Consider how much of your everyday business can be done without paperwork. If you want to fly, for example, you can do everything from booking your seat to gaining clearance to board the aircraft using just your cell phone. In contrast, many national and multinational real estate companies still generate, circulate and approve invoices using paper and manual routing. This highly inefficient process is costly, time-consuming and contrary to prevailing environmental sensibilities. A paper invoice can cost as much as € 4 to generate and route by air and ground transport. The cost of processing it can set the recipient back anywhere from € 15 to € 30 because he or she often has to rekey the information into his or her own database, then route it to multiple approvers. There can be dozens of touchpoints, each one of which consumes resources and presents opportunities for error. And that’s just one document. Multiply this sequence by the hundreds or thousands of vendors and partners some real estate firms deal with. This approach to invoice processing doesn’t just seem outdated with the potential to drag a business down – it is. Payables made easy Real estate companies’ profit margins might remain slender through the COVID-19 era. Besides that, tenants, investors, communities and regulators are imposing increasingly stringent environmental performance standards for businesses. These developments might inspire real estate companies in Europe to consider replacing the manual steps – and paper – in the accounts payable process with advanced software applications that scan invoices into electronic files, route them to approvers and pay suppliers with electronic funds transfer. This approach can sharply reduce costs as well as the material and energy required to create and move paper invoices to their various destinations. In fact, savings of...

Through the best and the worst economic times, affordable housing has emerged as a stable sector. The demand for affordable housing continues to rise while creative private partnerships deliver fresh capital to fill the pipelines. With those conditions aligned, affordable housing is an investment that can weather turbulent times. Enduring investments  Multihousing News reports a continuing upward trajectory for affordable housing demand. The current pipeline is insufficient to fill the current need, and if recessionary conditions prevail, the demand for affordable housing will continue to drastically outpace supply. While demand may pique investors’ interest, alone it is not enough. Affordable housing may prove to be more beneficial investment than other multifamily assets due to Section 8 vouchers. The rental housing assistance program creates a barrier of protection around privately-owned affordable properties. During tough economic times, Section 8 vouchers limit rent default rates in comparison to market rate housing. The benefit of investing in affordable housing extends beyond ongoing demand and security against defaults. Affordable housing leaders are positioning themselves for longevity and stability. Creative partnerships Public-private partnerships are becoming more prevalent, offering creative solutions for funding, development and property management. Individual firms as well as municipalities have come to rely on public-private partnerships during the ebb and flow of economic trends. Private firms are respected for their ability to complete projects while balancing quality and efficiency. Most commonly, private general contractors will use their connections to development and construction firms to complete projects for local governments. There are, however, exceptions to this dynamic. Yardi client Conifer Realty forged an investment partnership with Belveron Partners that allows Conifer to develop, build, own and manage properties under one roof. Conifer’s investment extends beyond a single project or portfolio to a company-level partnership that is a game-changer...

Leaders in senior living know that you need to take steps to stay ahead of change, even when things might seem normal in the moment. The earlier you act, the better off you’ll be. That idea is a core practice for Richard Hutchinson, CEO of Discovery Senior Living. Throughout his decades’ long career, he’s taken innovative approaches to sales and data that have produced measurable results. And when the coronavirus first began making headlines in January, he started procuring as much PPE as he could for his communities, well before local health authorities were raising alarms. For these reasons and more, Hutchinson was recently recognized as a Changemaker by Senior Housing News. The interview series, sponsored by Yardi, highlights leaders across the industry who are helping to shape the future of senior living. In the excerpts below from his interview, Hutchinson shares his take on how the senior living industry faces change and what it means to be innovative. He also talks about Discovery’s proactive measures to keep residents and staff safe from COVID-19. You’ve mentioned that the industry is set in its ways, and also that the consumer is changing rapidly. Do you think the industry is changing fast enough? No, I don’t think so. I don’t know that many industries are changing fast enough, and it’s the pace and the tempo of consumer behavior and the way the consumers not only want to purchase things incrementally, but generational changes and technology changes, that make it difficult to keep pace. The fundamentals of our industry have been great, so [we have] the good-bad equation. The good news when you have such a great supply-demand equation is that you’ll end up with people who can replicate other people’s product and services and do quite...

Does the thought of Medicaid billing illicit groans from your staff? That’s understandable. Manual billing is time consuming, frustrating, and often riddled with errors.  Fortunately, you can boost staff morale and productivity with automated billing for Medicaid. Claim submission woes can lead to high turnover Medicaid provides consistent and vital funding for senior care. But the variables in filing processes and reimbursement can cause headaches for staff. Complicated filing practices can result in costly errors, wasted time, and delays in reimbursement. Those frustrations are just the beginning of more troubling issues. As employee frustrations add up, turn over increases. High Speed Training of West Yorkshire reports on the top five reasons for high company turnover.  A lack of innovation and overworked employees are two factors that drive employees out the door. When companies fail to adapt innovative practices and technologies to support their staff, the staff suffers. Staff members are unnecessarily burdened with inefficient, redundant, unfulfilling work and stress. As a result, turnover rates soar, and organizations fail to reach their potential. Simplifying Medicaid claim submissions Claim submissions are a pain point that developers with Yardi Senior Living have heard about for years. A game-changing solution is now available. Yardi Claims Manager, the newest update to our Yardi Voyager Senior Housing platform, streamlines and simplifies the claims submission process. With Claims Manager, you can: Get Organized Manage all Medicaid claims in a single, secure database. There is no need to shuffle between multiple software programs or websites. Improve efficiency Electronic submissions eliminates the need to sort, scan, and house files. All documentation is securely stored in Yardi. It’s easy to create, submit, store, and reconcile files. Improve accuracy State-specific billing templates make it easy to fill out claims with the information needed in your unique...

When you live in chronic pain, saying “yes” to events and activities is a difficult choice. For people living with arthritis, it can be a constant struggle to stay fit, social, and optimistic when discomfort impacts your every move. Fortunately, there is the Arthritis Foundation. The Atlanta-based nonprofit helps people living with one of 100 arthritis conditions find the relief and hope needed to Live Yes. Arthritis Foundation + Yardi The Arthritis Foundation serves on two levels. Primarily, the organization pursues cures and enhanced treatments for the disease. Additionally, it provides a network of information and resources to support the 50 million adults and 300,000 children living with arthritis. Clients can access in-person and online tools that are aimed to empower, uplift, and promote a sense of community. Marilyn Hansen, software development engineer III, development at Yardi has been involved with the Arthritis Foundation for about 20 years. She got involved when a loved one was diagnosed with the illness at a relatively young age. “I have an adult daughter who has had to deal with rheumatoid arthritis for over 30 years. She’s had multiple surgeries to help relieve the pain. There have been tough times, but resources through the Arthritis Foundation have helped her live a fulfilling life. She got married this past December and my husband and I really like our new son-in-law!” shared Hansen. Hansen advocates for the cause in Sacramento and participates in the annual Taste of the Town and Arthritis Walk in Santa Barbara. During a typical year, Hansen organizes a team of Yardi team members to complete the walk and raise funds. She also helps with food prep for the events. But this year has been year of unprecedented change, forcing Hansen and the Arthritis Foundation to get...

Although a few states have begun relaxing visitation restrictions for assisted living facilities, the pandemic isn’t over yet. So senior living providers have continued to follow stringent protocols for protection. They’re doing all they can to keep residents healthy – and happy. Here’s another roundup of clients with uplifting stories to brighten your day: Festivities for Father’s Day Since families were unable to celebrate Father’s Day in person with their loved ones, staff at Merrill Gardens went above and beyond to make the day special for the dads in their communities. Employees in Monterey created little gift bags, provided lunch and hired a live jazz band to brighten things up. Staff at other communities, including Willow Glen and Madison, did their own versions of gift baskets as well. Check out Merrill Gardens’ blog post for the Father’s Day photos. Bringing families one step closer Over the past few months, many senior living communities have implemented their own version of window visits or visiting stations with barriers to protect residents. Aegis Living has taken the idea one step further by designing “outdoor living rooms,” complete with comfy chairs and decorations, to go with the plexiglass shields. “With each passing week of residents being physically separated from loved ones, we knew we had to find a better way,” said Kris Engskov, president of Aegis Living. “Design consulting and support from infectious disease experts and physicians helped us create these beautiful, new Outdoor Living Rooms to bring families together again – safely.” Horses with hats pay a visit While there’s no replacement for a family member dropping by to say hi, there’s no stopping a smile if horses in a clown hat and tiara walked up to your window. At Maple Wood Alzheimer’s Special Care Center, that’s...

As colleges and universities announce varied plans to cope with coronavirus this fall, what will be the impact on student housing owners and operators? Some definitive answers were delivered in a July 15 webinar from Yardi Matrix, which also marked the launch of the Yardi Matrix Student data service. Market coverage includes over 2,000 universities and colleges nationwide, including the top 200 investment grade universities across all major collegiate conferences. Reports will also include data into shadow markets, defined as campus-proximate housing that often is rented by college students, though it may not be labeled as dedicated student housing. “The college experience is going to change, and has to change until there is a vaccine in place. This is a fall semester issue and probably into the middle of the spring semester,” Jeff Adler, vice president of Yardi Matrix, told the over 400 attendees at the outset of the online presentation. But that’s not all bad news for student housing, especially for providers with shadow market properties. Of the 200 universities Matrix researchers surveyed for the first study, many have announced plans to reduce dorm capacity levels to accommodate social distancing protocols. This means that more than 60 percent of students attending schools in the Yardi 200 will be living in such shadow market housing – and the total national percentage is higher. “Reduced dorm capacity requirements are a tailwind for off-campus housing,” Adler said. “Is student housing pandemic proof? I would say that it’s pandemic resistant. There is some choppiness expected, but I think overall the sector is going to hang in there.” Long term, the U.S. is expected to see an overall decline in its population of college-age adults, but with more Americans than ever earning four year degrees, attendee figures should...

Will my loved one be happier and healthier in senior living or at home? It’s a question many families are asking themselves now during the pandemic. They’ve seen headlines about case numbers, but they also know they can’t provide the care and attention needed by themselves. “If COVID has taught us anything, it has taught us that we are health care, but it doesn’t mean that we have to be health care in the traditional sense of a hospital or a nursing home,” said Brenda Bacon, president and CEO of Brandywine Living. “We have to be able to convince the public or customers that their loved one will be safe and secure in addition to being happy.” A former board chairman for Argentum, Bacon has a lot of insight into the challenges and opportunities of senior living. She’s taken that unique experience to Brandywine, where she strives to make their communities the right mix of “health care and hospitality and fun.” Bacon has been recognized by Senior Housing News as a Changemaker for her contributions to the industry, and during her interview, she opened up on the difficulties posed by the coronavirus – as well as her strategies for keeping it at bay. Check out these excerpts to see how Brandywine is keeping its residents happy and healthy. What needs to be done to achieve that safety and security you’re thinking about? Any operational changes you’re implementing at Brandywine? On April 4th, we instituted a rule that says “one job only.” In the healthcare industry, employees traditionally work in two or three different healthcare institutions; they’ll work a shift at a skilled nursing and then they’ll go to an assisted living or the hospital, the doctor’s office. Nurses and care managers tend to have...

In an ICSC webinar held in late June, Brian Sutherland, Yardi industry principal, moderated a panel discussion about how current economic and social challenges are forcing commercial operators to adapt to a changing market. They discussed the importance of AR management and evaluating tenant risk to accurately project future revenue and overcome the effects of the pandemic. Panel of experts: Gary Shaw – President, Arcadia Management Christine Mastandrea – EVP, Whitestone REIT Sutherland: On the Yardi side, in mid-March, we shifted 7,000 employees to work from home basically overnight. Can you talk about how you transitioned early in the response to the pandemic? Mastandrea: Within a very short timeframe we moved into a radical simplification mode. We expanded our meeting times to include more team members to be involved for consistency of communication all the way to the front-line ranks. We organized our team around four functions: client engagement, vendor management, stress testing and inner workforce. We moved our workforce offsite and we’ve gone from Zoom meeting to Zoom meeting. Client engagement is where we spent most of our time and we oriented about 80% of our workforce toward client engagement. We made sure we had our “four As”: alignment, assignment, accountability and then autonomy. We funneled all requests through one person in our legal department and made sure we had this process smoothed out over time. One major key was daily posting of cash collection and making sure everyone has an understanding of where we are and where we’re missing collection. We stopped mass emailing and instead got in contact on the phone with everyone we could, to understand who’s open and who isn’t, who is considered essential business and started discussing [Paycheck Protection Program] (PPP) funding. Shaw: We moved everything to the...

Impact Management Group, LLC has big plans for the future. The affordable housing property development and management company is set to expand its business strategy, and they have the experience, staff and investment in technology to help set themselves up for success. The new venture for Impact is into the fee management service industry. By this effort, Impact will assume property management and affordable housing program compliance responsibilities for properties owned by other parties, in exchange for a management fee. With the experience of managing approximately 1,400 affordable and market rate units across Wisconsin, Impact has a lot to offer clients. Their extensive industry knowledge not only boosts their credibility, but also serves as a valuable asset that potential clients can leverage to make their own affordable housing compliance programs more effective. Impact’s strategy to begin offering management services is to first focus on prospective clients with HUD 50059 units and properties, and then expand into management of portfolios composed of larger numbers of units, including Low Income Housing Tax Credit properties. Compliance mandates for these programs vary, and Impact’s experience will go a long way in helping its clients reduce the complexity of qualifying residents, calculating rents, managing vacant units, reporting to funding sources and more. A portion of Impact’s compliance expertise has been gained by support from RightSource. It’s expected that prospective clients will see how Impact works closely with RightSource and view the relationship as attractive in selecting a fee manager for their properties. “We couldn’t be where we are today without RightSource,” said Lisa Barkelar, vice president of Impact Management. RightSource, recently acquired by Yardi, offers compliance, consulting and training services, and specializes in serving clients of the affordable housing industry. All of RightSource’s software and services are now fully...

Along with tracking the momentous public health and economic implications of COVID-19, renewable energy advocates are keeping a close eye on how the pandemic is affecting the Earth’s environmental well-being. The International Energy Agency, which advocates for sustainable energy policies, reported that average global road transport activity fell by 50% of the 2019 level in the first quarter of 2020, while aviation activity declined 60%, spurring an unprecedented decline in world oil demand. The U.S. saw a 50% reduction in the use of jet fuel and 30% less gasoline consumed; meanwhile, natural gas use in commercial and residential buildings dropped by almost 20% from late March to early June of this year, according to a study of COVID-19’s effects on energy and the environment by researchers from the MIT Sloan School of Management, Yale University and Northwestern University. Reductions spark optimism “Overall, these reductions reflect a 15% total reduction in daily CO2 emissions, which is the largest annual percentage decline for the U.S. in recorded history,” says MIT Sloan professor Christopher Knittel, one of the researchers. The recent drop in consumption and emissions offers a glimpse of a cleaner future – if the effort is sustained after the crisis abates. In the wake of COVID-19, “it is essential that we build back better. We need to create a more resilient and sustainable clean energy system in order to reduce the risk of facing the catastrophic crises that climate change could bring,” says Jules Kortenhorst, CEO of the Rocky Mountain Institute, writing for the World Economic Forum. That means prioritizing structural changes that “make a real difference for the energy transition in the longer term” rather than jumping on “the bandwagon to push the green agenda in short-term relief packages,” say researchers from ETH Zurich’s...

Sure, you’re booking more tours. But are you converting them? Here are six steps you can take every time a tour is booked that will help you get the lease. Customize your confirmation As soon as a prospective resident makes an appointment, you should send out a confirmation that includes all the necessary information (e.g. date, time, location, contact info). Ideally, your CRM system will automate that step for you, so your agents don’t have to manually respond 24/7. Each email should be customized to make the guest feel special. How do you customize an automated email? First, add their name to the email so it says something like, “Hi Jared, we’re so excited for your visit next Tuesday at 9:30 a.m.” Then, take it to the next level by asking a question. You can do something like: Upon your arrival we want to welcome you with a beverage of choice. Do you prefer x or y? We have a welcome gift for your tour. Would you prefer x or y? Both ideas work well for agent-led and self-guided tours, but even with virtual tours you can come up with creative ideas for gifts. You can easily email something like a Starbucks gift card or a coupon book for area businesses. Raise anticipation After you’ve confirmed the tour, raise anticipation to make sure your prospects don’t cancel or lease from a competitor. You can do this in several ways. One of the easiest methods is to take a quick video of yourself with your phone. In the video, you should greet them by name, show them something compelling about the unit or property and say that you can’t wait tour with them. Get other ideas that will help you raise anticipation in this episode...

Imagine that you’ve enjoyed your home for decades: your kids’ growth charts are on a doorframe in the kitchen, you know your neighbors, and your favorite restaurants all know you by name and order. The neighborhood isn’t what it used to be, but it’s your home. Within a matter of years, a wave of new investments transforms your neighborhood. The cost of living increases and property taxes soar. You can no longer afford the home that you’ve nearly paid off, and you face eviction. That is the reality for many long-term residents of metro Atlanta neighborhoods. Neighborhood ascent, or gentrification, is the process of renovating communities that have experienced disinvestment. Through the process, crime rates drop, property values increase, infrastructure and services often improve. Gentrification, however, comes with grave disadvantages for existing residents including higher rents, higher property taxes, exclusion and discrimination. Yardi client H.J. Russell & Co. is an Atlanta-based firm that conducts construction, program management, and property management. It is aligned with sister real estate development firm Russell New Urban Development L.L.C. Together, they fight gentrification and nurture diverse neighborhoods through strategic projects and partnerships. Atlanta gentrification: an ongoing battle for “home” Atlanta is one of the nation’s largest cities for African Americans with 51.85% of the population identifying as Black or African American. It is also among the top 5 fastest gentrifying cities in the U.S. Several benefits come when investors support a brighter vision for a community. Unfortunately, that vision rarely implements practices that reduce out-migration and encourage long-term affordability. Longstanding residents are often excluded from the vision and priced-out of their homes. Neighborhood ascent does not necessitate segregation or displacement. With strategic planning and real estate firms such as H.J. Russell, neighborhoods can benefit from investment without ousting existing...

Due to COVID, some older adults and their families are hesitant on the idea of assisted living. But in many cases, and especially so for seniors with cognitive impairment, the level of care required for safe aging is only available in a community setting with skilled caregivers. “At this particular time of coronavirus, we’re working in a very fearful environment, and that’s where a trusting team benefits by the speed of trust,” said Loren Shook, founder and CEO of Silverado. “A lot of unknowns are being faced by people operating communities like ours and across the country.” Renowned for their standalone memory care communities, Silverado has pioneered research into programs that drive cognitive improvements for residents in early stages of dementia. The organization is often the top pick for referral partners, and the team is willing to take the most difficult cases. Silverado’s commitment to care, no matter the challenge, is helping them overcome COVID. And Shook’s willingness to try new things and continually adapt is why he’s been recognized as a Changemaker by Senior Housing News this year. Read on for excerpts from Shook’s interview with SHN where he discusses the perception challenges posed by COVID, interoperability opportunities with referral partners and the steps Silverado is taking to move forward. Do you see COVID-19 changing memory care specifically or senior living more broadly in more long-lasting ways? I think it’s really heightened the awareness of the buyer of services from us, as to asking, what are our systems for infection control and cleanliness? What are our capabilities for understanding changes in clinical condition for people? Then what do we do, if that’s the case? For some people, they’ll be asking, in a situation like COVID, if there is another pandemic or situation like...

As the demand for affordable housing continues to rise, local governments form unique partnerships to fill the need with efficiency and quality. Three Jersey City governmental agencies and two Yardi clients have joined forces to execute Bayfront Redevelopment Plan which includes the largest mixed-income housing development in the Tri-State region.  A clean slate The significance of the Bayfront Redevelopment Plan begins with its history. The West Side of Jersey City has had it share of ups and downs. The diverse neighborhood is currently experiencing a renaissance as a wave of investors aim to highlight the beauty of the neighborhood’s eclectic nature. The new development will breathe life back into the Hackensack Riverfront, making it a thriving part of the West Side rather than a forgotten nook. Additionally, the new development will provide the neighborhood with the economic stability that accompanies mixed-income housing. Bayfront Redevelopment Plan includes the transformation of the former Honeywell Corporation building which the City acquired in 2016 for $100 million. The site, which will remain in control of the City, will boost the local stock of affordable housing from 5% to 35%. The plan is a leap forward for the neighborhood, and it is a formidable feat. Making the vision into a reality has required the collaboration of multiple entities. Mayor Steven M. Fulop, the Jersey City Redevelopment Agency (JCRA), and the Department of Housing, Economic Development and Commerce (HEDC) represent local governmental agencies. Yardi clients Pennrose, LLC, and Omni America, LLC created the joint venture Bayfront Development Partners, LLC, which will handle development and construction at the site alongside BRP Development Group. Omni: for the love of community Omni is a black-owned firm that acquires, rehabilitates, builds and manages quality affordable housing throughout the United States.  The organization, which includes...

Already well known in the industry for its dependable, up-to-date and prescient market data, Yardi Matrix will take those skills to school as it begins reporting on the student housing sector. The new research area from Yardi Matrix comes at a particularly opportune time, as student housing owners and investors are navigating an uncertain environment caused by the COVID-19 pandemic. With many colleges and universities still making final decisions about what campus life and enrollment will look like in fall 2020, housing providers are anxious to see how this unprecedented situation will impact revenue streams and investment health. Quarterly Matrix reports focused on the student housing market will be available beginning this summer. Market coverage will include over 2,000 universities and colleges nationwide, including the top 200 investment grade universities across all major collegiate conferences. Reports will also include shadow markets, meaning campus-proximate housing that often is rented by college students, though it may not be categorized as traditional student housing. “We’re looking forward to offering the same comprehensive and future-thinking reporting that we do for the rest of the real estate industry to the student housing sector,” said Jeff Adler, vice president of Yardi Matrix. “We’ve done a deep dive into student housing fundamentals and look forward to sharing our insight with all who are interested.” To that end, the Yardi Matrix team will host a July 15 webinar focused entirely on the student housing market. Attendees can expect to gain insight on the short and long-term impact of COVID-19, best and worst-case scenarios, key indicators for operators and potential areas of opportunity. You can secure your spot in the online session by signing up here. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property...

With the U.S. economy in a recession, unemployment numbers sky high and COVID-19 cases surging in the south and west, multifamily owners and operators face challenging times ahead. And things may get worse before they get better, according to a new special report from Yardi Matrix. The report is based on a study of 107 major metros, with data reflecting April and May 2020 asset performance. Over that period, multifamily asking rents dropped .4% nationally, and twice as many markets saw rents decline as opposed to increase. Renters are looking for less expensive units, with the biggest impacts in the sector felt by Class A+ properties. Rents for “luxury lifestyle” properties dropped by -1.2% over the last two months, compared to a decline of .5% for “renter by necessity” properties. “Multifamily’s nearly decade long run of healthy performance increases came to an abrupt and unexpected end this year,” said Jeff Adler, vice president of Yardi Matrix. “Job losses have been particularly high among apartment renters, and simply collecting rents and maintaining occupancy is a new area of focus for owners and managers.” Multifamily had a long run of strong performance – asking rents grew by 26% nationally between January 2015 and 1Q20. But going forward, the future looks cloudy at best. “The shape of the recovery remains unclear. More importantly, the pandemic is spurring changes in working conditions and social trends that will impact housing demand for years to come,” states the report. What’s ahead will be determined by a complicated combination of economic factors, public health metrics and renters’ feelings about the future. If renters decide to eschew urban apartments for a more distanced standard of life in the suburbs or smaller cities, multifamily could be in for a prolonged pain period. Gain...

Yardi and Property Week recently invited experts from across the build-to-rent sector to take part in a digital debate on the key issues facing the market in the wake of the coronavirus pandemic. The consensus was that despite the challenges posed by the outbreak, there is also an opportunity for BTR to move forward and evolve Michela Hancock Managing director, Greystar Europe Justin Harley Regional director, Yardi Systems Hannah Marsh Co-founder & marketing director, HomeViews Sanjeev Patel Managing director, PPP Capital Kevin Watson Operations and commercial director, Platform Simon Creasey Contributing editor (features), Property Week (chair) Earlier this month, in the latest in the Yardi Think Tank series, Property Week contributing editor Simon Creasey chaired a discussion with key figures in the UK build-to-rent sector on how Covid-19 has affected BTR and the factors driving innovation for investors and residents. Also up for debate was how the pandemic might affect future BTR development. Simon Creasey: What impact has the Covid-19 lockdown had on your operations so far? Kevin Watson: The main impact has been on amenities spaces, which obviously have been closed now for a significant amount of time, and that’s clearly a key part of the value proposition of BTR. On the operations side, the thing that’s been really good to see is the transition to virtual and video viewings and other tools that enable engagement with residents. I think we’ve all been pleasantly surprised at how a lot of people both from the operator side and also from the resident’s side have taken to that. We still have some way to go to make those virtual viewings as interactive and as effective as a face-to-face viewing, but it’s been great to see that come through. Michela Hancock: We’re all kind of dealing...