The following interview by Nisha Randhava appeared on the All Property Management blog, an industry resource on property management technology. In this digital world, where information can be accessed quickly and at any time, managing your online reputation as a property management company is critical. Learning how to access this information and keep it updated in a timely manner however, can be difficult if you do not know where to begin. The property management software Yardi Voyager, provides a reputation management feature. In addition, property managers can utilize the online leasing and resident services and property marketing sites. We spoke with Brad Setser, VP of Marketing, to learn more. APM: Please describe the product and its function. Brad: Yardi Voyager is our flagship property management and accounting platform. Voyager, plus a suite of complementary products, creates a full real estate management solution-operations, accounting and ancillary processes and services with portfolio-wide business intelligence and platform-wide mobility-for all types of real estate. We recently launched the latest version of Yardi Voyager, called Yardi Voyager 7S. One of the most significant aspects of 7S is that it’s browser-agnostic, which means the entire program can be run from any mobile device as easily as from a desktop. All new Voyager clients adopt 7S and we’re upgrading our existing clients. APM: What made you develop your product? Brad: We know that many people conduct much of their business, personal as well as work-related, on the go.We responded by developing Voyager 7S to help our clients meet the mobile expectations of their residents, tenants and investors. We wanted to make Voyager a one-stop solution where users can conduct all marketing, leasing and property maintenance operations from any mobile device. This accessibility helps our clients attract tenants and residents, retain them...
Mitigating Risk
With a single stack
The fear of having a prospective investor pull their capital pledge from your fund raising effort is enough to make any fund manager lose sleep. Losing a $100 million commitment means you can kiss $2 million in annual management fees goodbye. If your firm is particularly unlucky, other investors will follow suit. Now imagine that you lost that investor because they were unhappy with…your financial reporting. Reporting systems don’t usually command much attention from managers at real estate investment firms when they think about asset and portfolio risk management. More likely, they devote a tremendous amount of time and intelligence to structuring a portfolio with assets that fit the right risk profile as set by the fund’s objective. The creative sides of their brains crowd with questions: Does this property have an upside that can be exploited? Are the tenants locked in? Will this submarket rebound next year? But there’s another type of risk that’s not so sexy, and many fund managers often consider it a lesser priority: operational risk. This category of risk encompasses the technical aspects of back office operations along with legislation and rules interpretations. Operational risk management extends to the investor pool, as fiduciary obligations are part and parcel of accepting an investment commitment. Potential trouble looms for a firm that does a commendable job of creating, protecting and nurturing investor relationships but ignores the risks inherent in their accounting and financial reporting operations. Operational risk is heavily tied to a firm’s business systems, and the two sure-fire ways to reduce risk in this particular area are to get off of Excel and QuickBooks and on to a mature accounting system, and to consolidate disparate systems into a single application and database. “But I’ve got a great accounting staff—they’re working...
Enerliance
Acquired by Yardi
Yardi® announced this week that it has acquired Enerliance, a leading developer of energy efficiency software. Enerliance produces the Load Based Optimization System (LOBOS), an intelligent HVAC platform that significantly reduces energy consumption in large buildings and campuses. LOBOS also enables automated demand response participation and system-level fault detection and diagnostics. “Joining the Yardi team combines the trust we have earned in the facilities marketplace with Yardi’s 30-plus years of leadership in developing innovative property and asset management solutions. This is a winning combination for clients of both organizations,” said Raymond A. Pustinger, president of Enerliance. “LOBOS has saved energy, reduced costs, and increased tenant comfort wherever it has been installed, through a combination of building intelligence, efficiency algorithms, and demand response technology. Adding it to our product offerings provides building owners and operators with a single platform for energy management that generates cost savings and furthers our clients’ and Yardi’s environmental initiatives,” said Gordon Morrell, executive vice president and chief operating officer for Yardi. Enerliance team members will continue serving customers from their offices in Irvine, Calif. Enerliance, founded in 2005, is the company behind the Load Based Optimization System (LOBOS), an intelligent optimization system for large-scale air conditioning systems that offers improved comfort, energy efficiency and fully automated demand response capability that improves bottom lines for building owners and occupants. LOBOS delivers more than 32 megawatts of fully automated demand response capability to the grid along with more than $5 million in annual energy savings. Enerliance has earned numerous industry accolades, including recognition by CIO magazine, one of the most highly regarded publications in the information technology industry, as one of the 20 most promising utilities solutions providers in 2013. For more information, visit...
Centershift
Storage Solutions
Like multifamily real estate, the storage industry has made a strong post-recession recovery. The renting of convenient space for storing extra personal possessions attracts both mom-and-pop proprietors and the investment dollars of large, publicly-traded REITs. Centershift, a Salt Lake City, Utah based company, created a scalable, flexible management system for storage 15 years ago. Recently acquired by Yardi, Centershift’s two product offerings are powerful, cloud-based solutions for running and reporting on storage properties. The company was an early developer of an effective revenue management system for the industry, and truly understands this unique property niche. Recently, we spoke with James Hafen (pictured, right), Centershift’s CEO prior to the acquisition. He’s now a general manager and industry principal, self storage, for Yardi Systems. Read on for his insight on the storage industry, Centershift’s products, and what the acquisition means for the company’s exciting future. Tell us about the originations and history of Centershift? Hafen: Centershift grew into a standalone company after developing a management application for the use of Extra Space Storage, which is now the second largest company in the storage industry. Around 1999, Extra Space was focused on substantially growing their business and struggling with technology, which was underserving the industry. We looked around, trying to find software solutions that would work, and there was just nothing that would fit. We needed something that was cloud based, would allow for centralized data management, and solve a lot of the problems that Extra Space was having. We built the first version of the Centershift product in 1999 and rolled it out in 2000 as an internal IT project. We had enough success that we saw the value in this as a commercial opportunity. We continued to develop the product while we came up with...
Talking Training
Spotlight on Yardi eLearning
Technology provides many different ways to improve our lives and business processes. Yardi recently launched an exciting new training product that offers both our clients and their employees the chance to improve new hire training and ongoing employee development. Yardi eLearning, developed internally at Yardi with the invaluable input of industry experts, is changing the way real estate professionals are educated on how to best use our market-leading software products. This intuitive learning and content management system provides easy navigation, quick access to training related information, course authorship and publicity for live training events. This flexible system allows clients to use Yardi eLearning for a wide range of training topics (e.g., leasing agent, maintenance, and soft skills training), making it the centralized training hub in your organization. Use it throughout your business to resolve training needs with just-in-time solutions. Whether your goal is to provide new employees with orientation courses or add intermediate to advanced level curriculum to your course catalog for current employees, this solution can handle it all. With multiple offices around the world, Yardi has embraced eLearning internally, as a supplement to our existing instructor-led training efforts. This option allowed us to address a broader range of training needs while directing our resources where they are needed most. While live training will always be our preference for certain topics, we are finding that our employees react well to a blended approach to learning, with some interactive live training and some engaging self-paced courses. Self-paced training offers freedom and flexibility when it comes to scheduling, allowing Yardi employees to meet their clients’ needs while investing in their own professional development. Self-paced courses can also be set up for recertification purposes. When you have a human resources course, like ergonomics, which must be...
Crittenden Conference...
Multi-family tech insight
Achieving renter happiness might be tied to the same desires that have made fast food and Amazon Prime among the most popular innovations of our time. Are you offering your residents instant gratification? That was one of the technology trends discussed on a panel at the recent Crittenden Multifamily Conference in Dallas, Texas. Industry experts John Pendergast, senior vice president of client services at Yardi; Ray Thornton, senior vice president of information technology at MAA; and Tom Bumpass, managing director and chief information officer for Greystar Realty Partners, participated in the panel that focused on the past, present and future of multifamily technology. With advancements in the areas of cloud services, business intelligence, single stack solutions and mobility, there’s enhanced opportunity not only to improve resident’s experiences, but to foster a more collaborative working environment at the home office. With the move of most management platforms to a cloud-based environment, creating a true partnership between the IT department and the business and marketing specialists within your firm is an enhanced focus that can produce enhanced efficiency, processes and results. “It’s not enough for the IT group to be a support for the operations and marketing teams. In order for businesses to be successful today, there has to be a partnership between the technology group, business/operations group, and marketing group. That means all the groups are working together throughout the process of meeting your business needs. They’re a collective team,” said Pendergast (pictured, left). Delivering a successful business intelligence solution is one area in which such collaboration is especially important. When Greystar Realty Partners developed their internal BI solution, the business and IT sides of the firm worked hand-in-hand. Now, adding additional data points into the system is a much faster, less complicated process. “They’re...
YASC Spring 2014
Real Estate Technology Insight in Washington, D.C.
The biannual Yardi Advanced Solutions Conference (YASC) offers attendees fantastic tutorials, exciting technology developments and insightful Q&A sessions. Learn how your organization can optimize the value of your Yardi products and services. The East Coast conference will return to the Washington Hilton in Washington, D.C on May 28-30, 2014. This year’s event will feature more than 250 sessions led by Yardi experts, providing clients with the inside scoop on the industry’s premiere business solutions. Empower your organization with the tools needed to automate daily tasks for improved efficiency, generate reports at the touch of a button, customize marketing to generate better leads, and more. For years clients have enjoyed Yardi’s software for property management, leasing, accounting, investments, and marketing. Now, discover how you can take your business to the next level with Yardi’s Mobile Solutions, perfect for your fast-paced lifestyle. Our browser-agnostic tools offer complete functionality between popular devices and operating systems such as iOS, Android and BlackBerry. Additional conference highlights include demos of our latest technology, including Yardi Procure to Pay™, Yardi Orion Business Intelligence™, Yardi Leasing Pad™, Yardi Advanced Budgeting & Forecasting™, RentCafe™, HOUSINGCafé™, and COMMERCIALCafé™. YASC DC is the ideal opportunity to expand your knowledge of Yardi’s extensive line of products and services. There is something for everyone at the conference: Executives — Learn about our latest technology from Anant Yardi himself, and discover how these solutions will help your organization meet its unique business objectives. Marketing Professionals — Collaborate with other marketing professionals in the real estate industry during educational courses that highlight how Yardi tools can improve your marketing performance. Property Managers — Learn how to automate and optimize operations so you can focus on higher-value tasks. IT Professionals — Gain a thorough understanding of system requirements and functionality directly from the Yardi professionals behind the products. Trainers — Increase your knowledge of Yardi products and services exponentially by learning from the source. Register today and earn 18 CRP credits for your conference attendance. The Balance Sheet will deliver daily updates, client features, and conference highlights. Guests are also welcomed to connect with to-the-minute updates via Facebook and...
Tech Trends
Crittenden Multifamily Conference
Yardi will present an educational session on technology trends and business intelligence, “Getting the Big Data on Tech Trends,” at the Crittenden Multifamily Conference on March 16-18 in Dallas. With a focus on how evolving technology and innovation are helping companies of all sizes leverage their data to operate more effectively, the session will be led by industry experts John Pendergast, senior vice president of client services at Yardi; Ray Thornton, senior vice president of information technology at MAA; and Tom Bumpass, managing director and chief information officer for Greystar Realty Partners. Discussing new browser-based solutions and the future of cloud services, along with mobile tech trends for the “need it now” generation, the session leaders will guide attendees to a greater understanding of how business intelligence is quickly becoming a standard requirement for companies both large and small. “Yardi is committed to leading the industry with technology advancements that help our clients achieve 360-degree business intelligence and unprecedented mobility,” said Pendergast. “The tech trends session is designed to empower attendees with the information they need to build strong relationships with the new generation of residents and employees, while learning how to leverage their ‘big data’ to operate more efficiently and profitably.” Follow Yardi on Twitter (#MultiCon14) to keep current on conference events and to connect with sponsors, attendees and other speakers. About Crittenden Multifamily Conference Designed for multifamily professionals, the Crittenden Multifamily Conference is a 2 1/2-day event that includes educational sessions and several networking opportunities. Educational sessions cover a variety of multifamily management, finance, development and investment topics. Each session is facilitated by the industry’s leading executives. For more information, visit...
Yardi Voyager for Student Housing
Single platform management solution
The power and versatility of Yardi Voyager®, the Yardi Multifamily Suite™ and the Yardi Marketing Suite™, are now available for marketing and managing student housing properties. Yardi Voyager® for Student Housing integrates every aspect of student housing management, from marketing and roommate selection to online payments and resident services. Students can easily discover properties with RentCafe™, which harnesses social media networking, and begin an online application process that includes setting roommate criteria, choosing unit types and completing screening and credit checks. Yardi Voyager for Student Housing accommodates nonstandard leasing periods, such as semesters and quarters, along with standard lease arrangements. After moving into a property, an optional RentCafe portal supports online services such as payments by students or their responsible financial parties and work order submissions. The solution’s compatibility with Yardi Marketing Suite and Yardi Multifamily Suite for call center, resident screening, maintenance, and utility billing and energy management lets managers of multiple property types easily add student housing to their portfolios. “This is a dedicated housing module that makes residential life easier for property managers, students and their parents or guardians. Yardi Voyager for Student Housing supports social media marketing and other online sources favored by students and communicates by email with applicants throughout the application process. Students living at the properties can obtain quality-of-life services through RentCafe, and convenient online tracking is available to parents and other responsible financial parties,” said Dan Campbell, vice president of government services for Yardi. For more information, visit...
Centershift Acquisition...
Self-storage technology leader
Yardi® announced today that it has acquired Centershift®, an innovative technology leader focused on the self-storage industry. The Centershift Store™ platform is the first fully cloud-based management system designed specifically for self-storage businesses. Understanding the benefits of a centralized data system, the industry’s largest and most powerful operators have adopted Store as the hub of their storage operations. “We are extremely pleased to be joining the Yardi team,” said James Hafen, president and CEO for Centershift. “We have long recognized that the self-storage industry was under-served when it came to technology. The breadth of services that Yardi brings to the table surpasses everything self-storage operators have come to expect from the technology available to them today. Joining Yardi introduces new possibilities to this increasingly sophisticated market, and that is an exciting prospect for all of us.” Hafen further commented, in a letter to his customers: “While we will continue to support our current software applications for as long as our clients want them, we will also begin working with Yardi to develop a self-storage management suite of products within the Yardi Voyager framework. The Yardi Voyager real estate management application services thousands of customers worldwide and offers a breadth of functionality far beyond what is found in the self-storage industry today. Yardi brings a game-changing platform that will accelerate our ability to achieve our overall goals for Centershift customers and the industry as a whole. The combination of Yardi’s immense resources and Centershift’s self-storage industry expertise will allow us to provide amazing benefits for our customers.” Gordon Morrell, executive vice president and chief operating officer for Yardi, added, “We are delighted to welcome the Centershift team and to get to work leveraging our respective strengths to benefit the self-storage market.” The Centershift team will...
Spring YASC
Early bird rate extended
Due to extreme weather on the East Coast, we’re extending the early bird rates for the spring Yardi Advanced Solutions Conference (YASC) in Washington, D.C. Register by February 26 for $100 off the regular price. We hope to see you in Washington this spring. Why YASC? YASC is your opportunity to learn about Yardi products and services directly from our expert staff and alongside your colleagues in the real estate industry. With over 200 classroom sessions, featured speakers, and product demos, YASC is designed with the user in mind. We want you to get the most from your Yardi products and services. You will walk away with a fuller understanding of how our software provides a single solution for your property management, investment management, accounting, marketing and leasing needs, all on a mobile-enabled, browser-agnostic platform. Find highlights from our most recent YASC in Anaheim, California, right here. Join us on the East Coast in Washington, D.C., this spring Spring YASC will take place at the Washington Hilton in Washington, D.C., from May 28–30. Book early and save on registration; the early bird rate of $995 US ($1,042 CAD) increases by $100 after February 26. Who should attend YASC? Executives —Learn about our latest technology from Anant Yardi himself, and discover how these solutions will help your organization meet its unique business objectives. Marketing Professionals — Collaborate with other marketing professionals in the real estate industry during educational courses that highlight how Yardi tools can improve your marketing performance. Property Managers — Learn how to automate and optimize operations so you can focus on higher-value tasks. IT Professionals — Gain a thorough understanding of system requirements and functionality directly from the Yardi professionals behind the products. Trainers — Increase your knowledge of Yardi products and services exponentially by learning from the source. Visit Yardi.com for more information or to register for YASC spring 2014. Or, come to our home town on the West Coast this fall This year YASC is returning to Santa Barbara, CA, on October 8-10, 2014. As space is limited for the fall conference, we are accepting a maximum of 6 attendees from each client company, and will cap the total number of participants. Registration for fall YASC opens in February at the early bird rate of $1,095 US ($1,171 CAD). Keep an eye on your email and don’t delay—this event is expected to sell out quickly. We hope to see you in Washington or Santa Barbara in...
Ask IT
Four key questions
There’s no doubt that 2014 is going to be another big year of exciting enhancements in technology. Improved software, systems and products really came on the scene in 2013, and more improvements are sure to make our working and non-working hours more efficient, secure and fun in the months ahead. Last year we talked a lot about business intelligence, moving to the right type of cloud for your company, and ensuring adequate security for your valuable business data. These will continue to be important considerations in 2014. To find out what smart companies are thinking about for the year ahead, we checked in with Scott Wiener, Yardi Senior Vice President and head of our Clouds Services division. He’s a longtime technology veteran with his finger on the pulse of the latest enhancements and innovations. Scott helped us come up with these four key questions that any smart company – not just Yardi clients and real estate-related businesses – should be asking in the year ahead. 1. If I haven’t moved to the cloud, what am I concerned about? The options for cloud users are nearly endless, with service providers offering a wide range of options for network configuration, security, replication and access protocols. But some firms have resisted going cloud-based, despite myriad benefits. Partner with a company who has the experience and history of delivering the service; don’t trust the source ask what their safeguards are; how personally identifiable information (PII) is handled are just a couple of items you should be thinking of. You’re holding out, it might be time to get on the phone with your technology service provider and ask the hard questions. Fears about access limitations and being able to directly connect to your database aren’t good reasons to pass...
Out of this World
Results with Yardi Procure to Pay
Commercial property manager Arcadia Management Group Inc. has saved money and enhanced tenant services by expanding its Yardi Voyager® property management and accounting system with products from the Yardi Commercial Suite™. Arcadia adopted Yardi Procure to Pay™, an end-to-end, paperless procure to pay system that includes purchase order and invoice processing and customized approval workflows. The solution has produced “out of this world” results, according to Gary Shaw, president of Arcadia. “Completing approvals and vendor payments electronically has saved time, money and the environment,” Shaw said. “Our per-invoice cost has dropped 60% with Procure to Pay. We process about 5,000 invoices per month, so that translates to thousands of dollars and a lot of paper.” He added, “Procure to Pay also speeds up our common area maintenance reconciliations. With the invoices captured in Yardi Voyager, we no longer have to photocopy paper invoices and send them to vendors with the reconciliations.” To increase the level of service to its tenants, Arcadia adopted another Yardi Commercial Suite product, Yardi COMMERCIALCafé™, which gives Arcadia’s tenants a portal for submitting maintenance requests online or from a mobile device. Allowing tenants to submit requests through the portal enables Arcadia to respond to and fulfill work orders much more quickly, driving higher productivity and increasing tenant satisfaction. “A key advantage of COMMERCIALCafé is that our work order system is now integrated with Voyager, eliminating duplicate data entry. Our previous work order system was separate from our property management platform, and recording actions in two databases was inefficient,” Shaw said. Yardi COMMERCIALCafé also allows tenants to pay rent online, review accounts and update profile information. Also integrating with Yardi Voyager and providing online and mobile access is Yardi Inspection™, which Arcadia uses to set up, schedule and perform unit and...
Trends to Watch
Storylines from ’13 that aren’t over yet
2013 was quite a year in the world of real estate. Whether your firm was moving forward with new technologies, revamping business practices to be more efficient, or raising rents and acquiring new properties, there was much forward momentum and positive change. Of course, it was only the first step for some of these long term evolutionary projects. Here are a few of the technology trends that will continue to advance widespread real estate industry change in 2014. Some outcomes are obvious, while others – well, we’ll just have to wait and see. Tablets, meet leasing agents – and executives. In 2013 tablets as leasing tools – whether for commercial or multifamily properties – became not just a much-coveted technology but a reality. Companies who armed their leasing agents with Yardi Leasing Pad reported that the agents loved the convenience of having wireless property data and collateral in one convenient, easy to use device. For the multifamily market, the integration with WhiteFence proved valuable as it was easy to compare utility options from all providers, also using a tablet. For executives, tablets are proving the most efficient way to access business analytics and intelligence while they are on the go. The browser-agnostic, mobile-enabled Yardi Voyager® 7S makes that easier than ever. Drones take to the sky – with cameras on board. This year we heard about drones delivering packages, spying on people, and becoming useful in real estate – as mobile property photographers. Equipping a drone with a camera for aerial property photography is much less expensive than sending a human photographer up in a plane – and for now, doesn’t impinge on airspace rules. Rest assured that we haven’t heard the end of any of the drone debates yet. Modular construction for the urban infill projects. This is a cool concept that we came across while reporting for Commercial Property Executive. In New York City, Forest City Ratner Companies is developing a major project at Atlantic Yards, with of 6,400 residential units spread over 15 buildings. Fully fabricated units, supported by a steel brace frame, will be stacked on top of each other to create an apartment community. If successful, the project could drastically alter the way new urban housing is designed and constructed. Micro-units make studios seem spacious. Micro-units first came on the scene in 2012, but in 2013 they were ready for completion and occupancy, which means that people are actually cramming their lives into their small footprints as we speak – and working out the kinks. Ron Brock, who observes nationwide real estate trends for Pierce-Eislen, observed in an interview that the jury is still out on these units – and whether residents will love them, or if walls need to be knocked down to make them more spacious. Presenting a single stack solution. As the apartment market returns to post-recession levels, savvy companies are capitalizing on improved business technologies that help them market to prospects, screen future residents, and collect hard data on residents’ payment and retention patterns. They’re finding that they can get all the programs they need from a single source, which makes workflows faster and easier and cuts down integration hassles. Single stack technology solutions are integral to building thorough databases, better serving customers, and producing dynamic business intelligence, and only a few companies that have developed comprehensive product suites to serve property managers. You’ll be hearing more about Yardi’s single stack in...
Yardi Year in Review: Part Two
A look back at 2013, continued
Welcome back. Over the course of 2013, we featured many exciting milestones for Yardi here on The Balance Sheet. It was a year of strong growth for many of our clients, and Yardi’s products evolved to help support their goals and plans in the world of real estate. Here’s a look at some of the stories we featured that you might not want to miss. Find the highlights from January to June, published yesterday, right here. July Realcomm announced the winners of the 2013 Commercial Real Estate Digital Innovation Awards (AKA the “Digies”), including an award for Best Real Estate Technology Innovation, which was won by Yardi’s Commercial Leasing Pad. Yardi acquired Pierce-Eislen, a real estate research and reporting firm focusing on the multi-family industry. Teams from Yardi’s Pune, India office, selected a local non-profit organization to benefit from their collaborative volunteer efforts. Dennis Shelly retired from Yardi after serving as a shipping assistant in the Santa Barbara office for eight years. In his free time he mentored at-risk kids. REALTORS® and Multiple Listing Services expressed concern about the practice of “scraping” exercised by some listing aggregators. Point2 took a stand. August Additional options for credit screening, including a new solution being offered by Yardi Resident Screening, help address the issue of potential renters who lack credit scores. September Yardi Atlanta moved to a new, “greener” home. Mansell Overlook, the new location, received LEED Gold for Existing Buildings Operations and Maintenance. When Saul Klein realized the incredible potential that the Internet held to change the business of real estate, he was way out ahead of a forthcoming revolution. Today, he’s a widely renowned industry expert and part of the Yardi team. Top-rated teachers from our bi-annual YASC conference offered their advice about which classes to take at the event. Their timeless insight is valuable for any future YASC attendee. October We released a new version of our flagship product that is browser and device agnostic, generating great excitement from clients and prospects industry-wide. Yardi Voyager 7S is here. Kicking off Fall YASC 2013, Yardi Systems founder and CEO Anant Yardi addressed to 1,450 Yardi clients about the future of technology and the habits of the multifamily industry’s newest renters. For more than a decade, Yardi has provided the software platform that powers the New York State’s Metropolitan Transit Authority Real Estate Department’s financial record-keeping and reporting services. The Walk-in Payment System (WIPS™), available as part of Yardi Payment Processing™, was introduced as a solution alternative to accepting cash and money orders. Yardi and WhiteFence integrated their platforms so that renters have an easier renting and moving experience than ever before. November Did you know that Yardi’s flagship system, Yardi Voyager®, is also the software of choice for a ground-breaking shopping center in Abu Dhabi, Dubai? Yardi COO Gordon Morrell was featured on a UC Santa Barbara blog for his exemplary accomplishments as an alumni of the university. Using Yardi’s RentCafe end-to-end marketing and leasing solution, Tarragon has been able to offer online leasing, responsive marketing websites, marketer and children’s book illustrator Jane Griffith told us. Yardi Voyager is used by companies and agencies around the world. But a training session for Yardi’s flagship product had probably never been delivered in American Sign Language (ASL) until 2013. Natural disasters both abroad and at home were devastating for the Philippines – where Typhoon Haiyan killed nearly 6,000 people – and in Illinois, where tornadoes destroyed more than 400 homes. Yardi has a long track record of providing financial assistance to disaster victims, and that tradition continued. December Each year, Yardi’s customer support team – better known as CSD – celebrates the outstanding accomplishments of its many associates with help from clients. We recognized them, too. Yardi eLearning™ is the gateway to hundreds of company-sponsored online training classes for two clients that are already using the new product to streamline their training...
Yardi Year in Review: Part One
A look back at 2013
Over the course of 2013, we featured many exciting milestones for Yardi here on The Balance Sheet. It was a year of strong growth for many of our clients, and Yardi’s products evolved to help support their goals and plans in the world of real estate. Here’s a look at some of the stories we featured that you might not want to miss. January Client Roscoe Properties shared the story of how they are using Yardi to aid in their mission of being a paperless property management company. Our vice president of technology Jay Shobe shared the story of how he evolved from Yardi intern to lead programmer .. and told us about the rock ‘n’ roll he’s played along the way. Yardi supported the efforts of our local Habitat for Humanity chapter to build affordable housing in Santa Barbara. Yardi offices around the nation participate in Habitat projects each year. We opened a new Yardi office in Dubai, which quickly grew and expanded to serve our growing client base in the Middle East. February An illuminative video featuring our unique corporate culture was produced. It gives great insight into what it’s like to work at Yardi. Yardi supported the fundraising efforts of the National Multi-Housing Council on behalf of the Folds of Honor Foundation. Global Solutions product specialist Kim Maddox shared her exceptional background from the world of commercial real estate technology. The multifamily industry celebrated National Apartment Careers month. We highlighted some of the interesting jobs that our clients’ employees enjoy. March Customer care and curling collide in Cory Hawkes, part of our team at Point2 in Saskatoon, Canada. Cory is a committed team player both on the ice and in the office Esther Bonardi, industry principal for Yardi Marketing Solutions, was honored to be named to the national Apartment All Stars team of multifamily experts. Our Yardi global data center network expanded with a new center in Sydney, Australia. Looking for a great deal on a new home? You need look no further than the HUDHomeStore App Yardi created for the Department of Housing and Urban Development, which recorded tens of thousands of downloads in 2013. April Yardi sponsored the 2013 UC Santa Barbara Summit on Energy Efficiency, where U.S. Secretary of Energy Steven Chu was among the featured speakers. Richard Gerritsen, Yardi European regional sales director, was featured in an article from Deloitte that focused the rise of the alternative fund industry and the transformation of business operating models Our clients at CBRE shared how they spread corporate empathy through volunteerism and other widespread philanthropic efforts. We made an effort to highlight clients who care all year long. Multifamily managers that wanted to harness the power of Walk Score ccould take advantage of the site’s walkable grading service with its built-in functionality on RentCafe marketing websites. May For the NYC Parks Department, the property management and accounting side of its daily operations are of utmost importance. Yardi helps manage the agency’s vast leisure and recreation portfolio, from zoos to concessions. Not too many apartment renters can say they’ve seen the Budweiser Clydesdales pull up to their apartment building. But that happened to one property managed by Yardi. Clients connected with their Yardi contacts, and were able to give their feedback to Yardi developers, paving the way for products that are a reflection of clients’ needs at YASC DC 2013. “We’ve attended YASC in DC and Santa Barbara for several years now,” said a team member of affordable housing client New Directions. “Every year we learn something new.” June Did you know that one of the planet’s highest skyscrapers has a Yardi connection? Check out Malaysia’s Petronas Towers. Point2 showed real estate agents how a curbside snapshot can be so much more than just a pretty picture through use of smart technology. Connect, innovate, and inspire were the themes behind the 2013 National Apartment Association Education...
Data Driven
Ron Brock, Pierce-Eislen
When Ron Brock began forming the business idea that would ultimately become Pierce-Eislen, a data research firm focused on the commercial apartment industry, online databases and the Internet were still in the incubation stages. Fast forward a couple of decades, and Brock’s company, Pierce-Eislen (acquired in 2013 by Yardi Systems) is the leading provider of performance information about apartment communities. Nationwide intelligence on markets, developments, rents, occupancy and more can all be gleaned from the company’s reports. They are sought out by lenders, investors, developers, multifamily managers and economists as accurate indicators of economic trend and performance. With more than four decades now in the apartment industry, working as a developer, broker and business leader, Brock has tremendous perspective on how much the industry has changed. And as he observed in a recent interview, the rate of that change seems to be speeding up lately. “It wasn’t very long ago that the real estate industry was extremely unsophisticated. Even when we formed Pierce-Eislen, it was that way. You get the Millennials coming along, and they expect to be able to pull up some data on the Internet and do their work,” Brock said. Advancement in the warehousing and analysis of business intelligence, he said, has been beneficial to Pierce-Eislen as the company strives to provide bigger and better reports. “Until recently, we provided what has happened and what’s happening currently. We didn’t look forward. Now, we have a new system that has a forward look that we’ll be introducing sometime in the not too distant future.” Nationwide market intelligence Pierce-Eislen’s rent surveys target 60 major apartment markets around the country. A full market survey, comprising all properties in the given market of 50 units or more, is conducted three times a year. A smaller...
500 Strong
Yardi Voyager 7S rollout
Over the past five months, more than 500 Yardi Voyager® clients—with the number growing daily—have adopted the browser-agnostic, mobile-enabled Yardi Voyager® 7S, the latest, most advanced version of Yardi’s core software-as-a-service (SaaS) real estate management platform. Yardi Voyager 7S is compatible with all major Internet browsers, offering real estate investment and property management clients access to Yardi Voyager 7S from any mobile device. Users of Yardi Voyager 7S also can add new products such as Yardi Leasing Pad™, RentCafe™, Yardi Orion™ Business Intelligence and a host of other ancillary and front office products and services that together create a full business platform. “I like the improved search functionality and the fact that we can access information instantly, without having to open new screens. Also, as mobile access begins playing a larger role in our business, Voyager 7S will easily accommodate the mobile applications of new products that we’ll soon deploy, such as Yardi PAYscan™,” said Sandra Johnson, property accountant for real estate developer and manager Lake Washington Partners. Voyager 7S is deployed as software-as-a-service with three options: SaaS, in which updates are automatically applied; SaaS Select, in which the client determines when to apply updates; and Private Cloud, in which clients have their own dedicated network. “I am very satisfied with Voyager 7S. I believe the new format is a significant improvement in screen layout, accounting functionality and user-friendliness,” said Robert B. Sher Jr., president of Sher Properties Inc. “Our conversion to Voyager 7S went very smoothly, and the SaaS hosting is virtually indistinguishable from working on a local server.” All new clients who licensed Yardi Voyager after July 1, 2013 implemented Voyager 7S, and Yardi continues to work with existing Yardi Voyager clients to establish migration timetables. “As Yardi continues in our fourth...
Easy Yardi Training
With new eLearning product
Multifamily real estate development and management firm Simpson Housing LLLP® has streamlined its employee training by making Yardi eLearning™ the gateway to hundreds of company-sponsored online training classes. Simpson Housing uses Yardi eLearning to deliver webinars, in-person classes and on-demand self-study courses on various aspects of property management directly to employees. “We present about 400 classes at our property sites every year, and eLearning makes it very easy for the trainers to register attendees, track attendance and completion, and distribute course material beforehand,” said Cindy Sheahan, national trainer for Simpson Housing. “We also use it to create specialized tracks that give management, maintenance employees, consultants and others the advanced knowledge they need to progress in their careers.” Yardi eLearning, which is accessible from any Web browser and mobile device, includes assessment tools, certification, post-training follow-up, and retraining activities. Its multimedia format allows for a variety of content including HTML, documents, images, videos and podcasts. Yardi eLearning’s automated notification feature reduces manual labor for Simpson Housing’s training staff. “Calling every person who’s attending every class would be too much for the staff, so it’s very helpful that every participant receives an Outlook calendar appointment for each class,” Sheahan said. “There’s also a signup sheet function that helps the trainers determine how much material to bring when we visit the communities. “In addition to our own courses, we used eLearning to present a number of Yardi-designed modules to the entire company after we selected Yardi Voyager® as our property management and accounting platform in 2012. Our employees become familiar with the dashboards, terms and everything else in Voyager, and this gave them a step up on the system even before the trainers arrived at the offices for advanced training.” “Having an organization’s entire training program in...
Yardi in Dubai
New Abu Dhabi mall uses Voyager
Yardi property management software is found both close to home and around the globe. You might guess that it helps manage the rent and residents for an apartment building on your street – or even one that you live in. But did you know that Yardi’s flagship system, Yardi Voyager, is also the software of choice for a ground-breaking shopping center in Abu Dhabi, Dubai? This week, Deerfields Townsquare Shopping Centre in Al Bahia, a suburb of Abu Dhabi, announced that it has chosen Yardi for its leasing and CRM needs. The mall opened to great fanfare and excitement on Sept. 28. “After an extensive review, we concluded that no other system offers a fully integrated solution like Yardi Voyager in a single application,” said Santosh Shetty, Finance Manager of Deerfields Townsquare Shopping Centre. “Partnering with Yardi will enable us to increase operational efficiency through all levels of our retail mall business, provide higher value client services, and allow us to focus on our growth forecast.” Deerfields Townsquare Shopping Centre (above) is a significant new project for residents of the Al Bahia, Al Raha, Al Rahba, Shahama, and Khalifa neighborhoods in Abu Dhabi. It’s 180 stores, including a Carrefour, a French retailer that sells many types of food and goods and is similar to Wal-Mart, are likely to be extremely popular. “Until now, the area’s retail offering has been limited to petrol station service shops and some small grocery and convenience stores,” reported The National in an article about the project. “Yardi is delighted that Deerfields Townsquare has selected Yardi Voyager as its retail shopping centre operations platform. This is an endorsement to our continued investment in the Middle East and intense focus on the needs of retail shopping centre developers, owners and managers...
Walk-in Payments
A better way to accept cash
Cash and money order payments are not ideal for property managers. Susceptible to fraud and inconvenient compared to electronic funds transfers or online payments, just about all property management firms will tell you that they don’t want rent remitted this way. But sometimes, that’s how residents want to pay. Now there’s an alternative. a new service that eliminates the risk of money order fraud or the hassle of taking cash and is efficient and convenient for residents and property managers alike. It’s called the Walk-in Payment System (WIPS™), and it’s available as part of Yardi Payment Processing™. Here’s how it works: Using the Walk-in Payment System (WIPS), residents can pay rent in cash at over 18,000 participating convenience stores or big box retail locations. Payments are seamlessly transferred to the property management companies’ Yardi Voyager® system. “Residents get the convenience of a one-stop experience. Property management companies gain efficiencies, increase the likelihood of collecting rent on time and reduce money order fraud,” said David Kessler, vice president, affordable housing for Yardi. Property managers who prefer not to process cash or money order transactions will find WIPS to be a secure and reliable alternative for collecting rent payments. Find out more about it and other ways that Yardi Payment Processing makes collecting rent easier on Yardi.com....
Global Growth
Yardi Dubai
A year ago, Yardi announced the opening of a new office in Dubai, UAE, offering the global real estate technology provider the chance to better serve clients and expand our presence in the region. In just 12 months, major client growth and significant expansion of the staffing resources in the Dubai office have taken place. We caught up with Said Haider, Regional Sales Manager, who leads our business development efforts in Dubai. “Besides being a global private held company, the adaptive culture that is aligned to Yardi business goals routinely outperform its competitors in the niche real estate solutions market,” Haider noted. Read on for more of his insights on Yardi’s Middle Eastern expansion. Q: Yardi’s growth in the Middle East marks an exciting new regional expansion for the global company. Tell us about the company’s focus there? A: While Yardi has had a handful of clients in the Middle East for the past four years, our client base has grown 300% growth over the past twelve months. We see tremendous demand from a broad range of real estate investment, asset, property managers and developers for a more effective asset and property management platform. The demand in the Middle East is aligned to the increased focus by owners of real estate on more effective and focused asset management and tenant services. We see this across the major real estate sectors including retail, office, industrial, residential and mixed use type of properties. Q: Where is the office serving the Middle East located and what staffing resources are in place? A: The Yardi Dubai office was established in October 2012, in Dubai Internet City (DIC). Dubai Internet City (DIC) is the Middle East and North Africa’s largest ICT hub, and was the logical place for...
Fall YASC News
Conference highlights from Anaheim
ANAHEIM, Calif. – Kicking off Fall YASC 2013 at the Anaheim Hilton, Yardi Systems founder and CEO Anant Yardi delivered an insightful, engaging and humorous address to 1,450 Yardi clients about the future of technology and the habits of the multifamily industry’s newest renters – the Millennials. Encapsulating the larger trends in the technology marketplace – mobility, social media, business intelligence and cloud computing – Mr. Yardi stressed that the emphasis for Yardi is a continued balance between innovation and customer service. “We want to be known for technology innovation, as we have been for the last 30 years. But we want to maintain our customer focus, recognizing that there is a balancing act between innovation and customer service. Our focus is providing the right kind of service, and in that vein, we will be beefing up our customer service group even further,” Mr. Yardi said. With a track record of 31 years developing technology solutions for property management, clients have come to depend on Yardi to be ahead of the curve on new devices, delivery systems and platforms. Admitting that he doesn’t yet have a “phablet,” a larger smartphone or smaller tablet device, Mr. Yardi forecast that the current emphasis on mobility by consumers is only going to become more prevalent in the business environment. By 2017, 75 percent of technology purchases are expected to be tablets/phablets. Yardi clients are able to use tablets and smartphones to lease commercial and multifamily properties with Yardi Leasing Pad, convey and execute maintenance work orders, and now, with the latest version of Voyager 7S, all of the industry’s leading property management software functionality is available on any device or browser. “We love it. It’s awesome,” said one Yardi client from a Southern California-based multifamily firm who has already implemented the latest Voyager version. The ease of automatic updates, made possible by the cloud, have been one of the most positive aspects for their firm. As cloud computing becomes the dominant storage and business systems preference for companies of all kinds, Yardi will move more than 600 clients to Voyager 7S by the end of 2013, Mr. Yardi said. The security and convenience of the cloud provides multiple advantages, including a streamlined implementation process. The latest version of Voyager has been designed to display optimally on a smaller screen, so its ideal for mobile use. Other exciting new features include improved searchability, predictive search, smart data entry, smarter security and enhanced work flow capabilities. Multifamily and the Millennials It’s a brave new world for multifamily professionals as they rent to a new generation of renters – the Millennials. Mr. Yardi introduced the demographic with illuminating insight about their preferences and habits, including their reliance on online recommendations and reviews when making purchasing decisions. “These young folks are open to change. When they see something bad about your property on Yelp, you shouldn’t assume they will take it for granted. They want to see what you have to say about it. If you have a sincere response, they will factor that in,” Mr. Yardi said. Yardi offers multi-dimensional tools to help property managers manage their online reputations, social media presence and web-based marketing through the RentCafe platform, an end-to-end marketing and leasing solution. With a focus on the online connections offered by sites like Facebook, Mr. Yardi noted that the nature of the very word “social” has changed. It no longer means a face-to-face interaction, and companies have less time than ever to attract a potential residents’ attention. “Who are the Millennials? They are the people who are influencing all this change. If you can’t get their attention in 10 seconds, you may have lost them,” he said. Business Intelligence Always a priority for real estate companies that must deliver regular reports to owners, investors and shareholders, business intelligence is becoming more accessible and easier to use with Yardi’s latest products. “For the first...
10 YASC To Dos
Lots to learn and see
In the Fall YASC 2013 opening session, Yardi’s Bryant Shoemaker urged every attendee of Yardi’s largest ever user conference to meet at least 10 other Yardi clients during the event. “You’re going to go to the classes and learn things but you can learn more from all the other people here,” said Shoemaker. After a full day of classes and a great reception, you’re probably well on your way to meeting those 10 people. But to enhance Shoemaker’s excellent suggestion, we have a list of 10 things you can do at YASC today that will greatly enhance the value that you bring home from the conference. (And a few are fun, too!) Here they are: 1. Get up to date on Voyager 7S. Yardi’s signature property management software is now browser and device agnostic. “We love it. It’s awesome,” said one Yardi client from a Southern California-based multifamily firm who has already implemented the latest Voyager version. 2. Bring back a gift for your leasing or maintenance staff with knowledge about Yardi’s mobile apps. Yardi Leasing Pad is the tablet-based solution for signing up prospects from anywhere, and it’s available for multifamily and commercial. Maintenance teams can work faster and more efficiently with Yardi Maintenance for Mobile, giving them the ability to receive work orders and report back on progress while on the go. 3. Optimize and improve your business intelligence. Check out Yardi Orion for Business Intelligence which uses your Yardi Voyager operating, financial, and ancillary data to provide real estate specific business intelligence, document management and portals. The new customizable dashboards are easy to set up and offer the ideal at-a-glance overview. 4. One of the most exciting sessions we attended yesterday featured Yardi’s eLearning platform. Perfect for training your team, this...
#YASCLA 2013
Our biggest event ever
Welcome to our first day of sessions at the Fall Yardi Advanced Solutions Conference (YASC) 2013, held this year in Anaheim, Calif. Our staff is thrilled to be here with more than 1,450 representatives of our valued Yardi clients, making this our biggest conference ever. Thank you for your attendance and making that record possible! Our goal for the next three days is to help you learn as much about our Yardi products as possible, and send you home from this great event armed with information that you can share with your on-site and administrative Yardi users. We’re also anxious to hear your feedback about our products, support and development process – it’s listening and responding to insight from our customers that has allowed Yardi Systems to be one of the real estate industry’s technology leaders for over 30 years. This morning, we’ll be beginning the day with a keynote address from Yardi founder and CEO Anant Yardi. He’ll tell us about the direction of the company and identify key industry trends that everyone in real estate management should be aware of. Many clients have told us that they look to these remarks from Anant as a valuable guide for their business technology needs, so don’t miss the General Session beginning at 8:30 a.m. It will be followed by breakout overview sessions focusing on specific verticals, so you can learn about the hottest new Yardi deliverables for your industry. After that, we’re off to the races with over 200 courses that will be held through Friday midday. You should already be signed up for your selected classes prior to arrival, but if you need any assistance, simply visit the registration desk, where you can get all of your questions answered. In the midst of...