisher’s team constructed a retention basin spanning more than an acre. The community also received a rain garden, the more aesthetic cousin of the retention basin, complete with beautiful water-loving plants. These natural water conduits pace drainage and direct much of the excess water downward rather than pooling near the surface. “It’s a green and forward thinking way to manage storm water on the site,” says Fisher. “We also raised the finished floor levels of all of the buildings above any of the flood elevation, so that in the event that there are catastrophic rains, we have designed the site to keep the units dry.” Over a year of research and planning was needed...

For most of us, the smartphone has become the latest version of “don’t leave home without it” – remember that old American Express slogan from back in 1985? Most of us can’t make it more than a few minutes without access to our personal communication devices, which double as mini-computers and someday very soon will probably supplant our credit cards as a financial transaction point of contact. Most of us have adapted to the positive implications of the mobile technology we are carrying in our pockets. But we are less aware of the capable sensor suite, and associated risk, that is probably within your visible – or at least audible – range at this very second. Scientists and researchers have examined phones from all the angles, trying to help us prepare for any threats to the security of our personal information and data contained therein. One facet of the study on mobile phones involves the accelerometer’s power to detect vibrations. According to a research conducted by the computer scientists at Georgia Tech, placing a phone on a desk can detect the vibrations from keys pressed on a nearby keyboard and even pick out words with an accuracy of up to 80 percent. Although this type of attack might be more difficult than other methods of keylogging it can be a highly effective espionage story. “The best-case scenario, if you are an attacker, is if you are going after a very specific person”, says assistant professor at Georgia Tech, Patrick Traynor. “I think it is realistic in that case.” Accelerometers track movement in three dimensions: side-to-side, forward-and-backward and up-and-down. Analyzing the data they collect can give a good idea of the number code or pattern used to protect a smartphone. Adam J. Aviv, Katherine Gibson,...

Student housing is undergoing a total transformation. That drab, boring dorm room you once bunked in? It’s probably being bulldozed as we speak. In its place will be something closer to the amenity-filled new developments that are springing up to feed the desires of Millennial renters, who are getting their ideas about what makes ideal apartment living in the same place they’re getting their higher education – at college. MHN spoke with JoAnn Blaylock, Senior Vice President at Grand Campus Living, a division of Lincoln Property Company. Blaylock has been a leader in the private student housing industry as it has transformed into a vibrant and trend-setting sector of multifamily, and she shared her thoughts on the ongoing evolution. MHN: What are the newest housing features or amenities that you’re adding to student communities today that might not have been common in the past? Blaylock: Students today – Millennials – have very busy schedules, and are accustomed to having things at their fingertips, at any time.  Therefore, amenities that offer 24/7 access allow for the students to maintain their active daily lives without ever having to leave the community.   Fitness centers with on demand fitness classes, TRX workout systems, well programmed interactive study and multipurpose rooms with Smart TVs are just some of the amenities that fulfill the students’ physical and academic needs.  College students are also a very socially active group, making large gathering places, such as H2O decks, infinity pools, and outdoor/club lounge spaces very popular with today’s student, while resident events hosted in the spaces help build a necessary sense of community. MHN: Many of your student properties are in the south and southwest. Do you identify any regional trend lines in the way student housing is developed? Blaylock: The trend...

It sounds unbelievable, but it all started only 25 years ago this week. On a March day in 1989, Sir Tim Berners-Lee, a British computer scientist, established the first connection of his brainchild called the World Wide Web – a system for publishing information over the internet.  It was an idea that would change the world and life as we know it. Berners-Lee worked at CERN – the European Organization for Nuclear Research near Geneva, Switzerland – and his intention was to help itinerant academics from all over the world run a complicated particle accelerator, the Large Hadron Collider. These scientists were eager to share information – data and test results – but had plenty of roadblocks. Berners-Lee’s proposal specified a set of technologies that would help overcome that; however, his initial proposal was not immediately accepted. Perseverance is what made Tim successful: by October 1990 he had particularized three essential technologies that remain today the foundation of the Web, visible on any Web browser: HTML: HyperText Markup Language is the publishing format for the Web that includes the function of formatting documents and link to other documents and resources. URI: Uniform Resource Identifier is a sort of “address”, unique to each resource on the Web. HTTP: Hypertext Transfer Protocol allows for the retrieval of linked sources from across the Web. By the end of 1990, the first Web page was served. By 1991, people outside of CERN were able to join the community. Perhaps the most important thing in the history of technology is set on April 1993 when CERN announced that the World Wide Web technology would be available for anyone to use, for free. Today the World Wide Web is the most powerful communication medium we know. Whether we teach and...

On a cool October morning, Raleigh community members congregated outside of Angus Barn Restaurant. They weren’t there for the restaurant’s award-winning steak or stellar service. More than 3,800 people gathered to participate in the Thad and Alice Eure Walk for Hope. As Foundation of Hope’s premiere fundraiser, the organization has raised more than $3.8 million for the research and treatment of mental illness. Yardi Vice President of Client Services Greg Smith recruited a team of 10 representatives from various departments. United by matching gray t-shirts inscribed TKO, the Raleigh office joined Walk for Hope to honor the memory of the late Tim K. Owens. “Tim was one of the nicest guys that you could ever meet,” recalls Greg. “He was easy to be friends with and he had this great, adventuresome spirit: he rode motorcycles, played guitar, and loved to travel to exotic locations.” When Tim wasn’t at enjoying his hobbies, he served Yardi as a manager of Client Services. He was an incredibly hard worker, appreciated by his colleagues and popular with clients. But Tim’s momentum ended too soon. “His battle with depression eventually led him to take his own life,” says Greg. Tim’s untimely death shocked the Raleigh office. Many Walk for Hope participants share similar stories of struggle and loss. It’s a common thread that Shelley Belk would like to see severed. As the Executive Director of Foundation of Hope, Shelley strives to see a community that is united in victory over mental illness. “One of the biggest problems with mental health is that people aren’t getting the help that they need because of the stigma,” Shelley explains. “We need people to understand that just like a heart that’s not working properly, a brain may not be working properly and there...

Yardi will present an educational session on technology trends and business intelligence, “Getting the Big Data on Tech Trends,” at the Crittenden Multifamily Conference on March 16-18 in Dallas. With a focus on how evolving technology and innovation are helping companies of all sizes leverage their data to operate more effectively, the session will be led by industry experts John Pendergast, senior vice president of client services at Yardi; Ray Thornton, senior vice president of information technology at MAA; and Tom Bumpass, managing director and chief information officer for Greystar Realty Partners. Discussing new browser-based solutions and the future of cloud services, along with mobile tech trends for the “need it now” generation, the session leaders will guide attendees to a greater understanding of how business intelligence is quickly becoming a standard requirement for companies both large and small. “Yardi is committed to leading the industry with technology advancements that help our clients achieve 360-degree business intelligence and unprecedented mobility,” said Pendergast. “The tech trends session is designed to empower attendees with the information they need to build strong relationships with the new generation of residents and employees, while learning how to leverage their ‘big data’ to operate more efficiently and profitably.” Follow Yardi on Twitter (#MultiCon14) to keep current on conference events and to connect with sponsors, attendees and other speakers. About Crittenden Multifamily Conference Designed for multifamily professionals, the Crittenden Multifamily Conference is a 2 1/2-day event that includes educational sessions and several networking opportunities. Educational sessions cover a variety of multifamily management, finance, development and investment topics. Each session is facilitated by the industry’s leading executives. For more information, visit...

As Baby Boomers by the thousands prepare to retire, training their successors is taking on fresh urgency. Anecdotal evidence suggests that a growing number of people are making real estate management a career of choice rather than chance. Nevertheless, some experts contend that the profession must further step up both recruitment and mentoring. All too often, some leading executives contend, the industry is unwittingly discouraging its own talent pool by placing too much weight on experience. And while IREM, Building Owners and Managers Association International and other groups sponsor outreach programs and networking opportunities, Joe Greenblatt, IREM’s 2014 president and president of San Diego-based multi-family specialist Sunrise Management, finds that young people often feel frustrated about the lack of responsiveness from prospective employers—and that is a missed opportunity. Once they’ve been hired, managers of all ages say, employers would do well to cater to the very distinctive traits 20-something professionals tend to share. To begin with, Millennials prize mentoring. Communicating back and forth is a must, according to Dee Headley, an Indianapolis-based vice president for Cassidy Turley and chair of IREM’s advisory board on student and academic outreach. And the more specific the expectations, the better, notes Va’Shajn Parr, who joined La Jolla-based Capital Growth Properties Inc. as an assistant property manager last summer and works on two portfolios comprising 33 properties. Furthermore, feedback should be individually tailored, says Kacey Morris, director of property management for Prologis Inc. in metropolitan Atlanta. Another essential Millennial quality is zeal to take on challenges right out of the gate. After all, this energetic, hands-on generation wants to make important contributions, according to Kent Bell, a property manager for Washington Real Estate Investment Trust. Karen Whitt, COO of U.S. real estate management services for Colliers International, likes to...