On Oct. 6, Energy Efficiency Day addressed a topic with vast local, regional, national and global implications throughout the year. Yardi was pleased to observe the event with more than 800 local governments, universities, organizations, corporations and utilities. This year’s event coincided with the 30th anniversary of the U.S. Environmental Protection Agency’s (EPA’s) climate partnerships program, a collaboration between private and government organizations that has prevented more than 6 billion metrics tons of greenhouse gas emissions – more than all U.S. carbon dioxide emissions in 2019. “Energy efficiency is the cheapest, quickest way to meet our energy needs, cut consumer bills and reduce pollution. Energy efficiency is also an economic engine, supporting over two million jobs nationwide in manufacturing, construction and other fields,” according to the Energy Efficiency Day organization’s website. Energy Efficiency Day, an early-October fixture since 2016, promotes awareness by encouraging home and business energy audits, energy-saving competitions, success story sharing using the #EEDay2021 hashtag and more. Participants seek to promote easy-to-implement measures for businesses and individuals, including: Scheduling regular inspections for refrigeration equipment, furnaces, heat pumps and other equipment.Turning on computers, monitors, printers and fax machines only when they’re needed.Locating and sealing air leaks around the house. Even hidden drafts can hurt your energy efficiency.Staying cool in school. Did you know that the average 200-square-foot dorm room can generate as much greenhouse gas pollution as the tailpipe emissions of a car driven more than 2,000 miles? Consider setting rooms with individual temperature control a few degrees higher to reduce the cooling system’s energy use.Purchasing home appliances carrying the ENERGY STAR® label, which certifies adherence to strict EPA energy-efficiency standards.Turning off lights when leaving the room and consider swapping regular light bulbs for LEDs.Running ceiling fans clockwise and at low speeds during...

The NMHC OPTECH Conference & Expo returns as an in-person gathering Nov. 8-10 in National Harbor, Maryland. 2021 NMHC OPTECH, presented by the National Multifamily Housing Council, provides multifamily property owners and operators with tools and insight that will help them compete and prepare for emerging challenges in the pandemic’s aftermath. Yardi is a top-tier Chair’s Circle Sponsor of the conference. Booth 401 is “where success happens” for attendees, featuring demos of: REACH by RentCafe®, which improves marketing ROI with advanced digital marketing services including SEO, PPC, social media, reputation management and performance analytics.RentCafe® Home IQ, which increases revenue and efficiency with smart home automation.ScreeningWorks® Pro, which mitigates fraud risk by seamlessly incorporating credit reports, rental history, income and other publicly reportable civil or criminal data in the leasing process.The Yardi® Multifamily Suite, which drives better results with a single connected solution for property management.Yardi® Breeze Premier, an easy-to-use, all-in-one marketing, management and accounting platform. Yardi also plays a central role in several presentations, starting with the opening general session, “Here Comes the Sun! Industry Leaders Look Forward to a Brighter Future.” Richard Malpica, Yardi vice president and Eastern region general manager, will moderate a discussion with industry leaders from KETTLER, CAPREIT and RKW Residential about opportunities in 2022. Also on Tuesday, Nov. 9, Chris Lindish, director of the REACH by RentCafe digital marketing agency, will present an express session on “Marketing Data Exposed: Uncovering Metrics that Drive Results.” The day will close with a panel moderated by Michael Tuer, Yardi vice president and Central region general manager. Panelists from BH Equities LLC, Mg Properties and Draper & Kramer will discuss “How to Make Better Technology Decisions” and share their approach to evaluating new technologies and striking a balance between organizational goals and role-based...

Is your property ready for Gen Z renters? Gen Z has different housing expectations than any generation before them. A new study reveals their unique interests and goals. Renting to Gen Z requires appealing to their mindset. This may lead to a significant shift in how we view floor plans, services and amenities. Gen Z is already old enough to rent?! It’s true. The generation that feels like it was born 10 years ago is now entering adulthood. Members of Generation Z were born between 1996-2012 which means the earliest members are among your current prospects. This generation of 67 million people is one of the most racially and ethnically diverse to reside in the U.S. That suggests that there is a broad pool of features and amenities to keep in mind when renting to Gen Z — but there are a few unifying threads among the masses.    Gen Z: a generation of leaders In the “Meet Gen Z” infographic created by REACH by RentCafe, it cited data from Dan Schawbel which revealed that 81% of Gen Z aspire to be leaders. Specifically, 41% plan to be entrepreneurs. These data points suggest that many of your future residents will have big pursuits and their home must reflect their goals. To use this information to your advantage, think of services and amenities that cater to the entrepreneurial mindset. How might you enhance your business center? Might you transform a common space into an on-premises coworking center?Could you enter a mutually beneficial contract with a nearby coworking space?Might you build community through a local group for leaders and entrepreneurs?What events could show that you understand who they are? What local leaders or entrepreneurs might you invite to speak at events for your residents?How will your...

An amalgamation of several housing firms presented a unique challenge for one of Canada’s largest social housing providers. Each faction brought its own technology, workflows and data. After nearly two decades of managing disparate systems, it was time for a change. Host Tarun George, manager of Strategic Partnerships and Development, Ontario Non-profit Housing Association (ONPHA) led the Rethinking Social Housing Technology webinar. He was joined by panelists Luisa Andrews, vice president, Information Technology Services, Toronto Community Housing Corporation (TCHC) and Nick Davis, vice president, Professional Services, Yardi. The group discussed the challenges of bringing outdated systems into the modern age of integration, automation and simplicity in social housing technology. United but disparate TCHC was founded in 2002 after the amalgamation of other housing organizations. To manage its 110,000 residents across more than 2,100 buildings, TCHC relied on a piecemeal arrangement of technologies. At that time, employees struggled to see an integrated picture of the new organization. Over the next 16 years, frustrations mounted over inefficiencies and inconsistencies. Andrews joined the organization in 2018. She noted, “at that time, the technologies didn’t meet our emerging needs, so TCHC worked with developers to create custom solutions. There were a few attempts at accounting upgrades but there was no application portfolio strategy.” Andrews’ mission was to bring change that would help the organization thrive. Transformation begins at TCHC TCHC intensified its search for integrated and scalable property management technology. TCHC identified Yardi Voyager Social Housing as the best fit for their accounting and operational needs across their entire organization. To simplify their energy management strategy, they selected YES Energy. Adapting RentCafe Social Housing’s tenant portal, which would meet residents’ expectations for virtual communication and rent collection, is in TCHC’s future vision “It wasn’t just a tech transformation....

Yardi Matrix has been honored as a leading real estate analytics provider by Proptech Outlook, an industry publication that annually recognizes companies that are at the forefront of providing real estate analytics solutions and transforming business. In a forthcoming article in the Proptech Outlook magazine, Matrix vice president Jeff Adler dissects the paradigm shifts that have occurred for the real estate industry due to the pandemic and how they may influence ongoing investment. Investors need comprehensive, verified, and reliable data to make decisions that go beyond guesswork, which is why Matrix has so much value for investment professionals. “Essentially, Yardi Matrix’s function is to bring more transparency in formerly opaque markets. We exist to save time and effort for investment professionals while also ensuring that they are making the right bets at the right time,” Adler told Proptech Outlook. Using Matrix, investors can directly get the relevant insights regarding the commercial real estate market and its subsectors, and easily benchmark, predict, and compare the potential value from various investment opportunities in lesser time and with more precision. “Beyond acquisition and underwriting, the insights provided by Yardi Matrix can also be leveraged for brokerage, loan origination, portfolio management and reassessment, and even property development,” observes Proptech Outlook. Matrix clients have been able to achieve significant returns on their investments, aided by analysis based on factors like location, migration patterns, employment and more. Matrix also offers biannual live webinars that help keep industry professionals informed on the latest trends. “As the impediments of the pandemic alleviate further and investment professionals revamp their efforts, we will be ready to equip them with the latest insights regarding the property market to make more accurate investment decisions,” Adler said. Read the interview with Jeff Adler in its entirety on...

Search engine optimization: You know you should be doing it, but are you taking proactive steps to optimize your apartment marketing website? By now, the benefits of SEO for apartment marketing are clear. By optimizing your site, you make it more attractive in search, both to search engines and potential customers. When search engines like your website, they think it is trustworthy and answers relevant search terms. When customers like your website, they engage with it by visiting multiple pages and clicking buttons. Relevance and engagement cause your site to rise higher in search results, helping you build authority, reach more potential renters and fill more vacancies. Property management SEO may seem like an overwhelming responsibility. After all, every time there’s a significant algorithm change, new articles come out with tips and tricks designed to adapt to the changes. But what you might not realize is that SEO is intended to be more or less straightforward. If your website creates a good user experience by functioning well for all visitors and providing valuable information for your target audience, it should appear in search results. And for apartment marketers, the search results that matter are typically local ones e.g., “one-bedrooms in <city>” and “<neighborhood> apartments for rent.” With that in mind, here are a few DIY SEO tips for apartment marketing. Start making these updates today to see positive results in the long term. Optimize the metadata for every page Every page of your website should have an optimized title tag and a metadata snippet. This is what will show in search results. Google measure title lengths in pixels, not characters, but per Moz, it’s a good idea to keep your title between 50-60 characters. Meta descriptions can be any length, but Google generally truncates...

Say goodbye to Millennial Pink and hello to Gen Z Yellow! When it comes to Gen Z design preferences, this generation of renters has a style all their own. Check out the infographic and keep reading to learn how you can meet the visual expectations of your newest customers. Survey says REACH by RentCafe recently conducted a large-scale survey of Gen Z renters to gauge their sentiments about search, reviews, social media and design. The Gen Z design portion of the survey had 10,624 participants that answered four questions. Do you prefer bright and vibrant colors or soft and calm colors?73% prefer soft and calm colors27% prefer bright and vibrant colors Are you more attracted to lifestyle photos (of people and pets) or property photos (of buildings and outdoor spaces)?68% prefer property photos32% prefer lifestyle photos In design, do you prefer patterns and textures or clean, classic lines?70% prefer clean, classic lines30% prefer patterns and textures Which do you prefer: a website that loads quickly or a website with a lot of motion and animation?88% prefer a website that loads quickly12% prefer a website with a lot of motion and animation Other data Echoing the desire for calm colors and clean lines cited in the REACH survey, a Spotify trend survey conducted in 2019 found that 51% of Gen Z and millennial respondents think there is too much visual stimulation in the world today. Additionally, 64% believe online aesthetics have altered what their generation expects to see in the real world. What does this mean for property management brands? Your communities had better deliver on the experience promised by your website and other digital marketing channels. After all, the REACH survey found that Gen Z overwhelming preferred property photos to lifestyle photos, showing that...

Are energy efficient features the norm or the exception in your state? How can that impact your property performance and marketing? We’ve got the inside scoop for you as we dive into the latest report on energy efficiency by state. WalletHub report offers insights into energy efficiency by state Personal finance company WalletHub released a report that gathered and analyzed data from government agencies in the continental U.S. Researchers considered data on automobile and building efficiency. States were then ranked in those categories, as well as overall efficiency. Operating within a high-efficiency state has its benefits. The report concludes that household and community-level increases in energy efficiency “decrease long-term costs for everyone.” Increased efficiency translates into energy savings and more resilient buildings and cars as well.   Best and Worst Overall Utah ranked #1 in overall energy efficiency, receiving a score of 83.91 points out of 100.  New York was hot on its tail with 82.05 followed by Massachusetts and Minnesota. Rhode Island wraps up the top five most efficient states with 76.45 points. The south is home to the least energy efficient states, with South Carolina leading the pack with a 21.49. With increasing efficiency comes West Virginia with a 24.20 proceeded by Alabama, Tennessee, and Louisiana at 31.22. Best and worst housing efficiency Among residential properties, Utah re-appears on the list as most efficient at 83.91. This time, it is trailed by Minnesota, New York, Colorado and Vermont. South Carolina also reappeared on this list as the worst in-home energy efficiency. Alabama, Tennessee, Louisiana and Georgia were also nestled at the bottom of the list as well. While local incentives impact efficiency measures during development and construction, there are other ways to promote efficiency. Building operators can improve building efficiency through ENERGY...

After getting to know Gen Z, REACH by RentCafe investigated how these young renters search online and how they use ratings and reviews while doing so. Today, we’re sharing data related to one of the most notable and important aspects of this generation’s lifestyle: social media. All about social media, all the time Welcome to the world of social media, where Gen Zers are no strangers to the posts, snaps, influencers, advertisements, stories and hashtags that dominate these platforms. And how could these young renters not be well versed in the art of social media? They have grown up in the age of smartphones, tablets and computers. In fact, 95% of Gen Zers use a social media app or website at least once a week, while 33% claim they spend most of their time outside of work or school on social media. It’s important to grasp the prominent role social media plays in the lives of Gen Z so you can attract these young renters. After asking over 10,000 members of Gen Z to name their top 3 social media channels, REACH by RentCafe found that those most often chosen included Instagram (46%), Facebook (43%), YouTube (39%), TikTok (33%) and Snapchat (30%).Interestingly, this data informs marketers about what exactly Gen Zers are doing while on social media. Most of these platforms center around videos, meaning that Gen Z is spending a great deal of time seeking entertainment. In a survey, Gen Zers identified the three things they felt most connected with while using social media: entertainment, their friends and the world. Reaching Gen Z on social media So how can you attract Gen Zers using social media? We have a few tips to help you out: Use storiesDid you know that Instagram alone has...

We’re back with another event recommendation, this time for the CALA 2021 Fall Conference & Trade Show. If you’re ready to connect with senior living leaders — and discuss the future of the industry — this is the conference for you. Meet CALA The California Assisted Living Association (CALA) is dedicated to the betterment of assisted living, memory care and continuing care retirement communities. As the only association solely representing the state’s residential care facilities for seniors, they’re an industry leader. Their members include over 660 providers and 150-plus businesses, all supported through CALA’s leadership, advocacy and education. This year’s CALA Fall Conference is a great chance to reconnect with colleagues and re-engage your drive in senior living. More about the conference Filled with informative sessions and networking opportunities, the CALA Fall Conference attracts top decision makers, clinical staff, marketing professionals and more. It’s set to take place November 8-10 in Palm Springs, California. To explore the full show schedule, start here. CALA has an expansive list of their planned sessions. Note you’ll need to show proof of a COVID-19 vaccination to attend the CALA Fall Conference. Their updated list of health and safety protocols can be found here. Back to the event sessions! From learning how to move forward with your business given the pandemic’s challenges, to learning about today’s top technology solutions, the conference has something for everyone. You can find team Yardi throughout the 3-day event, too. Be sure to stop by Booth #37, where we’ll chat about the Yardi Senior Living Suite — our single connected solution for senior living providers. We’ll show you how tools like Senior IQ can drive your business forward. We’re also pleased to be sponsoring the Awards Celebration Luncheon, planned for November 10 at 12:30...

Smart home technology is our new reality. We’ve gone from remotely controlled lightbulbs to a whole universe of interconnected home goods that can be controlled from a phone. Smart home automation saves time and increases efficiency, improving resource management and security for both property management teams and residents. Renters in many markets are seeking out smart apartments, often willing to pay more for units with the right smart home tech. While smart home technology may seem like a simple appliance upgrade, it often offers data resources that have the potential to transform your business. Property managers use smart home tech to mitigate risk and get real-time insights that can ultimately streamline processes and improve sustainability at their communities.  We asked over 16,000 renters about smart home technology and their preferences in a survey on RentCafe.com. Although the technology is still relatively new, a full 48% of respondents said that smart home technology was somewhat to very important to them. Here is what we found. What today’s renters are looking for Many renters are beginning to consider smart home technology a necessity more than a luxury. Some features that are more important to them than others — including smart thermostats, automated lighting features, alarm/security systems and smart locks. While many of these features are for renters’ convenience, it is also for their security and safety. In our smart home survey, we asked respondents which features they desired most, allowing them to choose more than one option. Of the 16,590 responses, 35% wanted security cameras, 22% wanted digital thermostats, 18% wanted keyless access locks, 15% wanted motion or leak sensors and 10% wanted wireless lighting control. Worth noting, according to a 2021 study by Assurant, 47% of prospective renters say that smart home technology increases their...

The September jobs report clearly left something to be desired, adding just 194,000 jobs for the month. However, a brighter point is within that number: Nearly half of all of the jobs added in September were in the office-using sector. And, while many more jobs are needed to rebound to pre-pandemic levels, data from the CommercialEdge National Office Report is encouraging. Nationwide, office vacancy rates continued their slow trickle downward, falling 50 basis points (bps) in September to settle at 14.9%. Moreover, vacancy rates are still up 130 bps year-over-year. At the same time, the national average full-service equivalent listing rate for all office space dropped $0.10 over August figures. Even so, it still represents a 1.2% year-over-year increase. Specifically, 18 of the top 25 markets analyzed experience an increase in listing rates. They were led by Los Angeles and the Bay Area, which saw increases of 8.1% and 6.2% year-over-year, respectively, to $41.62 and $55.79. Meanwhile, listing rates in the Indianapolis office space market cooled ever so slightly over August figures, finishing the month at $21.09 — down 0.29% year-over-year. However, as the pandemic wanes and becomes more endemic, there are reasons to be optimistic regarding commercial real estate. In particular, big tech companies have been on a buying spree of large and high-profile office buildings. For instance, Google will exercise its purchase option at Hudson Yards in New York City for $2.1 billion; Apple purchased a trio of buildings in Cupertino, Calif., for $450 million; and Amazon continues construction on its $2.5-billion HQ2 headquarters in Northern Virginia. Notably, part of the motivation for purchasing commercial real estate is also driven by record levels of cash reserves at large technology companies. And, historically low interest rates combined with record profits means that commercial...

Single-family rentals (SFR) are currently thriving. Last year alone brought $8 billion in new investments, and activity through this year exceeds that pace. Activity is especially rapid around the metros of the southeast and interior U.S. The regions’ low taxes and high land availability attract developers while renters enjoy the low cost of living and a higher quality of life. But can the SFR market growth last as Americans return to the cities from which they fled? What caused the boom in single family rental popularity? The popularity of SFR is threefold. The industry has been steadily gaining momentum since the onset of the Great Recession. Empty nesters composed a significant demographic of early adapters. They aimed to downsize and decrease maintenance without losing the private space they’d grown to love. Millennial families with freelance jobs or with telecommuting options made up the second largest faction of renters in single-family homes. Fast forward about a decade and single-family rentals received another boost in demand. The pandemic served as a catalyst for the recent spike in interest as many Americans opted to leave congested cities for roomier suburbs. Small scale investors made up the bulk of property owners in 2018. By 2020, the landscape began to change. In addition to mom-and-pop operations, builders quickly gained interest in rental assets. Analysts estimated that the pandemic accelerated built-to-rent space by 5 to 7 years. About 10% of SFR are now built-to-rent properties and 12% of current single-family construction is designated for rentals. Trepp reports that 2020 was the most active year for SFR securitizations in U.S. history. New issuance topped $8.3 billion, about a 99% increase from 2019 and a 9% increase from 2018’s previous record-high. Into mid-2021, Trepp recorded $3.1 billion worth of newly securitized SFR...

Ready, set, go! End the month of October with a virtual run or walk that supports higher education. It’s a fun and healthful way to support future real estate industry leaders.  IREM Virtual Fun Run + Walk 5k The Institute of Real Estate Management (IREM) is hosting its annual race to support the development of real estate management professionals, the IREM Foundation Virtual Fun Run + Walk. You can participate regardless of where you live or how you choose to get around: whether you’re in a wheelchair, walking, jogging, running or anything in between, this race is for you. Register to participate in either a 5k or one-mile event. Once registered, you will receive a digital bib. (You can also jazz-up your participation with merch, a great way to promote the cause while you’re on-the-go.) You can then complete your distance at any time between October 22- 31, 2021. After completion, you will receive your race results along with a printable virtual medal. We encourage you to take a picture during your race, jot down your completion time and share the event on social media. Use the hashtags #IREMFunRun or #IREMFoundation to share your experience with other supporters and participants. By participating, you can help communities thrive The IREM Foundation believes that well-managed real estate leads to thriving communities. To create these safe and prosperous spaces, the organization creates scholarships to ease the financial burden on members who want to further their education. You can help! All proceeds from the race support IREM Foundation scholarships and programs to elevate diverse leaders. Yardi is a proud sponsor of the foundation, which provides tuition assistance for up to three certification courses. Scholarship recipients have demonstrated commitment to a career in real estate management. Through your participation,...

With a range of industry events taking place this year, it’s an exciting time for senior living providers. There are several opportunities to learn, network and grow.  We’re here to share an upcoming event — an impactful conference that joins health care leaders and senior living executives. Check out the NIC 2021 Fall Conference: Investing in Seniors Housing & Care Properties.   The conference will take place on November 1-3 in Houston, Texas and is welcoming attendees in person. Yardi is pleased to be a sponsor of the event, as we partner with NIC to drive transparent data in the seniors housing sector. We hope you’ll attend to get an inside look.   Come together at NIC 2021 The 2021 conference marks the association’s first in-person event since the onset of the pandemic. With the goal of reuniting thousands of providers and stakeholders, NIC is gearing up to make this their best conference yet. It’s an exceptional opportunity to learn from business leaders across the industry. Specifically, the 67% of attendees who are senior-level executives. How can you drive your business forward now — and in a post-pandemic world? What new approaches can you take to care for residents? The 3-day event will be packed with discussions and answers. Note that NIC is requiring proof of vaccination to attend. You can explore the full scope of their health and safety measures here.   See what’s in store  Attendees can expect three days of educational programing focused on a variety of topics. If you’re ready to hear insights and perspectives from industry leaders, policy makers and more, this is the conference for you. According to NIC, topics will include: Capital for operationsDebt market trendsCase for investing in seniors housingForgotten middle marketMacroeconomic and capital market trendsPolicy...

Want to know what Canadian tenants want? Results from the sixth Multifamily Tenant Preference Survey are in! Yardi Canada is a proud sponsor of this annual survey that garnered feedback from more than 36,000 tenants. Survey results were presented by Amy Ericson, Global President, Avison Young Investment Management. Her presentation offers the inside scoop on the features and amenities that are worth your investment. Understanding what tenants want, made easy Multifamily Tenant Preference Survey responses represent a nice blend of tenants, with over half of the respondents seeking homes in urban areas and the remainder in outlying areas. Let’s start with the basics. Inside a unit, tenants’ three top preferences include: Elevator AccessBalcony/ Private Outdoor SpaceAbundant Natural Light To find their ideal units, over 50% of the respondents found their rental unit through electronic means such as an ILS or property website. About 70% of renters visited the landlord’s website, and almost half said it influenced their decision. Once on the site, they checked out available photos, floor plans and tour options. Though 60% of tenants are interested in virtual tours, they still want to visit units in person. Tenants want fun close to home Commutes are a thing of the past. Tenants want to be close to the action. This reflects the returning trend of the 15-minute city and may inform future property investment decisions. On-premises programming is in high demand. Renters wanted events and activities within their communities. There is no need to guess what type of programming they’re into. Respondents’ top preferences still surround health and wellness. Such programming is a terrific way to build a sense of community amongst neighbours, a key retention strategy. This helps to fill a void that many renters felt: about 40% of respondents wanted an...

Two major Canadian real estate conferences took place virtually in September. RealREIT focused on the impact of COVID-19 on real estate property classes while the Canadian Apartment Investment Conference offered owners, managers, developers, investors and others insight into the multi-unit residential market. Here are some key takeaways. Economic mixed bag. Although Canada has a high vaccination rate, global markets and supply chains are being impacted, a potential harbinger of a global slowdown. Rising automobile prices are contributing to inflation, which the Bank of Canada forecast at about 3% into 2023, above its 2% target. By summer 2021, thanks in part to Canada’s high vaccination rate, households began to spend the savings they amassed over the previous 18 months. In July, the country added 94,000 jobs, dropping the unemployment rate. “With the reopening of the economy and the strong progress on vaccinations have given us reason to be more optimistic about the direction of the economy,” said Bank of Canada Governor Tiff Macklem. Uneven REIT performance. Prior to the pandemic, the Canadian real estate investment trust sector was booming, with the S&P/TSX Capped REIT Index reaching its highest value in 10 years. The sector has been battered since then and some REITs haven’t fully recovered. ESG acceleration. REITs have significantly expanded their commitment to environmental, social and governance practices in recent years, including environmental initiatives and renewable energy. REITs are also increasingly strengthening ESG performance transparency and accountability. “Rather than distract from it, the health issues are elevating the overall concern over ESG risk in the medium and long term,” said Sasha Njagulj, global head of ESG for CBRE Global Investors. Return-to-work options. The Delta variant caused many companies to postpone calling employees back to work. Some companies are devising hybrid, flexible work arrangements. Analysts...

The Buildex Amplified conference took place recently as a combined live and online event. A Yardi-hosted session, “Mastering Procurement Through the Power of Technology,” moderated by Heather Brady, national sales director for Yardi Canada Ltd., addressed software solutions used to automate invoice processing and manage vendor relations. The panel featured leaders from QuadReal Property Group, Ronmor Holdings Inc. and Wesgroup Properties LP. The session made clear to more than 100 virtual attendees, most of whom were vendors, that procurement technology is a crucial topic for the industry. Here are some highlights from the session: Changes in vendor management Wesgroup and Quadreal shared with the audience that they replaced paper cheques, invoices and work orders with an online portal, which improved vendor communication and enabled their teams to resolve disputes more efficiently. Sandeep Manak, Wesgroup’s CFO, said, “You’ve never heard of a vendor that doesn’t want to get paid quickly.” By generating better spend visibility and standardizing forms and processes  Yardi Procure to Pay “improved our vendor relationships. We are seeing their expectations change because of this.” Increasing organizational efficiency Panel participants reported that with fewer people doing more tasks in more locations, they needed a flexible platform that was accessible from remote locations. Christine Williams, vice president national operations and administration, residential, QuadReal Property Group, said, “Any technology we adopt must comply with our Single Sign On mandate and integrate with other solutions we use. Our IT group first evaluates technology we are considering ensuring it meets our security and functionality standards.” In addition, she noted, “we wanted to lower the number of touchpoints in our RFP process.” Shifts in vendor payments Wesgroup now executes up to 95% of its payments by EFT. “When the pandemic happened, our vendors were forced to switch [from...