These days it might be easy, perhaps even understandable, for those in commercial real estate to downplay the relationship of tenant interaction to asset performance. After all, the COVID-19 pandemic has largely evicted workers from their offices while retail continues to endure e-commerce’s expanding presence. But property owners shouldn’t lose sight of how important ongoing communication between owners and their tenants is for attracting prospects, retaining tenants and operating efficiently. Erin Wicomb of San Diego real estate investor Mavrik Investing has noted that “customer retention is often an underestimated factor in real estate success and not given nearly enough attention. Plenty of effort is spent finding and marketing to new tenants, but investors and landlords often neglect to take care of existing customers and make them happy.” Focusing on the residential market, the U.S. National Multifamily Housing Council noted in a 2018 report titled Disruption: How Demographics, Psychographics and Technology Are Bringing Multifamily to the Brink of a Design Revolution that “tomorrow’s renters’ needs and wants are shaping up to be so very different in any number of ways that the industry must begin thinking about how to adapt or risk facing a disconnect with their future customers.” In a similar vein, a commercial property leasing guide published by Colliers International declared that “the number one reason that an owner’s relationship with his or tenant falls apart is lack of communication – and this is often the responsibility of the property manager,” adding, “You can have the best customer service on the planet, but when property management breaks down through lack of foresight or poor communication, that one action can strike a fatal blow against all the goodwill you had built up.” Residential tech demonstrates success How do residential property owners avoid that fatal blow and take care of their residents, maintain communication and build goodwill? Many have embraced portals as the answer. They are a valuable tool for connecting residential community members to the services they might need any time of day or night. Seamless access to contact, lead, lease, resident and property data lets staff focus their attention on higher-value operations. Advanced property management technology platforms host portals as part of an end-to-end system that performs all prospect and resident services in the rental lifecycle, from initial contact to move-in, lease renewal and move-out, as well as timely communication. New advantages for commercial real estate Commercial real estate operators might want to consider emulating their residential counterparts by implementing portals and apps that deliver tenant services much more efficiently than is possible with telephones and emails. Property managers, for example, can easily dispatch announcements, emergency plans and other vital information through a portal. Tenants, for their part, can record maintenance requests and attach audio and photo documentation. Although millennials seeking cutting-edge amenities in their living spaces are the most visible advocates of property technology innovations, commercial real estate is undergoing its own generational shift. The younger workers among the sector’s cohort similarly expect the convenience of online and mobile self-services such as document access, electronic payments, maintenance requests, retail sales data entry and concierge services. Ideally, portals are built into a property management and accounting platform that centralizes financials, operations, leasing, maintenance management and other operations in a cloud-hosted database. Relieved of manual tasks such as the recording of tasks, property owners can concentrate on closing leases, maximizing rental income, increasing conversions and renewals, and ultimately enhancing their assets’ value. Some property management platforms leverage artificial intelligence, machine learning and chatbots to combine historical unit-level performance data with market outlooks. The resulting portfolio-wide data and prescriptive recommendations help managers make informed decisions that cut costs and elevate asset performance. Portal technology offers a human touch that contributes measurably to tenant satisfaction, a key element of retention and a property’s reputation in the marketplace. As Mavrik Investing’s Wicomb advises, “From the start, develop and provide channels of open...

More than 100,000 Dubai residents rely on 10 housing communities, ranging from studio apartments to luxury villas, owned by Dubai Asset Management (a subsidiary of Dubai Holding). The subsidiary of Dubai Holding developed its portfolio of 20 million square feet of leasable assets by providing the best customer experience in terms of product, pricing and location, and resident services. Maintaining outstanding customer service as communities, headcount and staffing grow larger isn’t easy. Company leaders realized that retaining stature as Dubai’s premier provider of residential property required better technology and increased staff efficiency in the form of real-time property availability, online leasing, rent payments and resident self services, along with 24/7 online and mobile access to account data. Achieving this goal required a technology platform capable of managing the entire residential lifecycle. In 2015 Dubai Asset Management adopted Yardi Voyager as its property management and accounting platform. Yardi Voyager centralised Dubai Asset Management’s operational, financial, maintenance management and compliance data on a single connected solution. With information easily available online and via remote devices, Dubai Asset Management can show prospective residents real-time apartment unit inventory, including floor plans, which helps the company close leases faster and achieve occupancy targets. The easy access to information also helps the company make and implement better-informed decisions. The full integration of Yardi Voyager with RentCafe and Yardi Maintenance further enhances Dubai Asset Management’s resident service and staff efficiency. Units available for lease are displayed online as soon as they become available, enabling faster unit turnover. Residents have the convenience of making rent payments online, and the company’s maintenance staff can manage work orders in the field without returning to the office. Leasing agents can close deals as easily in the field as in the office. The portfolio-wide data transparency enabled by Yardi Voyager also enhanced reporting efficiency by reducing the time staff members spend manually compiling data. “Yardi Voyager reduces the friction of moving in, moving out, contacting maintenance and paying rent. These benefits make our communities more convenient and satisfying for our residents and solidifies our reputation as a leading residential services provider in Dubai,” said Mohamed Roushdy, head of technology for Dubai Asset Management. Learn more about Dubai Asset Management at dubaiam.ae/. Learn how Yardi serves property management companies across the Middle East at...

Recent world events surrounding COVID-19 have led us all to adopt new consumer behaviors, and it’s likely that many of these behaviors will stick. With that in mind, it might be time for us to revisit our approach to apartment tours. Did you know that 80% of renters seriously considered just four or fewer properties during their last apartment search, according to the  2020 NMHC/Kingsley Apartment Resident Preferences Report? And 38% of renters only toured one or two communities before making their rental decision. That number is likely to grow now that we’ve all grown accustomed to doing more online. So how do you get your property on renters’ short list — especially now that they’re more likely to be influenced by online content than in-person experiences — and secure more tours? Keep reading for three data-driven tips for getting more property tours, whether virtual, self-guided or led by an agent. Then, watch a video from our “Moments of Genius with Drew Davis” series to learn how you can create a better virtual experience to attract renters who are actively searching for apartments. Provide unit-level photos & details Renters in the same survey were asked, “What would you need to see online to rent an apartment without seeing it in person?” The top three answers were: 83% said unit photos 64% said community/amenity photos 64% said unit location within the community That’s right. Just like other online purchases, your prospects want to see exactly what they’re getting for their money. To get them to tour (or lease online, sight unseen), you need to make sure that your property website is attractive, user friendly and full of pictures, including an accurate property map. Unit-level photos and video tours create an experience that not only shows the unit but also builds a foundation of trust for your brand and leasing associates. Additionally, property maps with unit-specific locations help prospects envision life in their new home on your property. Are they close to the pool? Do they have a sunset view? The more supporting material you can provide, the quicker prospects will be able to mentally move-in. “Did you know that roughly 60% of searches are mobile? That means a lot of web visitors are viewing your site on their phones,” said Catriona Orosco, director for RENTCafé Reach. “Be sure to include vertical photos as well as horizontal ones to give them a better viewing experience.” Add online appointment scheduling & tour options 80% of renters said they would use online appointment scheduling in their next apartment search. Online appointment scheduling accommodates busy renters who don’t have time or simply don’t want to call during office hours. After all, consumers are used to booking everything from restaurant reservations to DMV appointments online. Data shows that self-scheduled appointments convert at a high rate. In fact, QuadReal, a RENTCafé client, found that 33% of its self-made appointments converted to leases. Additionally, another 59% of surveyed renters said they wanted self-navigated virtual tours, and 26% wanted real-time video tours done through FaceTime or a similar service. Adding these options to your website or as part of your leasing agent follow-ups will help you meet the needs of a greater range of renters. Offer self-guided tours Of the 370,000 survey participants in the NMHC study, 16% of renters said they would prefer a self-guided tour, while another 15% indicated no preference between self-guided or community-staffed tours. That’s almost 115,000 prospects who would happily tour your property unguided, expanding your tour offerings and giving your staff more time to assist guests and residents with urgent needs. And that study happened pre-pandemic. A more recent survey of 4,974 apartment shoppers on RentCafe.com revealed that 70% would take a self-guided tour now. Why do some prospects prefer self-guided tours? Their responses were almost equally divided between these four reasons: It’s more convenient for their schedule (to book tours outside...

(Part one of a three-part series highlighting the efforts of food banks during COVID-19.) If there is a silver lining in any crisis, it could be that we have the chance to better prepare for the next emergency to come. In Yardi’s hometown of Santa Barbara, that has been the case for the Foodbank of Santa Barbara County (FSBC), which used the lessons of the devastating Thomas Fire and Montecito mudslides of 2017-2018 to create a comprehensive disaster feeding plan. It includes widespread cooperative response from local agencies, nonprofits and medical resources, as well as ways to ramp up supply quickly and get food directly to people at home. That plan has come into play in a major way over the last three months, as the Foodbank saw its demand and food outlay double simultaneously nearly overnight due to the impacts of COVID-19. Always a supporter of the communities in which its offices are located, including during the Thomas Fire, during the last three months Yardi has committed funds for hunger relief services across North America. This week, the real estate software leader announced a second round of donations for the food banks it supported in March. “We are pleased to be able to provide another round of funding to food banks across North America that are doing such crucial and outstanding work during this time, including right here in our hometown of Santa Barbara,” said Sally Parks, vice president of human resources at Yardi. We recently caught up with Judith Smith-Meyer, marketing and communications manager for the FSBC, to learn how the organization is responding daily on a local level to the current crisis. “We worked really hard in the development of this disaster feeding plan to make sure we had strong relationships at every level to be ready. But because that plan was in place, our partners that we had been working with came forward right away. It’s not easy, but we had a plan, and it’s working,” Smith-Meyer said. By the numbers The FSBC provided food to 85,000 individuals during the first quarter of 2020, compared to 57,000 for the same period in 2019 and 37,000 in 2018. As of May 10, it had distributed 3 million pounds of food since March 9, with half of that fresh produce. Normally, in a full year FSBC would distribute around 10 million pounds. “To distribute 3 million pounds of food in two months is unprecedented compared to any kind of disaster we have encountered,” Smith-Meyer said. Luckily, supply channels and donations have so far been able to keep up with the enhanced demand. “We have been making use of all of the pathways that we know of to source food. We have great ongoing relationships with farmers and growers across the county, as well as local businesses who have seen the need and donated during this time,” Smith-Meyer said. They have also received financial support from companies like Yardi that enables the purchase of additional supplies, typically at pennies on the dollar compared to normal retail cost. Adapting to the times With the shelter-in-place orders and social distance requirements, FSBC quickly adapted to conduct food pickup and distribution safely. The organization relies on volunteers and is thrilled that citizens who are able have continued to donate their time. “We lost a lot of volunteers because seniors have had to stay home, but it’s really beautiful to see all the people who are out of work right now and want to come out and help. We’ve had a lot of people volunteering because they were receiving services for the first time and wanted to give something back in return,” Smith-Meyer said. Their efforts have been supplemented by a unit of 20 National Guard troops who were assigned to FSBC in March and have now had their service extended through the end of May. They have been vital in making at...

Traditionally, creating a sense of community has been a great way to make residents feel at home, leading to positive reviews, referrals and increased renewals. Multifamily properties host happy hours, movie nights and exercise classes to help renters connect with each other and the property team. They create and update shared spaces and amenities to make sure they are comfortable and welcoming. But how do you create a sense of community when people can’t gather? Property managers everywhere are asking this question now because of the social distancing measures put in place during the COVID-19 pandemic. We’re here to help. First, watch a video from our new “Moments of Genius with Drew Davis” series to get creative community building tips you can use right now. Then, see what the award-winning team at Bozzuto is doing. And finally, discover tech tools that can help bring your residents and team members together. 6 Creative Ideas Watch this short, five-minute video from Drew Davis to learn six creative ways and four key principles to foster community at your properties — even when we can’t all be in the same place. Drew is one of the world’s top marketing experts. He is working closely with us to share monthly tips specific to property management as we navigate this rapidly changing market together. Wasn’t that fun and inspiring? Drew is just the shot of positive energy we need right now, and we’re excited to see what he has in store for us. Subscribe to “Moments of Genius” now to see new episodes when they’re released. #BozzutoStaysHome When stay-at-home orders started getting handed down, the team at Bozzuto knew they had to spring into action. “We asked ourselves, ‘How do we continue to provide value to our residents when they can’t use the amenities?’” said Nicole Wells, content marketing manager for digital marketing and strategy at Bozzuto. #BozzutoStaysHome was the result, an online program that connects residents, includes the community and celebrates the idea of sanctuary, ultimately promoting shelter-in-place behaviors to flatten the curve. It includes a calendar of weekly virtual events led by community partners like yoga classes and cooking demonstrations as well as curated playlists designed to lift spirits and nurture a sense of connection. Events are shared live on Facebook and Instagram. Facebook Live events like this Vinyasa yoga class are recorded and shared so anyone can watch anytime, racking up hundreds of views. “To get started, we put together a cross-team task force. We asked our residents what they wanted to see,” shared Wells. Once the concept started coming together, “We created assets for our communities to use so they don’t have to do that extra work themselves. They already have enough to focus on right now.” With more than 400 posts using the hashtag on Instagram in just a few weeks and hundreds of viewers to their live and recorded events, #BozzutoStaysHome is picking up traction. “Bozzuto is helping residents engage in a little bit of fun at home during quarantine,” said Wells. “They’re receptive to that, and we’re happy to be a bright spot.” Tech That Connects People can’t participate in your community engagement efforts if they don’t know about them. In the words of Drew Davis, “Make sure your residents know where to go for the latest information about your property and the fun things you’re doing to keep people safe and connected.” With the RENTCafé resident portal and RENTCafé Resident app, you can quickly and easily share information about social distancing efforts and upcoming online events. You can post events to your community calendar and bulletin board, send survey emails and even schedule push notifications if your residents have opted in on the app. Both the portal and the app help your team stay connected while cutting down on face-to-face interactions by taking communications, payments and work orders online. With a 4.8 star rating and more than...

With most states issuing stay-at-home orders and more than 10 million Americans filing for unemployment in March, many residential property managers are finding themselves in a challenging position during the COVID-19 pandemic. More than ever, their renters need to stay in their apartments, but they may not be able to afford rent. How can property managers help residents who have been financially impacted by the global coronavirus health crisis — without jeopardizing their operations? With input from its clients, Yardi came up with a solution. Introducing new rent deferral & recovery tech One way to provide resident assistance during tough economic times is rent deferment. Rent deferment is the practice of partially or completely postponing payments for a period of time. The deferred amount is recovered later, when the situation improves. Faced with an urgent and overwhelming need for technology capable of handling deferrals on a large scale, the Yardi development team sprang into action and created a solution for its clients in under two weeks. “With the number of unemployment claims skyrocketing, our clients reached out to us for help accommodating residents who have been financially impacted by COVID-19,” said Tamara Berndt, vice president of residential consulting practices at Yardi. “So we created software that’s able to manage and track resident requests, deferrals and recovered payments.” This new technology will be rolled out to clients before May rents are due. How it works At a resident’s request, a rent deferral and recovery payment plan can be set up in Voyager or RENTCafé CRM. The property management company can record the reason for the deferral as well as the amount that is being deferred and for how long, then set a recovery period start date and duration. The program will automatically spread the total deferred amount over the recovery period. Once the rent deferral agreement is signed and posted, lease charges will be automatically created each month with the deferred amounts and recovery charges as appropriate. Gross potential rent is not impacted, and all records are maintained in a clear and organized fashion. Documents related to the deferral, including proof of furlough or layoff and the repayment plan agreement, are stored in the resident record. If a property uses the RENTCafé resident portal, the process is easy for residents seeking accommodation. They can log in and upload proof of layoff or furlough documents. Once a payment plan is authorized, a signature document is delivered through the portal. All leaseholders can electronically sign and submit the agreement. Everything is done online or in the RENTCafé Resident app to maintain social distancing. The property management company also has an option to post an announcement of its rent deferment program in the portal. Clients who don’t use RENTCafé are still able to complete this process completely online, but residents will have to submit supporting documents and signed agreements via email instead. Who can use it The new rent deferral and recovery payment plan technology is available to residential clients, including multifamily, single family, affordable and military properties. A rent deferral solution for commercial property management clients will also be available in the near future. Deferment tracking The solution currently has two reports available to help track deferred rents and recovered payments. A listing report shows which residents are on a payment plan, and a repayment report displays recovery payment progress. Additional reports will be added in future releases. Learn more Join a rent deferral webinar, log into Client Central to watch the recording or contact...

Like Yardi, you are closely monitoring COVID-19 recommendations from national and international organizations including the Centers for Disease Control and Prevention and the World Health Organization. You are taking measures to protect your employees and assist your clients during these difficult times. To support your efforts, Yardi has curated and created a library of digital resources to help you practice business continuity, safety and productivity during this period of disruption. Online Training Courses Our near-term reality embraces remote work, social distancing and the need to constantly adapt to change. Though daily office operations have altered, less face-to-face interaction does not mean that staff education and onboarding must come to a halt. Yardi is offering free online training courses for clients that promote productivity, efficiency and security. These courses empower Yardi clients to optimize usage of Yardi software so that you can provide essential services to your residents, tenants, and investors. Free Webinars You can also take advantage of free webinars that explore Yardi solutions that facilitate social distancing while managing properties and other assets. Topics include but are not limited to: How COVID-19 Changes Affordability Compliance Staying connected with residents via RentCafe Facilitating social distancing while managing vendor relations Automating payments and tenant communications using CommercialCafe Leveraging RentCafe Senior Living and EHR tools Recorded webinars are available to clients via Client Central. Yardi Matrix COVID-19 Updates Yardi Matrix also has two webinars set for this week that will focus on the impacts of COVID-19 on the U.S. real estate market. Join experts fully versed in the latest national data for a discussion of the economic and real estate impacts of COVID-19 on the multifamily and commercial industries. Sign up for the multifamily impact webinar. Sign up for the commercial impact...

Yardi is closely monitoring recommendations from national and international organizations including the Centers for Disease Control and Prevention and the World Health Organization and taking the following measures to protect and support its clients, employees and communities during the COVID-19 outbreak: Client Support Property managers’ obligations to tenants, residents, employees and communities continue even in this period of extreme disruption. The Yardi team is actively working on tools and training to help clients ensure business continuity, safety and productivity in this new near-term reality of far more remote work and social distancing. The company will offer free online training courses to help its clients continue to work as productively, efficiently and securely as possible. Yardi is following its own business continuity protocols to ensure uninterrupted client services and encourages clients to contact their client services representatives for help during this difficult time. Employee Support Most of the Yardi team has transitioned to a remote work environment. Healthcare and nursing resources are available to all employees, as are counseling and therapy resources. The company has heightened office hygiene and cleaning protocols for those who remain onsite to deliver essential services. In addition, Yardi postponed or canceled all near-term in-person events and ceased travel in favor of online alternatives. The spring Yardi Advanced Solutions Conference (YASC) has transitioned to a free online presentation for Yardi clients. Industry events that the company normally participates in have been postponed or canceled by their sponsoring organizations. Community Support In addition to the time, energy and financial support that Yardi traditionally donates to philanthropic organizations, we have committed $2 million to food banks and other nonprofits on the front lines of their communities’ fight against COVID-19. “Our team is navigating the COVID-19 crisis with the same philosophy that has guided us for more than three decades: take care of our clients, our employees and our communities. We are confident that all of us will unite to subdue COVID-19, and we’ll emerge from this challenge stronger than ever,” said Anant Yardi, the company’s president and founder. Read a letter from Mr. Yardi on our support resources page. ** Everyone should conduct their own planning based on their specific location and circumstances. While we are dedicated to providing general information to our clients, it is not intended to be healthcare or legal advice. Please consult appropriate government agencies and authorities, as well as healthcare and legal...

As Australia continues to fight and recover from the worst fire season the country has ever seen, Yardi has donated to two important Australian organizations to support relief and recovery efforts. The California-based real estate technology leader, no stranger to the frequent wildfires that have taken place near its corporate headquarters, has offices in Sydney and Melbourne. “We’ve been shocked and saddened by the devastation caused to communities, wildlife and individuals that have lost their homes and lives in the fires in Australia,” said Neal Gemassmer, vice president of international for Yardi. “Supporting our communities, and those effected by disasters has been an important part of Yardi’s philosophy of giving back.” The company has made a $250,000 donation, split evenly between two critical agencies in New South Wales and Victoria. To date, the two coastal southeastern states have suffered 16 million acres of land burned, 2,500 homes lost and 33 fatalities. It is also estimated that hundreds of millions of wild animals have either perished or lost critical habitat. The New South Wales Rural Fire Service is the largest volunteer firefighting organization in the world. Its volunteers provide fire and emergency services to approximately 95 percent of New South Wales (NSW). Over 2,000 volunteer brigades provide firefighting coverage for 108 local governments in NSW, and over than 1,000 firefighters are battling 60 ongoing fires. “The NSW RFS acknowledges the support of many kind organisations, big and small, as well as community groups, schools and individuals who have contributed to support the work of our volunteers across NSW,” the organization said in a statement. More information about ways to help the volunteer firefighters and fire victims is available on their website. The Victorian Country Fire Authority Bushfire Appeal is a government-administered fund that will distribute 100 percent of donations directly to those affected by the fires. The intent is to provide practical support as impacted Victorians begin to rebuild their lives. An Advisory Panel, chaired by former Victorian Deputy Premier Pat McNamara, will consider applications and recommend where funds will be distributed. Donations are tax deductible and can be made online. Fire and disaster relief has been a longstanding part of Yardi’s corporate philanthropic program. In recent years the company supported recovery efforts from the Thomas Fire in Southern California, the Fort McMurray wildfire in Canada, Hurricane Irma in Florida and Hurricane Harvey in Texas. The company also contributed to mobile disaster response command centers in its hometown of Santa Barbara. To learn more about all of the philanthropic efforts and employee volunteerism at Yardi offices around the world, check out the Giving...