What do you think of when you hear the words Yardi Aspire? If you know Aspire helps property managers train their team, then you may think online courses are what it has to offer. And, you wouldn’t be wrong. But, of course, over the years, Aspire has grown. We’ve added new features and technologies that are benefiting property managers from every component of the industry, including: commercial, affordable, PHA, multifamily, industrial and every other type of property managed by our clients. Yardi launched Aspire in 2013, and over the years it’s grown into a complete learning management solution (LMS). Aspire helps trainers and human resources professionals develop talent, track growth, communicate with employees, host live meetings, maintain compliance with government regulations, and much more. And through all of that development, it’s true that on-demand, online classes are among the most popular features of Yardi Aspire. Every training program relies on content, and Aspire comes with hundreds of predesigned courses covering topics for professional roles found in property management. Aspire clients also have access to tools to design their own custom content. With all of that available standard in Aspire, it’s no wonder many of us still think of the Aspire LMS as primarily a tool for getting on-demand coursework onto the screens of employees. So, let’s take a moment to recognize the benefits of online classes. What better way to do so than by highlighting how we at Yardi use them to train our own team? Enhancing Learning with a Curated Learning Approach Aspire helps Yardi drive seamless, personalized online experiences and workflows for employee tasks and activities. It helps our company craft and consolidate work activities into centralized, simplified and highly accessible assignments. We benefit from Aspire by seeing higher employee success and...
Santa Barbara ChannelKeeper
Working for Clean Water
Yardi is committed to supporting the community in every city where our offices are housed. Each year, the company distributes philanthropic aid to organizations selected by its employees. In 2022, Yardi offices supported more than 350 nonprofits worldwide. For the remainder of the year, we will bring you the stories of those organizations and insight into how they aid their communities. Today, we are back in Santa Barbara and introduce you to Santa Barbara Channelkeeper, founded in 1999. Santa Barbara Channelkeeper works to protect water quality, restore aquatic ecosystems, advocate for clean water, enforce environmental laws and educate and engage citizens in implementing solutions to water pollution and marine habitat degradation. With a new five-year plan, they are committed to core clean water work and will be adding new work areas to address the impacts of climate change in their region. Channelkeeper’s mission is to protect the Santa Barbara Channel and its watershed through science-based education, advocacy, field work and enforcement. “In addition to actively monitoring pollution levels in waterways along the coast and inspiring the next generation of environmental stewards, we also represent the community’s interest in clean water through advocacy by presenting data and speaking before government agencies to advance policies that better protect the environment, local waterways, and habitats,” said Laura Sanchez, communications director for Channelkeeper. Channelkeeper offers on-the-water education programs that bring science to life for students and leave a lasting impression. “Our Sea and Shore Explorers program connects young people to their watershed and provides them with an opportunity to experience Santa Barbara from a kayak,” said Sanchez. Students learn to paddle a kayak and observe wildlife while navigating around the Santa Barbara Harbor. Students then discover more about coastal marine ecosystems during a visit to the Sea Center. “This year, we lead seven kayak trips, and for many of these students, it was their first kayaking experience,” shares Sanchez. Students also can go on Seafari Cruises aboard Channelkeeper’s boat, where they learn about the kelp forest, pollution and climate change. In addition to educating local students about the environment, Channelkeeper focuses on and prioritizes the following: Monitor local waterways to track down and eliminate pollution sources Working with the City of Santa Barbara to reassess and reduce the number of cruise ship arrivals to meet community environmental priorities Remove trash, marine debris and abandoned fishing gear from waterways and coastline Revive the Ventura River by working to secure a lasting agreement so that the river’s flow in its lower reaches supports fish, wildlife, and the community’s access to nature Secure more vital water quality rules to prevent agricultural pollution Lobster trap clean-ups This past spring, volunteers with the Watershed Brigade, Channelkeeper’s trash-fighting community program, removed more than 2,300 pounds of lobster traps and marine debris from two beaches: Pink Sand Beach on Santa Cruz Island and a stretch of coast between Leadbetter and Mesa Lane in Santa Barbara. When lobster traps accumulate on the beach, they pose a hazard to wildlife and beachgoers. During both cleanup events, volunteers dug out traps and loaded them onto a vessel, which hauled them away for proper disposal. “For the last three years, we have partnered with the Commercial Fishermen of Santa Barbara to organize lobster trap removals at local beaches identified as “hot spots” for lobster traps,” Sanchez shares. Yardi Volunteer Opportunities Channelkeeper welcomes Yardi employees to partner with them on clean-up events. They also offer opportunities to become MPA Watch volunteers to help them monitor human activity in and around the Channel’s coastal marine protected areas. In addition, join the Watershed Brigade to help keep the Channel’s watershed and the coastal regions clean. With Yardi’s support, Channelkeeper can do the work to protect the Santa Barbara Channel and be an inspiration to future environmental keepers. “Together, we’re making powerful, positive changes for the environment, wildlife, our community, and our future,” Sanchez shared. Find future non-profit profiles...
Property Energy Data Requirements
The Yardi Role
The U.S. Environmental Protection Agency (EPA) requires commercial and multifamily building owners to improve performance in energy consumption, greenhouse gas emissions, water use among other aspects of building operations. With compliance deadlines approaching, several jurisdictions are stepping up their energy benchmarking efforts. Indianapolis, Miami and New Jersey, for example, have deadlines this year. Deadlines for New York City, St. Louis and Denver come in 2024, with Washington, D.C., Boston and others to follow over the next two years. That’s why the EPA has been working to raise awareness of the importance of aggregated whole building data and ways that states and utility providers can provide it to property owners. This data delivers visibility into energy consumption and helps create a roadmap for instituting ongoing operational improvements. “Demand for this data will grow as building owners seek new federal incentives under the Inflation Reduction Act that require documentation of whole-building performance as a condition of participation,” the EPA says. EPA has also advised states on passing laws that can overcome barriers utilities face in providing data. Such laws can create a path to cover costs associated with providing the data and define requirements to protect individual tenant data. The EPA will launch a full-fledged campaign over the coming months, in partnership with key building owner associations, to raise awareness of the need for this data among state policymakers and utilities. How Yardi can help What is Yardi’s connection to property owners satisfying these EPA requirements? The company’s advanced software and service solutions “simplify the aggregation of whole building data collection and reporting for environmental, social and governance purposes. The first step is gathering data from multiple sources and identifying efficient and inefficient buildings,” says Joe Consolo, industry principal for Yardi Energy. He adds, “Tracking an asset’s performance over time is also critically important. Having received an ENERGY STAR® Partner of the Year Sustained Excellence Award and earned ongoing ENERGY STAR certification for our corporate headquarters, Yardi has the expertise to work with utilities and our client building owners, tenants and residents on these priorities.” Learn more about Yardi’s comprehensive energy management solutions for energy management solutions for residential and commercial...
Voyager 8 Announced at YASC 2023
Infinite Possibilities in San Diego
Yardi’s Advanced Solutions Conference kicked off Wednesday morning with over 4,000 attendees – making it the largest YASC ever – in attendance at the San Diego Convention Center. “We have 4,000 of the best minds in real estate in San Diego this week,” observed Esther Bonardi, a vice president at Yardi, as a packed room eagerly anticipated remarks from Anant Yardi, the company’s founder and CEO; as well as executives Rob Teel, Akshai Rao and Kevin Yardi. Anant Yardi, founder and CEO of Yardi, speaks at YASC in San Diego on Sept. 6, 2023. Photo credit: Julian Thomas, Yardi staff. The YASC opening session always offers an overview of real estate technology trends and insight into how they might play out within Yardi’s single connected solution for real estate companies. This year brought an especially exciting reveal: Voyager 8 is currently in limited release to clients and will be widely available beginning in January 2024. “The biggest thing with Voyager 8 to get excited about is the user experience. The user interface is completely different. It’s a big leap from Voyager 7S. It’s not a leap in terms of the upgrade process, though,” said Rob Teel, president of global solutions. “We are really excited about the upgrade process. This is going to be an opportunity for you to decide which users you want to start using Voyager 8. They can use 7S or 8, so you don’t have to choose. You can allow your users to get comfortable with Voyager 8 as you start to roll this out,” said Akshai Rao, president of residential. Clients were able to get detailed demos and highlights of the forthcoming release in spotlight sessions unique to their real estate verticals on Wednesday morning. In addition to the new user experience and simple upgrade process, Voyager 8 is built for compatibility with artificial intelligence (AI), promising a continual opportunity for real estate companies to use the new technology for efficiency and smoother operations. AI and real estate AI’s implications for business functions like marketing are evident across industries, but what about specific uses for real estate? That question was at the heart of Anant Yardi’s remarks on Wednesday morning. Noting that Yardi is fully committed to making use of AI in the most constructive and beneficial ways possible, Mr. Yardi said that he sees the incorporation of the technology as a gradual one. “The future of AI in real estate is not going to be some big bang type of change, that’s not going to happen,” Mr. Yardi said. He noted that Yardi has already made infrastructure investments that will provide processing bandwidth required for AI systems. Teel and Rao provided a look at Yardi products where AI is already incorporated and will have a growing role moving forward. They include chatbots, which already provide automated answers to prospect questions from multifamily clients; maintenance requests, which could be assigned prioritization and dispatch by AI; and a virtual Voyager assistant who will answer software questions, thanks to AI. “We are fully committed to this change and look at this as an opportunity to grow,” Mr. Yardi said. “Anytime there’s an opportunity to embrace and acknowledge change, I think lurking behind it, you’ll see an opportunity for growth.” Spotlight on corporate philanthropy The general session concluded with a look at Yardi’s corporate focus on philanthropy, which has been a longtime priority for the company. “Our guiding principles over the last 40 years and for the next 40 years are to take care of our clients, employees and communities, and candidly, we don’t often talk about what it means to take care of our communities, so I wanted to take this opportunity to spend a few minutes on it,” said Kevin Yardi, vice president. “We provide funding to our 40 offices around the world and our 9,000 employees help guide funding to nonprofits that are meaningful to...
Multifamily Rent Update
From Yardi Matrix
Multifamily performance was stable in August, according to the latest Yardi Matrix National Multifamily Report. The average U.S. asking rent rose $1 to $1,728, while year-over-year growth fell to 1.5 percent, down 20 basis points from July. Occupancy was also effectively flat. “Economic growth continues to be stronger than expected, providing a backdrop to consistent multifamily demand. U.S. asking rents rose slightly in August, while occupancy rates remained strong at 95 percent,” states the report. These trends and much more will be discussed Sept. 20 in a multifamily-focused webinar with Matrix experts Jeff Adler and Paul Fiorilla. Sign up here to join live or receive the post-event recording. In the short term, supply remains a driving factor in rent growth. Most metros with the highest year-over-year asking rent growth, such as New York, Chicago, Indianapolis and San Diego, have weak new development pipelines. Single-family rents dropped back in August, down $6 nationally to $2,104. Year-over-year, national SFR rent growth fell 70 basis points to 0.5 percent. According to the report, some 190,000 multifamily units have been absorbed in the U.S. through July. That figure is below the record-setting year of almost 600,000 in 2021 but is otherwise a healthy pace. Among the top 30 Matrix metros, absorption in absolute numbers in 2023 has been led by Washington D.C., Phoenix, Miami, Chicago and Denver. As a percentage of stock, Charlotte, Tampa and Nashville are among the metros that have performed the best so far in 2023. Gain more insight in the new Yardi Matrix National Multifamily Report. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...
CRE Diversity
Inspiring Voices
Realcomm’s August two-part webinar series, Celebrating Women and the Diverse Voices in CRE, highlighted the talent, thought leadership and unique mindsets that have enhanced commercial and corporate real estate as more women, minorities and diverse thinkers fill executive leadership positions and advanced technology roles as well as facilitate key vendor partnerships. Insights on career paths and navigating challenges In session one, Leadership, Diversity & Evolving Company Cultures, the executive-level women panelists talked about how workplace culture reflects the values of company leadership and can shape employee interactions as well as promote motivation and loyalty. With new voices in the leadership space, the panel discussed changes in leadership modeling, evolving workplace challenges, the critical role that mentorship plays and how companies are attracting new talent. A big theme among the panelists’ stories of their personal journeys was about receiving mentorship and support and becoming a mentor themselves to help other people advance and open up opportunities. Further, working with good leaders taught them how to become good leaders. Another common theme was about advocating for yourself. Hope Dunleavy, enterprise managing consultant at RealFoundations, stressed the importance of reaching out, being authentic and sharing your story while also listening to others’ stories. The panel agreed on the importance of creating community for support — such as joining (or creating) a women’s group in your organization, which Kelly Soljacich, senior vice president of LaSalle Investment Management, recommended. Veronica Unnikrishnan, partner and senior vice president of innovation, sales and marketing at 5Q Partners, commented that choosing the right organization and positions that will lift you up “is where the magic happens” and will help you grow and develop your career. Further advice included choosing the best opportunity over the most money is a wise decision in the long...
Drive Engagement
With Training That Sticks
One of the most popular classes at this week’s Yardi Advanced Solutions Conference – and past events – focuses on mastering the art of creating and delivering transformative training programs. Taught by Yardi Aspire team members Patty Evans, industry principal, and Michael Joiner, senior manager for client service and content, the class demonstrates how to use software to create experiential learning exercises that stick with employees long after the training is completed. The attraction of ‘experiential learning’ This concept can be summarized as “learning by doing.” It encompasses such interactive experiences as games, point-based rewards, focus group discussions and group projects. “By engaging students in hands-on experiences, application, and reflection, they are better able to connect theories and knowledge to real-world situations, including those that impact property management success,” Evans says. Effective experiential learning assignments include simulated software skills practice sessions, video demonstration assignments, chat-based role play, scenario-based group problem-solving, and stretch exercises that challenge employees to identify and solve a real-world issue facing the organization. A study by PwC showed that employees who participate in scenario-based simulations retain 75% more information than those in traditional training methods. Additional research by LinkedIn found that 68% of employees prefer to learn through collaborative and social methods, highlighting the value of peer interaction. “By aligning with the way adults learn, experiential learning maximizes knowledge retention and skill development,” Joiner says. Linking motivation and engagement Before thinking about engagement, consider some of the principal causes of learner disengagement from a curriculum: How does that relate to engagement? Motivation, which manifests as the sense of satisfaction or reward gained from accomplishment, is the driving force that prompts a learner to take action, while engagement is the observable behavior produced by the motivation. In employee training, one of the...
Haven Family Connections...
Haven Kids' House
Yardi is committed to supporting the community in every city where our offices are housed. Each year, the company distributes philanthropic aid to organizations selected by its employees. In 2022, Yardi offices supported more than 350 nonprofits worldwide. We are pleased to bring you the stories of those organizations and insight into how they aid their communities. Today, we travel north to Saskatoon, Canada and introduce Haven Family Connections (Haven Kids’ House), founded in 1976. This non-profit focuses on helping at-risk families be successful through proactive breaks and interventions to prevent issues. “We know that kids do best when their families are healthy, and we work towards that goal,” says Dionne Miazdyck-Shield, executive director for Haven Family Connections. Haven Family Connections fundraises for Haven Kids’ House, an emergency home for kids aged 0-12, opened 24-7, 365 days a year, with a 24-hour crisis line for families to call when they need respite or support. Sometimes, parents are in a very dark place involved with violence, no food or homelessness, and they need time to make decisions and find resources. “When families call us, we know they are out of options. Haven Kids’ House is a place of caring and safety for kids in Saskatoon so that kids can be kids, and parents can be successful,” said Miazdyck-Shield. In their work with Haven Kids’ House, they help families access internal resources and other supports they need to do the best for their kids. Many families are overcoming a history of disadvantages, poverty, trauma and violence. “We honour their experience and voice as we work and walk beside them. We see how hard they work for their kids, and we feel lucky to be compassionate allies with them,” Miazdyck-Shield shares. Other programs include the Indigenous Family...
Tamm Sharper
Yardi Employee Profile
Yardi staff make essential contributions to property management clients worldwide. Today, meet Tamm Sharper, a Voyager Client Success residential TX 2 team consultant for special projects in the Dallas office. Meet Tamm Sharper Tamm Sharper has been working for Yardi since December 2014. Sharper works on projects from the Voyager Client Success and RentCafe Client Success Texas teams for existing clients. From complex and sometimes expedited implementations to At-risk client specialty projects, she has a variety of opportunities to build relationships with clients during their Yardi journey. She works with clients to analyze pain points and devise a course of action, whether goal-based or time-specific, to alleviate the issues they experience daily. Sharper conducts on-site training sessions and business process reviews to optimize Voyager/CRM to give the client the most value. She also mentors colleagues and newer Yardi employees going through the N.E.S.T program by showcasing the culture of Yardi, conducting trainings and assisting with cases. Strategizing Stellar Results Sharper says, “I like to call myself ‘the fixer!’” Sharper enjoys having a client come to her at their breaking point and her being able to strategize and develop a plan to get them back on track. At the project’s close, she feels there’s nothing more satisfying than having a client smile and express gratitude for all the hard work they’ve accomplished. “There’s just something special about reviewing all the objectives we set out to accomplish and getting that confirmation of satisfaction from the client! Also, it’s heartwarming to know that I’ve made a difference in client retention when we see the numbers during corporate updates,” shares Sharper. Sharper appreciates Yardi’s transparency since the early days of the pandemic and that Yardi is always there to contribute when help is needed. “It’s amazing to hear...
Boys and Girls Club
Of Northeast Ohio
Let’s journey to the Midwest and introduce you to the Boys and Girls Club of Northeast Ohio (BGCNEO), founded in 2019, creating the nation’s largest Boys and Girls Club. The club provides a safe and fun place for kids ages six-18 to go after school, focusing on academic success, healthy lifestyles and leadership. There is no charge to join. Kids can come after school when parents are typically still at work, giving them peace of mind knowing their children are in good hands. A typical day at BGCNEO starts with “power hour,” which includes getting help with homework followed up with recreation, arts, music and a free meal. BGCNEO plans to double the number of kids by 2025 and hopes to deepen the impact of programs and strengthen connections to club neighborhoods. Funding from Yardi helps provide world-class programs for kids and expands its reach across Northeast Ohio. The support allows kids to experience various opportunities, from music performances to career-readiness programming. “We are extremely grateful for this support. Yardi has been supporting our Clubs for a decade now. We couldn’t do our work if it weren’t for our amazing partners and corporate supporters like Yardi,” says Ken Wood, director of communications for BGCNEO. On behalf of the Yardi Cleveland charity committee, Suzy Scherer, senior technology manager for revenue IQ, speaks about BGCNEO, “Knowing these kids get a place to be kids and have an activity/learning-based center that promotes positive change is so amazing!” Boys & Girls Clubs are suitable investments. A University of Michigan study found that for every dollar invested in a Club, $9.60 in benefits are returned to the community. “In a Harris alumni survey, 54% of the respondents said the club ‘saved my life,’” Wood said. Richard Starr’s Story Richard...
Vitality’s Success With Senior IQ
Senior Living Videos
We love speaking with our senior living clients to capture their journey using solutions in the Yardi Senior Living Suite. And this year, we’ve created quick, engaging testimonial videos to share those journeys with you. Our latest batch includes two videos featuring Syndell Lawhon, vice president of wellness at Vitality Living. Covering Vitality’s success with Yardi Senior IQ, our dynamic business intelligence solution, both videos are packed with insights you don’t want to miss! Read on for a snapshot of what you’ll discover in each video. How Vitality Living’s journey began Before Yardi, Vitality’s data was scattered across siloed solutions, requiring leaders to pull information and generate reports manually. Not only were these processes time-consuming, but they also prevented Vitality from unlocking insights regarding occupancy, falls and more. Not to mention, Vitality’s data wasn’t being updated in real time. Leaders sought a business intelligence solution that would present up-to-date, business-wide data in a visual format — all in one place. That led them to Senior IQ, a trusted solution designed for the unique needs of senior living. How Vitality unlocks actionable information with Senior IQ In our 60-second video with Lawhon, you’ll learn how Vitality now gains actionable information at the click of a button. Presenting real-time data in customizable, sharable dashboards, Senior IQ ensures Vitality’s data is accurate and readily available — allowing leaders to get fast answers to specific questions. Lawhon shares how this equips teams to make important decisions that move the needle. “The value for me is that we can make real-time changes to either resident care or staffing levels,” explains Lawhon. Watch the 60-second video with Vitality. How Vitality makes data-driven decisions with Senior IQ In our two-minute video with Vitality, Lawhon shares more examples of the organization’s success with Senior IQ — expanding on the power of making data-driven decisions. As Lawhon explains, Vitality now has impactful, real-time data which helps teams make decisions that improve resident care, staffing levels, revenue and more. “It has impacted resident outcomes along with giving us a competitive advantage,” says Lawhon, describing the value of Senior IQ. In the video, you’ll also see how leaving manual processes in the past — such as hand-keying data and sorting through spreadsheets — has saved Vitality’s staff a tremendous amount of time. Watch the two-minute video with Vitality. Connect with us Ready for a closer look at Senior IQ? Reach out to our senior living team with questions, or to book a personalized demo. And don’t forget, we have a full library of client testimonial videos that speak to the power of solutions across the Yardi Senior Living Suite! Watch more testimonial videos...
Making It Real
Can Holograms Enhance Work?
Holographic technology – once the stuff of science fiction, enabled with Nobel Prize-winning innovation, increasingly used in fields ranging from education and military planning to medicine and entertainment – is receiving attention as a potentially transformative workplace technology. Holograms are produced by an imaging process in which lasers capture and replicate objects into detailed three-dimensional projections of diffracted light that preserve the depth of the original physical source it displays. It is, one observer says, “the intersection of light and matter, designed to be observed from all perspectives.” The current state of the art comprises two laser beams collaborating to create solid light holographs in 10 billion pixels per square meter in ultra high definition. Hungarian-British physicist Dennis Gabor pioneered holographic technology, winning a Nobel Prize in Physics in 1971. Providing a ‘magic window’ Holographic technology “works like a magic window, where users can talk, gesture and make eye contact with another person, life-size and in three dimensions,” says Andrew Nartker, director of product management at Google, whose Project Starline aims to create 3D projections that give workers to appearance of speaking to each other across a window. Star Wars aficionados may have been introduced to holograms with Princess Leia’s distress call in the movie franchise’s first installment in 1977. An ABBA “reunion” in 2022 featured the band’s members projected as holograms. (Certain other concert projections of music legends reflected 2D images off a semi-transparent surface in an effect known as Pepper’s Ghost. Lacking depth and volume, they weren’t true holograms, contrary to popular belief.) Expanding business applications And now, this technology is providing new resources for the business world. For example, holograms can give retail shoppers 360-degree views of items. Models created with holograms help military decision-making by offering detailed visual assessments of...
Mixed-Use Success
Main Attractions
Already big in the retail sector, mixed-use projects have become increasingly popular for office developers. Mixed-use developments can deliver accelerated lease-up periods as well as command higher rents compared with standalone properties in the same market. And that’s not all. As some commercial property sectors, most notably office buildings and retail properties, continue to face challenges post-pandemic, investors are more and more attracted to mixed-use projects. Market experts say that the experience economy’s influence on the workplace is a key to retaining talent. It’s a trend that forward-thinking office owners and developers are cashing in on by integrating office space into mixed-use environments. Read on to learn more about key attractions of mixed-use, including what investors are looking for. New development drivers In a May 2022 article on wealthmanagement.com, Nihar Shah, vice president of development at Perseus TDC, an affiliate of Transwestern Development Company, spoke about what’s driving new mixed-use projects. According to Shah, “There are several drivers underpinning a boom in mixed-use projects. One of the main ones is the interconnectivity of uses within a larger master plan. Infill locations work in areas that have amenities already in place, but mixed-use developments create a new built environment in areas that were previously not developed or were underutilized…The new uses usually become a win-win for both investors and cities as they create more housing, retail and tax revenue. But in densely populated areas, a location near public transit is often critical to a mixed-use projects’ success.” Higher average office rents Research shows that office rents at mixed-use developments lease up faster and tend to be an average 24.7 percent higher than those in the surrounding submarket. Not surprisingly, large mixed-use projects are under development across the country and many have already broken ground. From...
Brody Masterson
Yardi Employee Profile
Yardi’s offices have many internship opportunities for those interested in learning about the technology side of real estate. Today, meet Brody Masterson, who joined the company for an internship five years ago and has been thriving at Yardi since. Brody and his wife, Ashton. Meet Brody Masterson Brody Masterson completed an internship in the summer of 2018 with Yardi. He completed his degree from the University of Oklahoma and graduated with a bachelor’s in management information systems. He then started working at Yardi full-time out of the Dallas office, making last month his fourth anniversary. Masterson is a senior technical manager for the residential Texas Practice 6 Team. Masterson spends most of his work resolving data issues for clients he is solely responsible for. When he is not working and meeting with clients, he works with his colleagues and team members needing assistance. Since stepping into the senior role with more responsibility, he has taken over critical topics for his team. “I’m readily available to answer any questions that my teammates have, or if they prefer, I’ll hop on a quick call with them to give them guidance on a case or insight over a Voyager functionality,” said Masterson. Yardi is a comprehensive software that takes time to learn the ins and outs. However, Masterson enjoys using not only his technical skills but also his consulting skills for the job. “There are numerous software areas that require either cloud knowledge, accounting knowledge, marketing knowledge, etc. So, it has been very beneficial learning from all these different areas,” said Masterson. Knowledge is Power Masterson likes the comradery and collaboration at Yardi. Even working virtually, he still feels the same vibes from working daily in the office. “Yardi’s culture is also very collaborative. There has always...
2023 Fall Multifamily Events
Discover + Connect
Planning to attend multifamily events this fall and winter? Chances are we’ll be there! This is a great opportunity to strengthen your industry connections and see how a connected system benefits every stage of your workflow. Explore this list to see how you can connect with us at every event. September: Multifamily Executive Conference Mark your calendars for the Multifamily Executive Conference from Sept. 26-28 in Dallas, Texas. This three-day event is a great way to get insights on how to sustain your organization’s success. Learn how to map out your next moves, collaborate with key industry players, advance business strategies and much more. Yardi is proud to be a Platinum Co-Sponsor for this event. Meet with us at booth 210 to make the most out of your time! We’re excited to show you how you can improve your workflows with connected solutions. September: NAA Cultivate Join us in an all-new event: Cultivate, Powered by NAA! Set to take place in beautiful Tucson, Arizona, Sept. 27-28, this retreat-style event is tailored to executives looking to deepen their networking and leadership skills. We are proud to be the NAA Strategic Partner and the General Session Sponsor for this event. Book a meeting with us in advance! With sessions and speakers designed to encourage, motivate and enable reflection, this event is a can’t miss for multifamily executives looking to enhance their people management and leadership strategy. October: IREM Global Summit This year’s IREM Global Summit will be held in Toronto, Canada, Oct. 9-12. As a proud IREM Industry Partner, we can’t wait to show you solutions to help you increase your NOI and drive efficiency. Join Yardi Aspire Industry Principal Patty Evans on October 12, where you can learn how to futureproof your workforce with a futuristic elearning strategy. We’re also proud to sponsor the IREM Gala and Afterparty. Join us as we celebrate IREM members and their accomplishments with a cocktail reception, dinner, drinks and awards. And don’t forget about the Afterparty, where you can wrap up a spectacular week with a fun dance floor. We’ll be happy to see you at booth 1 and 2, but feel free to book time with us in advance. October: Florida Apartment Association Conference & Tradeshow And who could forget about the Florida Apartment Association Annual Conference & Tradeshow happening Oct. 11-13? With numerous speakers and informative sessions to choose from, you can truly customize your time to your learning and networking goals. Yardi is proud to be a platinum sponsor for this event. Schedule time at booth 701 to connect with our team! October: NMHC Student Housing Conference Join us for the NMHC Student Housing Conference in Las Vegas, Nevada, Oct. 17-19. Gather and get inspired with other leaders as you learn and make connections that will shape the future of the industry. Plus, don’t miss Yardi Vice President Jeff Adler on the student housing market economic outlook panel. We are happy to be the Chair Circle Sponsor for this event. See us there at kiosk 3 — or book time with us in advance! November: NMHC OPTECH Conference & Expo Who says you can’t go to Vegas twice in one year? Also in Las Vegas, Nevada: the NMHC OPTECH Conference and Expo from Nov. 1-3. Join us and other leading voices in multifamily as we touch on the most important conversations around the future of multifamily tech and operations. We are pleased to sponsor the registration for this event. We’ll have more information as the event gets closer, but you can always book a meeting with us ahead of time. We can’t wait to see you in person! Curious to see where else we’ll be throughout the year? Check out our full list of events. If you’re interested in learning more about how our connected solutions can help your multifamily company improve NOI across your portfolio, let us know how...
Property Management Jobs
Opportunity Knocks for New Grads
Recent college graduates are now looking for entry-level jobs post-college after enjoying a well-deserved summer break. Here are some tips on navigating the job search for the property management industry. Understanding the current property management job market is vital for job seekers. Those looking to be property managers need to understand that factors like population growth, urbanization and shifts in housing preferences influence demand. Different property management roles include residential, commercial and community association management. Skills that employers seek for entry-level property management candidates include communication, organization, problem-solving and customer service skills. Networking and internships are vital to establish connections and gain practical experience in the industry. An effective property management resume is essential to stand out to potential employers. Make the resume customized. Tailoring the resume to each job application is necessary, aligning the content with the specific job requirements. Include relevant sections like objectives, skills, education, experience and achievements. Quantify the achievements by demonstrating impact. For example, “managed a portfolio of X properties” or “increased resident satisfaction by y%.” Highlight skills such as lease administration, maintenance coordination and software proficiency, especially with property management tools and CRM software. Online courses and certification for property management can enhance a candidate’s qualifications and knowledge. Look into certifications offered by the National Apartment Association Education Institute (NAAEI), such as Certified Apartment Manager (CAM) and Certified Apartment Maintenance Technician (CAMT). The Institute of Real Estate Management (IREM) courses and certifications, such as Certified Property Manager (CPM), provide in-depth knowledge of property management practices. LinkedIn Learning has many relevant courses that cover property management principles, real estate law and related skills. Speaking of online, an online presence can significantly enhance an applicant’s visibility in the job market. LinkedIn optimization will create a professional LinkedIn profile highlighting skills, experiences and aspirations in property management. Encourage connections with professionals in the industry. Create a personal website that showcases resumes, portfolios, blog posts and relevant projects and hobbies. Build an online portfolio showcasing achievements, property management projects and any other published content related to the field. This can help set you apart from other candidates. Be sure to clean up anything employers would frown upon, such as pictures from the latest Coachella festival or playing beer pong with friends at parties. As the field evolves, staying informed about industry trends is crucial in property management. Read up on industry publications and reputable magazines and websites like Multifamily Executive, National Apartment Association (NAA) and Yardi Matrix, which regularly publish articles and reports on property management. Read up or listen to industry-specific blogs and podcasts that cover topics ranging from technology advancements to property investment strategies. Look into upcoming webinars and conferences that property management professionals can attend to learn about the latest trends and network with others in the field. Networking goes a long way. Keep business cards from conferences to refer to when applying for jobs. In today’s world, it is all about who you know to get ahead or that inside connection. We hope this provides valuable insights and actionable advice that will help you succeed in securing entry-level jobs in property...
Weak Demand Hurts Self Storage
Yardi Matrix webinar recap
Self storage performance slumped in the second quarter of 2023, typically the strongest quarter, due to weak demand. That was among the top takeaways from a Thursday webinar hosted by industry leading data provider Yardi Matrix. You can view the webinar recording and presentation materials here. Among other key takeaways for the sector: Street rate growth continues to decelerate, as same store rates were down -4.6 percent in July One bright spot: operators were able to grow revenue by increasing existing customer rents (ECRI) The amount of new supply under construction Is moderating and likely won’t return to normal until 2025-2027 Investment activity is drastically reduced, with two notable exceptions (read on for details) “We’re in a kind of a 2017-2019 kind of world, where revenue growth is really off the back of ECRIs versus street rents,” said Jeff Adler, vice president of Yardi Matrix, during the webinar. Reasons that demand has dropped included the challenging single family real estate market, with interest rates for new purchases around 7 percent, and diminished mobility of American households post-pandemic. “Lower street rates are a result of weak move-in activity, with average REIT occupancy in Q2 2023 down 400 basis points from its all-time peak in Q2 2021,” states the latest self storage report. In July, overall national street rates (all unit sizes and types combined) dropped $1 to $141, down 0.7 percent month-over-month. Historically, rate growth is positive in July, averaging a sequential increase of 0.8 percent in the past seven years. While an anticipated recession has yet to fully materialize, Adler still expects that one will be in place by the end of the year, due to a lag time between Federal Reserve actions and the ultimate impact on the real economy. “We’re still in this period of time where you’re seeing strong economic growth, but we are seeing the beginning of the signs of a slowing trend,” Adler said. Self storage demand has historically been resilient, coming from a variety of sources, and growth rebounds quickly following a downturn due to month-to-month lease terms and flexible customer rate increase programs. But investor increased in the sector has also taken a hit in 2023, with two notable exceptions. Extra Space merged with competitor Life Storage in July. The combined company is now the largest storage operator in the country (based on the number of self-storage locations) with over 3,500 locations, approximately 270 million square feet of rentable storage space, and more than two million customers. Public Storage also announced last month that it has entered an agreement to acquire Simply Self Storage for $2.2 billion. According to the announcement: “The portfolio comprises 127 wholly-owned properties and 9 million net rentable square feet that are geographically diversified across 18 states and located in markets with population growth that has been approximately double the national average since 2018.” Aside from those significant moves, sales and M&A activity have plummeted, said Tyson Huebner, director of institutional research for Yardi Matrix. “It should be no surprise that transaction volume thus far this year has really fallen off the cliff. The number of properties sold in the first half of 2023, which doesn’t include those two portfolios, was down 56.6% from the first half of 2022,” Huebner said. Gain additional insights on self storage and the economy by checking out the entire...
Get Your Swag On
Build Brand Identity
Swag, a word coined in the 1940s by an advertising executive, is a way for a business to reinforce its brand among clients, prospects and employees. Swag encompasses a vast array of complimentary items ranging from pens, mugs and mouse pads to hats, water bottles, backpacks, specialized bags for carrying tech gear, exercise mats, calendars, magnets, coasters and much more. “Companies give out swag because it helps them create positive associations with their brands, increase employee morale, provide incentives to generate more business and encourage repeat purchases,” says Nectar, a provider of software used for employee recognition, retention and engagement. “Branded merchandise makes clients and employees feel like part of a team,” adds Goody, a platform for personal and business gifts. Data collected by the promotional products industry reveals the power of swag. For example, 72% of consumers believe the quality of promotional items reflects a company’s reputation. Fifty-three percent of swag recipients use a promotional product at least once a week, 60% will look up the brand online and 72% say the quality of a promotional item impacts their perception of the brand. Furthermore, 59% of employees who receive their company’s swag report a more favorable subsequent impression of their workplace. Tips for success Marketing platform P2P and online comparison platform top10.com offer tips for using promotional giveaways to your greatest advantage: * Make sure your items are durable, attractive, relevant to your business, employees and customers, and clearly branded. Carefully evaluate how the products and their branding will reflect your mission and identity. * Emphasize practical items like pens, mugs, USB drives, mobile phone covers. Not only are they regularly used, they may be shared beyond the original recipient and further expand your brand awareness. * Buy in bulk to gain economies...
OneGoal
Serving Metro Atlanta
Yardi is committed to supporting the community in every city where our offices are housed. Each year, the company distributes philanthropic aid to organizations selected by its employees. Introducing OneGoal Metro Atlanta, a nonprofit organization founded in 2016 with its headquarters in Chicago, founded in 2007. OneGoal transforms post-secondary advising and support so that every student can define their future. Alongside OneGoal’s partners, they are building a movement to close the opportunity gap. OneGoal Metro Atlanta works with regional partner schools to develop their knowledge and capacity resulting in more equitable and practical support for all students. Over the years, OneGoal has delivered real student impact. An independent study by the University of Chicago found that OneGoal students are about 40 percent more likely to earn their postsecondary degrees than students of similar backgrounds. In 2021, new data from the National Student Clearinghouse found that the national six-year college completion rate reached 62 percent. “Compared to their white peers, students identifying as Black or LatinX experienced an 18-25 percentage point college completion gap. This is not for lack of ambition or talent but for lack of opportunity and support,” said Tiffany Scott, senior director of development at OneGoal Metro Atlanta. These declines come just as postsecondary degrees or credentials are increasingly necessary for improving economic mobility. Unfortunately, Metro Atlanta youth are not immune to this national crisis and require an intervention that makes postsecondary degree attainment accessible for all. “Over the few years of our strategic plan, OneGoal-Metro Atlanta will focus on closing the gaps in degree attainment by delivering a solution that meets the diverse needs of Metro Atlanta students,” says Scott. She continues, “Our goal is to improve degree attainment for 2,000 OneGoal students by 2025. Our work over the next year...
Ready for Success?
See the Yardi Investment Suite
Why are many leading real estate investment managers increasingly turning to the Yardi Investment Suite? Because this end-to-end solution delivers: Efficiency through automation. Automation reduces double entry from timesheets and disparate data systems. It also enables investors to access reports and forms wherever and whenever they want. Automation factors into increasing portfolio size without adding staff. Yardi Investment Manager, an element of the suite, automates subscription agreements through e-signature, capital calls and distributions. “The Investment Suite makes life easier for our real estate investment team, and thus our clients, by eliminating the need to integrate and validate data from multiple sources,” says Joe Biddle, director of IT for Baltimore-based real estate investment manager ABR Capital Partners. Another example of efficiency comes from Holladay Properties. The full-service commercial real estate firm in South Bend, Ind., saw a five-fold increase in its investor base in five years. Keeping pace with that growth required greater efficiency in every area of the company’s business – which the Yardi Investment Suite enabled. “We not only succeeded in satisfying all client expectations. And we did it without needing additional staff,” notes Wills Gardner, Holladay’s director of capital planning. Success through centralization. Centralizing all communication, transactions and opportunities on the Yardi Investment Suite platform also serves to simplify the investment lifecycle. “We use Yardi Investment Manager to call capital, make distributions through waterfall promote structures and eliminate manual tracking of capital activity,” says Scott McGinness, CFO, of Cohen Asset Management Inc., a Los Angeles-based private real estate investment company. McGinness continued: “Our staff doesn’t have to spend time assembling information from disparate sources, then preparing and distributing it. They can direct their energies to more productive activities such as researching investment opportunities and strengthening client relationships.” All information, when investors want...
