“Buildings are the next computing platform.” That’s how Chase Garbarino, CEO of HqO, describes the importance of software and building intelligence as companies seek a safe return to the workplace. Just as books shifted to tablets, music switched from CDs to Pandora and Spotify and taxi service switched to Uber, buildings have transformed from manual and analog to newly digital ecosystems. Without a doubt, the pandemic has accelerated the investment into digital infrastructure for companies of all sizes. On a recent CREtech webinar, “State of Tenant Experience: 2021,” host Michael Beckerman, CEO of CREtech, cited an Ernst & Young report that found businesses could save 11% on per-employee costs by switching to a hybrid work model. This is important for the flexible workspace industry, which has been ravaged by the effects of COVID-19 on workers entering offices. As Garbarino stated, coworking put downward pressure on lease length for years, so the traditional office industry had to focus on customer experience and happiness, partly to counter the growth of coworking. That shift to the value of tenant experience now becomes even more noticeable, as there need to be tangible benefits to returning to an office when a vast majority of employees have not lost productivity working at home. On a recent Realcomm webinar, the panel discussed tech advancements to help workers feel more confident returning to the office. Touchless elevators, apps showing office occupancy and desk availability, as well as air quality sensors that can remove pathogens, are just some of the new ways in which employers are trying to safely welcome employees back. But these advances, as reliable and effective as they are, don’t overcome the fact that only 1% of workers are renting a space outside of their homes while working remotely. Based...
EHR Interfaces
Senior Living Interoperability
Yardi has a long history of providing interface solutions that enable its clients to exchange information with third-party vendors of solutions for applicant screening, online billing payments, renters insurance, service requests and many other business requests. That interoperability extends to senior housing community operators who wish to connect with ancillary operations solution providers. Interfaces allow third-party partners and Yardi EHR users to exchange information seamlessly and securely. Operators can utilize standard interfaces to connect senior living integration partners. Also, operators can optimize care transitions and enable the secure flow of information to and from EHR. Among Yardi’s interface partners for senior living is eMenuCHOICE, a St. Paul, Minn.-based dining management and point of sale application for senior living communities. Other providers that Yardi has welcomed as senior living interface collaborators include abxtracker, which specializes in antibiotic and infection tracking control solutions; Healthconnex, a leading provider of software used for infection prevention and control; and Kno2, which creates centralized accounts that enable efficient and HIPAA-compliant exchanges of resident documents. The list of Yardi senior living interfaces continues to grow. Created in some cases as a result of client requests, the added partnerships will enhance interoperability in such operations as vital signs and weight monitoring, nurse calls and...
Future-proofing Flex Spaces...
Future of Coworking
Better to act than take on the risks of inaction. This was the theme of a recent GWA webinar, in which panelists discussed ways to minimize risk and future-proof a coworking or flexible workspace operation. “The biggest risk is the risk of not doing anything, of not reacting to the market,” said Dan Zakai, co-founder and CEO of Mindspace, a coworking space with locations in Europe and the U.S. By now, we see that the office experience as we knew it is being reimagined. Landlords need to pivot to a hospitality experience in order to safely and effectively welcome tenants and workers back. They need to provide amenities that workers don’t have at home, or offices will see low occupancy given that productivity levels did not drop from the couch, kitchen table or home office. According to Zakai, landlords will raise occupancy levels with coworking faster than with traditional long-term leases. One of the biggest challenges is whether to spend the initial cost on coworking, whether that is building out a new coworking space or transitioning a vacancy. Since landlords typically won’t operate the space, it makes choosing the right partner critical. Giovanni Palavicini, principal at Avison Young, believes one of the keys to success for operators is finding a niche. Much like hotels have seen the growth of boutique offerings, the coworking industry should head in the same direction. This was already a growing trend prior to the pandemic and could accelerate now. Picking the wrong operator with a business model unsuited for your location, or a poor deal structure could create significant risk. “I don’t like RFPs because an RFP allows anyone in the door,” Palavicini said. “Because at the end of the day, we want to figure out who we want...
Commercial Space Management...
CoreNet Real Estate Week
The first annual CoreNet Corporate Real Estate Week was a success! The virtual international conference aims to “commemorate, educate, inform, and connect the world to all that our often under-recognized profession does to advance the economy.” More than 40 sessions offered insights and networking to commercial professionals globally. Three sessions educated attendees on the benefits of flexible workspaces and the tools available to manage them. The benefits of hybrid workspaces The “Hybrid Working and the Ubiquity of Space” session offered attendants the opportunity to explore best practices in hybrid work models. Panelists presented practical ways that landlords and employers can optimize hybrid work models by adopting flexible workplaces and customized software. Switzerland-based IWG CEO Fatima Koning and Gareth Haver, CEO for the Asia-Pacific, Africa, and Northern, Central and Eastern Europe regions shared what’s working for them: “The office is not in one place any longer—it is everywhere,” said Koning. She observed that flexibility and mobility rank high on tenant demands. Traditional office space is not obsolete, but employees want (and often need) the ability to work from different settings. This includes but is not limited to their homes. “Traditional models will no longer accommodate the workplace and workers of the future. The new standard of hybrid work promotes efficiency and connectivity, and technology is a big part of that. More advanced and empowered technology can enhance not only occupancy planning but also the overall work experience,” said Koning. While the pandemic expedited the adoption of remote work policies for many commercial companies, the trend towards remote work has been on the rise for years. Employees gain a better work-life balance, shorter commutes, and designated time for collaboration. Haver adds that employees aren’t the only ones to benefit from hybrid models. Employers gain: lower costs...
Stepping Up in Greater Chicago
Pushed by pandemic, Connections for the Homeless expands efforts
Sometimes the worst of times bring out the best in our efforts to help each other. That’s been the case at Connections for the Homeless, a non-profit organization in Evanston, Ill. that has delivered tremendous results over the last perilous year. “The three ribbons on our logo represent the three parts of our community that we partner with to do this work: our staff, our participants and our community supporters,” said Betty Bogg, Executive Director of Connections since 2015. “We see ourselves as the scaffolding by which community intentions for improvement can be constructed. We are there to help the community solve this problem.” Prior to the pandemic, Connections operated a tightly packed space in an Evanston church basement that sheltered a maximum of 18 male-identifying clients, on any given night. The agency also offered drop-in services to help engage community members experiencing homelessness via – sack lunches, showers, a clothing closet, and nursing care – in an effort to gradually build trust and rapport with participants who might ultimately be ready for housing assistance. “Even before lockdowns started, we were already discussing how we might respond (to the pandemic),” recalled Bogg, who is the sister of Yardi’s Nancy Bogg. “We knew we needed many more shelter beds. When Illinois’ shelter in place order went into effect, we didn’t know how we would do it or pay for it, but we decided we were going to put people with no place to go, into hotels for shelter.” Funding and finding, a path forward What happened next is a classic “if you build it, they will come” tale. In January 2020, Connections expected that its operating budget would be around $5.5 million, and it would again serve around 1,400 people with the help of 1,200 volunteers as they did in 2019. As for so many industries and non-profits worldwide, the pandemic changed everything. “We began our plan to place people in hotels, still not knowing how we were going to pay for it,” recalled Bogg. “We had about 100 people that we’d gotten off the street and into hotel rooms. And then we experienced a second wave of people in need of support who had been completely off our radar. People began coming to us who had previously been very precariously housed.” They included relatives of nursing home residents, who had been able to bed down on a relative’s couch or cot while helping to provide care. Another group was families who had been packed into shared small apartments with other families and found themselves pushed out due to COVID concerns. And there were those unusual but unforgettable stories like one cancer patient, who spent her entire life between chemo treatments on Chicago-area transit systems. “Her nurse told us that they could not believe the difference they saw in her health, as soon as she began getting three meals a day and sleeping in a bed every night,” recalled Bogg. She saw the experiences of those Connections helped firsthand, as for five months, she chose to live during the week at the same hotel where Connections provided 200 rooms of comprehensive emergency housing. They also provided three meals a day, which were purchased from local restaurants, pushing money back out into the local economy at a time when it was badly needed. Funding for hotel operations was made possible by support from private companies and individuals, including Yardi, who stepped up to help. Additional staffing was also a must, and Connections added 30 people to its team. Ultimately, the non-profit’s 2020 operating budget ended up being $12 million, more than doubling expectations. “Yardi had supported us with small donations in the past, but we were really surprised when suddenly that support increased substaintially right when we didn’t know how we were going to fund all that we were trying to do. The community response was incredibly inspiring,” Bogg said. Private...
Reasons to Celebrate
Remote Work Anniversary
It’s been one year since most Yardi employees transitioned to remote work environments. One year since we anxiously attended virtual town hall meetings to learn the next steps. One year of navigating the blurred lines of our professional and personal lives before settling into a new normal. A lot has changed since then. Haphazard workspaces now have a more customized and personal feel. We’re reaching productivity goals and we’re all experts on Teams and Zoom. Our pets are accustomed to seeing more of us, and the novelty of sleeping on the keyboard has (mostly) worn off. Much has changed beyond office work as well. Many employees used their time in quarantine to set goals and embark on new personal journeys. Yardi Atlanta team members used Confluence to celebrate their one-year work from home journeys together. Quarantine journeys Employees posted images and shared stories depicting “How it started and how it’s going.” A few fun quarantine accomplishments include: hiking new trails growing a beard developing baking skills raised bed and container gardening sewing stuffed animals candle making woodworking and reupholstering heirloom furniture adopting pets, including sugar gliders pulling home design projects out of “DIY purgatory” Some stories were real heart warmers that demonstrate the power of family. “My Yardi family helped me purchase my first car!” announced MeaResea Homer, technical account manager. Homer (pictured, right) told colleagues that she was searching for a new car. It would be her first purchase, and she was stoked. “Amanda Carlisle recommended the salesman that she purchased her vehicle from. She got me in contact with him and I scheduled the appointment in late November. To help me out even more, our colleague Jody Borgemenke picked me up, took me to the dealership and supported me through the process. Pedro...
Smooth Sailing for Self Storage
For next 18-24 months
As Americans continue to move about the country in the aftermath of the COVID-19 pandemic, they’re often downsizing, temporarily relocating, or electing not to take all of their possessions along with them. The exodus of renters from high priced gateway cities has been beneficial for the self storage market, and Yardi Matrix vice president Jeff Adler is carefully confident that strong demand for storage units will continue for the next 18 to 24 months. “I’m cautiously optimistic, but wouldn’t say wildly optimistic, about the sector near term,” Adler said during a Self Storage National Outlook webinar presented on March 24. The webinar also included an overview of the national economy, potential for inflation, employment trends and other factors. It’s available to view online. For the next few months, renters may be moving back to cities that they left a year ago to resume in-office employment or making final decisions about whether to stay in a new city they tried out while escaping an urban lifestyle in 2020. Those moves will likely impact storage positively. Although vacancy across the country’s largest office markets continues to inch upwards compared to Q1 2020, increases in office sale and rent prices show investors have not lost any confidence in the strength of both traditional and up-and-coming markets. For example, the latest national office market report released by CommercialEdge found that, despite pandemic challenges, Nashville saw a year-over-year increase of nearly 6% in office lease rates, which rested at $31.06 per square foot — coming up closely behind San Diego office space, which averaged $39.44 per square foot, following a modest increase of 0.8% compared to February 2020. Self storage demand could be further bolstered if there is a second wave of moves out of higher-cost real estate markets, Adler shared. Such moves will be contingent on employment trends as the country recovers from the year-long pandemic. So far, migration is flowing from California to states like Colorado, Texas and Arizona, and out of New York to states like Florida and North Carolina. Utah and Idaho are also experiencing a high volume of new residents. “As long as there is movement of people, storage tends to do quite well. Continuing moves would keep the demand for storage high,” Adler said. But at some point, pandemic-influenced demand is expected to subside. National street rates for 10×10 non-climate-controlled (NON-CC) units increased by 2.6% compared to February 2020, and rates for 10×10 climate-controlled (CC) units grew by 3.1% over last year. While street rates nationwide saw substantial growth year-over-year, rates for both unit types remained flat month-over-month. Along with the industrial sector, self storage is a bright spot for real estate investors. Focused on short-term returns, however, they are mainly electing to purchase existing properties rather than sink time into ground-up development. Deal velocity picked up at the end of 2020 and 2021 is expected to be a record year for self storage transactions. “Relative to industrial, which is very pricey, and other asset classes, self storage as an investment class is very attractive and that’s driving a lot of institutional investor interest,” Adler said. Consistent street rate performance and ease of management are both positives for investors. The only downside for some markets is large supply pipelines, which could push down prices as they come online. Nationwide, Yardi Matrix tracks a total of 2,237 self storage properties in various stages of development: 597 under construction, 1,201 planned and 439 prospective properties. The national new-supply pipeline as a percent of existing stock increased 0.1% month-over-month in February, and the share of existing projects in planning or under construction stages accounted for 8.4% of existing inventory. Matrix also maintains operational profiles for 26,534 completed self storage facilities across the United States, bringing the total data set to...
COVID-19 Rental Housing Support Initiative
Yardi Sponsors Industry Initiative
Supporting the rental housing sector through the pandemic and beyond is a priority for the industry’s preeminent technology provider. Yardi is the primary sponsor of the COVID-19 Rental Housing Support Initiative. The project is a collaboration of The Institute of Real Estate Management (IREM), National Apartment Association (NAA), National Multifamily Housing Council (NMHC) and National Association of Residential Property Managers (NARPM). The project continues to release new resources in the areas of mental health, legislative support, liability information and media. A summary of those now available (as of March 25) follows: Mental health resources: Mental health resources can help housing providers and renters alike. Find videos and other content on coping with isolation, cultivating resiliency, managing anxiety and handling financial stress. Legislative support: Accurate data and information is important for decision-makers as they facilitate ongoing emergency assistance programs. These resources help leaders understand the size and impact of the rental housing sector. Legislative educational resources are now available. Liability information: Property owners and operators must keep up with the latest laws and federal guidelines as they pertain to housing. The project liability resources help ensure compliance with changing legislation. Media support: The engaging “Rental Housing Industry Myth Quiz” is a way to educate the public and provide details about the pandemic impact for rental housing industry owners and operators. In mid-2020, Yardi committed $1 million to supporting COVID-19 Rental Housing Support and the programs developed by this initiative. “With nearly 40 million Americans living in apartments, the rental housing industry plays a critical role in housing them safely and securely. We are delighted that the four major associations who serve the rental housing industry – NAA, NMHC, IREM, NARPM – will share knowledge, develop industry benchmarks, research new ways of operating and provide forward-thinking solutions for the benefit of residents, owners and the rental housing industry,” said Anant Yardi, president and founder of Yardi. “Yardi is committed to supporting the multifamily industry for the duration of the pandemic,” said Esther Bonardi, vice president of marketing at Yardi. “Our company mission is dedicated to supporting our clients and communities, and in this case the entire rental housing realm is part of that community.” Explore all of the support resources online at covidinitiative.rentalhousingindustry.org....
AJC Top Workplaces
Recognizes Yardi Atlanta
The Atlanta Journal-Constitution (AJC) heralds Yardi among Top Workplaces in Metro Atlanta. Yardi ranked 45th out of 3,268 nominated employers. It is described as “a large global software corporation with an unwavering focus on quality software and customer satisfaction.” To celebrate the achievement, Yardi Atlanta hosted a virtual watch party. Employees tuned in to watch the awards ceremony while enjoying their favorite snacks and beverages. Attendees also explored a virtual photobooth. They posted their pictures and testimonials to the Yardi Atlanta Confluence page. Learn more about Yardi as one of Atlanta’s Top Workplaces. Get to know Yardi Atlanta The Yardi Atlanta office is located in the suburb of Roswell, about 22 miles north of the city. The town offers an appealing mix of progressive eateries, historic buildings, parks and cultural events. RentCafe.com ranks Roswell among one of the most affluent neighborhoods for renters in metro Atlanta. The Atlanta office serves as home base for more than 370 of the company’s nearly 3,600 U.S. employees. Though most employees now work in remote environments, the office has managed to maintain a sense of camaraderie through virtual events. #YardiLove Valentine’s Day party, Halloween Week, and continued charitable outreach helps employees feel united while working apart. Corporate culture is just one of the reasons why Yardi Atlanta made the list as one of the top places to work in metro Atlanta. How AJC chooses top workplaces The 11th annual Top Workplaces list is a collaboration between The Atlanta Journal-Constitution and employment research and consulting firm Energage. To form the list, employees nominated 3,268 of their employers. Philadelphia-based Energage then narrowed the list to 244 companies, each of which agreed to participate in a no-cost program and survey. The short list of companies represents 56,160 workers in the metro Atlanta...
Bryan McCaleb
On Senior Living Perseverance
Bryan McCaleb, president of Sagora Senior Living, a Fort Worth, Texas-based Yardi client and operator of more than 30 properties, discusses how his company has handled two major challenges – the pandemic and severe weather – in excerpts from an interview originally published in Multi-Housing News. How would you describe 2020 from the perspective of a senior housing operator? McCaleb: The pandemic led us to introduce new safety protocols and change what our day-to-day routines looked like. Our teams came together to implement changes for the best protection of our residents and associates, and I feel like our organization is stronger than ever before. How has technology helped you during COVID-19? McCaleb: At all of our communities, we have communication stations set up and equipped with iPads where residents have the ability to schedule virtual visits with their loved ones. More seniors have taken to social media to keep up with their families, which has broadened their reach with grandchildren and out-of-state loved ones. How did you keep your residents safe during the recent severe weather conditions in Texas? McCaleb: Some communities experienced power outages, water outages, water leaks and/or boil-water orders. For these challenges, we relied on onsite generators for heat and power, bottled water for our residents, and constant communication with our residents and their family members. Our associates stayed at our communities when needed to ensure that our residents were safe, comfortable and cared for. Although communities in Texas and Oklahoma had damage, we are thankful that all of our residents and associates weathered the storm safely. What was the most difficult thing for you in the past 12 months? The most satisfying? McCaleb: The most difficult thing was seeing how COVID-19 affects people—even beyond health complications, such as emotional and financial...
Senior Living Ebook
Marketing with RentCafe Reach
Online searches have become the favored route for seniors seeking a residential community. That’s why senior living community operators increasingly turn to search engine optimization (SEO) to help prospective residents find their properties. A powerful tool supporting that effort is RentCafe Reach Senior Living, an advanced online marketing services solution that enables execution of SEO plus pay-per-click advertising, social media posting and reputation management from a single platform. Yardi is spreading the word about this platform and the online marketing experts who support it with a new ebook, titled “4 Ways to Get Found Online.” The publication illustrates how RentCafe Reach Senior Living: Creates an exceptional online presence that fills vacancies. Increases traffic with optimized content that positions communities for maximum search visibility. Drives leads with impactful ad campaigns, managed by AdWords specialists. Keeps pace with Google’s algorithm changes. Formulates and executes a full marketing plan tailored to a community’s goals. Engages prospects with curated social media local content and boosted posts. Strengthens reputation control by monitoring and responding to online reviews. As the ebook says, “The right digital marketing strategy makes all the difference, but building out a plan – and sticking to it – takes dedicated resources, consistent research and lots of elbow grease.” Read it to discover how RentCafe Reach Senior Living makes the process much easier and...
Experts Unlock
RE Tech Adoption Secrets
What’s the formula for promoting a tech-friendly culture in an organization? We asked four leaders in Canadian real estate for their insights as part of the Yardi Canada “Canadian Trailblazers” series. Olivier Rocheleau, corporate controller for Groupe Petra, identifies showcasing upper management’s willingness to innovate, recruiting support within the company and instilling strong change management skills as the principal elements. “Everything starts with upper management understanding the need and benefits of technology, not just its cost. Business will see a decline in profitability and lose valued employees who are tired of working with outdated tools, if changes are not made during these times,” he says. At the same time, he notes, employees are usually the best sources of insight into the shortcomings of the current tech situation and processes. Sandeep Manak, CFO for Wesgroup Properties, concurs. “Get the president or chairman to use new tech” as the first adopters and to lead by example, he advises. Sarah Segal, director of real estate for Informa Connect, manager of the Canadian Real Estate Forums, considers formulating a strong vision for the future, nurturing cultural evolution and displaying a willingness to go the extra mile as the principal ingredients of successful tech adoption. “A team that sees potential in a pivot, expansion or improvement will dig in to see it happen,” she says. Creativity is another key attribute, she adds, with ingraining out-of-the-box thinkers in the company culture and openness to new ideas being among the top elements necessary to forge an environment that encourages constructive change to thrive. Michael Brooks, CEO of REALPAC, notes that the pandemic accelerated the adoption of technology, from new and pre-existing in the market. This includes videoconferencing platforms, messaging apps, digital contracts, paperless banking, shared creation and management of documents and...
Tips for Thriving
With Senior Living Marketing
The senior housing industry is taking steps to transitioning from the COVID-19 era with policies that emphasize safety and resident service. Nicole Moberg, COO of Atlanta-based Thrive Senior Living, offers insight into successfully marketing senior communities during and after the pandemic. Below are excerpts from her recent interview with Multi-Housing News. How has the outbreak impacted Thrive Senior Living communities? Moberg: From early on, we were one of the first senior living communities to prioritize testing—backing our belief that every resident and team member should be tested as often as possible for the safety of the residents as well as our community. We also developed the “Take Off to Thrive” marketing concept, with a 30-day new resident communication checklist. This served to minimize resident isolation and loneliness and even included an adapted red carpet “landing day/move-in” experience. We view our communities as the safest place to be [with our] proper training and education, personal protective equipment, disinfection procedures and aggressive COVID-19 testing programs. How have your marketing strategies changed? Moberg: We pivoted by creating COVID-19 sales strategies including altering our messaging to focus more on care and safety and how we can help people during challenging times. Digitally, we worked to bring on a chief storyteller who showed a behind-the-scenes look at Thrive culture, created a YouTube channel to share online content to increase awareness when families could not visit and increased online presence as we allocated more toward digital spend to drive more traffic to our website. We saw increased sales throughout the pandemic with safely executed event activity. What role does technology play in your marketing? Moberg: We sourced a new video app that allows us to send videos to prospects as a follow-up; a platform to enhance virtual tours; a “thank you”...
Pennrose Prevails
Affordable Housing in Annapolis
The demolition of a decrepit public housing project in Annapolis, Md., is making way for new memories and a brighter future for families. The project is six years in the making and will boost the quality and quantity of affordable housing in the city. New growth in Annapolis Yardi client Pennrose recently broke ground on the Newtowne 20 project. The redevelopment site will be home to 78 much-anticipated affordable housing units. Families can choose between one-, two- and three-bedroom floorplans. Most units will surround a central garden while others stack the perimeter. A 3,500-square-foot community center, basketball court and playground accentuate the property. “Through persistence and determination, we have reached a great milestone in the rebuilding of this great community,” said Melissa Maddox-Evans, Executive Director/CEO of the Housing Authority of The City of Annapolis during the virtual groundbreaking ceremony. “We thank all of our partners for their hard work and support as we move forward with the construction phase. We are glad our residents will be able to have this opportunity for a new start for themselves and their families.” Patrick Stewart, Regional Vice President at Pennrose said, “We’re excited to continue our partnership with HACA as we transform outdated public housing into a vibrant, pedestrian-friendly neighborhood with high-quality affordable housing, community amenities and open green space.” He continued, “Today’s milestone brings us one step closer to completing this full-scale revitalization and welcoming residents back into their new, modern homes.” Neighborhood revitalization offers new opportunities to existing residents The site of Newtowne 20 is the former home of 810 Brooke Court, a public housing project constructed in 1971. After more than 50 years, the site is receiving a new lease on life with high-quality, energy efficient units. Existing residents of the neighborhood will benefit from...
Payment Processing
Simple, Secure, Efficient
At Yardi, we are constantly exploring ways to help you and your team operate more efficiently. With additional conveniences and functionalities, our payment processing solutions have become even more robust. ACH Account Validation reduces fraud Skip the high cost of fraud. With the new ACH Account Validation feature, you can reduce fraudulent payments. It’s also a convenient way to decrease data entry errors that result in returns. Before initiating a payment, ACH Account Validation authenticates a resident’s bank account using a micro deposit. The resident must verify the deposit details before completing a payment. Residents initiate the process, eliminating the chance of staff keying errors. ACH Account Validation is in compliance with the WEB Debit Account Validation Rule which takes effect March 19, 2021. PayNearMe makes walk-in payments even easier Yardi has partnered with PayNearMe to take our walk-in payment system (WIPS) to the next level of convenience. The PayNearMe partnership allows residents make payments at more than 27,000 retail locations across the nation. These locations are as convenient as the local CVS or 7-Eleven. To improve ease and accuracy, residents can download a unique barcode to their phone which then allows them to easily connect to the RentCafe Resident app. Make payments and earn credit You know the satisfaction that comes with earning points on your credit card? Our new Bill Pay payment method is even better. When you pay vendors with a Yardi virtual credit card, you earn an annual credit. You can also dodge the per-transaction fees you used to pay with check and ACH transactions. The new Yardi virtual credit card makes vendor payments completely automated, seamless and contactless. Fee-free upgrades on Payment Processing Want the latest features in the Payment Processing platform? Upgrade now at no cost! Get the newest...
Paperless Made Easy
Improve Document Management
Did document management get lost in the shuffle as you shifted to a paperless office or remote work environment? Your team may now struggle to track down files and keep versions organized as they send copies back and forth. Fortunately, it’s never too late to achieve the level of organization, accessibility and security that you need. Paperless made easy Paperless documentation is an industry standard. Yet without the right technology, managing electronic documents can be even more challenging than paper files. Users face a series of challenges related to organization, access, storage, searchability, security and integration. Yardi Document Management for SharePoint integrates with Voyager property management software and Microsoft 365 to eliminate paperless documentation challenges. Centralized storage Centralized document storage can take place on local servers and in the Cloud. The latter permits secure access to documents for staff in office, in remote work environments and on the go. Work together from anywhere Improve collaboration without redundancy or version control issues. When combined with the power of SharePoint, interconnected document management software empowers users to collaborate. With Cloud syncing, each team member stays up-to-date with the latest developments. Document management also integrates with Microsoft 365 and other Yardi applications to improve accessibility to and security of your documents. Secure and accessible Managing permissions and end-user access can be a pain point for organizations. Skip the hassle of creating new profiles and credentials within your document management system with Voyager integration. SharePoint permissions will reflect your security settings in Voyager. As a result, users can access files quickly and securely with no VPN required. Intuitive organization Folder structures and hierarchy make organization simple. You can track version history of documents as well as individual contributions from users over time. Such tracking makes it easy to...
Faster Answers
For Senior Living Providers
With multiple communities each submitting up to 200 invoices every month, Linda Adams was shuffling a lot of paper. The accounting manager for Burlington, Mass.-based senior living provider Northbridge Companies spent much of her time digging up receipts or tracking down paper records across numerous decentralized offices. “When I had questions, I had to call another office for answers. They’d have to find the invoice, scan it and send it to me for review. It was very time consuming for all concerned, she recalls.” But now, solving a discrepancy at any property is easy thanks to Yardi PayScan, which is part of the Yardi Procure to Pay Suite, a single connected solution for supply procurement, invoice processing and vendor management. Yardi PayScan allows the accounting department to access invoices and check whether payments have cleared without having to pick up the phone to call another office. In other words, team members could self-serve, reducing internal dependencies and churn. But time savings wasn’t the only benefit. Yardi PayScan eliminates copying, mailing, and storing paper—and minimizes touch points that can lead to lost invoices and data entry errors. “There’s no need for us to use up valuable office space with paper invoices anymore when everything we need is available electronically. Once the tax returns are done, we can throw the documents out,” Adams says. “I can go back and look at invoices from 2012, and they’re right there. Plus, it really cuts down on all that lugging paper back and forth when I work from home.” Adams and the rest of the Northbridge Companies team also appreciate the versatility of Yardi PayScan. “You can make the approval process as intricate or as easy as you want, which I love,” says Adams, noting that custom workflows, flexible...
Improving real estate decisions
With machine learning
The human brain is capable of tremendous achievements. But what are its limitations in business transactions, specifically those involving property and real estate investment management? At what point do machine data-based systems make more accurate decisions than intuition? Human intuition certainly has its place. As Deloitte researchers Surabhi Kejriwal and Saurabh Mahajan have noted, “The [real estate investment and management] industry has long thrived on relationships, which is how many investors have traditionally gained access to unique information. Traditionally, most investors have combined this information with their gut instincts to make investment decisions.” But although intuition can be a useful tool, Harvard Business School Online writer Tim Stobierski cautions that “it would be a mistake to base all decisions around a mere gut feeling. While intuition can provide a hunch or spark that starts you down a particular path, it’s through data that you verify, understand, and quantify.” A team of McKinsey experts echoes this sentiment, noting that complex decision-making requires analysts to “sift through tens of millions of records or data points to discern clear patterns and place their bets with few supporting tools to help glean insights from that material.” By the time the data needed to determine a course of action is collected, compiled and processed, they note, “the best opportunities are gone.” There’s also the problem of “cognitive biases” that misguide decisions with information drawn from the wrong sources. Fortunately, Stobierski notes, “it’s never been easier for businesses of all sizes to collect, analyze, and interpret data into real, actionable insights” into portfolio health measurements such as revenues, debt, risk, occupancy and sales, along with property-level operations like energy consumption and accounts receivable. Ronald D. Marten, CCIM, writing in Forbes, adds that “CRE brokers who can tap into today’s sophisticated data tools can differentiate themselves and their core value proposition to clients. Knowing everything about a building by using flood maps, demographics reports, traffic counts, tenants and retailers … and more gives a potential buyer an accurate idea of what their ROI is going to be on day one.” What do machine learning algorithms in the real estate realm consist of? One example is combined macro and local forecasts that identify areas with the highest demand for residential housing. On another front, retail mall investors can combine operational data at the property level with sales data from mobile sensors, social media and physical store sales, then use machine learning algorithms to analyze consumer buying behavior. Similarly, commercial property tenants can compare rent rates across various markets to make more informed decisions and get into spaces faster. Data compiled from multiple disparate systems is complicated and prone to error. As a result, sophisticated software applications capable of collecting, processing and using data across the asset management lifecycle have been developed and brought to market. This technology, complemented by machine learning recommended actions, enable management of deals, budgeting, investor reporting and more in a single connected system. Developers seeking new parcels, for example, can use advanced analytics to assess the properties’ potential, property uses and even pricing, among other things. Asset managers can evaluate pipelines and match deals with investors, benchmark their properties’ rent against others in the area, tie capital calls to investment lifecycle data and generate reports. Property-level data collected within a centralized location enables everything from online tenant payments to reduced heating, cooling and ventilation costs and better oversight of construction projects. Kejriwal and Mahajan point out that “investors and managers can leverage analytics and AI across key steps in the investment life cycle, from deal sourcing to portfolio management to risk management. In addition, these technologies can help increase efficiency and effectiveness of operational processes, such as information integration, investment accounting, and reporting.” Real estate software technology holds massive potential to shift decisions from humans to machines. Assimilating all asset management information at the property and portfolio levels and makes it universally available can preempt...
Learn Yardi
Accessible Options Outlined
Yardi offers robust, configurable software to meet the needs of nearly 20 verticals. From students to seniors and parks to ports, property management runs on Yardi! But what do you do when you want to get more out of your user experience? There are many opportunities to attend Yardi trainings. Explore the list below for ways to learn Yardi from experts and users in your industry: Yardi Training on Aspire Yardi Aspire is the go-to learning tool for employees who want to become Yardi product experts. Users gain access to hundreds of in-depth courses taught by product specialists. Through learning checks and tests, you can assess your product knowledge. You can then review materials on demand and get help from the experts. With greater product knowledge, you will be equipped with the tools needed to optimize product usage, promote time and cost savings, and expedite ROI for your organization. YASC Global Digital Conference Yardi Advanced Solutions Conference (YASC) is one of the company’s largest real estate software events. It offers everything from product introductions to deep dives sessions on the latest innovations in real estate software. YASC Global, our digital event, brings the power of the conference to your fingertips. Log-on to learn more about the latest software and services, ask questions in our product lounges and connect with other Yardi users. In 2020, more than 20,000 industry professionals attended YASC Global, representing 2,500 companies in 58 countries. Attendees viewed over 12,000 hours of informative and engaging content. As our first virtual conference, we are thrilled that 98% of survey respondents said the sessions met their expectations! YASC Global digital conference offers CPE credits and is free for all Yardi clients. Current clients can access 2020 content through the end of April 2021 via...
Project Destined
Yardi Matrix Partners
Project Destined is an organization focused on providing education and access to the commercial real estate industry for minority students. Programs are targeted towards high school and college students, with the goal of introducing real estate ownership to people who may not have previously studied or worked in the commercial real estate industry. Yardi Matrix has provided 10 complimentary education licenses to Project Destined for use in their curriculum and internship programs. Students will have full access to Yardi Matrix’ industry-leading data and analysis to use when researching, underwriting and presenting potential deals to their teachers, industry mentors and competition judges. Chris Nebenzahl, editorial director for Yardi Matrix, has been actively involved with Project Destined. “I have been volunteering to teach the market research segment of the curriculum and offer guidance for how students can use Yardi Matrix with the projects they are working on,” said Nebenzahl. “I focus on our data at the property, submarket and market level. The students are tasked with creating an investor presentation and pitching their deal to a panel of industry judges. Through the process, they need to provide valuation models, market research, forecasts, and cash flow models, all of which can be developed and leveraged by using Yardi Matrix data.” Nebenzahl began working with Project Destined in early 2020 and has lectured virtually at each session held by the organization since then. Project Destined was started by entrepreneur Cedric Bobo to expand opportunities for minority students within the commercial real estate field and to encourage his students to become owners and community stakeholders in the cities where they live. Project Destined started 5 years ago and has grown significantly to include students in many major markets around the country. Bobo, who grew up in Memphis, was fascinated...
