Smart Future Jul05

Smart Future

What is artificial intelligence (AI)? According to Wikipedia, it is “The artificially created ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings.” While this definition of AI sounds like something from a sci-fi movie script, it actually describes technology currently poised to transform multifamily real estate management. Yardi’s Dharmendra Sawh, industry principal of Yardi Elevate, led a panel of experts at NAA Apartmentalize on June 14 in San Diego for “The Age of AI: Business Intelligence Today and Tomorrow.” Apartmentalize is NAA’s annual educational conference and is the premier resource for educating rental housing industry professionals. Along with Michael Barry, vice president of data analytics at Bozzuto Management Company, Tim Reardon, chief operating officer of Bridge Property Management and Dawn Wise, national financial analyst at Berkshire Communities, Sawh discussed best practices for business intelligence (BI) today and the looming impact of AI on multifamily business technologies. “BI tools deliver analytics to provide foresight, improve business decisions and increase your competitive edge. But soon, your software could be making those decisions for you. Tracking the right measures can help future-proof your analytics in anticipation of AI,” said Sawh. The presentation covered which performance measures are most important, how technology can track that data and how to analyze and act on that information to create a successful business strategy. The session wrapped with a preview of what’s coming for multifamily owners and managers with advancements in AI. Beyond BI The panel discussed predictive and prescriptive analytics for real estate management, and the role machines will play as interpreters of data. Machine learning is a component of AI that uses historical information and correlates multiple data points to make predictions about the future — and as a result, becomes more...

Handling Hoarders Jun19

Handling Hoarders

Spring is a time for cleaning house and fresh beginnings! Unfortunately, spring cleaning isn’t intuitive or easy for some residents. Your intervention may be needed to keep residents and your property safe. Hoarding disorder is the excessive collection of possessions. It is closely linked with obsessive compulsive disorder, a mental illness that affects nearly 3 million people nationwide. As a mental illness, residents that hoard are protected under the Fair Housing Amendments Act and the Disabilities Act. They must be cared for accordingly. When It’s More than Just a Mess When do you need to get involved? Some residents have different standards of tidiness, or they are avid collectors of certain items. Not all collectors are hoarders. A few key risks identify hoarding behavior: A living environment that is dangerous to the hoarder, neighboring tenants, and the property Blocked access to emergency exits, hallways, and windows Blocked pathways to ventilation that may result in mold, mildew, and poor air quality for the inhabitants of the unit as well as neighboring units Improperly stored food items that attract and harbor pests If a resident displays one or more of the aforementioned risky behaviors, an intervention may be necessary. Staff Training  To address hoarding properly, early detection is key. Regularly scheduled inspections for health code compliance, fire safety compliance, and smoke detector maintenance provide staff with reasonable access to units. When risky behaviors are identified, promptly get assistance. On-site staff members do not have to be experts in the illness to help renters in need.  More than 100 task forces are available to assist you through the International OCD Foundation. Such organizations can help property managers assist residents with hoarding issues—without compromising health and safety for other residents. Avoiding Catastrophe Hoarding disorder is a mental illness...

Condo Tech Tips

It’s an exciting time for the condo industry in Canada. Facing tech disruption, new building, increasing regulation and competition, condo companies need to rethink — and even reinvent — the way they do business. To improve operational performance and increase NOI, condo managers need software platforms that deliver actionable analytics and integrated online services. A Market on the Move  As revealed in the PWC Emerging Trends in Real Estate 2018 report, the condo sector in Canada is seeing steady demand in most markets. In downtown core areas, condo units remain attractive to young professionals with a live/work/play lifestyle, along with retiring baby boomers who are downsizing from single family residences to enjoy urban amenities. The condo industry is also evolving in response to new needs and pressures. Whether there isn’t enough supply to meet demand or oversupply is finally being absorbed, condo managers need a profitable strategy that suits every scenario — including new projects such as popular multiuse communities that are driving density in city centers. These trendy new communities combine a mix of condo units with retail, a range of services and commercial space. Beyond the concept of mixed use, these “developments-as-neighborhoods”  recognize the demand for a community infrastructure that includes schools, parks, shopping and medical services that consider needs of young professionals, young families and older residents, too. According the PWC report, “The age of the shrinking condo may be coming to an end: units are starting to get bigger, reflecting the needs of families and move-up buyers.”  Tip #1: Go Paperless and Save  To be more agile in a changing market and transform operations to be more profitable, you have to say goodbye to paper. By streamlining invoice processing and centralizing spend management with automated online approval workflows, you ensure...

Procurement Payoff

Cutting costs never loses appeal, even in a robust industry and a thriving economy. Inescapable expenses such as insurance and taxes, along with competitive pressures, have forced property owners to become increasingly creative in finding opportunities to cut costs and work more efficiently. Processing payments for the various products and services that keep properties running smoothly is one of those inevitable expenses. This historically has been a manually intensive and paper-heavy process.  Routing one paper vendor invoice through payment can take as long as 30 days and cost up to $35 dollars, according to data compiled by Yardi. With potentially thousands of invoices coming in every month, those costs add up fast for property owners and managers. A recent analysis examined 25 million invoices that about 1 million vendors submitted for processing by Yardi Procure to Pay on behalf of more than 1,000 real estate businesses.  The study offered insight into ways that companies handling small and large volumes of invoices can streamline the process and reduce costs and staff burdens. The Yardi Procure to Pay study found that businesses submitting five or more invoices per month, which account for just 7% of vendors but 75% of invoices, often require accounts payable or property teams that spend significant amounts of time scanning, keying and verifying these large invoice volumes. Even vendors submitting a low volume of invoices—four or fewer per month—can spend an inordinate amount of time on invoices, often repeatedly calling client properties for status checks or sending duplicate invoices until they are paid. All this activity takes up significant time and effort from accounting departments and property-level staff.   Streamlined Approvals Fortunately, the procure-to-pay process has become dramatically more efficient in terms of labor and expense in recent years. Many real estate...

Yardi Breeze Oct20

Yardi Breeze

Team Yardi brought something different to the National Association of Residential Property Managers (NARPM) annual tradeshow and convention this year: brand new software! Our staff was excited to introduce the crowd in Orlando to Yardi Breeze, refreshingly simple software designed to make work easier for smaller owners, investors and managers. This completely new platform is very different than any property management software you may have tested before. It’s intuitive to use, quick to implement and works on any device. See everything you need at a glance – in your office, at home or on the go. Better still, live chat support is just a click away within the platform. Priced at only $1 per unit per month and backed by our years of industry experience and reliable accounting, Yardi Breeze is the next big thing for small business. Although it won’t be widely available until January, we were excited to show Breeze off for the first time at this particular show. We can’t think of a more fitting audience! What residential manager doesn’t need a better solution that’s simple, reliable and a breeze to use? NARPM attendees had a great time “test driving” the software, giving the Yardi team their feedback and winning prizes. We plan on officially rolling out Breeze in 2018, but if you want to learn more, you can request a preview now. While you’re waiting, follow Breeze on Facebook, Twitter, LinkedIn and Instagram for sneak peeks and exclusive content for smaller...

Buzz Sessions Aug01

Buzz Sessions

Have you heard the buzz? Yardi is hosting a new series of free thought leadership events for small to mid-size property managers across the US. These Property Management Buzz Sessions bring together industry experts and local professionals for networking, educational sessions and conversation about local market conditions. The most recent Property Management Buzz Session just popped up earlier this month! Twenty-eight representatives from sixteen companies met with the Yardi team at the InterContinental Los Angeles in Century City. The event lasted from 9 a.m. until just after noon, starting with a networking breakfast to energize the group for the full agenda ahead. 5 Keys to Property Management Success The first presentation of the Buzz Session took attendees through a high-level overview of changing trends in today’s marketplace. It included discussions about mobility, Millennials and modern renter expectations. Did you know that 85% of renters prefer to apply online? What does that mean for businesses that want to stay competitive? Heather Burleson talked through winning strategies for busy multifamily and commercial property managers. Metro LA Market Trends & Report Next David Dent from the Yardi Matrix team took the floor to share a closer look at local market trends in LA. Data shows that apartment rents are still rising steadily in the area and new units projected for completion will add the most growth to downtown, Westlake and Koreatown. Commercial real estate conditions indicate that LA office inventory is also growing, and the group reviewed vacancies, rental prices and new supply. Attendees each received a complimentary market report to take back with them to share with their offices. David remained available after the session, and guests took advantage of the opportunity to ask questions one on one. Ensuring Software Success In addition to Yardi staff...

Property Maintenance Mar27

Property Maintenance

Spring is here and you know what that means… it’s time to clean! Knocking down cobwebs, patching paint and completing other spring cleaning chores will get your properties ready for the busy leasing season ahead. Keeping your properties in top condition will help you attract and convert more prospects. In fact, one renter preferences study showed that two of the top five factors influencing leasing decisions are “property appearance” and “community amenities.” And another study by SatisFacts showed that “quality of maintenance service provided” is one of the highest-ranking factors for an apartment resident’s lease renewal decision. Use the checklist we’ve created to make sure you don’t miss anything important. If you do, it could cost you more money (and leases) in the long run! See the 27 things you should be reviewing each spring. Download our free property maintenance checklist. Plan Ahead Well-maintained properties improve retention and are easier to lease. With a preventative maintenance program, you may also be able to avoid breakdowns and keep your equipment and appliances working longer. Making early repairs can stop small issues from growing into more serious problems. Each building is different, but if you take the time to do a complete walk through of your properties, you can create a seasonal action plan that helps your team plan ahead for the entire year. Save Time & Money Maintenance takes both time and money, but the good news is that you can make everything a little more efficient using modern property management software. Online and mobile work orders make submitting and completing maintenance requests faster for everyone. With Genesis2, even small to mid-size property managers can speed up processes with electronic work orders. Allow residents to submit maintenance requests online or from their phones and they...

Yardi Internships Feb21

Yardi Internships

Yardi is a place where learning and creativity are encouraged. Internships are a vital part of our company culture, offering a fun and informative way to introduce graduating students to the technology industry. The Yardi internship program offers hands-on work experience, professional development and networking opportunities. Our interns can be found working on everything from programming and eLearning to client support and marketing. We asked a few of our current interns and recently hired team members about their experiences. Below, they provide insight into what types of projects, skills training and career opportunities an internship can offer graduating students. Applying According to Jason Rollman, Manager in Client Services at Yardi, “Interns apply and are interviewed in the same manner as someone who is looking for full-time employment.” College students majoring in Math, Finance, Economics, Statistics, Computer Science or Accounting are preferred. After being hired, flexible weekly scheduling allows students to prioritize academics while typically working a minimum of 15 hours per week. Silvana Keiling, a former intern and current software development engineer, applied for the Yardi Romania internship program after learning about it at her university. “If you wanted to apply for an internship, it was pretty hard not to choose Yardi Romania,” she reflected. As a global company, we support a technical internship program at our offices in Cluj-Napoca, Romania and internships across our offices in Canada. In the United States, Yardi works closely within the University of California and California State University systems and recently expanded internships to the East Coast. Yardi culture Our company values collaboration, customer service, innovation and fun. We are looking for individuals who are driven, have a desire to learn and enjoy a laid-back team environment. When asked about his experience as an intern, Cody Underwood, a fourth year Business...

2016 Recap Dec27

2016 Recap

As 2016 comes to a close, we look back in reflection on a successful year. Here are a few of our favorite Yardi moments from 2016: The Balance Sheet, Yardi’s corporate blog, celebrated its fourth anniversary! In February, Yardi launched a new data centre in Dubai to meet the data security and infrastructure needs of a growing client base in the Middle East. Yardi welcomed iMS Immobilien Management System GmbH to the Yardi family! iMS GmbH is a German developer of commercial property management software. CSU Channel Islands and Pacific Coast Business Times honored Yardi Systems and CEO Anant Yardi. Anant Yardi was named Business Leader of the Year by the Business & Technology Partnership at California State University, Channel Islands. Mr. Yardi was also inducted into the Pacific Coast Business Times Business Hall of Fame in recognition of his contributions to the software industry. Yardi aided displaced Fort McMurray fire evacuees. Mobilizing teams in four different time zones, Yardi created a centralized housing registry connecting local landlords and residents in need of housing. Yardi acquired Proliphix, a leading provider of energy control solutions. We welcomed its clients and staff to the Yardi family! Gordon Morrell was named Executive of the Year at the South Coast Business & Technology Awards. “I’m honored to receive this award, but it really is not for me,” Morrell said. “It is for the entire global team at Yardi. The reason for our success is the exceptional collaboration of everyone at the company, rather than the efforts of one individual.” Yardi won a NREI/IMN Commercial Real Estate Award in recognition of the Yardi®Smart Energy Suite. Multi-Housing News earned Gold for best website at NAREE’s fiftieth conference. In August, we celebrated 5,000 Yardi employees strong worldwide! Yardi released Yardi Genesis2for Affordable Housing. Yardi welcomed two new Marketing Geniuses. Meet Mia...

4 Tasks Simplified Nov07

4 Tasks Simplified

If you’re a small to mid-size residential property manager who is looking for a way to simplify processes, you’re not alone. Landlords and property managers wear many hats, often jumping back and forth between office chores and onsite duties in a single day. The constant juggling of locations, jobs and tools can be exhausting! The four responsibilities below are probably a huge part of your daily life. Keep reading to see how you can use a smart property management platform to excel at each and every task – without juggling passwords or feeling chained to your desk. Streamline Property Management Is your software made to suit your portfolio? Some solutions only work well with one asset class, and others generalize for multiple property types without providing the specific tools you need to manage a diverse portfolio. The right software platform will have everything you need to support every property type. For residential property management – whether it’s single family home, apartment, affordable housing or condo – you should be able to move-in residents and complete your accounting tasks as well as maintain compliance and calculate community fees as needed, without having to use a separate program. And on the commercial side – whether it’s office, retail, industrial or self storage – you should be able to run automatic CAM reconciliations that will save you significant man hours every year. Integrate Property Marketing Adopting a property management solution with marketing and leasing capabilities benefits both managers and renters. Recent research by Google indicates that apartment shoppers view 20 property websites online, but only visit three properties in person. Make sure your property gets a visit by having a responsive website with high resolution photos and floor plans, as well as SEO-friendly content. RentCafe for Genesis2...

Tech and CRE

Technology is destined to change the way the commercial real estate market operates, but a debate is raging as to how and how much. Will it create a sea change in the industry, or will the impact be less than transformational? Certainly, technology has revolutionized the daily lives of most people—including the way they communicate, work, shop, eat and entertain. Yet some industry analysts contend that technological change has been slow to take root, and commercial real estate generally oper­ates as it always has. In some sense, this is true. Commercial landlords lease the same basic property types, buy and sell based on cash flow projections, and take out mortgages. Ownership is concentrated in the hands of private companies, which tend to be zealous in guarding proprietary information. Also relatively un­disturbed are the metrics by which real estate is measured: occupancy and demand levels, price per square foot and so on. Yet in other senses, there has been a transformation in an industry in which analysis was once performed on napkins and deals completed at country clubs. While the sector may still only be scratching the surface of its potential use of technology, there have been massive improvements in the availability of data used for underwriting. In software, that helps property owners manage assets more efficiently. In technology, that enhances access to investors. Using Real Estate Underlying the story of technology in real estate is the evolution in the way it impacts demand. For example, the amount of office space used per employee has continually shrunk over the past couple of decades, due to factors such as more efficient floor plans and technology that enables more people to work from home. The growth of WeWork space meets the needs of the current generation of work­ers, who are looking for flexible lease arrangements and a relaxed environment. The story of how Internet shopping has changed retail is well known. The U.S. has more retail space per person than any other country, and shopping center owners have had to revamp their focus from shopping to creating an experi­ence and complementing online brands. Changes in retail are providing a boost to industrial real estate. Amazon and the largest brick-and-mortar retailers (such as Walmart and Target) that have large Internet presences are occupying and building tens of millions of square feet of warehouse space from which they can deliver quickly to highly popu­lated areas. Airbnb is slowly becoming a strong competitor for the hotel industry just as hotel construction is recovering from the dip caused by the last recession. In multifamily, rather than building cookie-cutter units, apartment owners are being forced to consider amenities like co-working space, common areas for social activities and high-speed Internet access. Even Uber, which isn’t in a business related to real estate, will eventually have an impact on demand for commercial space. As fewer people drive, office buildings will need less parking, and companies will continue to retrench in urban areas close to public transportation and mass housing. Drilling down further, there are several broad areas in which technology is developing in commercial real estate: transac­tional underwriting, property management and broadening the investor base. Let’s look at these issues. Improved Transactional Underwriting The most obvious way technology has advanced in com­mercial real estate is in the collection and dissemination of information. Both at the property and market level, in­formation was hard to come by years ago, but it is increas­ingly more available from both mainstream providers and new technology. Services that provide data have been around for decades, but in recent years companies (such as Yardi Matrix) have made huge strides in both the amount of information they gather and the way it is disseminated. More sophisti­cated software enables subscribers to customize and map information in ways that go well beyond what was avail­able in the past, allowing them to delineate submarkets and correlate real estate performance with...

Business Intelligence

Yardi’s holistic portfolio insight tool, Yardi Orion Business Intelligence, helps owners and managers improve business performance with actionable data derived from their combined financial, operational and ancillary services information. Orion is a mobile-friendly platform that works with any browser to deliver robust reporting and dashboards to tablets. With 24/7 convenience, the solution lets clients create flexible views of property and resident data housed in Yardi Voyager through an intuitive tablet touch interface with the same customized reporting they can generate on a desktop computer. Meet the Clients We met up with a few Yardi clients at YASC earlier this year to find out how Orion is working for them. Norma Soria is systems director for Cesar Chavez Foundation, a non-profit organization that provides new and rehabilitated high-quality affordable housing in four states for farm workers and other low-income Latino families. Sandy Scheuerman is vice president of technology for First Potomac Realty Trust, a self-managed REIT that focuses on owning, operating, and redeveloping office and business park properties in the Washington, D.C. region. Lisa Kolb serves as consulting senior systems analyst for A.J. Dwoskin, a leader in both commercial and residential property management with 28 apartment, town home, mobile home, and commercial properties throughout Northern Virginia. Why Orion Business Intelligence? With a toolset that builds reporting content focused on the metrics each client needs to run their business, Orion helps drive timely and profitable decisions. Orion also supports paperless initiatives by delivering reports electronically. Eliminating spreadsheets not only reduces costs and saves time, but it also minimizes errors. According to Scheuerman, “We wanted to replace a third-party reporting tool and needed a solution integrated with our Voyager property management and accounting database. We’re a REIT, with a lot of Excel-driven financial staff — we sought a product that was easy for them to use. So when we started with Orion our focus was on the backend and being able to connect Excel info to the database. It’s been great. We were able to get rid of that third-party tool.” Soria said, “We have financial data and monthly reporting to prepare. We always complained about how long it took to do that manually — Orion enables us to be much more efficient. It’s the easiest tool I’ve ever used.” Kolb explained, “We were moving to a new office and were implementing paperless solutions. Orion is the tool we chose to eliminate distribution of paper reports. We are hyper-focused on KPIs and now, in this world where we collect a ton of data, looking at the most important analytics to make business decisions is paramount. People get stuck in ‘analysis paralysis’ when they review too many reports. With Orion, we’ve cleaned up the dashboard and focus on our KPIs on a screen with drilldown capabilities — instead of sending out a bunch of reports. It’s been well accepted in our organization from day one.” Benefits By consolidating portfolio-wide data and automating reporting, Orion makes life a lot easier for property managers and executive decision makers. Instead of hunting down information and manually compiling spreadsheets that can be difficult to analyze, Orion users can instantly view a single dashboard with comprehensive performance data. Soria commented, “We had reports that were Excel-driven with charts, and basically what we were doing was cutting and pasting and it took a long time. Our weekly operations meetings used to take about four hours, and everyone had different reports to share. With Orion, we only need half that amount of time with our regionals all on the same call, reviewing the same information. The preparation for those meetings is simple now. We used to start getting information together up to three days in advance, but now we can run specific reports with Orion a few hours before the meeting. We just log in, go to the dashboard, and everything we need to review is right there.” Orion is seamlessly...

Millennial Renters Sep06

Millennial Renters

“The Millennials are coming, the Millennials are coming!” We’ve all heard some version of this over the last few years, but now they’re here and ready to rent. Are your properties positioned to get their attention? Here are six simple ways to attract more Millennials to your vacant properties. Learn how you can help them find, like, and trust you, so they will take the next step to becoming residents. Be found on mobile. According to Google, more searches now take place on mobile devices than on computers, and 87% of Millennials always have their smartphones handy – day or night. That means if you want today’s young renters to move in, they need to be able to find you when they’re searching on their phones. Is your property website optimized for viewing on mobile devices? If not, you’re missing out on valuable prospects and possibly not even ranking in search engines at all. Display accurate information instantly. Don’t waste anyone’s time by making your unit availability or prices hard to find. Millennials may be online often, but they’re in a huge hurry! Google tells us that while mobile sessions are increasing, time spent per site visit has decreased 18% in the last year alone. If searchers can’t quickly find the answers they need about your property, they’ll move on, rather than spend more time digging for information. Save yourself extra hassle (and data entry hours) by using online property management software that automatically and accurately updates your internet listings for you on multiple ILS sites. Use great photos. Don’t use outdated or blurry photos on your website, and definitely avoid stock photography whenever possible. Millennials are photo-savvy, thanks to their smartphones and photo-sharing sites like Instagram and Snapchat. They expect to see authentic...

Rental Convenience Aug31

Rental Convenience

Applied Property Management Co. takes pride in spreading fast, convenient service across a portfolio that consists of thousands of apartment units which include market rate, subsidized housing and commercial spaces in New Jersey. Making life easier for residents and staff lies at the heart of Applied Property Management’s mission.  “Our company practices a paperless approach, starting at the very beginning—applying to live here,” says Raymond Lucena, a Yardi® specialist with Applied Property Management, the property management arm of Hoboken, N.J. developer Ironstate.  The company’s residential leasing process is 100% online, from marketing, applying and screening through lease signing and payments.  “It’s a user-friendly experience, which is a lot different than relying on paper as we did previously.  If you search our properties through Google, for example, you’ll go directly to our property websites via RentCafe®.  Our lead conversion rate is higher in the four years we’ve been using RentCafe because applications can be completed almost instantly.” Applied Property Management’s philosophy of paperless convenience extends to residential service.  “About 92% of our market-rate residents pay rent online; we expect that to reach 99%,” Lucena says.  “Eventually we want to duplicate this degree of participation in our commercial space.  We want all residents, vendors, and retail managers to manage work orders, ledgers, payments and everything else electronically.” Applied Property Management went mobile as well as paperless in the search for greater efficiency.  “We equipped our leasing agents with tablets and mobile devices.  When they’re showing a unit, they can launch the application, screen the prospect through Yardi Resident Screening™, and sign the lease on the spot, without waiting for paper documents to come through,” Lucena says. Staff technicians can receive, prioritize and document maintenance and inspections in the field with the mobile-enabled Yardi Maintenance™ and Yardi...

3 Mobile Musts

Property managers are busy people. It seems like there is always more to do! Paperwork and desktop data entry can really slow you down, especially when you need to be onsite. No one can be in two places at once. Fortunately, today’s technology is making it easier to work more effectively from anywhere. Mobile tools empower property managers with a streamlined, convenient, and modern way to do business. Mobile leasing, mobile payments, and mobile maintenance are three innovative solutions currently available to small to mid-size residential property managers using Yardi Genesis2 that will help you get more done in less time. Mobile Leasing Mobile leasing is a must in today’s marketplace. In fact, the recent NMHC/Kingsley 2015 Renter Preferences Study that polled nearly 120,000 residents revealed that 85% of renters prefer to apply online. Not only is it more convenient for them, it also saves you time and increases your opportunity to convert more leads into leases. When a potential renter is ready to begin the leasing process, your mobile-friendly website should be ready to turn prospects into residents with step-by-step online leasing. Mobile leasing solutions let website visitors view real-time pricing, see unit availability, and complete online applications right on your property websites from any device. Applicants can fill out and submit all required forms online day or night to complete the leasing process. This means you can now fill your vacancies around the clock without being limited by your office hours. With mobile leasing capabilities, you never have to worry about the time-consuming process of scheduling appointments and manually processing applications. Applicants just check out your site, apply online, and move on to the next, more exciting step of being a renter. Mobile Payments Paying rent online is a convenience that many...

Yardi Think Tank Jun26

Yardi Think Tank

LONDON – Industrial property has emerged as one of the strongest performing asset classes this year, apparently brushing off the threat of Brexit as consumers shop – or rather, click – until they drop. The rise of e-commerce means tenant demand is robust, with record rents being achieved in tightly-constrained urban areas where logistics space is competing with residential. However, occupiers are having to invest heavily in technology. In a continuing series of think tanks, Yardi brought together a panel of experts to discuss these issues in the European real estate market. Panelists: Claer Barrett, Financial Times – Chair Alan Holland, Business Unit Director, Greater London – Segro Richard Croft, Chief Executive – M7 Real Estate Mark Bowden, Partner – Caisson Investment Management Michael Williams, Investment Manager – M&G Real Estate Kevin Mofid, Research Director – Savills CB: The good news is that we’re seeing healthy yields and rental growth on industrial space, particularly in the Greater London area – but is this mainly because so much of it has vanished in the past decade? AH: The pressure on land for industrial and urban logistics is immense, particularly in areas of population concentration where developers like Segro are competing with house builders. According to the GLA, around 700 ha of industrial land has been lost in Greater London as places like Nine Elms, Old Oak Common and the Olympic Park ha ve become residential areas. That’s the equivalent of seven times the size of Regent’s Park – it’s gone and it won’t be replaced. KM: Since 2009, Savills research shows the supply of existing warehousing stock has decreased by 70 per cent. But at the same time, take-up has risen from a long-running average of 18m sq ft per year to 22m sq ft in the...

Online Payment Essentials

The newest National Multifamily Housing Council (NMHC) survey offers dozens of helpful insights. The gathered data reflects 120,000 responses from 44 markets nationwide. Though the survey covers everything from home features to community amenities, we found one action item that can save you time, money, and headache: make online payments essential. Of those surveyed, 78 percent of renters prefer to pay rent online. If you aren’t offering online payments, your property instantly poses an inconvenience to renters. By offering online payments, you are reaching renters in a place where they spend much of their time. Pew Research Center data states that nearly 75 percent of Americans are online daily. Of that amount, more than 50 percent connect multiple times a day and 21 percent are on their mobile devices “almost constantly.” Online payment processing is a value-added convenience for renters. It allows them to automate payments, avoid late fees, and skip the hassle of ordering, paying for, and writing checks. Since so many Americans are already paying their bills online and through apps, the option to pay online becomes an expectation rather than a novelty. Online payments are also a great way to cut costs. InfoTrends analyzed costs associated with online billing versus paper billing. Electronic bill delivery and online payments averages $0.32 each, compared to paper-based bill delivery and payment at $0.76 each. Receiving online payments come with additional benefits. Rent payments are sent directly to the property bank account. There is no risk of a lost or stolen check. You can also minimize human error associated with check processing, such as a check sitting on an agent’s desk for weeks. Online payment processing simply makes sense for all involved parties. Below are a few tips to make property-wide adaption a breeze. Make It Feasible Be sure that your residents can take advantage of mobile services by providing fast, consistent internet coverage. They can’t pay online if they can’t get online. While speedy internet is great for making online payments, it’s also a must-have amenity for your property. NMHC reports that “mobile is king with 91 percent of apartment renters using a mobile phone.” The report also states that “53 percent of residents tested connectivity during their apartment tour.” It’s worth adding that 98 percent or renters state that good reception is important. Make It Effortless Adapt a user-friendly online portal. Yardi® RentCafe® makes it easy by integrating payment processing amidst other renter-friendly features. Renters can pay rent online, submit maintenance requests, and get updates on the community blog. Make It Known Do your renters know that they can pay online? There are several ways that you can highlight this service. Encourage them to opt in when signing or renewing a lease. Kick off each month with a post on social media reminding tenants to pay their rent online. Most renters will throw away a flyer in their mailbox. They will, however, take notice of a note attached to their parcel. NMHC reports that the average apartment community receives about 100 packages each week. These renters already express an interest in paying for services and products online. This is targeted marketing at its best! Print little reminders about the online payment option and them to renters’ packages. When the owners pick up their packages, they will also pick up a reminder to pay the rent online. Include a link to your online payment portal on your electronic newsletters. If you have a drop box for payments, mount a flyer about online payments near the box. When tenants drop of their checks, they are frequently reminded that there is a more convenient way to make payments. What methods have helped to boost online payment adaptation in your...

2016 Real Estate Trends Dec18

2016 Real Estate Trends

For both the residential and commercial real estate markets, 2015 brought questions. Would interest rates rise? Would Millennials buy? Would the market keep rising, or are we on the verge of another bubble? As the year draws to a close, these questions remain, though the prevailing mood is optimistic. While the overall market continues its upward climb, moderation has taken hold. It’s clear the gains and price inflations of the past 12 months are giving way to gradual increases, better credit scores and (slightly) upward momentum. In October, PricewaterhouseCoopers and the Urban Land Institute (ULI) released their annual Emerging Trends in Real Estate report. With an eye towards predicting anticipated real estate trends for 2016, the report’s authors conducted over 400 interviews and collected almost 1500 responses. Participants included investors, fund managers, brokers and consultants. The report’s overall mood? Cautious optimism. “You can never forget about cycles,” declares the report, “but the next 24 months look doggone good for real estate.” Commercial Uprising For the commercial real estate market, positive employment numbers are spurring demand for business centers and high-rises. In New York City, for example, over 9.7 million square feet of office space will be added in the next year – an increase unseen in the city for over two decades. The ULI report authors believe that many of these new commercial spaces will include innovative, modern designs created to lure young, in-demand talent. A combination of “entrepreneurial innovation matched up with industry acceptance,” these buildings will dominate a small, but influential corner of the commercial real estate market, pushing projects and encouraging investment. In order to capitalize on this trend, commercial real estate executives will need to be able to analyze property data, control budgets and make future projections quickly and accurately. With an end-to-end, commercial property management platform like Yardi Voyager Commercial, commercial real estate owners, investors and developers can efficiently manage operation strategies and maneuver funds and resources effectively and profitably. The Rise of the Second City Though New York City and San Francisco are real estate behemoths casting large shadows across their respective coasts, their more humble neighbors will soon steal the spotlight. Deemed “18-hour Cities” in the ULI report, these smaller metropolises are beginning to experience population growth and increased commercial real estate investment – a trend the report anticipates will only grow stronger in the coming year. Hot markets like Austin, Denver or Charlotte, along with mid-sized townships sitting along the borders of Dallas, Atlanta and Seattle, can trace much of this commercial activity to the addition of “round-the-clock” businesses. Restaurants, shops and other professional services are beginning to expand their hours of operation from the standard 12 to 18 or more. For potential residents, access to all the amenities of a larger metropolis like New York City at a more affordable price is attractive. The ability to strategically market to disaffected city-dwellers will be essential to capitalizing on this migration trend. One way real estate professionals, property owners and managers can take advantage of renewed interest in their area is to leverage dynamic, multi-channel marketing with tools like those offered by RENTCafe®. With the RENT Café®, users will be able to entice prospects and retain current residents with marketing campaigns precisely fashioned to highlight the benefits of moving to these up-and-coming second cities. Slice of the Suburbs With all the excitement surrounding the urban real estate market, you’d think the suburbs would be slowly fading into oblivion. Instead, multitudes of Millennials are migrating to the outskirts of town. As this generation finally ages into marriage and family, many of those young urban hipsters will soon be trading in their rented lofts for suburban homesteads. They won’t just be embracing the dream of the white picket fence. These young home buyers will be following the job market. Almost 85% of new employment opportunities continue to be “located outside the center-city core” according...

Better Leasing with Yardi Nov09

Better Leasing with Yardi

In the fast-paced world of retail leasing, preparation for a client presentation is paramount. Managing the slide decks, floor plans, lease documents and other materials that make a lease pitch possible is no small feat. At Yardi client Pyramid Management Group, a commercial property manager handling 16 major indoor shopping malls in New York and Massachusetts, John Cico sought out a document management solution that would relieve the headaches experienced in the past. “Emails within Outlook were really not accessible by other people or organized in such a way that made it possible for us to go back and have another leasing rep pick up the trail from where it left off,” explained Cico, a Director in the company’s Finance department. But a centralized, cloud-based repository for documents wasn’t the only item on the wish list. He wanted a technology solution that would make his team of 35 leasing representatives and mall managers stand out in the retail leasing space. In a perfect world, it would support mobile on-site presentations to clients, electronically execute leases, and archive important documents for reference and reuse. As he explained Pyramid’s needs to the Yardi Commercial LeasingPad development team, Cico was impressed with their response. “It’s quite pleasing to see the amount of effort and time that Yardi will put into developing something that will truly work for us. From the start, and continuing today, Yardi has always been willing to listen and when things could be changed to accommodate our needs, they’ve always met that challenge,” Cico said. Knowing that a brand-new platform for document retention and process management wouldn’t be easily implemented overnight, Pyramid Management Group wisely implemented Yardi’s Commercial LeasingPad and Orion Document Management applications in stages. The intent was to not distract from signing leases as usual but rather, to focus on the efficiencies made possible with the new technology. “The real desire was not to impose such a huge learning curve on people initially that it would take the focus away from the leasing effort. We couldn’t slow down the production of our leasing reps, such that leasing for the next six months could be hindered. The idea was that we would try to phase the process in over a number of steps, to minimize the disruption of the leasing process,” Cico explained. No ill effects on performance have been noted thus far. In 2015, Pyramid Management Group has had a stellar year, matching their corporate performance from 2014 within the first nine months of the year. With leasing volume and occupancy high, it’s a good time to explore further opportunities to enhance the leasing process and keep improving production, Cico noted. The hurdle of individual skepticism about a new system, common in most real estate technology implementations, was effectively overcome by taking a gradual approach. Now 18 months into the process, “we are seeing our leasing agents become more comfortable with it. I think they understand some of the mistakes that they were making early on, and we have been able to correct those,” Cico said. Adoption of the platform is 100 percent. And he isn’t done making changes yet, either. Each morning at 6:30am, the Pyramid Management Group team gathers for an all-hands-on-deck meeting to discuss pending transactions and leasing progress. It’s a veritable war room of leasing strategy. Management of documents is key to its success, as team members present upcoming client pitches and trade ideas and feedback. In conjunction with LeasingPad, Orion Document Management has created quick and easy access to the presentation materials required. Ultimately, Cico envisions, the morning meeting will be even further dependent on Yardi technology. A digital, 3-D stacking plan customized for the company by Yardi has been a major first step. Moving walls and retail spaces within the mall is an important part of the leasing process, and only so much information can be presented on a 2-D, traditional...

Growing with Yardi

For Phoenix-based Capital Asset Management, use of Yardi software has been a key aspect of coming of age as a company. “Yardi has been one of our selling points,” says Aaron Strole, owner and founder of the company along with his wife, Rachelle. “When we talk to our current or prospective clients, we tell them that we use state of the art software – the best in the industry.” A full service firm that provides due diligence, underwriting, brokerage and property management services, the Stroles started their business in the depths of the recession. A client was looking for a reliable property manager for an asset that was on the market but not moving, and Capital Asset Management was born. Seven years later, the property management arm of the Capital Companies looks after 40 properties, and is now expanding its leasing operations. Assets are located in Arizona, California, and Nevada. “The maturation of our company has been key,” Strole said. “We aren’t just doing property management on the side, we’ve become a full service firm and what we’re doing for our clients is really good.” While growing their portfolio and span of operations, Capital Asset Management has evolved its software platform as well. The company moved quickly from Yardi Genesis to Voyager 6, and then upgraded to the Yardi Commercial Suite and a full cloud-based platform in 2014. “7S is a true cloud version of Voyager. We don’t have to ask for the updates, they are rolled out for us. Everything is available wherever you need it. I carry around my iPad now, all the time, because I don’t want to carry around my laptop. And I can get access to everything in Voyager that I need,” Strole said. A former IBM Management Consultant, Strole is working to make his company as paperless as possible. He moved his corporate email to a cloud-based server and eliminated any need for in-house technical support. The result, he says, is peace of mind. “What I like about it is that when everything is hosted in the cloud, things tend to not break. We were having our on-site server go down and we once lost all of our server data. It took three days to get the backup replication up and running. You don’t want to have tell your clients that you can’t send them the report they need. Now, if it does break, I call Yardi or Microsoft,” Strole said. He next plans to look into paperless invoice remittance via ACH transfer. Another aspect of the Voyager 7S platform that Capital Asset Management is happy with is the Report Scheduler functionality. “One of our biggest clients, a national company, told us that they asked every one of their property managers around the country to use the same report package that we had been creating for them in Yardi,” said Strole. For more information on The Capital Companies, visit http://thecapitalcos.com/ For more information on Yardi, visit...

Local Listings Sep03

Local Listings

Where were you on the night of August 6? While you were probably sleeping (we certainly were), Google rolled out changes to the way local businesses appear in search results. This update affects everyone from restaurants and retail stores to—yep, you guessed it—apartment communities and property management companies. What? Google has updated how local results appear to both desktop and mobile searchers. Before the update, seven local businesses would appear under the map that displays local search results. After the update, only three local businesses appear. What was known as the “7-pack” by SEO experts is now the “3-pack.” Instead of ranking in the top seven local results for a search, you now have to rank in the top three to show up on the first page. Why? While Google has called this an update that “provides people with more relevant information,” multiple sources have suggested that this might be a move to encourage more businesses to use AdWords, Google’s pay per click (PPC) advertising tool. When the chance that you will appear in organic search results is reduced, you will probably be more inclined to pay for priority placement. How will it affect property management? Less space is dedicated to local results Before your business had to rank in the top seven to appear organically, now it has to be in the top three Less information now appears under the local listings; exact addresses and Google+ links have been removed Business hours have been added On mobile searches, reviews and the click-to-call button appear (websites do not) On desktop searches, reviews and website links appear (phone numbers do not) Although fewer local listings are now instantly visible, when a user does click through to get more information about local results, 17 additional local...

Perfect Procurement Jun22

Perfect Procurement

If you’re looking for ways to make procurement for your real estate interests faster, easier and less expensive, read on to find out how Yardi and The Home Depot can help. At the National Apartment Association’s Education Conference (#NAAEduConf) this week, attendees to the Las Vegas event can learn how to take their procurement process to the next level. If you are looking for creative ways to better your business, this is one you don’t want to miss. Yardi Marketplace provides a powerful suite of services for owners and operators. We recently had the opportunity to chat with The Home Depot’s Scott Matthews, Director, Strategic Accounts for the home improvement retailer. Read on to get more insight from Scott into how The Home Depot partners with Yardi on a competitive procurement solution. Last year, The Home Depot and Yardi announced an exciting new partnership. How would you describe The Home Depot’s vital role within Yardi Marketplace? Matthews: One of the many great things about The Home Depot and Yardi Marketplace relationship is that customers have full access to all of the products that The Home Depot offers. All participating customers have the ability to access The Home Depot products by using Yardi Marketplace. Full-service Yardi clients have the ability to access The Home Depot catalog through Yardi Marketplace, while enjoying the full Procure-to-Pay experience. In both cases, customers can still purchase directly at the store if needed or order through Yardi Marketplace for free in-store pickup or free delivery.  The Yardi Marketplace is a free program for all participating customers. How do you find the average property manager or maintenance supervisor uses The Home Depot for procurement, and are they missing any chances to shop smarter? Matthews: Property managers using The Home Depot for...

Leasing Genius Jun09

Leasing Genius

Do you know how to take the leasing lead in your market? It might be easier than you think! The results of our recent leasing strategy survey revealed that smart multifamily firms have multiple opportunities to increase performance and out-market, out-lease, and out-renew the competition. But to beat the competition, you have to know what they’re up to, right? To that end, we put together these top three takeaways from the responses to our survey of multifamily marketing and leasing professionals across the industry: 87% of property management companies surveyed don’t recognize/reward good follow up activity. Create a strong follow up tracking and recognition program to shape your company culture to instantly outperform 87% of your competitors! 64% of companies have no way to monitor resident relationship activity (interactions with residents). Track and reward resident relationships to prevent the loss of good residents. This will also help you impress new leads coming from other communities who don’t carefully manage the resident experience. 52% of responders don’t set a cost-per-lead goal, and 42% don’t have a cost per-lease-goal. Set concrete goals and measure your performance after one quarter. Is there room for improvement or are you doing better than you expected? Adjust accordingly. “Marketing budgets are limited,” notes Esther Bonardi, industry principal of Yardi Marketing Solutions. “Without standards and measures in place to ensure you are getting enough traffic for your marketing spend, you will easily end up with fewer leads than companies who use ROI reporting to make good marketing decisions.” It’s critical to identify opportunities where you can exceed competitor performance and commit to improvement in those key areas. Establishing standards and tracking results is essential to keeping your team on top of the market. Other interesting survey findings include: 46% of respondents...

Property Management May20

Property Management

The second quarter of 2015 has begun on a positive note for built-to-rent single family properties. Markets for existing single family rentals across the nation enjoy occupancy rates close to 95%–and these properties need managers. If you’ve positioned yourself properly, then success is well within reach. If not, here are a few tips to bring you up to speed. Build Bridges As your business grows, so should revise your list of industry contacts. By expanding your network of professional service providers, you will be better equipped to thoroughly meet clients’ needs in a timely manner. In a perfect world, you will already have an advanced understanding of federal, state, and local laws regarding fair housing, tax codes, and business regulations. But since you probably don’t have the time, energy or mental capacity to be an expert in everything, familiarize yourself with the aforementioned guidelines and then add lawyers that specialize in real estate and contract law to your inner circle of contacts. Inspectors also make good friends, since they can detect problems with your properties before they become lawsuits. Accessibility compliance inspectors, as well as those with expertise in building codes and environmental regulations are excellent contacts to have on hand. Be sure to have each property inspected every 3-5 years. As houses experience wear and tear, land shifts, and properties settle, a property can fall out of compliance. Without early detection, a property out of compliance can cost you millions. Let’s not forget your everyday heroes—you will need plenty of them. You probably already have a strong relationship with a local handyman, electrician, and plumber. Consider adding at least two more professionals from every county in which you plan to expand. This way, you won’t exhaust your current contacts and you won’t have all of your eggs...

Excellence Awards Apr06

Excellence Awards

MHN Excellence Awards recognize the multifamily industry’s most noteworthy people, companies and properties. The 2015 winners will be selected by a panel of judges representing expertise across all multifamily disciplines. Submissions will be due by Monday, June 15. Here’s how to enter. 1) Select the categories you’d like to enter and click to download those entry forms for rules and instructions; •    Executive of the Year •    Property Manager of the Year •    Leasing Agent of the Year •    Development Company of the Year •    Property Management Company of the Year •    Best Brokerage Office •    Transaction of the Year •    Best Apartment Community •    Most Tech-Savvy Community •    Best Marketing Program •    Best Value-Add Renovation •    Best New Development and Design •    Best New Development: Unbuilt 2) After completing the entry form(s), click here to upload form and submit payment online. (You still have the option of mailing us your entry as hard copy in a binder and/or paying by check; follow those instructions after you download the entry form from the list above.) If you have questions, contact Diana Mosher, Editorial Director at [email protected]. Finalists will be announced in August at multi-housingnews.com and winners will be announced in September at a special event in New York and published in the October issue of the magazine. All winners will receive a personalized award for display in their office or multifamily...