The Yardi Advanced Solutions Conference returns to the East Coast next week, offering in-depth training, networking and fun for Yardi clients. The annual user conference, also known as YASC, will be hosted at the Washington Hilton from May 21 – 23. We’re excited to see our clients and staff in Washington, D.C.! As one past YASC attendee shared, “I always enjoy YASC because you get to hear how others use the software. Can’t wait to learn more!” Get a glimpse of YASC Washington, D.C.: Yardi Events App Get connected at YASC with the Yardi Events app! Attendees can access all conference information, venue maps, class materials, social networking, in-app messaging and more on the Yardi Events app. Customize your daily schedule with classes, demos, panels and roundtables, and set up one-on-one meetings with Yardi staff. The Yardi Events app is available for download in the Google Play Store and the Apple App Store. A browser-based version, synced to the mobile app, will also be available, so attendees can access the app features from their desktop. User log-in details have been emailed to all registered YASC attendees. Questions? Email our team at [email protected]. Knowledge Central Knowledge Central is the place to be if you want to learn more about new products and upgrades, or if you have questions about your current software. We’ve gathered the experts in one place, so you’ll know where to go to get all your questions answered. Bonus: attend a 15-minute product preview in Knowledge Central and be entered in a daily iPad giveaway! Expand Your Network How many industry connections can you make in three days? There will be over 1,500 attendees representing nearly every segment of the real estate sector at YASC. The conference will offer several opportunities to connect with peers in your industry, including scheduled breaks and networking...

You never know where life will take you. Many of us find ourselves in jobs which may be unexpected. Fate, it could be argued, has as much influence on our professional path as our our conscious decision making. That type of fateful, unexpected turn is what Michael Joiner, manager of Yardi eLearning Client Services, seems to have experienced five years ago. While finishing up a PhD in Musicology at the University of California, Santa Barbara, Michael began to teach writing courses. That step in his professional career came with a new appreciation for learning, as well as new options for the future. “Towards the end of my dissertation, I began to weigh options such as becoming a music history professor, a writing instructor or to work in the nonprofit industry with a focus on higher education,” said Michael. Teaching and learning is a common theme to each of those pursuits, so it was natural for Michael to become intrigued when he was referred to apply for a position on the Yardi eLearning team. “I realized I could use my passion for teaching and education in a new way with Yardi. It was also a chance to build on my experience in video and audio multimedia development,” said Michael. The rest, as they say, is history. Michael now manages of team of staff supporting Yardi eLearning, and is heavily involved in product development, creating new courses, implementing new clients and anything else that comes his way. “Working with clients is something that gets me going—I get pumped to create more courses or help them find creative ways to train their staff to help them use Yardi products as best as possible, and to be amazing property management professionals in general,” said Michael. Away from work,...

Said Haider, regional director of Middle East sales for Yardi, spoke to us from his office in Dubai, United Arab Emirates (UAE) with an update on the region’s rapidly growing real estate market. Q: Said, what are your principal responsibilities and how Yardi is performing in the Middle East? A: I manage our sales and business development efforts in the region. When we started our operations back in 2012, we had handful of clients; now we work with more than 80 clients in the Middle East and North Africa regions, mainly in the Gulf Cooperation Council. Without a doubt, it’s one of our fastest growing markets. Most of our clients have varied real estate portfolios and almost 90% of retail space in the UAE is managed with Yardi software. Q: When did Yardi enter the market and what was the impact? A: We launched Yardi Voyager there in 2012 and almost immediately saw high demand across multiple vertical markets. We were able to replace customized solutions with a Software as a Service platform that fulfills virtually all business operations requirements out of the box. This allowed companies to focus more on their business and worry less about the tools. As we continue to grow, we are introducing the Yardi Elevate Suite, the most comprehensive set of commercial asset management solutions available on the market. Q: What are some key trends in the region? A: The commercial, retail and residential sectors are growing fast. The real estate investment trust and shared office space concepts are also gaining footholds. Q: What’s our approach to the Middle East and Saudi Arabia in particular? A: Customer experience is the key to competing in this market and that’s how Yardi made its mark. We offer a single integrated solution...

While the U.S. multifamily sector basks in a period of extraordinary growth and vibrancy, owners, investors and residents alike should remain on guard against potential headwinds. This was a key message in a recent state of the industry webinar presentation by Jeff Adler, vice president of Yardi Matrix, with assistance from Jack Kern, director of research and publications. Adler repeated many of the macroeconomic themes in his and Kern’s recent U.S. office industry update: The economy is in good shape, the labor market is tight, wages are rising, the Treasury yield curve remains flat and high American oil production is taming inflation. In addition, demographic and lifestyle factors such as divorces that produce new renters, young people marrying later in life and an older population living longer, healthier lives, are fueling a demand for multifamily housing that could exceed 425,000 units annually. Job formation and in-migration to favorable markets will continue fueling this demand for the foreseeable future. While this environment is favorable for absorbing current supply, housing production isn’t likely to keep up with future demand, especially in locations with anti-growth and rent control policies. A worrisome potential outcome is “pain on the affordability side that becomes a danger to the industry,” Adler said. Although homeownership costs are rising faster than renting, the median asking rent has exceeded the inflation rate since 2012. The cumulative weight of those increases is now bearing down on median-income residents in urban locations. Moreover, metros such as San Francisco, Portland, Ore. and New York City drive rents up by constricting new supply, then apply rent control to shield residents from the impact. This approach backfires, making housing even more scarce and unaffordable and prompting outmigration, Adler said. These factors and high taxes have resulted in New York...

Want to make your property more appealing to prospects? Keep their bills low. Senior living clients love to save money. Even more so, they love knowing that their housing provider is taking additional lengths to make saving money easier. By focusing on utility expenses, you’re creating value and enticing customers with cost savings. Cost savings on utilities aren’t traditionally sexy in advertising. It’s hard to make submeter installation look exciting. But money saved has proved to be appealing to seniors, especially when the savings are complemented with improved efficiency and high-quality services. Sustainability Matters Baby Boomers value sustainability. A 2018 High Tide Technologies survey of 2,000 adults discovered that Baby Boomers are more frugal than younger generations. Boomers consume less water and electricity. They’re also more likely to recycle, compost, and be food waste conscious. A separate study lead by Pew Research suggests that 36 percent of Boomers have molded lifestyles that protect the environment “at all times.” Only 12 percent of Gen Xers and Millennials report similar sentiments. The two bodies of research indicate that seniors are looking for more than fancy meal plans. They are seeking housing providers that are concerned about the welfare of their finances and the environment. So how do businesses deliver savings to residents? We sat down with Akshai Rao, vice president of energy and procurement at Yardi, to learn more. The Need for New Strategies While lowering overhead costs benefits businesses, that savings can be passed on to residents. Satisfied residents improve the bottom line, offering a win on two fronts for business owners. “Focusing on reducing consumption doesn’t just affect the bottom line, it may make you more desirable to potential residents,” says Rao. But a recent Argentum survey reveals that 49 percent of executives viewed...

The safety of home provides children with a foundation for personal, academic, and professional success. When youth face housing insecurity, the odds are stacked against them. Monarch School provides young minds with the stability and resources needed to thrive against all odds. About Monarch School More than 30 years ago, Monarch School began as a one-room education center in San Diego. Today, it has expanded into a K-12 comprehensive school designed to educate homeless youth. The need is great. San Diego County has an estimated 23,000 students facing housing insecurity. Homelessness is a predecessor to many challenges, including but not limited to psychological problems and academic struggles. Roughly 75 percent of homeless students never earn a high school diploma. As a result, homeless youth face barriers to professional and personal success. They are also more likely to face housing insecurity as adults. Monarch School equips students with the skills and tools needed to beat those odds. “Monarch School provides stability and a quality education during the most difficult time of their family’s life: homelessness,” explains Tyler Dalsted, technical account manager, consulting practices at Yardi. “One student said, in the evening when they faced gangs, violence, and uncertainty, they were able to find stability and confidence in their education from breakfast through dinner at Monarch School. Yardi made a difference in supporting this wonderful cause.” Raise Up for Monarch Dalsted, along with fellow Yardi employee Kevin Yim, attended Raise Up for Monarch. The annual event raises funds for school programming. Raise Up for Monarch begins with a self-guided tour of classrooms where guests can view student projects, artwork, and other curricula. Guest can then tour the Butterfly Boutique, a store environment where the students are given vouchers to acquire new and gently used clothes, shoes...

Yardi has long supported the mission of Global Real Estate Sustainability Benchmark (GRESB), an Amsterdam-based limited private company, to improve real estate sustainability performance with environmental, social and governance benchmarking. The property management technology provider recently elevated its commitment by becoming one of just nine sustainability consultants and solution providers in GRESB’s Global Partner program. In this role, Yardi helps GRESB participants complete sustainability assessments, manage ESG data and advance ESG performance. The company will also collaborate with the organization’s industry, media and research partners to share sustainability best practices across the property management industry. GRESB works with the industry to define the global standard for sustainability performance in real assets, providing standardized and validated ESG data to the capital markets. More than 80 institutional investors, collectively representing more than $18 trillion in institutional capital, use GRESB data and analytical tools. In 2018 GRESB assessed 903 real estate funds and property companies, 75 infrastructure funds, 280 infrastructure assets and 25 debt portfolios. “GRESB members can use Yardi’s energy solutions to drive actionable environmental, financial and operational insights into their real estate portfolios and engage more closely with the investor community. These capabilities benefit our clients around the world, and we are pleased to extend them to an even broader community of real estate portfolio managers,” said Akshai Rao, vice president of energy and procurement for Yardi. A GRESB evaluation measures sustainability performance indicators including energy consumption, greenhouse gas emissions, water consumption and waste. A multi-layer validation process produces high-quality data that investors and participants can use in their investment and decision-making processes. “Real estate companies that establish and track a full range of ESG metrics achieve multiple tangible business outcomes for shareholders,” GRESB says on its website. In one recent project, S&P Dow Jones...

Who doesn’t enjoy back-to-back holidays, even if they are unknown outside of those who work on affordable housing? The Yardi PHA and Affordable Housing teams in Santa Barbara are furthering the trend of personalized holidays this week. The subject of their celebration? HUD forms 50058 and 50059. Forms 50058 and 50059 are often abbreviated to 58 and 59, which makes May 8th and 9th the appropriate calendar days to celebrate. But what are these forms anyway? In a nutshell, 50058 and 50059 are forms used by the United States Department of Housing and Urban Development (HUD) uses to certify eligibility for housing assistance. And, since HUD is involved, they are quite complicated. So why celebrate them? “Our 5/8 and 5/9 days are a chance to recognize the great work of our PHA and Affordable Housing teams. Sure, numbers from the form are a bit strange to celebrate. Nonetheless, it is a perfect chance to take a couple of days to have some fun,” said Gabrielle Van Horn, director of PHA support for Yardi. Will 5/8 and 5/9 become reoccurring holidays? Check back next year to find out. In the meantime, take a moment to appreciate the resources created by PHAs and affordable housing providers in your community. What better way to celebrate?...

The annual Cooking Up Dreams fundraiser was a sweet success! Participants enjoyed a night of dining, dancing, and fun prizes. Most importantly, Family Service Agency (FSA) received the support needed to continue serving at-risk children, families and seniors. Each year, Cooking Up Dreams invites guests and celebrity judges to sample dishes prepared by Santa Barbara’s hottest chefs and restaurants. After the tastings, the best dishes are awarded People’s Choice or Judges’ Choice awards. Geneva Ives, manager of marketing content for Yardi, served as a guest judge. Ives regularly writes about the local food and wine scene to support restaurateurs and food producers. She freelances for USA Today’s “10 Best” column and recently published the book, “Eats and Eateries of Santa Barbara.” Ives recalled what she looked for in noteworthy bites. “When I’m eating, I look for food that satisfies but also intrigues. A perfect bite is like a perfect glass of wine. You’re looking for aromas, flavors and textures that are distinct but blend together perfectly.” She added, “There were quite a few tasty bites at Cooking Up Dreams, but the two that stand out in my memory are the Dungeness crab-topped Kennebec potato chip from Finch & Fork and the ponzu scallops on the half shell from Bluewater Grill.” Peter Cham of Finch & Fork ultimately took home the The Judges’ Choice Award for crustacean dip. People’s Choice Winner was Damien Giliberti of The Outpost at the Goodland. Attendants raved over his Pork Belly Bao Buns. “I always love participating in events that celebrate and explore Santa Barbara’s thriving food culture. The fact that this event was hosted by the FSA to help children, families and seniors in need made it even more worthwhile,” said Ives. While flavors danced on their taste buds,...

Use of Yardi’s RentCafe Affordable Housing platform is skyrocketing. With more than 250,000 units covered nationwide, affordable housing providers, residents and applicants are reaping the benefits of online applications. Historically, affordable housing applications could be characterized as a big homework assignment. Interested households would leave a leasing office with an envelope full of papers to fill out and a checklist of things to find. Later, they’d be tracking down a photocopier for their bank statements, paycheck stubs and other paperwork. RentCafe Affordable Housing replaces that process with a self-service, online app. Applicants can work on their application when they want, and where they want. Instead of a stack of papers, applicants submit PDF’s and digital files. Files are safely stored electronically, not stuffed into a file cabinet. Rather than calling the affordable housing office, applicants can go to online FAQ’s and explainer videos to get their questions answered. Simply put: online applications are a big change and they’re creating a lot of benefits. Just how successful is RentCafe Affordable Housing in revolutionizing the process? Let’s look at the most up to date usage data from actual RentCafe Affordable Housing clients. By the numbers 683: the number of affordable housing applications created online every day, as of April 1, 2019. That’s 683 stacks of paper that don’t exist. That’s 683 (at least) applicant intake meetings that didn’t happen. That’s a lot of savings, and it’s happening 683 times every day. 78 percent: the rate of affordable housing applications that are abandoned before submission. This is a scenario where a high rate of abandonment is a good thing. By putting eligibility requirements and application forms online, applicants can self-screen themselves from the process. This statistic proves that nearly 8 in 10 do. Self-screening is a unique...

Robert Colbert, VP of Assisted Living with Nevada HAND, has seen his fair share of clinical software. About 14 years ago, he started by making rounds as a registered nurse. Today, he is an executive of Nevada’s largest affordable housing provider. He has experienced software as a daily user in the field as well as a leader with his eye on the bottom line. Colbert trusts Yardi to support the next chapter of growth for Nevada HAND. “Everything from operations to marketing to nursing, I believe that we have almost every one of your products,” he said. Achieving Excellence As Nevada’s largest nonprofit 501(c)(3) dedicated to the development, construction, management and preservation of affordable housing, Nevada HAND has assisted many thousands of Southern Nevada residents to have a place to call home.  Currently, Nevada HAND provides affordable apartment homes to over 7,200 adults, children, and seniors.  Nevada HAND owns and/or manages 34 properties with over 4,200 apartment homes.  Nevada HAND also has the only two affordable assisted living communities in the State of Nevada. The leadership for the assisted living division has strong relationships with The Board of Examiners for Long Term Care Administrators and provides their communities as a precepting site for future licensed administrators and also sit on the Assisted Living Advisory Council to provide a voice for changing the senior living industry through policy and regulations.  Nevada HAND works with fellow industry leaders to develop best practices for senior care facilities throughout the State of Nevada. In the field, their Westcliff Pines property received the Leadership in Energy and Environmental Design (LEED) Platinum Award, the highest recognition level for environmental design and construction. The organization also received a US Green Building Council “Excellence in Operation” award.  Nevada HAND’s two assisted living...

Last month, Yardi Kube was introduced to the coworking world at the Global Coworking Unconference Conference (GCUC). The U.S. edition of the annual event was held in Denver from April 15-18. This popular coworking industry gathering provides attendees with extensive in-depth sessions with experts in the coworking space, educating them on financing, technology, community building, and branding. The first day of the event was a deep dive into especially hot topics for the coworking industry. Industry hot topics: making money Led by Jerome Chang of Blankspaces, the finance discussion focused on the number one way to make money as a coworking operator – through lease incentives. Fundraising methods for shared space startups include venture capital funding, personal loans, investment from friends and family members, and other avenues, but Chang shared that SBA loans for such businesses are unlikely. The average traditional office space will have about 165-185 square feet per employee. In a coworking space it could be as low as 50-70 square feet. Coworking operators can book common areas at up to 150 percent capacity, because your space won’t always be full (this uses the same logic as a gym membership: it’s possible to overbook because not everyone works out simultaneously). The biggest moneymaker, however, will be meeting rooms. They’re priced higher per hour than any other amenity or space in and should be rentable to the general public, as well as members. Virtual memberships provide a low-cost entry to members wanting to try out the industry. While individually, these memberships won’t be a primary source of income, it is a source of unlimited potential with no space restrictions. The Blankspaces model allocates 35-50 percent of space to private offices, Chang shared. And it’s important to make over 70 percent of your total available square footage...

While industry fundamentals are healthy and the economy is strong, the U.S. office sector faces pressures that could fundamentally alter its business model. Jeff Adler and Jack Kern, vice president and director of institutional research, respectively, for Yardi Matrix, provided an update on a sector in transition in a recent webinar. After a shaky fourth quarter of 2018, the U.S. economy has rebounded into “really good shape,” Adler said, with a rising stock market and inflation that is largely held in check by increased domestic oil production. The labor market is very tight—the best in 50 years, he said—with office-using sectors outpacing overall job and wage growth over the past five years and most markets absorbing available office space. Metros such as Dallas, Houston and Atlanta are growing fast and adding office-using jobs. Other locations with job growth and low unemployment, such as Orlando, Fla., Nashville, Tenn., San Francisco and the nearby Bay Area, have to import workers to meet staffing needs. Most markets still have room to absorb office space. In short, the industry is in a good place, and if the federal government’s pro-growth policies outweigh its anti-growth ones, “the party goes on,” Adler said. So what are the challenges? One of the main secular (long-term) factors is coworking, which pulls 1-3% of market demand from traditional office leases and keeps growing as companies expand beyond their primary locations. The practice is growing everywhere and won’t likely go away anytime soon, Adler said. Per-employee square footage is decreasing, particularly in central business districts and high-cost metros. With a tight labor market, companies are luring talent by making office “an experience-driven sector,” similar to what has happened in retail, incorporating design elements and attractions such as new technology, spaces for relaxation, natural light,...

Yardi assembled a panel of flexible office experts to discuss the importance of a service ethos, how workspace providers can stand out from the competition and why the sector looks well placed to weather a possible recession. Panelists Gareth Evans, chief executive of BizSpace Katrina Larkin, co-founder of Fora Cal Lee, founder of WorkThere William Newton, president of Wiredscore Katie Whell, managing director at Pure Offices Tony Freeth, director of coworking at Yardi Simon Creasey, features editor at Property Week (chair) Flexible workspaces have been hailed as the future of offices, but as the business model continues to mature many questions arise about what this future might look like. To debate what lies ahead for flexible workspaces, Yardi put together a panel of some of the industry’s heavyweights. SC: How important is customer service for the coworking industry? GE: Customer service is what it’s all about. It’s quite interesting as a concept because one person’s customer service is another person’s lack of service. It depends on where you are regionally, what kind of centre you’re in and what people’s needs are. You can provide frothy coffee or whatever, but if that’s not what the customer wants then you’re not providing good customer service. KL: Myself and [Fora co-founder] Enrico [Sanna] come from a hospitality background, not from a workplace background. So, for us, customer service is absolutely key. We have worked with one of the top hospitality schools in Switzerland to attract the best people from the hospitality industry. WN: Before WiredScore moved into WeWork, we were with a provider who clearly hadn’t yet got what service meant. Their front of house people were security people trying to prevent people getting into the building who shouldn’t be there rather than welcoming in guests who...