Do you remember when online shopping first began to disrupt brick and mortar stores? Shops struggled before the pandemic and now they face additional hurdles. Fortunately, small business owners are creative and resilient. We interviewed several small business owners and marketers to learn how they’re staying in business and keeping customers engaged during the pandemic. Re-creating the in-store experience Consultations, semi-private + private shopping Exclusive, in-store shopping experiences were once reserved for the rich and famous. Big-name customers could arrange to shop outside of operating hours or arrange have the shop vacant during their visit. While this is still the case, there are new players on the field. Tiny shops lifted a page from the celebrity handbook. These small stores limit the number of people permitted in the building to create a more private shopping experience. The added benefit is that customers gain more one-on-one attention and support from clerks. “This is a terrific way to permit in-person shopping while building customer loyalty and encouraging good online reviews,” says Edith Peele, owner of Simple Threads clothing boutique near Covington, GA. “We’re limiting the number of shoppers for safety, but it feels more like an exclusive, fancy shopping experience.” Interactive shopping A second opinion can be an incredibly valuable thing. You’ve likely been there: you have two (or more) products that you like. You need to narrow down your options but can’t seem to make a decision on your own. You reach for a second opinion. That second opinion can now be a store clerk on FaceTime or in a chat window. It’s a relatively simple way to encourage safe interaction and a value-add service not found in larger online-only retailers. Make gift preparation a breeze By preparing online purchases as gifts, retailers take three...

Did you know that pets offer several health benefits for seniors? Furry, feathered and scale- friends have long received respect as dear companions. Pet ownership also offers direct physical and mental health benefits that are essential during quarantine. Companionship comforts Quarantine exacerbates feelings of loneliness and isolation that seniors may already experience. Pets, with their unique personalities, preferences and interests, offer seniors a companion when friends and family are unable to visit. Pets ease feelings of loneliness and distress. Dr. Helen Louise Brooks and her team at the University of Liverpool in the United Kingdom screened more than 8,000 articles and reviewed 17 papers on the subject. She reports,“Pets provided acceptance without judgment, giving unconditional support, which [participants] were often not receiving from other family or social relationships,” says Dr. Brooks. Improve mental health Pets should be included in patient care plans, particularly when diagnosed or self-reported mental illness is a factor. Dr. Kelly Rushton co-authored a study published in the journal BMC Psychiatry. She discovered that pet ownership resulted in several positive outcomes for patients’ mental health. Participants living with depression, anxiety, schizophrenia, bipolar disorder and post-traumatic stress disorder reported improvement in symptoms. Study participants report that pets provide a sense of unconditional love while helping them manage their emotions. Patients who were subject to violent outburst experienced better self-regulation and fewer acts of aggression. Patients who used to fixate on the symptoms of their mental health found a positive distraction in their pet. “We feel that pet ownership has a valuable contribution to mental health, so should be incorporated into individual care plans of patients,” says Rushton. Improved mood + outlook Caring for and interacting with a pet produces serotonin, the chemical hormone that promotes positivity and happiness. Serotonin is essential for mood stabilization and...

Isolation is necessary to keep senior living community members healthy during the pandemic – and a challenge to their well-being in other ways. As HealthTech magazine put it, “Important safety measures to keep high-risk people isolated during the pandemic hold a particular disadvantage for older adults in assisted living.” While the absence of sustained interaction can’t be completely mitigated as COVID-19 runs its course, a number of collaboration tools give senior living community residents vital mental and physical stimulation plus social engagement with the outside world. “Advances in technology for senior living are more focused on improving quality of life, providing data that enhances housing and developing personal devices that give seniors more control over their environment,” according to Craig Fukushima, managing partner for The Fox Group LLC, a health care consulting firm in Upland, Calif. Many of the technology tools leveraged by older adults are familiar to the non-senior population: smartphones, tablets, videoconferencing, telehealth. HealthTech reports that residents at Connecticut-based Maplewood Senior Living, for example, use iPads for video chats, virtual cocktail hours and birthday parties. A Thrive Senior Living community in Germantown, Md., added Alexa-enabled voice control and smart speaker devices. And Seattle-area operator Merrill Gardens outfitted seven of its communities with devices that support video calls with family and activities such as virtual card games and trivia contests. Video games are another way to keep seniors active. Fitness trackers can help them count steps, compete in competitions and create workout routines. Other apps offer quizzes, puzzles and other stimulating activities. The gap between tech-savvy younger generations and their elders is narrower than some people might think. An AARP survey published in January 2020 revealed that 51% of older Americans bought a smartphone, smart television, wearable device or other tech product in...

“Heading into 2020,” Senior Housing News reported last January, “many senior living providers are focused on making investments to upgrade the resident experience, to stand out in a competitive landscape and appeal to future consumers.” Those investments are happening, albeit in different circumstances than could have been anticipated. Even before the pandemic, Barron’s noted, “The senior-living industry was already in a state of flux—adjusting to longer life spans, more-active retirements, a labor shortage, and changing desires for care.” A task force convened by the International Council on Active Aging identified six principal areas that will define the “next normal,” including community designs that optimize social distancing and technology that increases connections and efficiency. The imperative to maintain resident and family engagement in the senior living environment makes digital programming and other technology a top priority for senior living operators, says Detroit-based integrated design firm SmithGroup: “We must design to enable quality of care and flexibility in facilities … while balancing design solutions that protect and promote the social and mental wellness of residents and staff.” To enhance social connections, for example, some communities have implemented videoconference technology that lets residents engage in fitness classes, medical appointments, spiritual services, community activities and more from computers or mobile devices. Other likely developments on the horizon include the establishment of multiple ecosystems within a community, upgrades to HVAC and other building systems, enhanced infection prevention measures, continuing staff and resident testing, visitor screening and additional protective equipment. Yardi software solutions help senior living community operators work more efficiently by automating processes associated with marketing, leasing, record-keeping, resident care and more. Learn...

Industry leaders from Grubb Properties and MG Properties Group recently shared insights on big data, benchmarking and forecasting with Yardi’s Paul Yount. “You won’t be successful in any market if you don’t have the right tools. You need the data. You have to be ready and prepared,” said Joe Anfuso, chief financial officer at MG Properties Group. Nothing could have been truer for real estate companies in 2020. With unanticipated challenges brought by the COVID-19 pandemic, real estate operators had to act fast to protect their bottom lines and keep staff and residents safe. For most companies, that meant adopting technology to transform their businesses. Read on to learn how Grubb Properties and MG Properties Group have been using Asset IQ, Yardi’s multifamily asset management software part of the Yardi Elevate suite of multifamily solutions, to guide decisions and improve performance with better data. Pivoting to online services With the growing demand for contactless leasing and transactions, many operators have made the pivot to doing business online. And it’s likely that contactless leasing — including self-guided tours — will be around long after the pandemic. Additionally, asset intelligence driven by big data has been guiding real estate operators through challenging times and will continue to lead the way. “2020 budget numbers were very different from what we projected in 2019. We didn’t see the normal seasonal changes, and budgets were pretty much out the window which has made competitor and peer data very important to accurately measure performance. We need to know how we’re measuring up to our competitors, what concessions and lease terms we’re offering and if we’re keeping the back door closed to avoid being in a vulnerable position,” said Shawn Cardner, executive vice president of Grubb Properties. According to Joe Anfuso,...

How has the pandemic permanently altered multifamily housing? This is one of the many questions explored during the 2020 National Apartment Association APTvirtual conference. The event hosted 63 breakout sessions and five TED-style Game Changer sessions that helped participants tackle tough questions. The Connect with Execs session offered a unique opportunity for guests to talk to Anant Yardi, founder and president of Yardi. Together, participants explored technologies that surged during the pandemic and are now industry standards. “The pandemic has accelerated the transition of digital media and the use of digital media,” observed Mr. Yardi. “AI is such an important topic. AI, big data and IoT are three topics that are taking a lot of attention.” He continued, “These are the technologies that are coming to the forefront. This is what we mean by innovation, bringing tech to the market for the benefit of the industry.” Artificial intelligence and apartment chatbots, our new coworkers Technologies that leverage artificial intelligence, such as chatbots, bridge the gap between live customer service and cost efficiency. Chatbots permit leasing agents to focus on high-value tasks instead of repetitive inquiries. When leasing agents are not available, chatbots offer a natural supplement to their services. RentCafe Chat IQ can guide prospects through the leasing journey by readily presenting information on pricing and availability, tour scheduling, pet policies and more. It communicates via chat and text and will soon have capabilities for emails, calls and in-app messages. Chatbot interactions are natural, intelligent and accurate. The engine has learned, for example, that “What r ur business hours” is actually the question “What are your business hours?” It uses natural language processing to understand typos and improper grammar. Machine learning enables AI engines to adapt to human speech and writing patterns. With each...

Employee burnout is a pain point for many property managers. It’s a major contributor to high turnover, which is costly, time consuming and quickly depletes employee morale. In remote work environments, there are additional risks and considerations. Fortunately, you can fight back. A few industry experts offer tips, tools and insights to prevent and mitigate burnout amongst your remote staff. Why should you keep an eye on employee burnout? Employee burnout is the first step in a downward spiral that you may recognize: an overwhelmed employee cannot indefinitely sustain a high level of performance. Eventually, job performance suffers, and fellow employees are required to pick up the slack. As other team members compensate, their workloads increase to unsustainable levels. Emotions and frustrations run high, morale plummets and then someone quits. Their workload shifts to other employees, which increases the potential for burnout and the cycle continues. In remote work environments, employees may not have a designated home office or coworking space. This means that they are facing professional and domestic challenges in tandem, potentially quickening the burnout cycle. It costs between $5,505.80 and $9,444.47 per turnover to replace an entry-level employee. Harvard Business Review reports that the psychological and physical toll of burnout cost an estimated $125 billion to $190 billion a year in healthcare spending. Eric Garten, partner at global management consulting firm Bain & Company, believes that’s just the tip of the iceberg. “The true cost to business can be far greater, thanks to low productivity across organizations, high turnover, and the loss of the most capable talent.” He continues, “Executives need to own up to their role in creating the workplace stress that leads to burnout—heavy workloads, job insecurity, and frustrating work routines that include too many meetings and far too little time for...

Here’s a roundup of recent reports from the Energy Information Administration, the statistical and analytical agency within the U.S. Department of Energy: Wind power flies high in 2020 Project developers expect more than 23 gigawatts of wind turbine generating capacity to come online in the U.S. in 2020, far more than the previous record of 13.2 GW added in 2012. The impending phase-out of the full value of the U.S. production tax credit at year’s end is leading to more capacity additions than average this year, just as previous tax credit reductions led to significant wind capacity additions in 2012 and 2019. Texas has the most wind turbine capacity among states, with 29.1 GW installed as of August 2020 and another 4 GW expected by the end of the year. Wind’s share of U.S. electricity generation increasing from 7.4% in 2019 to 8.8% in 2020 — more than any other renewable electricity generation source. That share is expected to reach 10.3% in 2021. CO2 emissions reach lows In 2020, carbon dioxide emissions from the U.S. energy sector could be 11% lower than in 2019, according to data collected through August and estimates through December. CO2 emissions are expected to fall by 19% for coal, by 13% for petroleum and by 2% for natural gas. Many of this year’s changes in energy-related CO2 emissions are attributable to COVID-19, including working from home, stay-at-home mandates, closed or limited operating hours for several types of businesses and travel restrictions. In April, monthly U.S. energy consumption fell to a 30-year low and emissions reached a record low. Winter bills holding steady U.S. households that primarily use natural gas or electricity will have slightly higher energy expenditures this winter, with households using propane spending 14% more and those relying...

There’s no way to introduce an article about the changes wrought by 2020 that doesn’t underplay the significance of the COVID-19 pandemic. It’s affected the way we do everything — limiting travel, increasing screen time and turning even the most basic activity into an exercise in risk management. For people in the multifamily industry, apartment rentals went from a typically high-touch experience to virtually contactless, seemingly overnight. And while some of the changes are only temporary, others are likely to last long after the virus abates. “This year is a pivotal moment that will reshape how we do business,” asserts Esther Bonardi, vice president of marketing here at Yardi. “The pandemic is changing our future. How can we use this for good?” Bonardi recently had the chance to talk with three multifamily leaders about their experiences marketing and leasing apartments during the pandemic. Hear from Garin Hamburger, senior director of national marketing at Pinnacle; Ian Mattingly, president of LumaCorp Inc.; and Pei Pei Mirabella, senior vice president of operations at Bozzuto on the emerging trends that will have the biggest impact on multifamily rentals going forward. Bonardi: What do you think was the biggest change in 2020 that has the most potential to become a permanent shift in the way we do business? Hamburger: The biggest change that will last through the pandemic and continue to evolve after it are the creation of alternative tour types, specifically virtual and self-guided tours. I really believe we’re coming into an age where technology will dramatically shift the customer journey and the leasing agent experience. Mirabella: The companies faring better during abrupt shutdowns have the tools and technology in place to pivot operations and enhance productivity while working remotely. In addition to using live and pre-recorded virtual...

Yardi announced today the acquisition of CommissionTrac, an Atlanta-based software company that provides revenue management software for commercial real estate companies, with a focus on commercial brokerages. Founded in 2015, CommissionTrac’s software is used by small and large brokerages to manage workflows, from tracking deal pipeline to invoicing clients to paying out commissions to individual brokers. The CommissionTrac team will continue to support their existing clients, while also integrating the platform into Yardi’s CommercialEdge suite. CommercialEdge is a recent addition to Yardi’s suite of products, focused on commercial brokers’ needs. “At CommissionTrac, we’ve spent years developing a product to streamline the operations of a brokerage, while also providing greater visibility to brokers about their commissions,” said Turner Levison, cofounder and CEO of CommissionTrac. “By joining Yardi’s CommercialEdge division, we are excited to accelerate our impact in the commercial real estate space.” “We’re very pleased to welcome the CommissionTrac team to the Yardi family,” said Arjun Rao, senior director of global solutions at Yardi. “The team has built a strong product that perfectly complements our CommercialEdge suite, especially our marketing and deal management products. We are excited to work together to continue to add value to the commercial real estate space.” CommercialEdge, powered by Yardi, consists of marketing and deal management products, as well as a flagship research product that provides extensive property, listing, transaction, ownership and debt information across all commercial real estate asset types. Clients can use the platform to uncover vital market data and insights, market their own listings, and manage deals to execution. About CommissionTrac CommissionTrac was founded on the belief that managing a commercial real estate brokerage should be easier. Our mission is to allow a brokerage of any size to have the tools they need to organize everything from...

Fifteen percent of Americans were 65 and older as of 2018. One study projects that the population of Americans 65 or older could reach 108 million in 2050. The 85-and-older population may increase at least fivefold in that time, to more than 6% percent of the citizenry. Some indicators of an aging population — and a few fun facts — are presented in the information below, which is drawn from a range of sources including the U.S. Census Bureau; the United Nations; Washington, D.C.-based population, health and environmental information source Population Reference Bureau; and Virginia law firm Mountain Empire Legal Services. 85 and up is the U.S.’s fastest-growing age group by percentage. By 2040, about one in five Americans will be 65 or older, up from about one in eight in 2000. Persons 65 and older are projected to outnumber children by 2034 for the first time in U.S. history. In 1960, those 65 and older comprised 4.9% of the global population. By 2050, they will account for 17%. More than 10,000 members of the baby boom generation (born between 1946 and 1964) turn 65 every day. As of 2018, 24% of men and about 16% of women 65 and older were in the labor force. About 65% of baby boomers say they plan to work past age 65. Five percent of people 65 and older in 1965 had completed at least a bachelor’s degree. Twenty-nine percent of that age group had done so by 2018. About 80% of seniors own a car and drive frequently. Nearly half of all adults 65 and older volunteer. Harland David Sanders (Col. Sanders) started Kentucky Fried Chicken when he was 65. May is Older Americans Month, so designated to appreciate and recognize senior citizens. August 21 is...

Editor’s note: The author is founder and CEO of Bellevue, Wash.-based Aegis Living, a national leader in senior assisted living and memory care that operates 32 communities in Washington, California and Nevada and has seven other communities in development. Interacting with our seniors at Aegis Living has taught me so much—not just about life and living, but also about how to live a long and happy life. One of the things I’ve learned from our “oracles”—which has been confirmed by research—is that having purpose in your life is critical to your health and longevity. I think of purpose as putting forth effort toward doing things that have meaning for you and having daily, doable micro-goals. For example, if gardening has become a passion for you, giving it a sense of purpose in your life would lead you to read gardening books, talk to neighbors about what they’re planting and share ideas and tips, speak to experts at nurseries, and move things around in your yard to improve and enhance their health and visual impact. A sense of purpose organizes your time, focus, and even relationships. People who have goals and work toward them also feel a sense of self-worth and fulfillment, which helps them maintain a positive outlook on life. I believe that finding a renewed sense of purpose is what takes people into thriving later in life. If you are bored with cooking after many years of doing it, find a new cooking style—or a completely new hobby or pursuit that excites you. Dedicating physical and mental effort Hidekichi Miyazaki, a Japanese father of four and grandfather of 10, was 105 years old in 2015 when he completed the 100-meter sprint in 42.22 seconds. He set a new Guinness world record in track and field as...

Do you know what your prospects want in an apartment tour? Esther Bonardi, vice president of marketing at Yardi, hosted “OPTECH Express: The New Apartment Tour — Insights for Today’s Customer Preferences” as part of NMHC OPTECH 2020. The mini session gave insights into the latest renter preferences. Bonardi also offered actionable tasks to carry property managers into the future of touring. RentCafe.com surveys reveal what renters want To better understand renter preferences, Yardi issued two surveys. The May survey published by RentCafe.com revealed that 83% of renters would take a self-guided tour if it was offered to them. When asked why they would take a self-guided tour, the results were surprising. “About 63% of respondents said they wanted to tour at their own time and their own pace. That had nothing to do with social distancing,” observes Bonardi. “So we might say from that, it’s likely that people want this for other reasons, and it will continue to be important long beyond the pandemic.” Yardi focused on Gen Z and Millennial renters during the fall survey. Results reveal that 52% of respondents preferred a non-agent-led tour, included self-guided and virtual. Nearly 43% said they would still love to work with an agent. “These are important numbers to keep in mind,” says Bonardi. “Those numbers tell us that we have to offer options. One tour type is no longer enough to meet the changing demands of our customers. We need to let them decide what options they want to tour the apartment home.” Tips for offering new tour types “Don’t offer a new tour type just to check a box,” advises Bonardi. “Gather with your team and figure out how to make each tour feel as personal and connected as possible. After all, this...

Yardi’s November Executive Briefing brought together a collection of industry leaders to discuss current trends and solutions to mitigate a year of unique challenges. As part of the session, Yardi senior vice president of global solutions, Rob Teel, provided an update on some of Yardi’s current initiatives and what trends are driving Yardi’s efforts moving forward. The company is underwriting a major tenant survey with BOMA which received over 3,000 responses. The survey responses will be revealed in the coming weeks and there will be upcoming webinars with BOMA to review and analyze the findings, such as the likelihood for commercial tenants to renew, factors driving their renewal decisions and factors driving office occupancy levels. Teel noted that some of the prevalent industry trends this year are topics he’s rarely had to deal with, such as concern over rent deferrals and concessions. Yardi’s response was to create a new product called Lease Manager, which helps landlords better manage tenant risk and overall portfolio health. In addition, with a focus on removing touchpoints, Yardi felt it was key to help clients eliminate paper from their day-to-day operations. To do so, there was a corporate initiative to promote products such as VendorCafe and CommercialCafe, which make it easy to electronically submit payments, vendor invoices, tenant invoices and any other documents which normally would have required mailing or submitting paperwork. The industrial, retail and office sectors have all been affected differently by the global pandemic. Industrial has become the “shining area of commercial,” Teel noted, thanks to a large spike in e-commerce growth and demand staying steady along with occupancy and rent. On the flip side, retail has naturally seen more challenges with less foot traffic, shutdowns varying by jurisdiction and higher vacancy rates. This has led...

Confidence in self storage remains high as the sector demonstrates ongoing strong street rate performance despite COVID-19’s continued impact across the U.S., reports the latest Yardi Matrix National Self Storage Monthly report. National street rates for standard 10×10 non-climate-controlled (NON CC) units increased 1.7% last month compared to November 2019. While year-over-year street rates nationwide for 10×10 climate-controlled (CC) units did not increase, the flat performance reflects an improvement over the first nine months of 2020. From October to November, national street rates for 10×10 NON CC units also saw an increase of 0.9%, while nationwide rates for similar-size CC units remained unchanged. Annual street rate performance was negative in only about 19% of the top markets tracked by Yardi Matrix for 10×10 NON CC units in November. Rates for this unit type were hit the hardest in Minneapolis, which saw a 3.5% decrease year-over-year. Experts caution that despite several months of rosy reports, there still could be challenges ahead. “While self storage has established itself as a strong performer in difficult market conditions, it could face a tough slog ahead as another round of COVID-related lockdowns and restrictions emerges this winter,” states the report. Nationwide, Yardi Matrix tracks a total of 2,136 self storage properties in various stages of development—comprising 590 under construction, 1,134 planned and 412 prospective properties. The national new-supply pipeline as a percent of existing inventory increased by a minor 0.1% month-over-month in November, and the share of existing properties in various stages of development accounts for 8.3% of existing inventory.  Yardi Matrix also maintains operational profiles for 26,351 completed self storage facilities across the United States, bringing the total data set to 28,487. Read all the highlights for self storage in the latest National Self Storage Monthly...

In 2017, only 5.2% of Americans consistently worked from home. This summer, more than 51% of employed Americans transitioned to remote work environments.  This means more time, tasks and responsibilities at home– and necessary updates to their renters insurance policies. Not sure if you need to update your policy? Check out the scenarios below to see if they apply to you. You have more frequent guests than usual Suzanne and her partner, Dave, are a blacksmiths who recently had to close their shop in the city. They hauled their equipment to the garage of Suzanne’s rental. The space is cramped and darker than they’re accustomed to, but things are working fine. Should Suzanne review her liability insurance policy? Yes! Her current liability coverage may be sufficient to cover most incidents in her rental house. Her coworker, however, will be in her rental more often than usual. The increased frequency of his visits along with using high-risk equipment in a less-than-ideal space may call for additional coverage. You have significantly more equipment or materials than usual Leanne is a professional bridesmaid. (Yes, they exist.) With limited access hours at her storage facility, she may have tens of thousands of dollars of wedding supplies or specialized equipment at her rental. Should Leanne review her personal property coverage? Yes! This is tricky, because while she did not pay for the items, they are her responsibility while in the unit. The cost of the items may exceed her typical renters insurance cost, warranting a policy update. Additionally, she will need to consider an actual cash value protection policy rather than replacement cost coverage. Actual cash value plans offer coverage up to items’ current market value. In contrast, replacement coverage replaces compromised items. This time-consuming process may be less...