Step aside millennials, the largest generation ever is ready to rent. The oldest members of Gen Z will ring in their 25th birthdays this year, and this tech-savvy group is quickly becoming the fastest growing renter demographic. Coming of age in the era of smart phones and social media, Gen Zers are highly skilled and have even higher expectations compared to previous generations. By now, you probably know the basics about Gen Z, but as the up-and-coming generation of renters, it’s critical to dig deeper. To appeal to these “digital natives,” you must first understand their habits, values and lifestyles. Lucky for you, REACH by RentCafe is taking a closer look at Gen Z characteristics and will be sharing its research data with you in a series of infographics. But first, let’s understand who exactly these Gen Zers are. Gen Z’s top 3 characteristics Gen Z is made up of independent and entrepreneurial thinkersMost Gen Zers were raised by members of Gen X. As parents, Gen X tend to favor autonomy and entrepreneurialism, values they have passed on to their children. Members of Gen Z celebrate their independence and ability to express themselves, and they don’t have the perception that things will just go their way. They aspire to become leaders, and 41% plan to become entrepreneurs. More than others, this young generation seeks to create success instead of expecting it. Gen Z values diversity and societal changeWhile Gen Z is the largest generation yet — roughly amounting to 2.46 billion people in 2019 — it is also the most diverse. According to the Pew Research Center, in the US, 52% of Gen Zers are non-Hispanic white, 25% are Hispanic, 14% are Black, 6% are Asian and 5% are other.They’ve also experienced and embraced...
Single-Family Rentals Heat Up
Hot Segment Gets Hotter
It’s been a great year for single-family rentals (SFR). Both the institutional single-family rental and build-to-suit segments have performed well despite the challenges of the pandemic. Influences on the single-family rental market One of the first notable booms in SFR followed the Great Recession. Families sought the benefits of homeownership, which include but aren’t limited to space, privacy and land. Simultaneously, they avoided a mortgage crisis and the responsibilities of home maintenance. Fast-forward a little more than a decade and SFR have surged in popularity again. Though there is no strong correlation between population density and viral spread, many Americans fled cities due to COVID-19. They relocated to less populated areas. Families that were priced out of homeownership as well as those who wanted to avoid its responsibilities rented homes in the suburbs and rural areas. The momentum of this trend continues as families savor the benefits of single-family living. Institutions are investing in single-family rentals SFR compose about one-third of the 46 million rental homes in the U.S. Traditionally, the majority of those rentals (nearly 98%) are operated by individuals and small businesses. We are currently witnessing a shift as investors with deeper pockets enter the market. Institutions are heavily investing in SFR. More than $10 billion are scheduled to bolster the segment in the next several years. Industry powerhouses such as Lennar Corp and Greystar Real Estate Partners are investing at least $1 billion each. Newer organizations, such as American Homes 4 Rent and NexMetro are also major players in the built-to-rent sector. Rather than sifting through rental homes scattered throughout communities, renters will be able to enter entire neighborhoods of built-to-rent houses. Such communities compose nearly 12% of current single-family construction. The latest data on single-family rentals Though the pandemic contributed to the growing success of the sector, SFR aren’t a pandemic-dependent trend. Since 2016, SFR rent growth has exceeded that of conventional multifamily rentals. Through mid-year 2021, SFR had improved to 6.4% nationally. Occupancy rates were at 94.3% nationwide. Though rents are performing well overall, secondary and tertiary markets have experienced the greatest growth in the last two years. There are currently more than 12,200 SFR units under construction in 50-plus unit communities. More than two-thirds are being constructed in secondary markets. The remaining are in tertiary markets. Yardi Matrix reports no SFR communities are under construction in gateway metros. The Southwestern region leads in construction with 4,896 units followed closely the Southeast with 3,978. Phoenix is home to the most existing SFR in communities with more than 50 units (about 6,000). It is also where most construction is taking place, a 2,500-unit slice of the 12,200 built nationwide. Jacksonville, Charlotte and Houston each have about 700 units under construction, with Atlanta expecting 544 units. The Midwest pipeline consists of 1,716 units and the West reports 1,522 units. The Northeast lags with 132 units. Single-family rentals demonstrate staying power SFR have been a growing segment of the rental market since 2009. The surge in built-to-rent homes indicate that investors are committed to the benefits that they are receiving. They have the ability to control their brand and the renter experience from start to finish. They can also focus on a large number of holdings in fewer locations. Analysts propose that investors will enjoy improved liquidity, since there are more potential market participants with single-family construction. Download the complete Yardi Matrix single-family rental...
Streamline Unit Turns
Improve Your Maintenance IQ
Want to improve your net operating income (NOI)? Consider your turn process. Whenever a unit is unoccupied, you’re missing out on income. Vacancies during the turn process are no exception. By decreasing the time that it takes to turn a unit, you can maximize your income and support better NOI. Below are a few practical tips to help you expedite turns, save time and money. Expedite services with cloud-based, integrated property management software. Y Problem: You’re currently managing turns on paper, spreadsheets or client-server applications. This means a lot of manual data entry, printing, slower communication and wasted time. All of those delays result in a longer timespan to complete work orders and get new residents into units. Solution: Reduced turn time starts in the leasing office. Gain full visibility into your site with cloud-based property management software that integrates with your maintenance and procurement solutions. This powerful combination automates processes from the second that your resident gives notice. Automation and integration can help you reduce vacancy days and increase net rental income. Help techs save time and money with mobile-ready software. Problem: Your techs waste a lot of time trekking back and forth between the leasing office, stockroom and units. Their progress on work orders is a mystery throughout the day, and it’s difficult to determine where you can find greater efficiencies during turns. Solution: Fewer trips to the leasing office, stockroom and store mean more time saved. A mobile maintenance app empowers techs to connect to the cloud, log work order progress, completion and images while on the go. Transparency into the turn process allows you to identify where additional training or greater efficiencies may be helpful. A customized online catalog takes the errors and guesswork out of procurement. Problem: Maintenance techs rely on outdated techniques to log the products needed to complete work orders. As a result, they sometimes request the wrong parts or incorrect quantities. Trips to local stores deduct time from working on units. To further complicate the process, prices and availability vary by location. Solution: Curate an online catalog of common products needed at your property. This makes it fast and easy for maintenance techs to submit requests for the correct product. You can also streamline orders to ensure they get the best deal with the approved supplier each time. Using a mobile app, techs can then submit requests for required materials using the curated list. They can immediately log what they need while in the unit rather than waiting until they get back to the office. A live list displays the correct product type and quality, resulting in fewer errors, more consistent pricing and more time saved. Backordered item? Techs can automatically log the information to keep the front office and residents up-to-date. When the techs get the right products in a timely manner, you can turn your units faster. Simplify approvals while maintaining control of the budget. Problem: It’s a struggle to control spend while maintaining a quick approvals process. Solution: Enhance policy compliance with pre-approved products. Managers can then quickly approve orders with greater confidence using a mobile procurement app. There is no need to make frequent trips to the office, sign paper checks, or delay orders with paper processing. Join a free webinar to learn how you can speed up turns and reduce...
Gain Resident Feedback
With RentCafe Senior Living
A recent article by McKnight’s Senior Living relayed the findings from an interesting Activated Insights report. Surveying 63,807 senior living residents and family members, the report revealed the consequences that arise when operators fail to check the pulse of their communities. And to effectively stay in tune with their communities, operators need to collect resident feedback — meaning residents need a secure way to communicate their wants and needs. Blind spots for senior living operators According to the report, senior living operators often miss the mark when it comes to measuring resident experience. And as communities reopen after pandemic closures, measuring resident satisfaction is more important than ever. Here’s what Activated Insights found: In communities with a lower net promoter score, the data shows that word-of-mouth referrals are low — and resident move-outs due to dissatisfaction are high. Net promoter scores, a measure of “customer” satisfaction, largely affect a consumer’s perception of an entire brand, according to Activated Insights. For senior living operators, a low net promoter score can negatively impact how prospects view their communities. The report revealed that blind spots are costing senior living organizations up to $225,000 of earnings, or $2.8 million of value per community. “With 2021 average net promoter scores for seniors housing averaging a negative eight — on par with CVS / Cigna / Comcast customer experiences — CEOs are missing the data to forecast profitability,” relayed McKnight’s Senior Living. While some organizations do check the pulse of their communities to ensure they’re on the right track, for those that don’t, these challenges may be unavoidable. What can they do? Activated Insights suggests establishing customer engagement scores by surveying residents and family members in real time. This means senior living providers need the right channel and a secure, seamless method for collecting feedback. Gain feedback through a secure online portal Yardi RENTCafé Senior Living is a secure online portal that helps families stay connected. A primary benefit? A survey feature that allows residents and families to submit feedback whenever, wherever. By offering residents a way to provide confidential feedback, senior living providers access crucial information at the click of a button. This creates the ability to measure resident satisfaction, prevent move-outs and manage their community’s reputation. In essence, RentCafe Senior Living helps providers turn feedback into actions — and improve operations across the board. Curious about the portal’s other key features? Here are four additional benefits of RENTCafé Senior Living: Keep families informed with health data, such as medications and vitals, available in real time from Yardi EHRAllow residents and families to electronically sign and manage documents, review financial statements, make bill payments and submit maintenance requestsMake announcements, post comments on a bulletin board and exchange secure messages right from the portalCreate a calendar of activities where residents can sign up and their loved ones can see they’ve attended As the pandemic has largely affected senior living communities, it’s imperative for providers to check in with their residents. With a secure online portal — one equipped with a convenient survey feature — providers never miss the chance. To learn more about RENTCafé Senior Living, connect with...
Team Works
Breeze Sales Spotlight
When do you know you’ve found the right job? Many employers offer competitive compensation. Stand out companies encourage, support and celebrate the personal and professional development of their team. Add in a company culture that nurtures clients and community relationships and you’ve got the Yardi Breeze sales department. Staying connected The team consists of about 140 members servicing both Breeze and Breeze Premiere. They are responsible for positioning and selling the software to companies that specialize in managing real estate assets within targeted markets. Yardi Breeze sales team members represent at an in-person trade show event. Team members reside throughout the U.S. including Santa Barbara and Oxnard, Calif., Salt Lake City, Dallas, Irving, Texas, Long Island, N.Y., Raleigh, S.C. and Atlanta. Though far apart, team members share common goals and support one another’s progress. What prompts a 14-year career with Yardi? Mark Coverdale, director of Sales, began with Yardi 14 years ago. “I was excited to start a career in software sales. Once I was at Yardi, I knew this was a place I could be for many years.” The collaborative culture appealed to Coverdale. “In addition to collaborating with other departments, our sales teams meet regularly to give each other advice and guidance regarding sales opportunities, how best to take care of clients, and sharing success stories that we can all benefit from.” He was also drawn to the relationships that Yardi fosters with its clients. “In our industry, we cannot ‘sell and run,’ nor do we want to,” says Coverdale. “We take great pride in building partnerships with our clients. Sometimes the sale is just the start as we continue to build and nurture relationships that last for years.” Client feedback prompts product development, which in turn creates better products and happier...
Leading the Market
Westcorp Talks Strategy
For more than 35 years, Westcorp Property Management Inc. has focused on spaces and places that bring out the best in people. It creates, invests in and manages residential, commercial, hotel and mixed use properties. The company is based in Canada and has properties both in Canada and the U.S. It’s no surprise that a portfolio of this size and diversity relies on technology to help its prospects, tenants and team be successful. Recently we had the chance to speak with Uryelle Dimailig, Marketing Manager at Westcorp, about some of the tools and strategies the company uses to support its residential properties. Keep reading to find out what makes a strong marketing and leasing strategy, how to get the most out of it and who else can benefit from these tactics. If you are currently advocating for any kind of marketing technology at your property management business, this interview is a must-read! What elements are critical to a strong marketing and leasing strategy for residential properties? Digital marketing is important. You have to keep up with how consumer search behaviour is changing. Five years ago, we could put everything on the ILS and get leads that converted. Now, it’s much more competitive and your apartment listings don’t get much exposure on ILSs unless you pay to promote your listings on them. An opportunity that is often misunderstood is that those ILS dollars can be the same investment as a PPC campaign. We’ve found that building a digital leasing presence through property websites, SEO and social media brings in more leads. For us, a RentCafe website is an essential marketing and leasing tool. Because it’s integrated with our Yardi Voyager database, our website can show renters accurate availability, current rates, floor plans and all the...
#APTeamsDay
Celebrating Onsite Teams
We are excited to celebrate the second annual Apartment Onsite Teams Day on Wednesday, July 14! This day has been designated by the National Apartment Association to applaud onsite property teams across the country for their daily contributions to resident happiness and industry success. Extending our gratitude Onsite team members keep apartment communities together. In many instances, they have guided, led, and sacrificed for the sake of their teams throughout the pandemic. On this day, we want to express our thanks to onsite team members for all they do for residents, guests and teammates. They have been our first-responders and essential workers during this challenging time, allowing for continued success and safety through it all. On this #APTeamsDay, Yardi wants to recognize the difficult conditions that onsite team members across the country have faced over the past year and thank them for their continuous hard work and dedication. How to celebrate #APTeamsDay Apartment Onsite Teams Day celebrates team members such as leasing agents, maintenance staff, administrative assistants, concierges, landscaping teams and more. One way to express your gratitude is to recognize the work these team members do daily and thank them for being onsite during a global pandemic. Our onsite team members have had to go above and beyond to adapt to new conditions, while risking their own safety to prioritize that of their residents. Honor leasing agents by thanking them for being the face of the property and quickly pivoting to create new, safe customer experiences for renters. Thank your maintenance staff for working tirelessly over the last 16 months while people were home more than ever before. If you have the ability and budget, you might think about treating team members to a coffee or lunch. In one example from last year,...
Will Telehealth Be
The New Normal
Before the pandemic, telemedicine – defined by the American Academy of Family Physicians as the use of technology to deliver care from a distance, with telehealth comprising the technology and services providing that distance care – reached only about 4% of the patient population. With distancing mandates and stay-at-home orders in place in April 2020, the practice accounted for more than 43% of primary care visits, up from less than 1% two months prior, according to the U.S. Department of Health and Human Services. In March 2020, less than 20% of the population had experienced a telehealth appointment; about 61% had a year later. Sustaining patient care While telehealth doesn’t apply to procedures such as biopsies, lab tests or vaccine injections, its use of mobile devices, live audio and video, and smart digital tools enables follow-up visits, medication instructions and consultations in areas ranging from diabetes and dermatology to mental health. “We are not using technology to replace the doctor-patient relationship. We’re using technology to supplement and support that relationship,” says Deidre Keeves, director of connected health for UCLA Health in Los Angeles. Ada Stewart spoke to telehealth’s benefits for her family medical practice in Columbia, S.C, during the pandemic. “People were able to receive access to healthcare. We were able to reach out to our patients who were afraid to come into the office to be seen. It really afforded that opportunity to still take care of our patients and do so in a safe way,” she told HealthDay News. So will telehealth – which by one estimate could account for more than $100 billion of U.S. healthcare spend by 2023 –maintain a central role in medical care delivery? Or, absent the pandemic’s extraordinary circumstances, could it fall into relative obscurity? Could turn...
Housing + Self-Sufficiency...
I Rise, from New Directions
Access to affordable housing can be a life-changing experience for residents, especially when residential units are paired with social services. HUD’s Family Self-Sufficiency (FSS) program is a perfect example. The goal of FSS is to transform individuals and families by stabilizing housing and providing services like childcare, education, physical and mental health, food and other tools to overcome barriers to increasing income. New Directions is a mission-based affordable housing provider based in Louisville, Kentucky. HUD recently approved New Directions to administer FSS for residents living in seven of its properties. New Directions calls its FSS program “I Rise,” a title inspired by the poem “Still I Rise” by Maya Angelou. New Directions is led by Bridgette Johnson, its chief operating officer. Bridgett studied the success that public housing agencies (PHAs) were having with FSS and found that most of the FSS graduates she spoke with had moved on to home ownership, started their own business, or both, within a few years of graduating from the program. Inspired by those success stories, Bridgette created I Rise for New Directions, and conducted extensive fund raising to pay for staffing. FSS does not pay administrative fees for affordable housing providers, a significant difference from PHAs’ ability to pay staff with a portion of FSS funds. Solving the “Benefit Cliff” Affordable housing and social services workers often refer to the “benefit cliff” as a metaphor to describe how access to programs can suddenly be taken away when participants’ incomes rise. That can cause households to lose access to support before they are entirely self-sufficient. Under FSS, participants can maintain enrollment in social services even as their income increases. FSS prevents participants from falling off the benefit cliff by requiring households to save a portion of their increasing wages...
Showing Occupied Units
Every Day Counts
When it comes to increasing revenues, decreasing vacancies is a no brainer. Keeping units occupied with optimal rent flow is a foundation for good performance. One way that you can limit vacancies is to list units as soon as you know the current renter will not renew their lease. Listing rentals while they are still occupied can offer significant benefits if you’re able to work through the challenges. Why list an occupied unit? Historically, property managers list an empty (or soon to be empty) unit. When the desired unit is occupied, prospects are instead shown a beautifully decorated model. Today’s renters, however, have different expectations. They want to see the exact unit that they plan to rent. Renters are more likely to sign a lease when they know exactly what they’re getting. But that’s not the only reason to list an occupied unit. Listing an occupied rental comes with these benefits as well. Listing a unit before the current tenant moves out minimizes the risk of vacancy, which leads to uninterrupted cash flow for you. The average cost of vacant unit is up to $1,750 per month, according to SmartMove data. Other sources estimate costs anywhere from $1,500 – $5,000 per month. That’s money to bolster your bottom line. When you list a property before it’s vacant, you may find a renter more quickly and skip paying utilities during the vacancy period. That translates to money saved. This is especially important for properties in the hot and humid south and southeastern U.S. In these regions, drywall is prone to mold and mildew when central air conditioning is shut off. Additionally, you could skip transferring the utilities to and from the property account during periods of vacancy. You have better things to do with your time than sit on the phone with the utility company. Time is money, and you’re saving both when utilities are switched seamlessly between renters. Challenges of listing an occupied unit Listing an occupied unit can be a huge time and money saver. To receive those benefits, there are a few challenges that you may have to overcome. Listing the occupied unit requires collaboration. You’ll need the agreement of the occupant to photograph or record the unit for a virtual tour. You may choose to offer an incentive to motivate renter participation. Remember: you only need to do this once, as you can reuse images of the furnished unit in the future. An occupied space may limit marketing options. This is particularly true for single family rentals. With signage, you risk a passerby ringing the doorbell to inquire about the property. Without signage, people passing by may not know the home is for rent. When you skip signage, a strong online marketing plan is essential. Consider advanced search marketing services to boost leads by up to 160%. The occupant’s furniture placement may not optimize the square footage of the unit or show off its best features. A couch covering an unused fireplace or a bedroom overstuffed with furniture are just two challenges of a home that isn’t professionally staged. Depending on the occupant, you may negotiate rearranging a few things. Should you show an occupied unit? There are a lot of variables to consider if you choose to show an inhabited rental. First, consider if it’s necessary. In high demand markets, renters may be willing to sign a lease without a live tour. That will save you time, money and hassle. Get the latest report on your market’s performance. If showings are an essential part of moving inventory in your area, consider the following: Pets may adversely impact showings. Per the Allergy and Asthma Foundation of America, about 30% of Americans have pet allergies. Prospects may be put off by pet odors and noise as well. Make arrangements for pet-inhabited units. Resident cleanliness is difficult to manage. A messy rental may be a deterrent to...
Single Family Rentals...
The latest frontier
Is there a market for renters who want it all? Privacy, outdoor living space, a manicured lawn and financial flexibility are available to renters of single-family homes. Research reveals that interest in single family rentals has been growing since the Great Recession. The pandemic further ignited demand, as demonstrated by a surge in the construction of single-family rentals. As the market develops, specialized technology is necessary for smart growth. Industry powerhouses set their sights on single-family rentals In mid-2020, the first wave of institutional buyers made their mark on the industry. During Q1 2021, they continued the trend by purchasing nearly 55,000 homes, according to Redfin data. Built-to-rent single family homes are also taking off. New York-based Trepp real estate analytics firm reports a 66% increase in single-family homes built to rent. Both homebuilders and apartment companies are entering the market. Builders such as Lennar Corp., the largest homebuilder in the nation by revenue, and multifamily behemoth Greystar Real Estate Partners are investing in single-family houses. Mike Clow, executive director at Greystar, aims to increase investment in the division by a noteworthy 1,566.66% percent by 2026. Operator Invitation Homes announced that it will spend $1 billion in single-family home acquisition in 2021, per an interview with Business Insider. While major players are pumping major dollars into the sector, small landlords still own the majority of single-family rentals. Only about 6% of new homes are built-to-rent. Single-family rental data by Yardi Matrix The demand for single-family rentals is reflected in the strength of rents and occupancy. Yardi Matrix reporting now includes insights into built-to-rent single-family communities. Data is compiled from more than 90,000 units in 700 communities nationwide. Single-family rentals (SFR) thrived during the pandemic. The industry recorded a powerful 7.3% year-over-year (YoY) rent...
Changemakers Series
Meet Doug Leidig
To earn a spot in this year’s Changemakers class, you have to be a special type of leader. It takes a natural catalyst for change — and someone who’s an exceptional visionary in the senior living industry. That describes Doug Leidig, president and CEO of Asbury Communities. Since joining the Maryland-based nonprofit over 20 years ago, Doug has dedicated himself to enhancing the lives of seniors. And since becoming president and CEO in 2015, he’s implemented fresh ideas to transform Asbury into a diversified aging services organization. His drive and innovation earned him the Changemaker title for 2021. Brought to you by Yardi and Senior Housing News (SHN), interviews are conducted with Changemakers like Doug. This gives you an inside look at their path to leadership, plus a chance to access their advice and expertise. In the below excerpt from Doug’s SHN interview, you’ll learn how he’s creating a lucrative future for Asbury Communities. Doug also talks about how he’s pushed through obstacles in the face of change. Can you walk me through the evolution from a CCRC provider to more of an aging services model? Was it strategic or did it come together piece by piece as you diversified the company? It’s been purposeful, but it’s taken us about three or four years. I had been convinced for quite some time that standalone senior living CCRC businesses are at risk. Maybe not tomorrow or five years from now, but moving down the line, I think there are risks. We all know that we have to change our offerings on our campuses, especially to meet the next generation’s demands. I also knew that 98% of our revenue comes from CCRCs, from the resident rates, so you have to think, “How do I...
Marketing Metrics
5 to Track
“Half the money I spend on advertising is wasted. The trouble is, I don’t know which half.” Does this sound familiar? Even though these words were said by retail magnate John Wanamaker more than 100 years ago, they still ring true today to many in real estate. With the broad expansion of the digital marketplace and corresponding rapid shifts in consumer behavior, there are more places than ever to advertise your properties, all at varying costs and success rates. But how do you know which advertising sources are working? The answer is marketing data, something that’s widely available today given the online customer journey. “Marketing analytics give you the information you need to positively impact your company’s bottom line,” said Esther Bonardi, vice president of marketing at Yardi. “Most property marketers look at cost per lease, often attributing the lease to the source that drove the first customer contact, but there is so much more data now that you need to take into consideration.” Keep an eye on these five property marketing metrics and you’ll be better able to drive revenue, reduce wasted advertising spend and plan for the future. 5 Marketing Metrics Every Property Marketer Should Know 1. Total Exposure What: A percentage that tells you how many total units are available for rent, including month-to-month and expiring leases.Why: Before you decide where to market, you need to decide how much marketing to do. If your exposure is low, it might be a good month to cut back. If it’s high, it’s probably time to ramp up spend. 2. Occupancy Trends What: A review of what percentage of units are occupied, examined on a month-by-month basis over a period of time.Why: Reviewing last year’s occupancy trends can give you a good idea of...
Energy Innovators
Earn Awards Spotlight
Even as pandemic-driven lockdowns and stay-at-home mandates curtailed energy consumption in 2020, organizations in all types of industries remained focused on impactful conservation initiatives. Here’s a look at some of the companies that joined Yardi in receiving a 2021 ENERGY STAR® Partner of the Year Sustained Excellence Award, the highest honor bestowed by the U.S. Environmental Protection Agency and the U.S. Department of Energy for initiatives that reduce energy consumption and mitigate climate change. BENTALLGREENOAK. Along with achieving ENERGY STAR certification for 81 properties, the Seattle-based global real estate investor continued benchmarking its assets’ sustainability performance against internal best practices and peers. BentallGreenOak also used ENERGY STAR metrics to measure the success of its energy efficiency strategies. FOOD LION INC. The Salisbury, N.C.-based retail grocery store chain expanded its LED lighting retrofit program to 32 stores, saving more than 9.2 billion BTUs annually. It also earned ENERGY STAR certification for 919 stores, which encompass 89% of its portfolio. HEXION INC. The Columbus, Ohio, producer of thermosetting resins, coatings, adhesives and specialty resins executed 52 energy projects that produced $2 million in savings. It also conducted treasure hunts at 23 sites that identified 131 potential projects. The Columbus, Ohio, company’s energy management program has reduced energy intensity by 28% and saved $14 million in costs since 2014. INTERTAPE POLYMERGROUP INC. The Sarasota, Fla., manufacturer of paper and packaging products achieved a 6.8% reduction in energy intensity over 2019, part of energy savings equivalent to $6.4 million since 2009. The company also participated in several ENERGY STAR certification, Challenge for Industry and Find the Treasure activities. MERCK & CO. INC. The pharmaceutical and healthcare company issued a letter of intent to purchase 60 MW of solar energy, matching the amount purchased in 2019. The Kenilworth, N.J.-based...
BI for Senior Living
Webinar Recap
What are the benefits of business intelligence in senior living? How can providers, investors and other leaders choose the right BI solution? These questions were answered in a recent webinar with Yardi and McKnight’s Senior Living — Differentiators in Business Intelligence Technology. The June webinar gathered Yardi clients Trey Allen of Dominion Senior Living and Michael Bowles of Dial Senior Living, with discussions led by Yardi Marketing Campaigns Specialist Rochelle Throckmorton. The panel also featured Yardi Associate Technical Account Manager Chris Golden. The panel started with an in-depth look at business intelligence, moving into the tools and tips needed to select an effective BI solution. Attendees then heard insights from Allen and Bowles, who explained the challenges their communities faced before adopting BI tools. They continued by sharing their firsthand experience implementing Yardi Senior IQ — a single connected BI solution — describing how it’s transformed their operations for the better. Here’s a highlight: Throckmorton: How does Senior IQ help you and your team? Allen: Yardi Senior IQ has been very helpful to our team here at Dominion Senior Living, mainly in the way of convenience. A lot of business intelligence information can be arranged on a single screen — from community management information to marketing or EHR — and the financial information, too. We no longer have to pull 8 different reports. Rent roll, trial balance, trend activity and incident reports — it can all be arranged on one dashboard. Plus it has graphs, tables and comparisons. It’s very helpful and expedient. Throckmorton: How much time is saved when using business intelligence tools? Allen: The time saving is in the convenience. Our community management and financial team members were having to run 8 different reports each month, all to see the same...
Changemakers Series
Recognizes Torsten Hirche
How can you transform the senior housing sector? For Torsten Hirche, president and CEO of Transforming Age, it’s accomplished by forming new partnerships, offering diverse services and building quality communities. Given his creative approach to senior living, Torsten has been recognized as a 2021 Changemaker through the Yardi-sponsored interview series with Senior Housing News (SHN). In leading Transforming Age, a Seattle-based organization that now serves 55 communities, Torsten has learned the ins and outs of leadership, strategy and more. In his Changemaker interview, Torsten explains how he navigates the social, technological and economic changes facing the industry. He also gives an inside look at how he’s helping Transforming Age stay ahead of the curve. Check out this excerpt: What are one or two of the changes that you are most proud of leading at Transforming Age or in the senior living industry at large? First and foremost is the team. It’s been a hell of a ride and the team has stretched, grown, risen to the task and always showed up. I’m proud of them. That includes both legacy team members and the team members we’ve added. The people we serve have gone through a lot of changes with us. Open communication played a major role in our success there. Change is hard for the people we serve, especially when it occurs at high velocity. The repositioning of Parkshore is a change I am proud of. Parkshore is one of our flagship communities, but it was a diamond in the rough. It needed a lot of attention and the residents were extremely accommodating, even at the rapid pace we were moving. We communicated, created a dialogue together and walked through the changes so everyone was on the same page. Our governance model also underwent...
Café Coworking
Hospitality Bites into Flexspace
Before coworking became an industry, we had coffee shops. Any café with free internet became a place where students and professionals would settle in for work. In the age of coworking spaces, coffee shops are still formidable competition—and tech innovations make the competition stronger. Coffee shops are cashing in as flexible workspaces We’ve all witnessed the coffee shop scene: with a beverage nearby, individuals and small groups hammer out ideas on their laptops or in hushed conversations. Sometimes, we’re one of them. Other times, we vie with them for table space. Coffee shops are the original flexible workspace, and more shops are converting available square footage to fill climbing demand. Awake Coffee Company opened in metro Atlanta in 2015. It was a small, tight space that wasn’t conducive to working. I went twice before finding a different spot. In 2019, Awake moved just one block away to a larger location, and now you can’t keep me out of it. It offers formal and informal coworking quarters alongside its cozy coffee operation. Awake isn’t the only shop cashing in on flexible workspaces. An increasing number of cafes seek a bump in revenue by offering coworking plans. Even restaurants in major metros are getting their cut of the pie. The New York Times reported on the shift, and it continues to gain momentum. New industries blossomed from the shift. KettleSpace and WorkEatPlay both specialize in turning food-focused locales into coworking spaces. Their clients’ clientele are people who don’t want to pay several hundred dollar or more per month for a coworking space. Additionally, they crave a relaxed, social atmosphere. These are freelancers, contractors and gig workers who love what they do because it doesn’t require a designated space. Yes, you can hold your own with the...
Rent Relief Success
Technology delivers aid
Emergency rental assistance funds are helping Connecticut residents maintain housing thanks to a successful launch of the UniteCT program. UniteCT is administered by the State of Connecticut Department of Housing and runs on technology from Yardi called Rent Relief. UniteCT is funded by $420 million in grants for rent and electricity payments for households impacted by the COVID-19 pandemic. Fifteen state, county and city government agencies use Rent Relief to administer more than $1 billion in emergency rental assistance funds. Over 158,000 users are registered on Rent Relief and have completed more than 57,000 applications. With Yardi Rent Relief, UniteCT accepts applications for assistance from residents and landlords using an online portal that is accessible from computers and mobile devices. The flexibility of Rent Relief paired with the efforts of the UniteCT team delivers assistance in areas that would have been otherwise been underserved. ”The UniteCT bus is an exciting new solution to combat the digital divide in communities who need additional support with technology. We are reimagining the rent relief application process by going to the individual and setting the precedent for other programs to come,” said Marina Marmolejo, program manager. (Bus pictured at right.) The success of Rent Relief’s implementation of UniteCT can be measured by how fast Yardi launched the online application portals and how quickly case review team members became trained to begin vetting fully submitted applications. Other signs of success include how many applicants have used Rent Relief thus far without major interruptions in service. Users created more than 10,000 accounts within the first few days of the applicant portal going live. “We continue to do a lot of multi-media outreach including radio, newspaper articles and social media. We have created sixteen UniteCT Resource Centers throughout the state to...
Canadian RE Insight
Simplicity Aids Tech Acceptance
We continue our discussion of how to create a supportive technology culture in Canadian real estate organizations with industry leaders Sarah Segal, director of real estate for Informa Connect, and Michael Brooks, CEO of REALPAC. Let’s start with Brooks, who itemizes what he considers the most necessary elements for promoting a tech-friendly culture: “I would say attitude, process and leadership,” he says. “Attitude means being receptive to continuous improvement. Process encompasses the search and selection of the best tech fit for the organization. And leadership refers to affirmation from top management that progress and technology adoption are complementary and self-reinforcing virtues.” And what’s the best way to encourage receptiveness to new technology? For Segal, it’s fairly straightforward: “Don’t make it scary. Keep it simple and focused,” she says, because major changes to working processes take time and resources and have the potential to overwhelm. Once the team gets comfortable and realizes how the products benefit their work and the organization as a whole, “you can grow the offerings and technology stack.” “Technology integration is a journey, not a single product,” Segal continues. “Incremental growth leads to higher returns and better adoption as opposed to big, sudden shifts in how a team works.” It’s a good idea to “anticipate concerns and opportunities that may arise and have solutions ready for them. This will lead to increased user acceptance and satisfaction.” One of the biggest uncertainties surrounding real estate and the rest of the economy over the past year is, of course, COVID-19. Did the pandemic have an impact on tech adoption? Segal and Brooks agree that the pandemic gave rise to a paradigm shift for many commercial tech companies. In Informa Connect’s case, “what had been a 5-10 year plan became a 5-10 month plan,”...
Single Connected Solution
Senior Living Benefits
As COVID-19 continues to affect senior living communities, providers are challenged with finding solutions to meet the needs of residents, families and staff. Mainly, the pandemic’s restrictions on normal operations leave senior living providers in need of new systems and strategies. So which solutions are important, now more than ever? For senior living providers and other healthcare leaders, implementing a software solution may have the greatest impact. According to Ziegler’s research, the pandemic is one factor that’s accelerated the adoption of tech-enabled solutions across the healthcare industry — like never before. The research reveals the considerable benefits of utilizing software tools as the world changes. With that, incorporating an effective software solution is key for senior living providers in streamlining operations, increasing resident satisfaction, delivering quality care and the list goes on. Choosing a single connected solution Not just any software solution is beneficial. To meet the needs of their communities — especially as the pandemic shifts — providers need a full suite of tools that are mobile, intuitive and efficient. Ziegler’s white paper notes the importance of choosing a single connected solution to stay ahead of the curve. Describing the ever-changing effects of COVID-19 and other factors, they explain that “providers need a full suite of patient access solutions and virtual care functionality, as well as further tech-enabled automation of workflows.” For senior living operators, this means having tech-enabled tools in place to benefit residents, families, care staff and leaders — tools that unite on a single platform. That’s where the Yardi Senior Living Suite comes in. As a single connected solution that eliminates the gap between senior living property management and clinical services, the Senior Living Suite gives providers everything they need to manage their communities. The key differentiator? The union of property management, finance, marketing, business intelligence and resident care on a single platform. At a glance, here are 5 ways the Senior Living Suite can make a difference: Combine property management, finance and business oversight for improved efficiency, reduced costs and responsive resident services with a comprehensive management tool, Yardi Voyager Senior HousingKeep residents and families connected through a secure online portal, RentCafe Senior LivingMake smarter, faster decisions with actionable information for your entire portfolio through Senior IQ, a business intelligence solution for senior livingKeep health records error free, limit liability and empower staff to deliver the best resident care with Yardi EHR, a full-service electronic health record solution Attract new residents, nurture your leads and increase resident retention with RentCafe Senior CRM, a mobile-friendly sales and marketing solution Ultimately, there’s no denying the importance of software solutions for businesses — especially those that provide interconnected tools. This holds true for the senior living industry, both through the pandemic and beyond. Still curious about how a single connected solution can transform your business and care services? Explore the Yardi Senior Living Suite and watch this video to learn...
