The impact of remote work on the housing market has been significant. In a webinar by Yardi Matrix, Jeff Adler, Matrix vice president, brought up several notable shifts. The full recording and presentation slides are available online. Let’s explore the big-picture impact of remote work on housing and communities. There are myriad cultural changes from the pandemic from an economic standpoint, but one of the most significant transitions is the prevalence of remote work. Working remotely offers more opportunities for household formation. In addition, with remote working becoming more prevalent, some employees are no longer tied to living near the offices. This has increased interest, particularly in suburban areas like Charlotte and Phoenix, where households can enjoy more space, lower living costs and a quieter lifestyle than in urban centers. Additionally, some businesses have chosen to leave high-cost cities for lower-cost ones, such as San Francisco to Austin, New York to the Carolinas and Chicago to Nashville. “I think Huntsville is a great market for many businesses, but it’s just now beginning to have a lot of supply hit,” said Adler. “Any place where you got to have a supply response will run through some struggles for the next couple of years as it gets absorbed.” In addition, research found that remote work has led to a surge in household formation, counterbalancing population loss in dense cities. First-time homebuyers are becoming priced out of the market, which encourages renting, especially while mortgage rates are at the highest level in more than 13 years. Household formation could stall as renters move in with family or roommates to cut costs. Remote work has given homeowners and renters more flexibility in choosing where to live. This has resulted in shifts in migration patterns. People are moving from...
Home Work
Tech Creates New Options
Many companies are returning workers to their offices and sending them to conferences and other gatherings. Is remote work, done by more than 70 percent of workers who can work remotely according to Pew Research Center, passing or permanent in the work environment? Just a decade ago, working from home was the exception, usually allowed only in select cases. It took time for teleconferencing technology to advance to the point where occasionally working from home became more acceptable and normal. “Ten years ago, remote employment basically meant a telemarketing or customer service position at below minimum wage,” said Samantha Lambert, director of human resources for New York City website design company Blue Fountain Media. “It rarely was connected with a full-time career.” Then came the pandemic. The outbreak prompted many employers to shift to a predominantly remote work model to limit spread of the coronavirus and comply with distancing mandates. Along with supporting public health, companies saw an opportunity to save money by cutting down on expensive office space while allowing workers the freedom to create their own schedules and work from wherever they please. Eighty-three percent of employees responding to a workplace survey in 2021 reported that a hybrid model combining remote with time in the office that accommodates both business needs and employee desires is optimal. Tech options Zoom, Microsoft Teams and other systems gained new prominence during the pandemic and cemented remote work into the American economy. “Now, technology affords us the ability to get the same job done, no matter where in the world we are. [It has] enabled us to be in contact with co-workers or clients at any time,” Lambert says. “This technology has advanced so quickly that many companies have even done away with traditional offices and instead...
Productive, Remotely
WFH Becomes Norm
With the pandemic still affecting much of the economy, remote work – utilized by about 16% of the U.S. workforce in 2019 – has become even more entrenched as a business norm. Some employers are making remote work available permanently while others are adopting a hybrid model. Gains in employee satisfaction, productivity Data collected by a team from the Mexico Autonomous Institute of Technology, Stanford University and the University of Chicago Booth School of Business through March 2021 found that nearly six out of 10 workers reported being more productive working from home than they expected to be, compared with 14% who said they got less done. As far back as May 2020, four in 10 Americans who worked from home at least one day a week said they would look for another job if their employers ordered a full-time return to the office. The U.S. Bureau of Labor Statistics weighed in with a report that labor productivity, defined as the value of goods and services produced per hour of work, increased by 1.8% between the second quarter of 2020 and the second quarter of 2021, compared with an average annual increase of 1.4% from 2005 to 2019. (Some of those gains occurred in durable-goods industries such as car and appliance manufacturing that are largely unaffected by the working-from-home trend.) The shift toward working from home isn’t universally embraced. CEOs such as David Solomon of Goldman Sachs and Jamie Dimon of JP Morgan Chase have claimed that the practice is detrimental to creativity and culture. Partisans on either side can bolster their cases with a spectrum of arguments: better sleep; less time lost to commuting; reduced spontaneous communication with colleagues; enhanced employee retention; fewer opportunities for the personal interactions and mentorships that advance careers....
Multifamily Outlook
From Yardi Matrix
The economy is recovering quicky after severe impacts from pandemic shutdowns over the last year. That was the top line good news from Thursday’s webinar on the multifamily industry, presented by Jeff Adler, vice president of Yardi Matrix. The recovery timeline is expected to be around 18 months. “The economy is heating up as the job market strengthens,” said Adler. “A recovery in gross domestic product is clearly under way. I would liken this to a shot out of a cannon.” Inflation is a short-term concern, however. Hear the full analysis and insight in the webinar recording. Rents are on the rise across the country, and that’s a positive indicator for the industry and the economy at large. Multifamily rents increased by 0.6% on a year-over-year basis in March, with the national average rising by $6 to $1,407. Out of 134 markets surveyed, 114 had flat or positive YoY rent growth. Impacts vary, however, across states and cities. Gateway markets like Boston, Chicago, Miami, New York, San Francisco and Washington D.C. appear to have now hit bottom in rents and are positioned for gradual recovery. Leading the way in March’s rent increases were affordable cities and suburbs in the West, with the Inland Empire (8.3%), Sacramento (7.3%) and Phoenix (6.9%) leading national tallies in year-over-year rent growth. “It will take several years for gateway markets to recover, under the best of circumstances,” said Adler. “There has been just as much movement within metro areas at about a 30-40 mile radius. People are moving out of the urban core and into surrounding suburban areas. That’s a meaningful amount that will make coming back to the office problematic, but they aren’t detached from the metro area entirely.” Single family rentals and the build-to-rent sector have also...
Paperless Made Easy
Improve Document Management
Did document management get lost in the shuffle as you shifted to a paperless office or remote work environment? Your team may now struggle to track down files and keep versions organized as they send copies back and forth. Fortunately, it’s never too late to achieve the level of organization, accessibility and security that you need. Paperless made easy Paperless documentation is an industry standard. Yet without the right technology, managing electronic documents can be even more challenging than paper files. Users face a series of challenges related to organization, access, storage, searchability, security and integration. Yardi Document Management for SharePoint integrates with Voyager property management software and Microsoft 365 to eliminate paperless documentation challenges. Centralized storage Centralized document storage can take place on local servers and in the Cloud. The latter permits secure access to documents for staff in office, in remote work environments and on the go. Work together from anywhere Improve collaboration without redundancy or version control issues. When combined with the power of SharePoint, interconnected document management software empowers users to collaborate. With Cloud syncing, each team member stays up-to-date with the latest developments. Document management also integrates with Microsoft 365 and other Yardi applications to improve accessibility to and security of your documents. Secure and accessible Managing permissions and end-user access can be a pain point for organizations. Skip the hassle of creating new profiles and credentials within your document management system with Voyager integration. SharePoint permissions will reflect your security settings in Voyager. As a result, users can access files quickly and securely with no VPN required. Intuitive organization Folder structures and hierarchy make organization simple. You can track version history of documents as well as individual contributions from users over time. Such tracking makes it easy to...
Maintaining Corporate Culture
Even in remote work environments
Remote work environments offer conveniences such as custom workspaces for employees and fewer overhead costs. Employers are learning, however, that employees may struggle to preserve corporate culture from a distance. This can be especially clear while hiring and onboarding new employees. A few practices can help you preserve and promote corporate culture within your organization whether employees are near or far. Use technology to invest in employee growth Working from home can feel monotonous or repetitive. Employees want to know that leadership continues to support their growth and development. Use e-learning software for continuing education opportunities. If feasible, allot a few hours per quarter that employees can dedicate to their growth through online courses. It’s a relatively simply way to show employees that they are supported and corporate culture facilitates personal and professional growth. Host virtual acknowledgements and awards ceremonies An encouraging smile goes a long way. On the toughest days, a nod or gesture from leadership can help employees feel seen, empathized with and supported. Unfortunately, virtual communication doesn’t lend itself well to such small gestures. Ensure that your employees don’t feel lost among countless emails and instant messages. To show that they are not overlooked or underappreciated, host virtual ceremonies via video conference. Make time to give kudos for a job well done or awards for more significant accomplishments. Rainmaker research reports that, “mutual respect, gratitude, and recognition between coworkers and leadership” was essential to employee satisfaction. Acknowledgement boosts employee morale and reinforces a culture of teamwork and camaraderie. Maintain your commitment to corporate social responsibility Social distancing has halted many volunteerism initiatives. Fortunately, technology makes a way to maintain your commitment to philanthropy while promoting employee safety. Each year, Yardi offices assemble committees that organize volunteer efforts and nonprofit grants. Of course, 2020 forced committees to get creative—and boy, did they rise to the occasion! Many offices transitioned to virtual fundraising committees. The Yardi Oxnard office took it a step farther. Oxnard invited candidates to submit video presentations summarizing their organization, its needs and goals. These videos replaced in-person fairs and still helped employees get a personal feel for each worthy cause. After viewing the videos, employees remotely cast their votes. The top-ranking candidates received grant funds for the year. Yardi CSD replaced their annual in-person 3k walk with a virtual walk to support Angela’s House. The group connected via Microsoft Teams and then chatted while walking their neighborhoods. It was a fantastic way to raise funds for the organization while participating in team building. Yardi is Energized for Good! Learn more about Yardi’s remote corporate philanthropy efforts on our Giving page. Host virtual clubs for employees If your organization didn’t have a social committee before, now is the time to develop one. These powerful, employee-driven groups get a feel for what interests their peers. They then create engaging activities and events. Virtual clubs are opportunities for employees to “hang out” after hours while enjoying a shared interest. Consider fitness clubs where team members log on simultaneously for yoga, dance or Tabata classes. Painting, cooking, crafting and gaming are all fun way ways for employees to casually connect and build a culture of camaraderie. Keep holiday traditions alive It’s important to continue holiday celebrations whenever you can. While group meals and dancing may not be in the immediate future, you can still make merry using technology. For Yardi Atlanta, Halloween is a big deal. Each year, employees decorated their departments, their desks and their bodies in hope of winning bragging rights and prizes. Last year, the Yardi Atlanta social committee came up with creative workarounds for a virtual celebration. A pumpkin carving and selfie contest, throwback Halloween photo contest and virtual mixology class were among a few of the fun activities employees enjoyed together. Of course, there were costume contests! Teams made collages for group costumes and decorated their home offices. All submissions, voting and awards...
Remote Onboarding
Best Practices for Property Management
Working from home, remote work, telecommuting: whatever you call it, it’s a challenge for property managers across the nation. If you’re lucky enough to be hiring in during the pandemic, you’re also facing the challenge of onboarding in a remote work environment. It’s not easy. With the right tools, however, you can onboard new team members with ease and efficacy. Check out these recommendations from industry experts for remote onboarding, simplified. Just when you thought property management couldn’t get any harder… Property management is a notoriously tough business. The National Apartment Association reports an average turnover rate of 33% in 2019. The highest rates are for leasing and maintenance, at 31.9% and 39.2% respectively. With each vacant position comes the time and money spent on marketing, hiring and training. The time it takes to train a new employee varies. It’s safe to say, though, that hours spent training a revolving door of new hires isn’t an ideal use of your team’s time. When translated to dollars, it costs between $5,505.80 and $9,444.47 per turnover to replace an entry-level employee. High turnover is costly, time consuming and counterproductive. Then a pandemic arrives that complicates everything for everyone everywhere. Property managers who are lucky enough to hire must now do so without interviewing or training applicants in person. Teams attempt to build office culture and support with the same screens used for work and productivity. A career path that deters 33% of employees each year now faces additional challenges. Fortunately, robust e-learning software is here to help. What methods can help property managers overcome these challenges? Begin with the cloud. Cloud computing empowers property owners to implement e-learning and remotely train new hires. The system facilitates real-time collaboration between participants on documents and projects. Additionally, software that operates on integrated and centralized cloud storage is advantageous to a piecemeal assemblage of programs. Patricia Pomies is chief delivery officer at Globant, an innovator in workplace efficiencies. The cloud is a powerful tool because it provides 24/7 access to learning content. Remote, easy access is key for distance learning. “Their approach should be focused on promoting a culture of continuous learning, and training programs should live in one central, digital location for employees to access easily,” says Pomies. “It’s also best to give employees access to different learning experiences and training based on their time, interests, level and expertise—whether they are a remote employee or not.” Create online trainings that are branded and customizable. Consider a remote learning platform that enables branding and customization. Since your new hires won’t go into a physical office each day, it is essential to use branding to instill a sense of place and company culture. Customization ensures that your messaging within the e-learning platform is consistent with corporate messaging. Of equal importance, you will be able to customize learning modules based on the new hire’s role within the organization. This ensures that new hires can prioritize and specialize as needed. Customized content also encourages the most engagement from participants. Jim E. Guilkey, author and doctorate in instructional design and learning strategy, suggests that engagement improves problem-solving skills. In an interview with Society for Human Resource Management, Guilkey encourages clients to explore engaging options such as virtual collaboration rooms and role playing. “Instead of simply lecturing, put the impetus for learning on the learners,” he says. He recommends putting students in a virtual collaboration room to evaluate real and hypothetical situations pertinent to their roles. Together, they can analyze, troubleshoot and propose solutions and improvements. Rather than relying on industry standard, pre-set modules, customized courses provide hyper-local learning opportunities. Presenting scenarios specific to the brand, property or region create a stronger sense of place and culture for remote learners. Check for comprehension before assessments and analyze assessment data for additional learning opportunities. When teaching in person, an instructor can use body language to gauge whether content is “sinking in”...
Clear, Concise, Conscious
Remote Work Communication Tips
Though working from home is novel in many ways, it has its disadvantages: you may feel disconnected from your peers, out of the loop with leadership and frustrated that you don’t have access to all the tools you’d have at the office. Add those concerns on top of a challenging work-life balance and we’ve got a recipe for short tempers, cluttered minds and poor communication. Yet in the age of social distancing, strong communication skills reassert their essential value. If you find that your team is struggling to stay amicable, focused and encouraged, consider the three Cs: clear, concise and conscious communication. Clear intention First, identify what you want to accomplish. Geoffrey James, a specialist in sales communications at Sales Source, emphasizes that all communication has intention. “Before you initiate any communication, ask yourself, ‘What am I trying to accomplish?’ Understanding and focusing on the ‘why’ allows you to avoid side issues and ratholes that might otherwise obscure the situation.” Clear communication also encourages us to be specific and detailed in the first point of contact. This can minimize confusion and time-consuming follow-ups. Avoid assumptions, state your objective and provide your contact with the necessary information or resources needed to fulfill the objective. Think you’re overdoing it on the details? If you’re introducing an unfamiliar topic or content, you’re probably not. A Stanford University study reveals that speakers grossly overestimate how much listeners understand. When you’re dealing with a new project or concept, it may be essential to overcommunicate. Concise language While it is important to give adequate details, it is equally important to be concise. There are no hard and fast rules for this delicate balance. The amount of detail needed will depend on your contact’s familiarity with the content. But there are steps that you can take to be efficient with your communication. In writing, it is especially important to avoid hyperbole, downplaying serious situations and sarcasm. Written communication doesn’t include tone of voice, facial expression and body language to give context to what you’re saying. Any figurative language increase the chances of miscommunication. Additionally, communication specialist Deep Patel recommends focusing on communication that will garner respect rather than laughs. “It can be tempting to communicate with others in a lighthearted way,” says Patel. “But remember that the most successful communicators are those who have earned respect rather than laughs.” Conscious approach There are entire schools of study around conscious communication. To simplify a few concepts, keep two basic points in mind: no one can read your mind, and everyone is fighting personal battles. No one knows what you need unless you clearly and concisely explain it to them. When possible, empower them with resources to fulfill the objective correctly the first time around. You also cannot read their minds, so avoid making assumptions about their intentions, intelligence or character. Secondly, everyone is trying to adjust to these turbulent times. Financial uncertainty, health concerns, social injustice, longing for absent loved ones and frustrations within the household are just a few issues that contribute to irregular or unfavorable behavior. Keep that in mind when communicating with others. Proceed with kindness, compassion, empathy and patience. Undoubtedly, even the best attempts at conscious communication can fail. It’s important to learn what went wrong and address it before relationships and work suffer. Take responsibility for your feelings and identify what exchange triggered the upset, advises The Chopra Center. When applicable, note what you did not receive from the exchange and then ask for what you want. “The key principle of conscious communication is making it as easy as possible for another person to meet your need by asking for the specific behavior that will fulfill it,” advises Chopra. “When people feel vulnerable, they commonly compensate by becoming demanding and threatening, believing that forcefulness will increase the likelihood of getting what they want. This approach often has the opposite effect. A...
Stellar Remote Work
6 Pro Tips
Shelter in place practices have driven most organizations to explore remote work environments in greater depths. This new terrain presents unique challenges and opportunities. A common challenge is promoting unity and engagement amongst employees during an undetermined period of isolation. Below are six tips to drive employee engagement and productivity among remote workforces during COVID-19. Connect with tech There are numerous tools that make remote communication an effortless part of any workflow. Microsoft Teams, Zoom, and Slack are popular options for keeping employees connected. Each offers chat, voice, and video services suitable for duos and small groups. Yardi uses Microsoft Teams and GoToMeeting to promote engagement for groups of all sizes. When employees must share documents, graphics and other media, Robohead facilitates team and inter-departmental project planning. Reach out regularly Encourage consistent connection between team members and leadership. While managers and executive staff may not attend every meeting, weekly or bi-weekly meetings with leadership can help employees feel better connected to the health and vision of the company. Since taking 80% of its employees remote, Yardi has shifted from annual executive meetings to weekly “Global Town Hall” meetings. Some of these virtual gatherings are live, and others are pre-recorded. Each offers employees an opportunity to learn from leadership, explore the company’s response to COVID-19, understand client feedback, and connect with other teams. Find time for fun Attempt to replicate the ambiance of the “water cooler” or staff lounge. This is a space where employees share non-work-related news, participate in fun team-building activities, and relieve stress. Yardi client Lincoln Property Company features several remote work tips on its blog. A recent post on long distance activities to enjoy at home offers suggestions on ways to promote employee camaraderie at a distance. For example, consider hosting...