Big data, artificial intelligence and business process automation may be real estate industry buzzwords, but property companies should start with small data. That’s the key takeaway from the latest Mingtiandi-Yardi proptech survey, which captured the insights of senior leaders from across Asia. Yardi and Mingtiandi first teamed up to track changing attitudes to proptech in 2017. Since then, we’ve captured the accelerated adoption of technology to guide data-driven decision-making, transform business processes and enhance the experience for people who live, work and play in buildings. But we can see that pockets of the real estate industry remain stubbornly resistant to change, and some leaders continue to rely on ‘gut feel’ to make decisions. As one business leader told me recently: “I didn’t need data 20 years ago to make decisions, and I don’t need it today.” This ‘digital divide’ is very clear in our survey. For instance, nearly a third (32 percent) of survey respondents expect big data analytics to have the biggest impact on Asia’s real estate sector over the next five years. Conversely, 33 percent of property companies are still using spreadsheets for accounting, benchmarking and performance analysis, 26 percent for budgeting, 28 percent for valuations, and a massive 46 percent to manage their portfolio financing. Of course, there are some companies that are investing in technology and data at speed. But there is also a propensity for property players to throw around the ‘big data’ buzzword, when they should be focused on getting their simple back-office functions in order. Why, when the data clearly shows a growing gap between the leaders and laggards, are some companies choosing not to invest? The simple truth is change is hard work. Resistance to change remains the biggest barrier to proptech adoption across the region,...

Real estate companies in Asia have ramped up investment in technology in response to the COVID-19 pandemic, finds a recent survey of major real estate firms by independent news source Mingtiandi. The research, which was conducted in collaboration with global real estate technology provider Yardi®, finds 70 percent of real estate companies are scaling up investment in property technology (proptech). The results of the survey, Tech Adoption in Asian Real Estate, builds on a similar report from Mingtiandi in 2017. “Our latest survey results unearth a major shift towards proptech adoption in our region,” says Bernie Devine, regional director of APAC sales for Yardi. “Change was underway well before 2020, but COVID-19 has heightened the urgency and amplified the risks of inaction.” Proptech, innovative technology that improves core processes and business models, is turning real estate on its head. Metaprop, one of the world’s largest early-stage proptech venture capital firms, predicts that proptech innovation will deliver $205 billion of new value to the global real estate industry over the next five years. “Real estate leaders are rolling out technology to support more frequent and accurate reporting, deeper data analysis, and technology that underpins safety and efficiency,” explains Devine. A total of 180 real estate specialists – more than a third with assets valued at over US$1 billion – took part in the survey in August 2020. Thirty-nine percent of respondents were from Hong Kong, 26 percent from Singapore and 12 percent from China. Among the key findings, 35 percent of companies said Asia was still trailing the West in terms of tech adoption, down from 56 percent in 2017. Thirty percent said the region was leading the way – up from 12 percent three years ago. “There’s a growing perception that Asia is closing...

The Yardi Advanced Solutions Conference (YASC) returns to Singapore on Nov. 5 and will be bigger and better than ever. Yardi brings together real estate management professionals from across Asia for this one-day event. Come and discover the latest proptech innovations, interactive discussions, meet local and international experts, and network with industry peers. This a great chance to dive deep into Yardi Voyager and the ancillary software real estate professionals use every day. YASC is also a great opportunity to strengthen collaborative skills and network with industry peers. With interactive discussions, local and international experts, more networking time, and previews of new products and enhancements, this is an event not to miss. YASC Singapore is a fantastic opportunity for Yardi clients with portfolio presence in Asia to discuss technology platforms with the leadership, development and support teams. Reserve your spot today! Here’s what to expect at YASC Asia 2019: • Meet the Experts Attendees will hear from industry experts on market trends and technology innovations. Make valuable connections with Yardi’s product experts and discover new insights, tips and tricks for getting the most out of Voyager and other modules. With enhancements and innovations in the Yardi pipeline, hear about new products soon to be released in Asia. You’ll also get a firsthand preview of the new Yardi Elevate Suite for asset management. • Visit Knowledge Central New to YASC Asia, gain hands-on experience with Yardi’s Knowledge Central, which will offer on-site assistance with Yardi products, SQL scripting and reporting. The Knowledge Central team will be available to answer your product-specific questions, provide previews of new products, discuss current software and anything else you’re keen to learn more about. For Knowledge Central hours, refer to the in-app schedule. • Yardi Events App A new addition...

With the excitement of spring and summer holidays ahead, most of us have in mind that the key to a great vacation is careful planning, research and a clear idea of where you want to go. Lifting a real estate company out of individual spreadsheets and into collaborative systems is a very different kind of adventure, but mapping out the steps in the process and knowing what results you need are no less critical to having a successful experience. Going Digital Without Hiring Engineers Many real estate companies in Asia Pacific, and elsewhere globally, are starting their journey toward mining the data from their team activities and customer experience with systems that look much the same as what they had been using in the 1990s. This can put property firms at a disadvantage as they expand into new markets or try to ramp up growth. With online analytics now common in finance, ecommerce and other firms, more real estate companies are looking for ways to get accurate, real time data on their businesses, but get put off by the challenge of adopting new systems, Bernie Devine, regional director for Asia at Yardi, explains. “Our message for them is that the benefits are worth the pain, and there really isn’t that much pain anymore.” Devine indicates that that while systems like Yardi’s, which allow real estate firms to manage their leasing, track building maintenance and link their financial reporting directly to the front end of their businesses, are built by teams of programmers, implementing them does not require technical knowledge. “The key to getting your business online is having a clear understanding of how each step of each process works and being able to map those steps out,” Devine said. After having helped scores of...

We recently caught up with Australia native Bernie Devine, who leads sales and business development across Asia from Yardi’s Hong Kong office. Bernie, please tell us about your journey from Sydney to Hong Kong. Devine: It was an indirect route! I started out as a CPA and economist. But I’d always had an interest in technology and how it supported the operations of the real estate companies whose assets I was responsible for. My focus has been helping clients scale and grow, create efficiencies and gain better insight into their business.   Several years back, I had an opportunity to lead a team on a project in Dubai in the United Arab Emirates. When that role ended, my wanderlust didn’t. I’d known of Yardi for many years, having encountered them through my work leading and supporting property technology start-ups across Australia, the U.S. and Europe. When I learned more about the opportunity to grow Yardi’s presence in Asia, it felt like the right fit for me. The region is very diverse, encompassing mature markets for property management as well as emerging ones, and every day provides a fresh challenge. Q: How is real estate in Asia is changing? A: There are two key areas of change. Firstly, as markets mature, rents surpass many developed countries and wage costs rise, real estate companies are putting greater value on accurate data and robust process. Secondly, coworking has taken off at an amazing growth rate. It is estimated that Asia already has the most coworking sites globally, with about 4,000 and growing.  This is about 800 more than the U.S., according to a report by East West Bank in June 2018. Most of these coworking sites are located in China, which is a hub for shared and flexible...

The global wholesale leasing model is under pressure, as technology-enabled coworking gains both momentum and market share, says Neal Gemassmer, vice president of international sales for Yardi. Shared workspace is not new – but advancing technology, the growing gig economy and cost-cutting strategies are driving the coworking trend into the mainstream. Increasingly, corporations are turning to coworking to accommodate remote employees, attract talent, promote work satisfaction and reduce leasing costs. “Technology-enabled coworking is undoubtedly putting pressure on traditional leasing models,” Gemassmer says. “Developers of A Grade office buildings have traditionally acted as wholesalers of whole or half floors of space to occupiers who must make long-term leasing commitments, and then fit out their own offices. “But technology-enabled coworking operators are using online marketing and leasing systems to efficiently offer office space to tenants at competitive rates. This is beginning to encroach on the territory of office developers. “Changes to technology does more than change behaviour. It changes the environment itself.” Gemassmer points to a recent report from Asian market intelligence source Mingtiandi, developed in partnership with Yardi, which found the growth rate of coworking in Asia had hit 40 percent in 2017. Starting as a single coworking space in New York in 2010, WeWork is one lease away from being the biggest landlord in the Big Apple. With 280-plus locations in 20 countries, WeWork is rolling out roughly 185,000 sqm of new office space every month. Around a quarter of WeWork’s clients are enterprises with more than 1,000 employees. WeWork only launched the enterprise service in 2016, and has since amassed an impressive list of clients including Facebook, Airbnb, Microsoft, Adidas, Amazon, Starbucks and LinkedIn. WeWork is just one of several coworking companies taking the region by storm, but it is the biggest. In...

In September, Yardi reaffirmed its longstanding commitment to Australia’s property industry by supporting—for the tenth year—the highly successful Property Congress in Darwin, Australia. As Principal Sponsor, Yardi was proud to join the Property Council of Australia in hosting nearly 800 delegates from across the property industry. The attendees discussed the latest challenges, trends and opportunities facing the industry—and the future for Australia that the delegates are helping to build. The event began with celebrations. On the conference’s eve, Yardi hosted a party at Darwin’s bustling Mindil Market that featured a spectacular sunset, sumptuous food, a fire dancer, a didgeridoo player (for those who might not know, that’s a wind instrument developed by indigenous Australians) and lots of good fellowship. With the party successfully wrapped up and new connections established, it was time for the main event. This year, The Property Congress was focused on major issues driving property development and investment in Australia and globally. With established and emerging leaders in the commercial, residential, retail, industrial, development, retirement living and investment sectors in attendance, it was a unique chance to hear from a wealth of thought leaders about the fundamental issues affecting our industry now and in the future. While all guest speakers from the two-day lineup were remarkable in their own right, highlights included: Headline keynote speaker Sir John Key, a former New Zealand prime minister, who touched on a range of current topics including leadership qualities, American tax and trade policy and housing issues. Noting the high growth rate of Australian urban developments, he urged a thoughtful planning process that integrates communities and connects them with transport. He also didn’t miss the opportunity to discuss the constantly-changing Australian political landscape, commenting that by the end of his political tenure he would ask...

Editor’s note: The following post was written for real estate and investment professionals in Asia by Bernie Devine, Regional Director (Asia) for Yardi. With 30+ years’ experience dedicated to real estate and technology, Bernie is a leader in digital transformation in real estate and using data to create a more competitive and collaborative environment. He supports real estate clients with Retail, Commercial, Industrial, Residential and Mixed Use assets, helping them to grow their operations, create efficiencies, and gain better insight into their business. His expertise includes asset and investment management, private equity, operations improvement, program and project management, finance, technology implementation and compliance. Currently responsible for the growth of Yardi Systems in Asia, Bernie lives in Hong Kong and is a qualified accountant and economist. He has published over 60 articles and has extensive public speaking experience. I’ve recently seen a lot of discussion around the tokenisation of real estate investments. Some has been sensible, but some has missed a few key points. Two key challenges of the real estate market for the last 400 years when compared to other investment asset classes are the slow pace of transactions (it takes a long time for ownership to be transferred) and liquidity (the purchase price is so large that only a limited market of buyers exists). There have been many innovations over the years (Such as private equity funds and REITS) that have sought to address these issues, but the proptech community now thinks it may have a better solution. Tokenisation of real estate investments is about changing the way ownership of an asset is represented. It’s proposed that this change in ownership model will open up how the purchase of the asset is funded and how ownership is transferred. Basically, if ownership can be...

Each year, the Yardi Advanced Solutions Conference (YASC) returns to Singapore, bringing together real estate management professionals from North and South East Asia for the opportunity to network, learn, and have fun. Join us on October 16 at our new venue – the Grand Hyatt Hotel, located in the heart of Singapore’s bustling shopping and entertainment district. YASC Asia 2018 will be bigger and better than last year! The one-day conference will offer expanded learning and networking opportunities for our clients with property portfolios across Asia. With more than 200 guests expected, this year’s conference boasts over 30 in-depth courses, 50 Yardi experts, six new products, and a post-conference networking hour to mix and mingle with your industry peers. Will we see you there? As one past YASC attendee shared: “Entertaining and informative. Very useful, relevant and practical classes, providing me with the support I need for my role – and knowledge about future innovations and developments.” What to expect at YASC Asia 2018: Yardi Events App A new addition to YASC Asia, the Yardi Events app is a mobile-friendly way to access all conference information, including classes, Lab hours, venue maps, in-app messaging and more. The Yardi Events app is available for download at the Google Play Store and Apple App Store. A browser-based version, synced to the mobile app, will also be available, so attendees can access all these features from their desktop. User log-in details have been emailed to all registered YASC attendees. Have questions? Email our team at [email protected].   Hands-On Help in the Lab Open throughout YASC, the Lab is your one-stop-shop for assistance from Yardi staff. Whether it’s a new product you’d like to demo, a scenario with your current software that you’d like to resolve, or anything else on your mind, come to the Lab...

In 2017, Yardi sponsored a survey of hundreds of real estate professionals across Asia as well the subsequent report on the survey findings. Completed by Asia real estate business intelligence source Mingtiandi, the report examines the state of technology in Asia’s real estate industry – and looks at where it’s heading. According to the report, property management technology has seen a global investment of $7.8 billion since 2013, with 60% of that investment going into Asia. Despite such hefty figures, up to 77% of Asia’s real estate professionals feel that they’re lagging technologically, citing the overwhelming reason for the region’s slow adoption of technology as resistance to change. Staying ahead of the game over the next five years will mean that managing human behavior, alongside investing in technology, will be crucial for companies looking to drive success through integrated, cohesive data and operations. Read the report executive summary and stay tuned for updates on the Yardi/Mingtiandi...

No longer the sole domain of freelancers, micro busineses and start-ups, coworking is taking the Asia Pacific by storm as large companies jump on board the trend, says Yardi’s Neal Gemassmer. According to research by Cushman & Wakefield, coworking has accelerated rapidly throughout the Asia Pacific region, with roughly 750,000 sqm of space leased over the last two years alone. America’s largest coworking company, WeWork, now has 300 offices in 62 global cities, while China’s Naked Hub and Ucommune are also making waves around the region. Gemassmer, Yardi’s vice president for international business, says demand from corporates has been the one of the biggest coworking drivers. He points to research from Cushman & Wakefield, which finds the number of coworking enterprise-level companies – those with more than 500 employees – has doubled in the last 12 months. Meanwhile, the share of freelancers and independent workers has dropped by nearly 15 per cent over the last three years. “Large companies are on the hunt for space that is flexible, that enhances collaboration, and that fosters a creative culture – all characteristics of a coworking environment,” Gemassmer says. So, what are the three coworking trends to watch in 2018? Innovation acceleration “An innovation culture is an essential ingredient in a modern workplace, particularly as disruption continues to drive many companies out of business,” Gemassmer says. “Nurturing new ideas is critical to any company facing industry disruption.” Google has established community hubs, which it calls “campuses” to cultivate a community of entrepreneurs. Coders and creatives, innovators and investors can work together while locals catch up for coffee. Similarly, Unilever has set aside an entire floor of its regional headquarters in Singapore for start-ups to set up shop, and for its own team members to connect. “Coworking can...

Reliance on spreadsheets and manual processes in Asia will likely fade as investors and technology providers lay the groundwork for sweeping modernization, according to a recent survey of technology adoption in the region’s real estate industry. Yardi sponsored the survey and subsequent report on current and anticipated technology applications by real estate investment firms, developers and service providers in Asia.  Chinese real estate business intelligence source Mingtiandi completed the survey and report, which describes the region’s real estate’s current technology adoption as “firmly in the PC age,” with “significant reliance on manual methods for collecting and storing data” that makes it “slow to make the jump to database-enabled online solutions that can respond to marketing, analysis and property management challenges.” While companies have some systems in place, “the majority [of respondents] still see the Asian region in general, and the real estate industry specifically, as lagging world trends.” Key findings from the survey, the majority of whose respondents work in China, Hong Kong and Singapore: More than 55% of respondents perceive Asia as trailing the West in the adoption of technology within the real estate industry; less than 12% saw the region as the leader Almost 77% regard real estate as trailing other industries in technology adoption; less than 6% regard property companies as leaders More than 83% consider access to information a competitive necessity More than 42% manage leasing, sales and property management on spreadsheets 43% identify internal resistance to change as the single largest barrier to adopting online tools for improving workflows and streamlining operations Asked to identify their priorities, more than half of respondents want better information on deal-related data.  Forty-two percent listed access to leasing information and more than 35% identified better access to client contact information. ‘The results of...

The Yardi Advanced Solutions Conference (YASC) returns to Sentosa Island in Singapore on October 10, 2017. The new venue location, Sofitel Singapore Sentosa Resort & Spa, offers tranquil grounds and beautiful views of the South China Sea. Our YASC 2017 event is bigger and better than ever! The one-day conference will offer expanded learning and networking for clients with property portfolios across Asia. This year’s conference boasts 25 in-depth courses, panels, and discussion groups tailored for commercial and investment professionals. In addition to expanded training, YASC attendees will have an opportunity to make valuable connections with industry peers, Yardi staff, and consultants throughout the day. Attendees can network into the evening at Yardi’s Wonderland reception. Hosted at the Straits Veranda at the Sofitel Resort & Spa, guests can look forward to enchanting live music, nationally-acclaimed entertainment, tasty canapés, and more! “We’ve designed YASC to maximize learning opportunities and networking. We’re excited to welcome our clients and industry experts to our new location on Sentosa Island,” said Nina Feldman, marketing manager at Yardi. Here are a few new features to 2017 YASC Asia: Discussion groups A new addition to YASC Asia, discussion groups aim to explore the software solutions you use every day. These groups will be facilitated by a Yardi product expert to provide a space to discuss issues and share experiences with industry peers. Hands-on experience in the Computer Lab Reinforce newly acquired skills with hands-on experience in our on-site Computer Lab, which will offer assistance with Yardi products, SQL scripting, and reporting. Our Lab team will be available to answer your product-specific questions, provide advice, and discuss products you’re keen to learn more about. For Lab hours, refer to the conference overview. Connecting on social media Join the fun on social media and you could win big!...

The Yardi Advanced Solutions Conference (YASC) heads to Singapore on November 10, 2016. YASC offers comprehensive training and networking opportunities tailored for our clients in Asia. This year, over 100 clients and 30 staff will join us at the Amara Sanctuary Resort on Sentosa Island during the 1-day conference. The conference offers 20+ educational sessions, discussion panels, hands-on product training and a networking reception for clients within the commercial, investment and residential markets. Attendees can look forward to courses and panels tailored to the experience of product users, IT professionals, managers and executives. Throughout the conference, clients can meet one-on-one with Yardi product experts. The hands-on experience offered in the YASC Computer Lab will help reinforce newly acquired skills and offers assistance with all products, SQL scripting and reporting. In addition, YASC is hosting experts from Yardi’s Cloud Services team. Cloud Services will offer insight into the latest innovations in the Yardi Cloud environment and what we’re doing to keep your data protected. For Computer Lab and Cloud Services hours, refer to the conference overview. After classes conclude, clients can enjoy an evening of networking at YASC. The cocktail reception will be hosted in the Ballroom Foyer of the Amara Sanctuary from 6:00-8:00 p.m. Inspired by La Dolce Vita, the reception will feature traditional Italian and international cuisine, live music, prize giveaways, an Instagram printer to capture your conference memories, and more! The reception will allow guests to escape the busy city life to mix and mingle in our Italian-themed island oasis. For the first year, YASC will feature an interactive social media scavenger hunt. Learn more about the scavenger hunt and how you can win big at the YASC General Session. Attendees can stay updated on conference news and share their experience on social...

Yardi is meeting the data security and infrastructure needs of its rapidly growing client base in Southeast Asia by opening a new data center in Singapore. The Singapore data center adds to a network of more than 10 centers in North America, Canada, Europe, Asia and Australia. Together they form the Yardi Cloud, a secure, scalable and cost-effective software provisioning and data management solution that relieves clients of IT infrastructure, support services and security responsibilities. “This step will help our clients in Asia gain the greatest possible value from their Yardi Voyager, the foundation of a comprehensive back office and front office technology solution. The Singapore data center extends to our growing roster of Asia-based clients the Yardi Cloud’s fast, best practice-based solution deployments, painless upgrades and reduced overhead and capital costs,” said Neal Gemassmer, vice president of international for Yardi. Yardi’s data centers are protected by multiple firewalls, onsite security, video surveillance, biometric screening, real-time offsite replication, fire suppression systems and other electronic and physical protections. Now in its fourth decade, Yardi is committed to the design, development and support of software for real estate investment management and property management. With the Yardi Commercial Suite, Yardi Residential Suit, Yardi Investment Suit and Yardi Orion Business Intelligence, the Yardi Voyager platform is a complete real estate management solution. It includes operations, accounting and services with portfolio-wide business intelligence and platform-wide mobility. Yardi serves clients worldwide from offices in Australia, Asia, Middle East, Europe and North America. For more information,...