Yardi is excited to present a series of bitesize insight videos in partnership with Property Week, ahead of Workspace 2020. This series of interviews gathers perspectives from all corners of the flexible workspace industry, reflecting on the uncertain times that we have found ourselves in during recent months. Justin Harley, regional director at Yardi, captured insights from design company Area, flexspace operator Uncommon and data analytics company The Instant Group. In the last of the series, Harley also summarised Yardi’s technology outlook. How will physical space differ in the future post-covid-19? First to take the Zoom stage, was Kathryn O’Callaghan-Mills, Design Director at Area. Harley jumps straight in with the burning question, “how will physical space differ in the future post-Covid-19?” “The beauty of workspace is that it is so flexible, and the key point of our industry is to give the user a flexible experience,” comments O’Callaghan-Mills. “Operators need to consider two main elements; people and space.” O’Callaghan-Mills explains how operators can make an impact by considering these two pertinent points, including enabling social distancing with space management and rotating people within those spaces. Staying true to the bitesize theme, O’Callaghan-Mills promotes a digestible way of thinking with a ‘the now, the next, and the future’ mindset. With ‘the now’ comprising of immediate measures you can take; ‘the next’ acts as a hybrid of the immediate measures and new normal measures; and ‘the future’ which leverages on the innovation and technology investments you make today. How will the landscape of Flexspace change? Harley also spoke to Chris Davies, Director of Uncommon. Davies expressed that “the traditional faceless office is dead.” And how “the real estate industry needs to support the needs, amenities and service demands of flexspace clients.” “Covid-19 has fundamentally changed the landscape – it’s sped up pre-existing trends such as looking after staff. Staff are the most important part of any business and make up 60-80% of most businesses and flexible office space is the corporate enabler.” Davies explained that office users want a healthier workspace and activity-based working – something that the flexspace market has a hold on over traditional office. Davies expressed how corporate companies will continue to absorb the majority of flexspace market. In 2019 40% of occupiers were corporations – Davies only sees this expanding. Companies signing 5-10-year lease agreements will be a thing of the past in Davies’ opinion. “why wouldn’t a business use a better environment for their staff?” How will the demand for flexible workspace differ post-Covid-19? James Rankin, Head of Research for The Instant Group, gave some insightful perspectives on how the demand for flexspace might differ post-Covid-19. Rankin broke his summary down into three main points explaining that demand for corporates will increase, diversification of location of the office portfolio will be prevalent, and the entrepreneurial sector will flourish. Rankin shared insights from a recent research project conducted by Gartner; “Flexspace operators are moving away from the reactionary thought process that Covid-19 has seen them take, and are now moving to make more strategic decisions about the future of flexible workspace. They are looking to reduce costs, make efficiencies and increase the flexibility of their portfolios as a whole.” Diversification of the office portfolio will be ever more important Rankin explained, “we’ve seen a large number of companies look at how they can expand out of large metropolitan, central hubs.” Rankin explained that the supply isn’t there yet in suburban markets. “We’ve seen a spike in interest for flexible workspace. 5 out of our top 13 global coworking markets are now showing interest levels higher than pre-Covid-19. The bounce back is starting to speed up.” Technology Insights & Predictions Last but not least, Harley closed the Bitesize series with a summary of his predictions and insights that Yardi has taken from clients in the industry. “The future of flexible workspace is healthy and positive,” Harley states. Harley...
Foldable Phones
Samsung’s Unusual Smartphone
Samsung’s Galaxy Fold was first introduced in London last year during the company’s Unpacked event as being one of Samsung’s most innovative designs in years. Since then, the company has released a newer folding phone called Galaxy Z Flip and reviews say that it tops the previews Fold version. The $1,380 device has a plus compared to the Galaxy Fold: it can fit into your pocket when closed, which wasn’t the case with last year’s released. The Z Flip opens vertically and revels a 6.7-inch screen with a layer of ultra-thin glass. Galaxy Z Flip Design This phone design brings us back to the memory lane when the old flip phones where stylish and everybody wanted one, except this is a way more modern and technology-advanced version of the old one. Samsung says the phone can flip open to up to 200,000 times, which makes it a pretty durable device. Another thing that the company has learned from its mistakes made with Galaxy Fold is that for this device they designed a thin layer of fabric that makes sure that dust particles don’t go between the gap that exist between screen and hinge, which was a problem for the original Galaxy Fold. On the phone’s exterior there is a 1.1-inch SUPER AMOLED screen that show you incoming calls, texts and alarms. It also displays the date and time, so you don’t have to flip it every time you need to see what time it is. Additionally, there is a mini-view finder with which you can take selfies the Z Flip is closed. To do that, you just need to press the power button twice to summon up the viewfinder and then hit one of the volume buttons to take the picture. This is a...
Interface Excellence
Yardi eMAR + Mercury Pharmacy
Change isn’t easy, especially when it comes to daily drivers like an eMAR. Habits are formed. Workarounds are found. And business as usual continues, even when new solutions offer better ways to get the job done. Take it from Ed Mason, director of technology and general operations for Mercury Pharmacy. “People don’t like change a whole lot. They just want to get through their lives and not have to worry about extra stuff. And that’s the hardest thing you fight. You have to have the mindset that this change is good.” With over a decade of experience in rolling out eMAR interfaces, Ed has seen their progression from products that required special equipment to services that only need a web browser. Ed was also an early adopter of ALMSA, the care technology that Yardi eMAR is built on. “Back then, ALMSA was the first of everything. It was the first real time, the first online, the first automatic update. It was really cool. I was just sticking ALMSA in every community.” Having set up eMAR systems so many times, he now knows the best way to approach change. When an implementation is underway, he tries to make time to get out to the site. He’s involved from the start to act as a resource and help the community get trained. This productive collaboration extends to his partnership with Yardi. At Mercury Pharmacy, which serves over 6,000 active residents in Washington state, Ed works closely with our implementation team to roll out Yardi eMAR. “What I like about the Yardi implementations is that you actually have trainers go on site to do it. With other eMAR vendors, most of it is done over the web,” Ed said. “Yardi spends a little more time training people,...
Heroes for Parents
Social Distancing for Kids
In cities across the nation, school ends as summer arrives. While parents who have adapted to homeschooling release a collective sigh of relief, we know a second challenge looms: bored kids in a period of social distancing. Parents are grateful to see our kids enjoy even a few electronic-device-free hours. You, dear property manager, can help us achieve it. As a property manager, you can win big points on loyalty and resident satisfaction by hosting kid-friendly events. Need a few ideas? We’ve got three below to help you get started. These ideas are intended for locations where shelter-in-place practices are lifting, but families want to maintain activities that are appropriate for social distancing. Toddler I Spy Searching games can take on a variety of styles. One of the most casual options is to ask residents to tape paper shapes, colors and animals to their windows. As kids stroll the community with their families, they can point out the shapes, colors and animals that they discover in neighbors’ windows. Youngster Treasure Hunt This is a fun and fully customizable game for slightly older kids. Staff members can curate items and place them throughout the community: a massive stuffed bear in the leasing office window, a new bird feeder or windchime in a prominent tree, and similar items that are easy to see or hear but not easy to touch. Create a printable document that families can take with them during a stroll. Kids can check off the items that they locate and where. Incentivize the game with a fun raffle. (Allow families to electronically submit their completed forms, of course.) Teen Archery I know what you’re thinking. Give bored youth projectiles? But outdoor archery classes can successfully promote multiple benefits while keeping kids safe. Primarily,...
Cycling Without Age
Yardi Supports Mobility
No one would have been surprised if it had all gone downhill. As shelter-in-place and social distancing measures hit California, a nonprofit focused on social interaction and time outdoors for seniors was unlikely to emerge unscathed. But where there is a will, there is a way. John Seigel-Boettner found a way. Leaning in to change Cycling Without Age is a Denmark-based organization that uses cycling as a cure for feelings of loneliness, alienation and depression amongst the elderly. Bikers, known as pilots, take seniors on two-hour rides through local neighborhoods. It’s an opportunity for the passengers to enjoy the outdoors, socialize and make new friends even when they’re nonverbal. As the new year began, the Santa Barbara chapter of Cycling Without Age experienced a surge in support and resources. Founder Seigel-Boettner built a relationship with eight senior centers that he and his pilots visited twice a week. He had just received two new tri-shaws–custom rickshaws with bucket seats and an electric motor —and trained 25 new pilots. With these resources, Cycling Without Age was prepared to make an even greater impact among Santa Barbara’s 17,000 senior citizens. “But the day that the bikes showed up is the day that we got locked down,” recalls Seigel-Boettner. Protocols set in place by Governor Newsom aimed to protect vulnerable populations from exposure to COVID-19. The unfortunate side effect was the increased loneliness, alienation and depression amongst seniors. “We were scratching our heads. We can’t pilot because we can’t get in the doors. Families can’t even get in the doors,” says Seigel-Boettner. Cycling Without Age came to a grinding halt. Seigel-Boettner and his team paused to take in the news, and them immediately sought new ways to serve the elderly. Getting creative, providing hope Seigel-Boettner began to brainstorm...
Yardi Proptech Insights
With Delin Property
In the latest edition of Yardi Proptech Insights, Yardi regional director Richard Gerritsen speaks with Bart de Sitter and Jay Lelie of Delin Property about the company’s efforts to design innovative warehouse spaces that are efficient and functional as well as attractive for workers. With the growing need to attract and retain ecommerce employees for order fulfillment, warehouse spaces with natural light and employee-friendly amenities like lunch and break spaces are more important than ever. Interconnected spaces for warehouse activities and offices for managers and admin staff are also a priority. “We are hearing from our clients that retention of personnel is becoming more and more difficult, and we want to help our clients make a difference for their workforce, and help their employees be proud when they arrive at work,” said de Sitter, the company’s development director. That means moving away from boring, box-like industrial development norms. “In our designs we put the labor force first, creating a warehouse that provides a better workplace,” said Lelie, asset and leasing manager. Design schemes show massive windows, creative office integrations, and terrace-like areas for worker breaks. The company invests and develops industrial space in the Netherlands, UK, and Spain. Use of forward-thinking PropTech is also important to Delin Property, which continues to adapt and improve its technology management platform using Yardi products. Improving communication with tenants, on site safety and automating business processes have been two PropTech priorities for the company, shared de Sitter and Lelie. Watch the video below for more PropTech insights from this valued Yardi client. Learn more at...
Making Dreams Possible...
The Ashe Arts & STEM Academy
Many of us have done it. In conversation with a small child, we casually ask, “What do you want to be when you grow up?” But how often do we make sure that child has what they need to succeed? When Samuel J. Ashe II looked around his community, he saw a deficit in educational resources specifically in the areas of math, fine arts and the sciences. As an active mentor, he wanted to support the big dreams of the neighborhood kids, but he couldn’t do it alone. Fortunately, his family and the community stepped in to help. Bringing people to the forefront of business After graduating with his MBA, Ashe joined Yardi as a marketing specialist with the RentCafe Reach Team. “I have clients all over the country. I manage their digital marketing needs including but not limited to SEO, PPC, and social media management,” he says. Ashe joined Yardi because its corporate culture didn’t feel corporate at all. “Yardi is very people-focused and collaborative,” he says. “We have so many departments, yet I still feel like one big team as we all collaborate to provide superior customer services.” “From day one, I noticed this was a nurturing environment,” adds Ashe. “There was a great deal of energy put into the development of employees, as many of my first days were spent training online in Aspire. That was a breath of fresh air compared to a past of ‘figure it out’ job trainings. Over time, there have been more opportunities to improve upon my already solidified strengths and certifications coursework.” The Ashe Arts & STEM Academy: Representation matters Yardi’s focus on employee development resonated with Ashe, who is the Executive Director of The Ashe Arts & STEM Academy. The 501(c)(3) nonprofit supports the...
Changemakers Series
Dwayne Clark, Aegis Living
Nowadays, keeping an entire senior living community healthy requires stringent protocols, adequate PPE and, crucially, a dedicated team willing to take every step necessary. As part of their Changemakers series, Senior Housing News has been interviewing influential leaders in senior living, discussing innovation and asking for their insights on the industry’s challenges — including COVID-19. It’s a showcase of thought leaders, risk-takers and trend-setters, sponsored by Yardi. But, as our newest honoree makes clear, success in preventing an outbreak doesn’t rest solely on a leader’s shoulders. The second member of the Changemakers 2020 class is Dwayne Clark, founder and CEO of Aegis Living. Clark has over three decades’ experience in senior living. He rose through the ranks at Leisure Care and Sunrise Senior Living before starting Aegis 20 years ago in Seattle, looking to offer a combination of novel designs, disruptive operational concepts and exceptional care. Since then, Aegis has become a nationally known, award-winning provider. Despite his own accomplishments, Clark attributes a large part of Aegis’s success to his team and culture. “From the very beginning, we stood apart to be a very different kind of company, starting with the kind of people we hire. I think over 90% of our people come from the hospitality industry,” he said. “The bridge to get to your customers is your staff, especially your line staff. You’ve got to make those people delighted in their job every day. That is the whole point, and this [distinction] has been incredibly important to us.” And that commitment hasn’t wavered during the coronavirus outbreak. In this excerpt from the SHN interview, Clark expands on Aegis’s COVID-19 response, sharing how they’ve supported staff so residents continue to receive great care. How have you been able to attract that talent? What...
Dubai Asset Management
Yardi improves customer service
More than 100,000 Dubai residents rely on 10 housing communities, ranging from studio apartments to luxury villas, owned by Dubai Asset Management (a subsidiary of Dubai Holding). The subsidiary of Dubai Holding developed its portfolio of 20 million square feet of leasable assets by providing the best customer experience in terms of product, pricing and location, and resident services. Maintaining outstanding customer service as communities, headcount and staffing grow larger isn’t easy. Company leaders realized that retaining stature as Dubai’s premier provider of residential property required better technology and increased staff efficiency in the form of real-time property availability, online leasing, rent payments and resident self services, along with 24/7 online and mobile access to account data. Achieving this goal required a technology platform capable of managing the entire residential lifecycle. In 2015 Dubai Asset Management adopted Yardi Voyager as its property management and accounting platform. Yardi Voyager centralised Dubai Asset Management’s operational, financial, maintenance management and compliance data on a single connected solution. With information easily available online and via remote devices, Dubai Asset Management can show prospective residents real-time apartment unit inventory, including floor plans, which helps the company close leases faster and achieve occupancy targets. The easy access to information also helps the company make and implement better-informed decisions. The full integration of Yardi Voyager with RentCafe and Yardi Maintenance further enhances Dubai Asset Management’s resident service and staff efficiency. Units available for lease are displayed online as soon as they become available, enabling faster unit turnover. Residents have the convenience of making rent payments online, and the company’s maintenance staff can manage work orders in the field without returning to the office. Leasing agents can close deals as easily in the field as in the office. The portfolio-wide data transparency enabled by Yardi Voyager also enhanced reporting efficiency by reducing the time staff members spend manually compiling data. “Yardi Voyager reduces the friction of moving in, moving out, contacting maintenance and paying rent. These benefits make our communities more convenient and satisfying for our residents and solidifies our reputation as a leading residential services provider in Dubai,” said Mohamed Roushdy, head of technology for Dubai Asset Management. Learn more about Dubai Asset Management at dubaiam.ae/. Learn how Yardi serves property management companies across the Middle East at...
Stepping Up
Food Bank Series: Atlanta
(Part three of a three-part series highlighting the efforts of food banks during COVID-19. Read about food bank efforts in Santa Barbara and Raleigh.) Always a supporter of the communities in which its offices are located, during the last three months Yardi has committed funds for hunger relief services across North America. This week, the real estate software leader announced a second round of donations for the food banks it supported in March. (Read previous blogs on the Santa Barbara County and Raleigh food banks.) An example of one outreach was a grant to the Atlanta Community Food Bank (ACFB). “I know what a big difference this will make in so many lives locally,” says Don Rogers, general manager for Yardi Atlanta. Ben Burgess, ACFB corporate relations manager, received the donation from Yardi. “I’m speechless. This is the kind of overwhelming generosity that makes me love what I do and working with companies like yours,” Burgess said. From bad to better beyond expectations In early March, ACFB relocated to a new office. When COVID-19 business closures hit, the organization was still trying to acclimate to its new environment. “Most of us were still figuring out where all the light switches were and which printers were ours when this hit,” says Burgess. “We immediately lost our biggest fundraiser, the annual Hunger Walk/Run 5K and our annual Golf Tournament.” As consumers stocked up on supplies to shelter in place, retail stores became overwhelmed. Empty shelves left little to donate to the food bank. “Retail store donations represent round 1/3 of our food inventory which was just .. gone. We were bracing for the worst,” says Burgess. But in the midst of that anxiety came unexpected support for ACFB from the local community. “People stepped up to support us from all over the place. Businesses, non-profits, individuals, everyone. We know for certain that at least 30 people have donated the entirety of their stimulus check to help those who need it right now,” Burgess said. Volunteers, a crucial component of most food banks’ operations, couldn’t come in due to social distancing requirements. But an alternative source of help stepped in. “We typically host over 125,000 volunteer hours per year – but the state gave us 50 National Guard service members to help fill that role five days a week. It’s been an overwhelming thing to see,” Burgess said. We are in this together As a result of the community outpouring, ACFB has been able to meet the demand for emergency aid in the community. The organization has distributed over 7 million pounds of food in the last 30 days, including 4.1 million in the last two weeks. Every donation is needed. “In demand, we estimate an increase of more than 30% in the last 30 days which puts us at more than 1 million people who are food insecure in the metro Atlanta area right now,” reports Burgess. “We are humbled. Thank you. Thank you. Thank you for your support!” says Burgess. Learn more about emergency relief efforts at ACFB: Join Yardi in donating to the Atlanta Community Food Bank....
Get More Tours
3 Tips That Will Help
Recent world events surrounding COVID-19 have led us all to adopt new consumer behaviors, and it’s likely that many of these behaviors will stick. With that in mind, it might be time for us to revisit our approach to apartment tours. Did you know that 80% of renters seriously considered just four or fewer properties during their last apartment search, according to the 2020 NMHC/Kingsley Apartment Resident Preferences Report? And 38% of renters only toured one or two communities before making their rental decision. That number is likely to grow now that we’ve all grown accustomed to doing more online. So how do you get your property on renters’ short list — especially now that they’re more likely to be influenced by online content than in-person experiences — and secure more tours? Keep reading for three data-driven tips for getting more property tours, whether virtual, self-guided or led by an agent. Then, watch a video from our “Moments of Genius with Drew Davis” series to learn how you can create a better virtual experience to attract renters who are actively searching for apartments. Provide unit-level photos & details Renters in the same survey were asked, “What would you need to see online to rent an apartment without seeing it in person?” The top three answers were: 83% said unit photos 64% said community/amenity photos 64% said unit location within the community That’s right. Just like other online purchases, your prospects want to see exactly what they’re getting for their money. To get them to tour (or lease online, sight unseen), you need to make sure that your property website is attractive, user friendly and full of pictures, including an accurate property map. Unit-level photos and video tours create an experience that not only shows the unit but also builds a foundation of trust for your brand and leasing associates. Additionally, property maps with unit-specific locations help prospects envision life in their new home on your property. Are they close to the pool? Do they have a sunset view? The more supporting material you can provide, the quicker prospects will be able to mentally move-in. “Did you know that roughly 60% of searches are mobile? That means a lot of web visitors are viewing your site on their phones,” said Catriona Orosco, director for RENTCafé Reach. “Be sure to include vertical photos as well as horizontal ones to give them a better viewing experience.” Add online appointment scheduling & tour options 80% of renters said they would use online appointment scheduling in their next apartment search. Online appointment scheduling accommodates busy renters who don’t have time or simply don’t want to call during office hours. After all, consumers are used to booking everything from restaurant reservations to DMV appointments online. Data shows that self-scheduled appointments convert at a high rate. In fact, QuadReal, a RENTCafé client, found that 33% of its self-made appointments converted to leases. Additionally, another 59% of surveyed renters said they wanted self-navigated virtual tours, and 26% wanted real-time video tours done through FaceTime or a similar service. Adding these options to your website or as part of your leasing agent follow-ups will help you meet the needs of a greater range of renters. Offer self-guided tours Of the 370,000 survey participants in the NMHC study, 16% of renters said they would prefer a self-guided tour, while another 15% indicated no preference between self-guided or community-staffed tours. That’s almost 115,000 prospects who would happily tour your property unguided, expanding your tour offerings and giving your staff more time to assist guests and residents with urgent needs. And that study happened pre-pandemic. A more recent survey of 4,974 apartment shoppers on RentCafe.com revealed that 70% would take a self-guided tour now. Why do some prospects prefer self-guided tours? Their responses were almost equally divided between these four reasons: It’s more convenient for their schedule (to book tours outside...
Working Together, Separately
Newcastle Limited + Aspire
An organization’s ability to remain focused and cohesive during social distancing is essential for its success. To do so, Newcastle Limited chose to harness the power of software that fills gaps created by social distancing, offering tools for collaboration, communication, and productivity. Pre-pandemic business as usual Newcastle Limited is a Chicago-based real estate investment firm specializing in commercial and residential properties. Its localized portfolio consists of 42 residential properties totaling 2,875 units and 55 retail properties with 140 tenants. To support those clients, Newcastle Limited employs 150 staff members, 54 of which operate from the corporate office. Mike Haney, Newcastle Limited CEO, consistently prioritizes the professional development of his team. Prior to the pandemic, the organization implemented Newcastle University via Yardi eLearning for onboarding, training, continuing education and professional development. Once restructured as Yardi Aspire, the additional features within the software gave new life to Haney’s initiative. Newcastle Limited implemented Aspire at the end of February, and timing couldn’t have been better. The organization had the opportunity to familiarize itself with the revised University before the pandemic encouraged social distancing nationwide. Through Aspire, Newcastle Limited has been able to maintain its focus on professional development in the face of unprecedented change. Aspire: working together, separately In response to social distancing, Newcastle Limited shifted most of its workforce to a remote environment. The real estate investment firm relied on Yardi Aspire to keep the team connected and in sync. Its online learning environment includes communication tools, collaboration opportunities and training event management. Aspire has proven to be a single solution for Newcastle’s remote work needs. Get 6 Pro Tips for Stellar Remote Work Aspire is the only training solution on the market that enables clients to automatically distribute role-based learning plans that cover multiple competency areas including property management software skills, mandatory compliance, company policies, safety, leasing and procedures. At Newcastle Limited, Aspire has helped management better understand the needs, strengths, and opportunities of its employees as they work and learn outside of the office. “We are using the platform for compliance-related initiatives such as policy and procedure updates. This way, we can track who has taken and acknowledged policies,” says Jennifer Smetana, director of learning and development at Newcastle Limited. Scoring measures within the software also provide managers with insights into areas that may need review and further clarification. Additional features have improved the way that Newcastle Limited stays organized and connected with remote employees. “The learning plans and our dynamic ownership for grouping and reporting purposes have had a major impact,” says Smetana. “We also started using the resource containers to house quick guides, article of the week, and the additional links to pages we use often. Everything is quickly accessible in one place so that we stay efficient and organized.” Teamwork, virtual watercoolers and camaraderie During social distancing, the communication and collaboration tools within Aspire demonstrated their value to Newcastle Limited. “We have taken an employee engagement approach to the platform,” she says. “We launched engagement events such as virtual coffee breaks, contests, games and Wednesdays by the Watercooler to keep our team members connected.” Wednesdays by the Watercooler is a casual event where employees are encouraged to log on together and share in a virtual break. “We connect, tell jokes and do silly activities to stay united,” smiles Smetana. “I feel that Aspire has helped our organization move forward and continue growing. The platform is the foundation for staying connected and has aided in keeping our team members working while being remote,” says Smetana. Join a webinar to discover how Aspire, formerly eLearning, can support your organization during social distancing and beyond....
Durable Employment
Examined by Yardi Matrix
Each week’s news seems to bring a new wave of devastation for the U.S. employment market, as unemployment claims continue to climb due to the COVID-19 pandemic. The national unemployment toll was 36.5 million jobs lost when this was written – by the time you read it, that figure will likely be higher. Yardi Matrix® dove into the unemployment data to find out which sectors and geographic regions are hardest hit, which will hold up and where the unemployed may want to look for their next opportunity. Unlike past recessions, job losses have not been spread across the economy. Layoffs and furloughs have been concentrated in segments most affected by shelter-in-place orders: retail, leisure, travel and entertainment, and jobs in which social distancing is difficult. Between February and April, leisure and hospitality jobs contracted by a jaw-dropping 48.1%, or 8.1 million workers. Other hard-hit segments include other services (-21.9%), a category that includes personal services and repairs, retail trade (-13.7%) and construction (-12.7%). The number of lost jobs has been higher among hourly, service-based workers than for career workers who more easily can work from home. On a proportional basis, job categories that shed the fewest jobs over the last three months are financial activities (-2.8%), government (-4.3%) and wholesale trade (-6.2%). Another segment that lost relatively few jobs was professional and technical services (-5.3%), which includes computer systems design services (-3.8%). “This report provides in-depth insight to the most durable employment sectors, both professionally and geographically,” said Jeff Adler, vice president of Yardi Matrix. Find the full Durable Employment Sectors report from Yardi...
Senior CRM in Use
At Colorado's Golden Pond
Occupancy in senior living may be trending low, but some providers are up to the challenge. Case in point, Stage Management. With a little help from Yardi Senior CRM, this senior housing owner and operator has fast-tracked its sales cycle and boosted its occupancy rate. “With Yardi Senior CRM, we can see where we are in our sales cycle and what activities we need to complete to help move more people in the door,” said Troy McClymonds, partner at Stage Management. “Our numbers prove that over and over again.” Meet Stage Management Based out of Centennial, Colorado, Stage Management is committed to care. “Our mission for staff is care comes first. We’re not a real estate business — we’re a care company,” said McClymonds. This focus on quality care is clear at Stage Management’s full-service retirement community, Golden Pond, which offers 115 units of independent living, assisted living and memory care in Golden, Colorado. The staff encourage residents to follow their interests while providing comforts to make everyone feel at home. Paperwork presents challenges When new prospects used to walk in the door at Golden Pond, front-desk staff would capture their information on paper cards, making handwritten notes on the back. The hand-off to sales took extra time as a result. When prospects did decide to move in, they were asked to share similar information repeatedly. “There was a lot of duplicate work,” said McClymonds. So Stage Management turned to Senior CRM. The senior living sales and marketing solution ties the resident record together from lead to lease, so staff at Golden Pond no longer need to re-enter details or search through paper files. Measurable, profitable results Thanks to Senior CRM, the paper trail is now just a memory for Stage Management. The mobile,...
Approaching New Horizons
Said Haider, Middle East Sales
As recently as 2012, the proptech industry in Dubai and surrounding markets was limited at best. “Before I joined Yardi back in 2012, there was no local real estate software providers in the market,” explains Said Haider, regional director, Middle East Sales at Yardi. “Customizing legacy platforms was the only available option, which was awful to real estate firms at a certain level.” Finding the tools for intelligent growth During a period of rapid growth, a lack of sophisticated software options hindered efficiency for real estate companies in the region. The rapid success of real estate, especially in Dubai, left owners with growing portfolios and a lack of transparency. Management teams strived to drive revenue without comprehensive metrics on the performance of their properties or competitors. The thriving region needed an accounting and property management software solution that offered scalability, customization, and efficiency. Undoubtedly, it was an excellent time for Yardi to enter the market. Once acquainted with Yardi, Haider knew that he wanted to forge a career with the proptech leader. “I wanted to be part of a driven and professional organization striving to become the best innovative proptech provider. I believed that Yardi can make a big difference in the market and I was ready for the challenge.” Growing with clients in mind It would take eight years for Yardi to gain a solid foothold in the market. The Middle East market required developers to revisit the Voyager platform, creating a more localized solution to support region-specific requirements. With a robust product now on the market, development continues as clients provide feedback. The process encourages a mutually beneficial relationship between software provider and client. Referrals from satisfied clients helped Yardi gain traction in the region. Now, the movement has gained momentum. “Today, more than 100 real estate companies have implemented Yardi solutions across the Middle East. We are expecting this count to double in the next two years,” say Haider. “More than 50% of the retail space in the region is managed on Yardi. We are still growing in the residential market, especially after a successful project implementation with one of the largest fee managers in the Abu Dhabi with more than 60,000 units.” Haider is optimistic about Yardi’s presence in Dubai and what it means for efficient real estate growth in the region. “I am always excited about what I am doing as there is always something new to learn, whether on a professional or personal level. Management is inspiring!” Beyond the comfort zone Outside of Yardi, Haider is constantly taking on new challenges. He is an avid traveler, swimmer, and marksman. Yet his greatest new challenge is navigating the joys and responsibilities of parenting. “I am a new father, so I have been enjoying fatherhood lately,” he smiles brightly. “My work with Yardi has taught me to be more patient, which was really helpful in parenthood. Yardi is also a great environment that truly supports its employees, so my work-life balance is excellent.” Haider marked the arrival of his child by taking on a new adventure. While enjoying a babymoon with his wife in Kemer, Turkey, they traveled to Tahtali Mountain. Towering at more than 7,759 feet, the mountain offers stunning views of the sea below. The couple captured stunning photos of the Turkish Mediterranean Coast–then Haider became inspired. “It was a bit cloudy that day and I always wanted to fly like birds and feel the clouds since I was a kid. I saw some people paragliding and just felt that I have do to it! The jump is a world-record high of more than 7,700 feet. We go through the clouds and land at the beach. It was a wonderful, 40 minutes in the sky. Well, I like to be adventurous and push my comfort zone, whether at work or in my personal life. This keeps me excited and happy.” Learn more about Yardi career opportunities...
Energy Matters
Strategy for Senior Living
As the COVID-19 crisis drives up labor and equipment costs in senior living, providers are looking for sure-fire ways to save without sacrificing on care or quality. One avenue that few providers have pursued is energy management. Not considered a significant challenge by many, utility spend actually ranks as the third highest expense, after payroll and food. It’s also much easier to tackle from a cost-control perspective than you might think. Yes, swapping in LED light bulbs is one way to shrink the energy bill, but the real advantages (and savings) start with just knowing how much energy is used. By benchmarking your communities’ energy consumption, and you open up many possibilities to conserve. There’s more value in a cohesive energy strategy than just saving money, too. Many residents appreciate and look for a building that follows sustainable practices. In fact, the baby boomers are more eco-conscious than their Gen X and millennial counterparts are. Those over 65 are three times more likely to say they live in environmentally friendly ways “all the time.” If that weren’t reason enough to revisit your energy approach, consider that state, county and local jurisdictions are increasingly asking real estate operators — senior housing included — to record and report on their usage. Take Seattle for example. Back in 2013, the city passed a resolution in pursuit of carbon neutrality that requires non-public buildings larger than 10,000 square feet to disclose their utility benchmarking data. For Merrill Gardens, based out of Seattle, that meant they had to quickly roll out centralized utility tracking. So how’d they pull it off? And what benefits have they seen since? Join us on Tuesday, June 16, at 10 a.m. PDT (1 p.m. EDT) for a live webinar with McKnight’s Senior Living to...
Changemakers Series
Michael Schonbrun, Balfour
Changemakers is back for 2020 with a whole new class of senior living leaders! Published by Senior Housing News (SHN) and sponsored by Yardi, the series spotlights industry pioneers who’ve taken unique approaches towards shaping the future of senior living. And this time around, these are also leaders who’ve shown what it takes to safely navigate their communities through the current health care crisis. For the first inductee, meet Michael Schonbrun, founder and CEO of Balfour Senior Living. Schonbrun got his start in senior living while researching communities for his mother to live in. He decided he wanted to build one that she herself would love. So in 1997, he founded Balfour in Colorado, and the company has grown steadily since. They now have nine locations, with three more under construction. Prior to senior living, Schonbrun had spent a decade in charge of National Jewish Health, a leading respiratory clinical and health care research center. That experience has helped position Balfour well for the pandemic. From the first signs of trouble, Schonbrun and his team have taken the coronavirus seriously. In this excerpt from the SHN interview, see how Schonbrun’s unique background and proactive measures have kept Balfour’s residents and staff safe. How has COVID-19 impacted Balfour and influenced your thinking — and the industry’s? Do you think people are going to see more value in having on-site health care? The answer to that last question is yes. My first 10 years after getting out of law school I spent in the public health and health care regulatory environment. I think one of the benefits of COVID-19 — if you want to call it that — is that there’s going to be a willingness to invest in public health and to appreciate that, as...
Self Storage Outlook
SSA Webinar with Yardi Matrix
Self storage is still considered among the most stable real estate sectors during rocky economic times, but it is not immune from the COVID-19 crisis, attendees of the May 19 SSA Webinar presented by Yardi Matrix experts learned. “Under the best of circumstances, and short of a medical solution, recovery is going to be partial and slow,” said Jeff Adler, vice president of Yardi Matrix, at the start of the presentation. Adler and Chris Nebenzahl, institutional research manager for Matrix, presented the current outlook for self storage as it navigates changing tides. If you missed it, find the presentation materials and a recording of the session. While the industry looked strong in March, things shifted in April. National street rates for 10×10 non climate controlled (CC) units fell 2.6 percent, and rates for 10×10 CC units fell 6 percent. That was the largest decline in more than three years. The impact was nearly universal, as street rates for non-CC units fell in 97 percent of the major markets tracked by Yardi Matrix, and CC units saw declines in every market tracked. Only Raleigh-Durham and Portland, Ore. saw non-CC street rates drop less than in previous months, and Phoenix stayed completely flat (see slide at left). Nationwide, Yardi Matrix tracks a total of 2,209 self storage properties in various stages of development, comprising 593 under construction, 1,172 planned and 444 prospective properties. Matrix also maintains operational profiles for 25,914 operating self storage businesses, bringing the total data set to 28,123. The COVID-19 crisis has yet to slow self storage development, however, as properties under construction or in the planning stages account for 9 percent of the market in April, a 20-basis-point increase over March. That’s expected to change in the coming months. “We expect...
YASC Digital
Success on Demand
Assembling more than 2,000 clients and employees in Washington, D.C., for the spring Yardi Advanced Solutions Conference wasn’t an option. But Yardi got creative and delivered all the expected benefits of YASC in a new way this month. YASC Digital, which was free to clients, comprised more than 125 on-demand courses on asset and investment management software innovations. Spotlight sessions addressed developments in the multifamily, commercial, investment management, affordable and PHA market segments. The virtual conference attracted 16,000 participants from 2,500 companies in 30 countries, with attendees completing 107,000 courses and viewing 50,000 hours of content over three days. Yardi product specialists fielded thousands of live chat requests. Company president and founder Anant Yardi, offering a video welcome in lieu of “meeting and greeting,” reaffirmed the company’s dedication to maintaining superior client service in the COVID-19 environment. Noting the company’s $2 million donation to food banks that are helping communities in the U.S. and Canada weather the pandemic, Mr. Yardi invited his audience to “tackle the future with resolve and optimism.” (The company also donated $25 to food banks for every selfie submitted during YASC Digital – see many of the submissions in the gallery below.) The YASC Digital experience resonated positively with participants. “Thank you to everyone on the YASC team for putting together the digital format … which allows us all to continue to learn and grow with Yardi,” said Scott Teem of Portland, Ore.-based Guardian Real Estate Services LLC. “Thanks in no small part to Yardi, we’re doing fine,” added David Wise of Philadelphia-area LCOR. “Thank you for supporting the local food banks and for keeping us all connected!” said James Juliano, checking in from Berkshire Residential Investments in Boston. Watch a recap of the event: Clients will receive an email...
Support for Seniors
Pulling Through Together
COVID-19 poses many challenges to senior living, but providers, and the public at large, are stepping up to help residents and staff in every way they can. A few weeks back, I shared a few positive stories of support in the industry. Since then, the coronavirus outbreak has continued to spread, but communities have continued to get creative in their response. Here are a couple more stories featuring Yardi clients that we hope will make you smile: Crafting a clear connection For families, one of the most trying parts so far has been the inability to visit their loved ones. Providers have locked down facilities to keep residents and staff safe, but at Thrive Senior Living, CEO Jeramy Ragsdale was determined to do more to help everyone stay in touch. He hit upon the idea of glass panels that would allow interaction without the risk of infection. “We custom built it to fit inside the front doors of our communities and created a venue where residents and families can visit in a safe way across these barriers,” Jeramy said in a local news report. “Our biggest challenge is now telling families ‘your time is up’ because there’s someone there to visit behind you.” As a gesture of support to the industry, Thrive has made the plans for their glass panels freely available on their website. Download the instructions Famous art, familiar faces Sure, museums are closed for the foreseeable future, but that doesn’t mean you can’t find inspiration in their art. Following the recent social media trend, residents at Osprey Lodge of Allegro Senior Living have recreated masterpieces by dressing up as the models, using whatever they could scrounge up from their closets and cabinets to mimic the artwork. The photos speak for themselves. From toilet paper rolls as cartwheel ruffs to buckets and towels for headwear and hairdos, the imagination on display is amazing. My personal favorite is the gentleman with a glass of orange juice precariously dangled in front of him. That one clearly took a lot of patience to nail the balance. A red carpet for the real stars The nurses, caregivers and staff in senior living communities have been doing all they can to ensure the safety of their residents. And those efforts haven’t gone unnoticed. Last week, workers at The Woodlands at Hillcrest were given the red-carpet treatment — literally. A local business, NRC Health, rolled out an entrance carpet, gave away gift bags and displayed posters of support as the staff arrived. “They do a lot of great things, and they don’t always get the credit they deserve,” said Tess Kurtenbach, business development manager for NRC Health, in a news interview. “They’re our heroes. They’re doing the biggest job right now.” Positivity from the public While red carpets are wonderful, words by themselves can mean just as much. A group of high school students in Colorado recently filmed their own creative message of support for Golden Pond Retirement Community. The video follows AHCA/NCAL’s launch of a new campaign last month, #CareNotCOVID, which encourages those sheltering at home to share positive messages with their local senior living communities. The messages are meant to help staff and residents feel supported, now so more than ever. — Social distancing guidelines have pushed us apart for our own health, but they’ve also drawn us together in new ways. Examples of connection like these are growing in senior living, and we hope they inspire even more to follow...
