China is home to some of the world’s largest tech unicorns and a host of smaller companies, which are producing technology with an impact on the real estate landscape through e-commerce, smart cities and building technology. And these themes have emerged in tandem with the well-known drivers of the Chinese real estate market. China will continue to experience rapid rates of urbanization and gentrification over the next decade, which will drive changes in demand and rates of consumption. There is pent-up demand for a better quality of life – cleaner, less congested streets and better housing – which also plays to wider concerns about sustainability and the environment. The poor air quality in large Chinese cities is driving developers to find innovative ways to improve the air quality in their buildings – technology can enable all of this. Smart city initiatives, such as those launched by Alibaba, should reduce congestion and pollution. China’s connected cities will be about providing a seamless handoff between a complex and comprehensive set of apps. No single company will do everything, hence a platform where task and role-based apps can work together to solve problems and deliver a user experience that is seamless is the most likely outcome. Companies that deliver operating systems, such as Microsoft, Apple, Google and Tencent, are working hard on that seamless data handover, but it is not easy. Data privacy, security and governance all overlap and often conflict. Data means insight China retail has been relatively resilient to the effects of e-commerce, not least because much retail development post-dates the emergence of online shopping. China’s tradition of transport node-centered mixed-use development, which follows its community culture, is more than just a place to shop, but a space to gather and eat. This intersection of...

How can technology help senior living providers overcome their biggest challenges? To get the answer, Senior Housing News (SHN) recently interviewed our own Ray Elliott, vice president of senior living at Yardi, as part of their Voices series. The content program, which we’re a sponsor of, asks executive leaders for their insights on trends, topics and issues that are shaping the industry. With almost two decades at Yardi, Ray has extensive experience working on software solutions for property management, initially supporting Yardi’s public housing product before taking charge of senior living. He’s seen how technology has grown in both sectors, transforming business as usual in powerful ways. Read on for an excerpt from Ray’s interview with SHN: What do you see as the most impactful way a property management platform such as Yardi can move the needle for senior living providers? Yardi goes beyond just being a property management platform. If you look at our history, that was where the company started, but today we do much more than that. We provide an end-to-end solution that our clients can use from the first engagement with a prospect all the way up through the care of residents. With the Yardi Senior Living Suite, everything is automated. If you’re using our CRM (customer relationship management), and you enter prospect data, details about that individual will make it through the sales cycle. When they end up in your community, you’re able to see everything in our EHR (electronic health record) product, down to their hobbies and interests. All that information flows automatically. Nobody has to transcribe it. Nobody has to enter it again. There isn’t a risk of that information being lost. It’s that sort of value-add that helps move the needle for providers. It helps them...

In 2019, hundreds of organizations including real estate firms used Energy Treasure Hunts to reduce energy use by up to 15 percent and they’re hoping for even more participation in 2020. As explained on the ENERGY STAR® website, Energy Treasure Hunt teams walk around facilities looking for quick ways to save energy. Those fast fixes can add up to big savings, which is like finding buried treasure. Companies from various industries participated in the inaugural year’s Energy Treasure Hunt including AMLI Residential, Bozzuto Management, Colgate, Allergan, Kilroy Realty Corporation, Columbia Association, Boeing, Lockheed Martin and Nissan. For multifamily and commercial real estate operators, the Energy Treasure Hunt checklist, called a Treasure Map, includes a detailed audit of lighting, building envelopes (inspecting all doors and windows for gaps and damage), equipment and plug loads and HVAC systems. Using energy efficient lighting, improving insulation and managing power usage proved to be a few easy ways to save money, and thousands of dollars in potential annual savings were uncovered. Here are some highlights: Kilroy Realty Corporation found a potential annual savings of $20,300. Top savings opportunities identified: Retrofit the exterior lighting in all parking areas Retrofit lighting in all indoor common areas Conduct retro-commissioning For AMLI Residential, the audit revealed a potential annual savings of $7,800. Top savings opportunities identified: Implement checks to ensure correct set points in vacant and common areas Insulate hot water heater supply piping within the HVAC closets Use power management setting on business center and leasing office computers Bozzuto Management Company discovered a potential savings of $10,190. Top savings opportunities identified: Implement LED retrofits Install lighting controls and sensors Establish thermostat setting standardization While identifying precise dollar amounts in potential savings is exciting, even before an Energy Treasure Hunt most companies realize...

It’s tough times like these where the best in people comes to light. In New York, which has emerged as the coronavirus epicenter, one family is doing all they can to support their community. Nancy Nix runs a small sewing business, Wicked Stitches, that closed its doors last month due to the pandemic. But she wasn’t willing to just stand by as the virus spread. An opportunity to help soon came. Her daughter Julia, who serves as a nurse on a COVID-19 floor, asked for surgical caps for herself and her colleagues. So Nancy Nix, whose husband Richard works on the Yardi senior living team, found a pattern and began sewing together with Julia. “People are putting themselves at risk, so you want to help,” said Nancy. “It just feels good to be part of the solution.” After finishing and delivering the first batch, requests for more quickly followed. In the weeks since, they’ve sewn hundreds of caps and face masks for hospital staff. The nurses appreciate the protection, and as a fun bonus, the colorful patterns make it easier to recognize each other when in full uniform. As the requests grew, Nancy spread the word about their project, and dozens responded offering to help sew. Even more have asked how they can support the cause. Wicked Stitches isn’t taking donations, but those interested in paying it forward can purchase and personalize caps for a health care professional. They can also buy rainbow door hangers, an increasingly common show of support for essential workers. Proceeds from both products go towards producing more caps to...

Our previous article explored key portfolio risk mitigation challenges faced by real estate firms amid today’s uncertain market conditions and the likelihood that future income streams will fundamentally change. This time we’ll examine ways to help businesses that are currently forced to operate in a very different manner and environment for the foreseeable future. The ability of those now working from home to maintain productivity, collaboration, informed decision-making and productive action will be tested to the limit – not the least by kids running riot in many households! Mitigating risks associated with working from home requires: Adopting technology infrastructure that enables collaboration and process continuity. Addressing capital transactions and investor queries satisfactorily. Understanding the impact on reporting when data is drawn from multiple sources and collections systems and processed by multiple people. Successfully transitioning fund raising, normally handled in person by general partners, into a remote undertaking. Reliable and immediate access to key performance indicators from all business operations, from tenant transactions to the investor level. You might also want to consider how working from home now might reshape how you conduct business in the future (e.g., more videoconferencing, less travel, more remote viewing of properties, the potential to reduce carbon emissions). We don’t know how long the pandemic will run and thus delay the return to normal working patterns. Could demand for office space tail off permanently, for example? Real estate investment managers can gain the necessary data transparency, control and understanding of their investment data in a remote work environment just as they do in the office – with a single connected platform that allows collaboration between teams, while centralising all their key financial and operational real estate metrics, even if outsourced, for analysis, reporting and decision-making. Automating the real estate fund...

Sometimes experiencing a true hardship, like a life-threatening illness, can present a way to later extend a healing hand for others. That is the story of Erica Jones, a technical account manager at Yardi’s Raleigh, North Carolina office. A breast cancer survivor, Jones is the founder of a 501c3 non-profit organization called Tickled Pink Breast Cancer Support, Inc. which provides healthy Cuisine Care Packages  for patients (men and women) who are without the support of a spouse as they battle breast cancer. That was the position that Jones found herself in when she was diagnosed with breast cancer in 2015. “It was heart stopping to hear those four words: ‘you have breast cancer.’ But going through the treatments really did something to my heart and filled me with compassion for others who were going through those same experiences. I knew I wanted to be able to help others that were on that journey as well.” Jones promised herself that once she was declared cancer free, she would start such an organization. Last year, Tickled Pink Breast Cancer Support, Inc. became a reality and Jones and her non-profit have helped a dozen patients so far, with plans to help many more in the future. Patients receive the complimentary Cuisine Care Packages weekly for up to three months during their treatment timelines. Culinary partners of the non-profit prepare the cuisine, which is full of healthy nutrition and made without preservatives or additives. It’s a much better option than reaching for frozen food or a packaged alternative. Dishes typically include protein, grains and vegetables. For those who might need it based on circumstance like low to no appetite, tender palates or mouth sores, soup and smoothies are an alternative option. Tickled Pink also provides healthy Snack Care...

Trash volume at apartment communities during the COVID-19 crisis are showing a 30 percent to 35 percent increase nationally, according to Camden Residential, a REIT that operates 165 properties across the country. Its Director, National Purchasing, Rick Pippin says everything except for cardboard has increased. And although residents are certainly ordering plenty through Amazon, he says, because no one is moving out during this national shelter-in-place environment the residents aren’t generating a noticeable increase in box disposal. His waste haulers typically charge $150 in overage fees each time a bin exceeds the level, but Waste Management, for one, has waived those fees through May in response to the unusual circumstances. “We have as many as 25 bins at some properties,” Pippin says. “This is saving us about $8,000 per week in expense. Waste Management also has not been enforcing some recycling contamination fees, so we’re kind of getting a mulligan on that, too. Every little bit helps.” Camden has trash compactors at 100 of his communities, so overage is not an issue for those. But for the other properties, his residents and onsite trash-pickup service providers, who provide doorstep trash pick-up five or six or times a week, he says he’s seeing overflow in the bins nearest to the buildings. “The bins way in the back of the lot aren’t seeing waste piled as high,” Pippin says. “I’m fighting with those who carry the trash to the bins to even it out, telling them to walk a bit further before dumping, but there’s only so much you can do.” Camden uses Waste Management at 70 percent of its communities, and uses Republic, among others, elsewhere. “I’ve not been notified of any fee discounts by my other waste haulers, but I’m still waiting for the...

Shelter in place practices have driven most organizations to explore remote work environments in greater depths. This new terrain presents unique challenges and opportunities. A common challenge is promoting unity and engagement amongst employees during an undetermined period of isolation. Below are six tips to drive employee engagement and productivity among remote workforces during COVID-19. Connect with tech There are numerous tools that make remote communication an effortless part of any workflow. Microsoft Teams, Zoom, and Slack are popular options for keeping employees connected. Each offers chat, voice, and video services suitable for duos and small groups. Yardi uses Microsoft Teams and GoToMeeting to promote engagement for groups of all sizes. When employees must share documents, graphics and other media, Robohead facilitates team and inter-departmental project planning. Reach out regularly Encourage consistent connection between team members and leadership. While managers and executive staff may not attend every meeting, weekly or bi-weekly meetings with leadership can help employees feel better connected to the health and vision of the company. Since taking 80% of its employees remote, Yardi has shifted from annual executive meetings to weekly “Global Town Hall” meetings. Some of these virtual gatherings are live, and others are pre-recorded. Each offers employees an opportunity to learn from leadership, explore the company’s response to COVID-19, understand client feedback, and connect with other teams. Find time for fun Attempt to replicate the ambiance of the “water cooler” or staff lounge. This is a space where employees share non-work-related news, participate in fun team-building activities, and relieve stress. Yardi client Lincoln Property Company features several remote work tips on its blog. A recent post on long distance activities to enjoy at home offers suggestions on ways to promote employee camaraderie at a distance. For example, consider hosting...

If you are on the fence about self-guided tours at your property, take heart. The benefits of self-guided showings are plenteous, and you can still provide many benefits of agent-led tours. Additionally, self-guided experiences alleviate many frustrations for leasing office staff and prospects. Read on to learn how you can benefit from making the switch. The benefits of agent-led showings Multifamily professionals often prefer guided tours for a few great reasons. Leasing agents learn more about prospects during the tour. They can then use that information to determine which unit, amenities, and community features will most appeal to the prospects. Of equal importance, leasing agents build rapport with prospects which is a vital part of the sales process. When tours are booked through the office and led by an agent, property managers may feel more at ease. They know exactly who will be on the property and when. When prospects are accompanied by an agent, the property manager knows the guests will see the best of the community and have all their questions answered. Self-guided tours can offer many of the same benefits—and more! Agents can still connect with prospects before the showing. They can use that information to highlight areas of interest for prospects. Additionally, self-led tours can be accompanied by audio or written guides, so prospects don’t miss out on the most important details of the unit, community, and neighborhood. Technology also addresses security concerns. Through the tour scheduling app, prospects receive a unique code that is only functional during their tour time. Property managers will still have a clear idea of who is touring the unit and when. There are several unique benefits to self-guided tours as well: The benefits of self-guided tours Practice social distancing without losing business. Social distancing...

Social distancing has changed the daily routines for countless people, but for those in senior living communities, it’s been especially hard. Visitors are no longer allowed, and residents are encouraged to stay secluded in their rooms out of safety concerns. For a population already prone to isolation and loneliness, these restrictions are more than just inconveniences. They’re health risks. Thankfully, senior living residents aren’t as alone as they might think. Social media feeds are awash with outpourings of support from the public. And the positivity isn’t limited to just sidewalk art or handwritten letters. Community staff and family members across the country are taking incredible steps to raise the spirts of their residents. Check out these creative examples of senior living fun in the face of COVID from some of our own clients: Virtual bingo with a guest star Bingo nights may be more fun in person, but there’s a silver lining to taking it online: Your host can be anyone. For The Enclave at Round Rock, a Spectrum Retirement Community, that anyone was Matthew McConaughey. Matthew and his family joined residents online last Saturday for several rounds of bingo, calling the draws out together. Whoever won then got to ask him a question of their choice. “The residents absolutely loved seeing Matthew and his family and enjoyed hearing him talk about what he’s doing to get through this crisis,” Molly Davis Nedly, sales director at The Enclave, told CBS News. “It gave them hope and was the boost that they needed to get through this lonely, challenging time.” A personal parade on wheels A birthday is always a special occasion. A 101st birthday even more so. Fortunately, Maxine Hollowood got the opportunity to celebr ate hers in a big way. A resident at...

For its speed and efficiency, online leasing might be one of the best things that’s ever happened to property managers and renters. And with the current impact of COVID-19 on multifamily operators and renters alike, mobile tools and services that enable social distancing for necessary transactions are more valuable than ever. Renting sight unseen Prior to the pandemic, the 2020 NMHC/Kingsley Associates Apartment Resident Preferences Report found that 14% of respondents would rent without seeing an apartment in person. There’s no doubt that the number of unvisited rentals will explode with social distancing rules in place. But that comes with increased risk. In order for online leasing to support your bottom line by filling your units with quality residents, you need to be sure your applicants are who they claim to be. New technology can help you safely confirm the identity of your applicants online in just a matter of seconds. ID Verify is a smart software solution that quickly authenticates real world personal ID documents such as driver’s licenses and passports and it’s now accessible within the RentCafe leasing workflow. Protection that converts The right online services can help you sign leases with quality renters without meeting them in person. Customer journey statistics show that while engaging a customer in a mobile transaction, if you require them to leave the channel to provide documentation, such as a personal ID for a rental application, the abandonment rate can be as high as 90%. Allowing applicants to provide ID documents online as part of the leasing process can make a big difference in your conversion rates. ID Verify harnesses computer vision and artificial intelligence technologies to automatically classify, extract and authenticate ID documents within seconds. Automated verifications For optimal processing, guided document capture helps applicants...

The vast majority of older adults in America want to remain in their current residence as they age, a recent AARP report shows. Despite the safer accommodations and social benefits of senior living communities, nearly 80 percent of people age 50 and over prefer to stay put. These numbers are nothing new. It’s been widely recognized by the aging industry at large that most seniors desire to age in place, and government regulations and reimbursements have increasingly supported in-home services for those who do. Buoyed by these trends, the home care industry is now one of the fastest-growing trades in the country. For senior living providers, home care offers an attractive yet challenging opportunity. There’s clearly demand for extra services, but how do you ensure the same level of care outside your community as you do within? Without clear oversight, providers leave themselves open to risk and lost revenue. Introducing Yardi At Home Care Yardi is making it easier for senior living providers to offer non-medical in-home services. With At Home Care, your remote staff spend less time filling paperwork and more time supporting clients, while you get real-time visibility of every service provided. Wherever someone chooses to stay, you can be there for them. At Home Care is powered by the same trusted, cloud-based technology that runs the Yardi Senior Living Suite. Built-in safeguards make sure staff follow HIPAA recommendations, enhancing compliance and protecting your clients’ privacy. And seamless integration with Yardi Voyager’s accounting platform simplifies billing — so you can quickly turn home care into another service for your business. “Yardi At Home Care further extends our single connected solution across the continuum of care,” said Ray Elliott, vice president of senior living at Yardi. “It closes a service gap. Senior living...

As of March 2020, Carlos Perez will have spent two decades in the data management industry. Three common themes run throughout his career and personal life: technology, Yardi software and change. Carlos has a Bachelor of Science in Information Technology degree with a concentration in Business Analytics from the University of Phoenix. He enjoys collecting music on vinyl, DJ’ing, reading self-motivational books and playing scrabble with his wife and kids. His current position is senior technical analyst for Yardi, specializing in support of public housing agencies and cloud-based technology. The story of how he got here is a bit complicated, to say the least. Carlos was born in Los Angeles, where he spent his first five years before moving to Ensenada, Mexico. Later, he’d move back to Los Angeles, and then back to Ensenada, then San Diego, Tijuana, and ultimately to Santa Barbara. Throughout his moves, Carlos built the foundation of his professional skills on technology and data. He began his career in the PHA industry in 1999, working for the Los Angeles County Development Authority (formerly known as Community Development Commission/Housing Authority of the County of Los Angeles). “We were using VisualHOMES software, but were in the process of switching to Yardi. Our VisualHOMES team was understandably disappointed that we were leaving. But then, not long after, Yardi acquired VisualHOMES, and somewhat ironically, we were once again working with our VisualHOMES team to implement Yardi Voyager PHA,” says Carlos. In 2007, Carlos got married, moved to San Diego and began working as a crime data analyst for the San Diego Sheriff’s Department. In that role, he made a professional connection with a Yardi executive who was doing some work with the San Diego Housing Commission. That connection eventually led to another job change...

Sacramento is one of the first cities to renegotiate its path towards sustainable power. Since the inception of California’s rooftop solar mandate, several municipalities have scrambled to accommodate the push towards clean energy. Sacramento may be the first of many cities to take advantage of a loophole in the mandate. Community solar The California Energy Commission approved a proposal from the Sacramento Municipal Utility District (SMUD) that would allow developers to use offsite solar panel installations in some new construction. The community solar option would allow developers to explore more cost-effective options for powering homes off-site. The existing community solar provision applies to shaded apartment buildings and single-family homes. The approved proposal opens the door for developers to choose rooftop solar or SMUD’s community solar for any project in the municipality. Ethan Elkind, director of the climate program at UC Berkeley’s Center for Law, Energy and the Environment explains the implications of the new provision. “There is a really strong precedential value here,” he said. “This is a new regulation that just went into effect, and this community solar piece of it hasn’t really been tested, and so it’s going to set a precedent for years to come for how utilities and real estate developers will respond to this regulation.” New yet weakening regulation? In essence, the new mandate is already accepting exceptions. Rooftop solar advocates fear the broader implications.  Laurie Litman, member of the climate group 350 Sacramento, expressed her apprehensions: “The concern is that if it’s cheaper for developers to not put solar on people’s homes, then they’re going to opt for that choice,” says Litman. “That’s going to undermine the solar homes mandate throughout the state because then other areas and other utilities will ask for that waiver as well.” Secondly,...