YASC ANZ 2017 Aug20

YASC ANZ 2017

The popular Yardi Advanced Solutions Conference (YASC) returns to Sydney, Australia on August 30-31. We’re excited to welcome guests to YASC’s new location, The Four Seasons Hotel Sydney, with views of the Sydney Harbour and proximity to the historic Rocks district. The two-day conference will offer expanded learning and networking opportunities for our clients with portfolio presence in Australia and New Zealand. With an anticipated attendance of over 200 Yardi clients, this will be the largest YASC in Australia and New Zealand to date. This year’s conference boasts over 40 unique courses and discussion groups tailored for commercial and investment portfolios. In addition to expanded education offerings, YASC attendees will have an opportunity to network with industry peers throughout the conference. Opportunities abound, including at breakfasts and lunches, tea breaks and the highly anticipated YASC cocktail reception. Join us for an evening in Yardi’s Wonderland on August 30 at The Four Seasons’ Grain Bar. Guests can look forward to enchanting entertainment, tasty canapés and sweets, along with some fun, magic and mystery. Be prepared to be dazzled! “This year’s event is bigger and better than ever! We’ve designed YASC to maximize learning opportunities and fun. We’re excited to welcome our clients and industry experts to an expanded YASC event focused on creating meaningful dialogue and networking connections,” said Nina Feldman, marketing manager at Yardi. Here are a few new features coming to 2017 YASC Australia and New Zealand: Discussion groups A new addition to YASC ANZ, discussion groups aim to explore the software solutions you use every day. These groups will be facilitated by a Yardi product expert to provide a space to discuss issues and share experiences with industry peers. Hands-on experience in the Computer Lab Gain hands-on experience in our on-site Computer...

Hotel Revolution Aug16

Hotel Revolution

Living in a futuristic utopia might be closer to reality than we realize. Brandan Siebrecht, a graduate architecture student at the University of Nevada, Las Vegas, revealed an ingenious hotel design that combines transport with accommodation. The concept aims to transform Elon Musk’s innovative Hyperloop One into a high-speed transit hotel. The Hyperloop Hotel shoots guests through tubes from city to city in a blink of an eye, all while never leaving their pod-like rooms. The concept enables travelers to manage everything from reservation, check-in and check-out from a device or a smartphone app. Basically, this futuristic transit system involves using magnets to levitate pods inside an airless tube, creating conditions in which the floating pods shuttle at near supersonic speeds. Guests would feel almost no sense of motion. The hotel concept uses sustainable, modular design in the form of shipping containers, all outfitted for luxury. Featuring customizable layout and design, each capsule includes an office, bedroom, bathroom and a living room. When arriving at destination, the shipping container “suite” simply docks to a modular hotel. 13 U.S. destinations Siebrecht’s proposal includes the following travel stations across the U.S.: Austin, Texas; Boston; Chicago; Denver; Las Vegas; Los Angeles; Nashville, Tenn.; New York; Portland, Ore.; San Francisco; Santa Fe, N.M.; Seattle; Washington, D.C. An award-winning hotel concept The Hyperloop Hotel is this year’s student winner of the Radical Innovation Awards, a competition for imaginative hotel designs, because it combines the comfort of a hotel with the convenience of speedy transportation, all in one. A jury of seven hotel investors, developers and architects selected Siebrecht’s idea out of over 65 submissions from 24 countries. The Radical Innovation team rewarded him $10,000 to develop the concept further. Costs and feasibility Siebrecht estimates each hotel will cost $10...

Building Bridges Aug11

Building Bridges

Recently recognized as a Dementia Capable Society Leader by Dementia Care Specialists, Florida-based senior living provider The Arbor Company has announced the introduction of its Bridges memory care program at the company’s Barrington Terrace senior living community in Fort Myers. The Arbor Company began expanding its dementia care services last year with specialized training for its care providers via webinars and in-person classroom instruction. Decrying the standard, “one-size-fits-all” approach to most memory care issues, the company’s Bridges program is meant to provide a more tailored solution. The program’s three “neighborhoods” cover the range of memory care needs, from assisted living to early stage dementia, with customized 24-hour support. At the assisted living level, residents receive minimal to comprehensive care based on their needs and lifestyles and designed to grow as those needs change. At the Bridges level, a “high-sensory, purposeful environment” groups residents based on similar stages of memory loss for less isolation and a more comfortable living environment. At the final stage, the Evergreen neighborhood includes 24-hour support and care based on “the latest dementia research.” “The services and programs Barrington Terrace offers its residents are beyond compare,” Laura Ellen Christian, The Arbor Company’s Vice President of Engagement and Training said in a statement. “We are excited to introduce the Bridges concept to Fort Myers and to the families who will benefit from our unique philosophy of memory care.” In addition to individualized care programs based on a resident’s specific needs, the Bridges program also provides counseling and support for family members. With the goal of making memory care affordable and effective, the Bridges program at Barrington Terrace gives residents access to the latest in dementia care in a warm, inviting environment. “Our new neighborhoods at Barrington Terrace make an immediate impact upon families who...

Return on Energy Aug10

Return on Energy

Want to cut costs on energy? The National Apartment Association (NAA) Education Conference session entitled Return On Energy: Sustainable Case Studies for Catching Up offered several helpful tips for keeping costs low and residents happy. The session featured Martin Levkus, Regional Director, Yardi Energy; Tom Turnbull, Senior Engineer, JDM Associates; and moderator, Erin Hatcher, LEED Sustainability Manager & Development Associate with AMLI. Hatcher kicked off the session with a question to the audience: “in-house or out-of-house?” Some multifamily owners and operators, like AMLI, have the infrastructure in-house to do their own sustainability and energy efficiency projects. Others, need to outsource to experts if they don’t have the personnel or expertise to do it all themselves. Although both methods have pros and cons, there are some key tips that either method can use to help your properties operate optimally. Data + Analysis = Cost Savings You can’t improve what you can’t measure. Yardi has helped numerous businesses decrease utility expenses with the help of software and Levkus’ advice: “It all starts with a utility bill.” Before you can take down the low hanging fruit, you need to use data to identify it. Levkus referred to a case study including 14,600 units across 260 properties. The organization spent $50,000 – $100,00 in late fees each year. With better bill processing integrated into one software solution, they reduced late fees for roughly $75,000 in annual savings. Beyond paying the utility bills on time, you also want to make sure the bills have accurate charges. A separate Yardi study revealed that for a residential property management business spending $32 million per year on utilities across 63,000 invoices, there were significant billing errors by the utility company equallying $388,000 across two years – 0.55 percent of spend. Yardi’s goal...

Contained Living Aug08

Contained Living

With skyrocketing rents and a spike in the homeless population across the country, one of the growing niche trends in sustainable design over the past years has been the re-use of shipping containers in order to create the structure of a building.  Because of their convenient size, shipping containers are well-suited for use in houses and their appeal lies in their apparent simplicity:  a room is delivered in one piece, and you can stack them together to create multiple rooms or join them up to make larger rooms. Particularly as the idea is still relatively new, there are few people with the expertise required to build one without a hitch. However, the containers are converted into modular buildings much faster and cheaper than traditional building projects, all without public funds. The whole concept is a lot easier than using private capital, as there are different regulations involved. From this point of view, affordable housing developers have a lot more challenges on their plate than designers and owners who have overcome the challenges to build their own container houses. Trend Is Here to Stay Shipping containers are in many ways an ideal building material, as they are designed to carry heavy loads and resist harsh environments, such as ocean-going vessels. Many people decide to build a shipping container home because they offer exceptional value for money; however, there are many more benefits to building one. Another major advantage when considering building such a development is the unprecedented availability, as they could be found anywhere across the globe. They are also easily transported by any means because they already conform to standard shipping sizes. As they are already designed to interlock for ease of mobility during transportation, structural construction is completed by simply placing them. Working...

Apartment Trends Aug07

Apartment Trends

We’d need 4.6 million new apartments by 2030 to meet demand for rental living and keep prices in check, reports the National Multifamily Housing Council. That’s about 373K new units each year on average, a number that’s rather optimistic considering the pace of apartment construction in the last decade. So how feasible is this plan? A recent study from RENTCafé on the apartment market suggests the country’s growing renter population need not be too concerned. According to data from real estate data provider Yardi Matrix, apartment construction is at a 20-year high, with most of our country’s biggest cities seeing significant upgrades in rental stock. After a slow post-recession period, the market started rebounding in 2012 and by 2014 new supply had amounted to more than 237,000 units delivered in one year, well above historical averages. Between 1997 and 2006, annual completions averaged 212,740 units. In 2017, apartment completions are expected to top 345,000, a 21% increase compared to last year’s deliveries when more than 285,000 units saw the light of day. Hot Urban Markets See Rents Softening as Developers Ramp Up Apartment Construction After peaking in 2014 at 5.1%, monthly rent prices rose just 1.5% to $1,316 in May, the lowest annual growth rate we’ve seen in more than three years. In 2017, the average U.S. rent is expected to increase a modest 3.9%. Does this mean apartment prices are finally taking a break from rent growth? Apparently so, and thanks to intensified apartment construction, that’s even the case with some of the country’s historically tight (or rather outrageously expensive) markets. Close to 6,200 new units entered the San Francisco metro area in 2016, with approx. 5,400 apartments expected to be delivered this year and another 9,500 under construction. While demand is still strong...

College Cohabitation Aug03

College Cohabitation

As healthcare technology continues to evolve, universities across the country are bringing senior housing on campus in order to create new models for healthy aging. Hosting seniors on site allows students and faculty to collect healthcare data on residents and use that information to develop proactive solutions to senior care. Highly popular, these university-affiliated retirement communities are a win-win for residents and academia. “There are opportunities in terms of an intergenerational setting as well as the financial health for the retirement community and the college,” Paula Panchuck, vice president and dean of Lasell Village, told Senior Housing News. “There are some beautiful synergies that bond us even more closely.” Symbiotic Studies Across the country, these programs combine continuing education with healthcare and gerontology coursework resulting in the ability to promote research and forge community connections. In many cases, residents are encouraged to participate in classes and other campus activities, while students gain invaluable access to the day-to-day routines of the aging population. Situated within the campus of Lasell College in Newton, Mass, Lasell Village mimics small town living with buildings, including a clock-towered Town Hall, stretching out over 13-acres. By bringing senior housing on campus, Lasell Village promotes retirement living comprised not just of continued care for aging adults, but of a “community with the cultural, social and recreational opportunities of lifelong learning.” Other senior-college partnerships not only welcome residents to explore university offerings, they also seize the opportunity to develop a curriculum focused on aging and senior care. Recognized as one of the Best Nursing Homes in 2016, Holy Cross Village at Notre Dame hosts a gerontology consortium and a four-year school with classes available to students and residents. “It’s a great symbiotic relationship because the students can work with our residents and...

Buzz Sessions Aug01

Buzz Sessions

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

Up to Bat Aug01

Up to Bat

Pennsylvania-based Global Sports Ventures plans to introduce eight professional cricket teams to the United States. Each team will have its own stadium complex as part of a three-year initiative to solidify the sport’s presence in the country. To Jay Pandya, chairman of Global Sports Ventures, the U.S. is the next natural frontier for cricket. The sport has a growing and passionate fan base. More than 1 million viewers watched the live broadcast of the 2015 World Cup. That same year, an exhibition series touring Los Angeles, Houston, and New York attracted audiences averaging 28,000 viewers. “We, as Americans, look for new things and grow into different fields. People don’t realize that cricket was partially born in the U.S. The first international game was played between the U.S. and Canada in New York. The 1844 game, played in Bloomingdale Park in Manhattan was one of the earliest international games on record,” Pandya explains in an interview. Possible stadium sites include Atlanta, New York, San Francisco, Chicago, Dallas, Orlando, Washington, D.C. and East Brunswick, New Jersey. These markets were chosen, in part, for their large Asian populations according to an article on Bisnow.com. “When you have people of South Asian descent who really understand cricket, it helps. But after that it will probably go mainstream with Americans. I believe that will be very quick, because, as Americans, we just love sports. [And] it doesn’t matter what kind of sport,” says Pandya. To jump start the plan, Global Sports Ventures entered a $70 million licensing agreement with the USA Cricket Association (USCA).  More than 32,000 cricket players are registered with the USCA and may become members of the future teams.  There are also several smaller organizations throughout the nation that may serve as sources of talent and...

Wonderful + Walkable Jul28

Wonderful + Walkable

As the United States shifts from its 20th century car-centric automotive industry and further into the 21st century, cities around the country are beginning to step into the trend of walkability. Large, metropolitan cities are seeing a decrease in the number of cars, which makes room for bigger sidewalks and more pedestrians. Studies show that there are a multitude of benefits that come along with increasing a city’s walkability. From bettering your personal health, to contributing to bettering the city’s economy and infrastructure, to decreasing global warming, the wide range of positives is causing the popularity of this trend to take off. Increasing Physical and Mental Health Many people in metropolitan areas live very sedentary lives. They wake up, drive to work, and sit at their desks for hours before driving home for the day. Rinse and repeat. Physical inactivity can account for up to 10% of all deaths from noncommunicable diseases. With the implementation of compact and walkable distances, people can increase the amount of activity in their daily lives, leading to overall healthier lifestyles. Research shows that walking just 30 minutes a day is linked to an 18 percent decrease in heart disease. Sedentary lifestyles are often coupled with low levels of daily interaction. If you drive straight to work alone every day, social interactions would not be necessary. Walkable streets and areas can foster interactions that would not have taken place normally, such as striking up a conversation at a community park or meeting somebody at a coffee shop along a busy street. These small social interactions can contribute to a larger sense of community, which can in turn increase the overall positive mental health for citizens. Fostering a Vibrant and Active City A bustling city filled with pedestrians means a...

Key to Fair Housing Jul27

Key to Fair Housing

Shortly after the passing of Martin Luther King, Jr. in 1968, Congress expanded the Civil Rights Act to protect equal access to housing resources. Fair housing protection is a crowning achievement of the civil rights movement. Fair housing legislation makes it illegal to impede access to housing based on race, religion, national origin, sex, (and as later amended), handicap and family status. Nearly every state has expanded protection for residents beyond the national Civil Rights Act. State housing agencies and advocacy groups often test property managers and real estate agents for fair housing compliance. It’s unlawful for an agent steer a prospect to or away from a unit based on perception or opinion of prospective residents. Advertisements can’t target only one segment of the community or purposefully omit another community. Yardi eLearning streamlines access to role-based training resources for more than 44,000 active users. It replaces traditional classroom instruction with web-based, interactive courses and live webinar events. Users can access Yardi eLearning from any device with Internet access, including tablets and smartphones. Patty Evans, manager of the Yardi eLearning team, announced the addition of new fair housing curriculum to Yardi’s library of property management training courses. “Proper training makes leasing agents aware of fair housing concerns they may not even be conscious of – it’s not always easy for an agent to know when they may be treading into fair housing territory. That’s why fair housing training is so important for every real estate management company,” says Evans. Yardi eLearning fair housing courses and learning materials cover topics applicable to every state and residential real estate market, including the affordable housing and PHA industries. Yardi eLearning can also specialize content for states or cities. For example, the Texas Department of Housing and Community Affairs...

Energy Management Jul25

Energy Management

Transparency Market Research reports that the global energy management systems (EMS) market continues to grow. The market will show an estimated compound annual growth rate of 13.4 percent between 2015 and 2023, leading to a valuation of $36 billion by 2024. The estimate reflects ongoing confidence in the benefits of sustainable initiatives. Increasing Demand Several factors contribute to the rising demand for EMS. Current fossil fuel sources lack security and sustainability. The long-term projections by the International Energy Agency forecast a rise in such energy costs. As a result, organizations—particularly office, retail, and industrial spaces– strive to mitigate rising expenses by decreasing dependency on non-renewable fuels. Data gathered by EMS highlights opportunities for organizations to use less energy while maintaining optimal site performance. Smarter energy use will minimize waste and keep operating costs low. EMS also contribute to higher property values. The value of buildings with sustainable features exceeds the value of conventional structures by a median increase of 7 percent, reveals a joint study conducted by Dodge Data & Analytics, United Technologies Corporation, and World Green Building Council.  The Drive Toward Healthier Buildings report states that 73 percent of green building owners are able to increase their leasing rates and 62 percent achieved higher asset values. EMS help buildings achieve and maintain the standards needed for green building certifications, increasing the ability to lease and resale sites with higher value and fewer concessions. The drive for increased productivity, employee satisfaction and retention also contributes to the increasing demand for EMS. Research points to occupant health as a component of employee satisfaction and retention. In The Drive Towards Healthier Buildings, 79 percent of respondents believe wellness-focused buildings will lead to improved employee satisfaction. Business owners listed products that enhance thermal comfort, such as EMS, among the...

YASC San Diego 2017 Jul20

YASC San Diego 2017

Surf’s up! Yardi’s user conference moves to San Diego this fall. The Yardi Advanced Solutions Conference, also known as YASC, will be hosted at The Bayfront Hilton on September 13-15, 2017. “We are excited to welcome guests to our new location in San Diego. The new venue is beautiful and we believe clients will really enjoy the expanded conference space and program we have in store,” said Tim Hoover, creative director for Yardi. With an anticipated attendance of almost 2,000 Yardi clients, this could be our biggest YASC ever. The new location offers ample space for expanded education sessions, in-depth training and great networking opportunities. As one past YASC attendee shared: “I had the sheer pleasure of meeting Mr. Yardi and some of the wonderful Yardi staff I communicate with. Yardi is a top notch and highly professional company that knows how to take care of their customers with hands-on training, great entertainment and wonderful customer service.”   Features of YASC San Diego include: A new conference app We’re excited to launch a new conference app that will offer a mobile and streamlined conference experience. Attendees can access conference information, venue maps, social networking and in-app messaging, and more on the YASC app. It’s designed to enable attendees to custom-tailor their daily schedule with classes, demos, panels and roundtables, and to set up one-on-one meetings with Yardi staff. The YASC app will be available for download at the Google Play Store and Apple App Store. A browser-based version, synched to the mobile app, will also be available, so attendees can access all these features from their desktop. Stay tuned to your email inbox for log-in information! Questions? Email our team at yasc@yardi.com. One-on-one advice at Knowledge Central This is the new home of our...

Western Focused Jul19

Western Focused

Casey Lynch and Mike Brown were graduate school classmates at UCLA when they started their real estate investment and development company, LocalConstruct, with limited funds and bona fide sweat equity. “We bought a $55,000 condominium in Fontana, Calif. that we painted and renovated ourselves. We were at Home Depot, buying our own supplies,” recalled Lynch. Flash forward nearly a decade, and LocalConstruct has become a thriving small firm with multifamily and mixed-use projects in California, Colorado, Idaho and Montana.  The Los Angeles-based company, a Yardi client, has developed 2,000 apartment units to date. Lynch and Brown have a specific vision for urban infill development. Seeking out markets with plentiful jobs but limited work-proximate housing, they have hit a sweet spot where limited supply meets unprecedented demand. We talked with Lynch about LocalConstruct’s market choices and formula for success.   You started your company in 2008, when real estate was in a desperate place. Why? Lynch: We saw a great opportunity to start an entrepreneurial enterprise, given the volatility in the market at the time. We raised a small fund to go out and buy single family homes and convert them into real properties in Los Angeles. You always hear developers who have been in the business 30 to 40 years talk about their first deal and working their way up the ladder. For us and our story, that would be true.   Things have changed tremendously since then. What happened to LocalConstruct in the last nine years? Lynch: We went from one unit projects to 2 to 4 to 8 to 20 to 100 to 300. We have a presence in four states in the West and we are focused on infill housing strategies, primarily rental housing, and we are focused on emerging markets...

Ecoluxury Jul18

Ecoluxury

Modern renters gravitate towards housing that allows them to protect natural resources without sacrificing convenience. Increasing demand has paved the way for sustainable features to shift from ecoluxury to affordable communities. Luxury is not a term for opulence. Rather, the phrase reflects the Latin luxus, which denotes something that is precious and of optimal caliber. The ecoluxury lifestyle and products signify the value of our environment and the high quality of the products used to protect it. Joyce Mihalik, Vice President, Integrative Design, Forest City Realty Trust, defines ecoluxury as “seamless elegance embedded with sustainable design that gives the tenant a luxurious experience.” Sustainable features must blend with convenience, functionality, and style. Ecoluxury appeals across demographic boundaries. “If you can afford it, you will want it,” Mihalik casually says. The trending products below reappear in ecoluxury communities throughout the United States. As demand rises and pricing becomes more competitive, these features will appear more frequently in market rate and affordable communities. Home Automation Devices GID Investment Advisers, and its property management company Windsor Communities, is a national leader in green multifamily properties. With 11 green certified buildings and nine additional properties in the certification process, the Boston-based company takes pride in its ecoluxury residences. Matthew Bernstein, Asset Manager, GID Investment Advisers, notes the growing popularity of smart home devices, “Home automation will continue to grow, offering new opportunities for residents to enjoy smart homes.” Home automation devices allow renters to remotely control thermostats, fixtures, appliances, and even outlets through the use of a mobile device. GID’s  Los Angeles property, Hanover Olympic, offers 20 Eco-green units. Each unit is equipped with a Google Nest Thermostat. After one week of use, Nest learns the preferences of inhabitants. The device then automatically adjusts interior temperatures to account...

Affordable Housing Jul12

Affordable Housing

In the face of crippling budget cuts, housing authorities rely on innovation, resourcefulness, and advanced software to stimulate growth. Carlos Pizarro serves as Vice President of Housing at Housing Authority of the City of Lakeland, Florida. His decade of experience in the private sector made him an unlikely candidate for the position. That experience, however, is the key to the housing authority’s success. “Public housing and section 8 must change,” reflects Pizarro.  “It needs the private sector and the public sector to work together to create something new. I don’t see the government able to support Section 8 and public housing forever. There has to be an effort between everybody.” Such industry changes are felt across the nation. Fort Smith Housing Authority in Arkansas has managed to ride the waves of these changes under the guidance of Rachel Brown, Section 8 Director. “You can’t depend on public housing funding anymore,” Brown says. “Public housing is going away. A lot of us are focused on converting public housing into RAD.” Fort Smith Housing Authority demolished 170 of its public housing units. The 288 remaining units were converted to Rental Assistance Demonstration (RAD) units. RAD, per the U.S. Department of Housing and Urban Development, “allows public housing agencies to leverage public and private debt and equity in order to reinvest in the public housing stock.” The program is an effort to address a $25.6 billion dollar-backlog of public housing capital improvements. Blending funding options within a portfolio, and even within a single project, is one way that housing authorities stay afloat. Discovering untraditional sources of income is another. Innovative Incomes Both the City of Lakeland and Fort Smith housing authorities have created construction and development branches. “We got into developing properties, which is new for a housing...

Forbes Cloud 100 Jul11

Forbes Cloud 100

Global real estate technology provider Yardi has been named for the second time to the Forbes Cloud 100, the definitive list of the top 100 private cloud companies in the world. Yardi was a member of the inaugural Cloud 100 in 2016, moving up to the #26 spot on the list in 2017. Published by Forbes in collaboration with Bessemer Venture Partners, the list will appear in the July 27, 2017 issue of Forbes magazine and is available at forbes.com/cloud100. “We’re honored that Forbes chose to recognize our efforts to provide industry-leading cloud solutions for our clients for the second straight year,” said Anant Yardi, founder and president of Yardi. “Our cloud-based software serves real estate and investment companies of all sizes around the globe.” The Forbes 2017 Cloud 100 was selected by a panel of judges representing leading public cloud companies, using qualitative and quantitative data submitted by nominees, along with third-party data sources. The evaluation process involved four factors: estimated valuation (30%), operating metrics (20%), people & culture (15%) and market leadership (35%), which the judge panel then weighed to select, score and rank the winners. With that data, the Forbes Cloud 100 judge panel, made up of a majority of public cloud company CEOs, was then responsible for selecting and ranking the top 100 companies from all over the world. “Our inaugural Cloud 100 list showed the tech and venture capital community just how many standout private cloud companies there are to watch, and this year’s list is no exception,” said Forbes editor of the Cloud 100 list Alex Konrad. “Forbes has a keen eye for businesses, and combining that with Bessemer Venture Partners and Salesforce Ventures’ deep knowledge of the cloud industry, any company’s inclusion on the Forbes 2017 Cloud...

Self Storage Data Jul07

Self Storage Data

Yardi Matrix has expanded its self storage coverage to 125 markets, up from 99. This total represents 26,535 properties, of which 1,398 are some form of new supply, and 1.4 billion square feet of space and encompasses 83% of the U.S. population. The addition of 26 markets produces the self sector’s most comprehensive market intelligence and competitive analysis source. Yardi Matrix also covers multifamily and office portfolios. “Matrix is now the largest data set for market intelligence and competitive analysis in the self storage sector. The recent expansion is the latest example of Yardi’s commitment to providing the industry’s leading tools for identifying and executing development, management and underwriting deals,” said Jeff Adler, vice president of Yardi Matrix. Yardi Matrix is a business development and asset management tool for investment professionals, equity investors, lenders, and property managers who underwrite and manage investments in commercial real estate. Its resources include true ownership, in-place debt, and rental and sales history data, along with a new supply pipeline that includes 1,398 tracked projects. Yardi Matrix covers multifamily, industrial and office property types in addition to self storage. Email matrix@yardi.com, call 480-663-1149 or visit yardimatrix.com to learn...

Optimizing Data

Yesterday, we laid the foundations of a strong online presence. We now continue with how to gather insights from analytics to inform marketing and retention decisions. Micro-Adjustments Lead to Success When vacancy rates inch upward, resist the urge to slash prices. “Price should be the last negotiable item, not the first,” advises Sawh. Examine your SEM data, which will show leads generated and which keywords drive conversions.  Use that information to adjust pay-per-click ads, the easiest marketing factor to manipulate. In a case study, Bell needed to fill several 2-bedroom units. Data revealed that people who visited the website’s Pets page were most likely to reach goal completion. The team marketed 2-bedroom units to pet lovers to successfully fill the units. You can also make adjustments based on prospects’ objections to visits and objections to leasing. Leverage Soft Data “Business intelligence tools can give you a purview in but it doesn’t tell you the story. Customer insight is the soft data, the human touch,” says Weaver. SEO and SEM generate traffic but once traffic is translated into website and site visits, ORM and customer relationship management (CRM) capture data about visitors. Both give insights into why visitors chose to lease (or not) with your property. Use data gleaned from ORM to tweak the resident and prospect experience. If several reviews indicate that the marketing doesn’t match the product, for example, it’s time to update your gallery and re-examine your marketing message. With prospects, poor follow-through lets many conversions slip away. “It will take eight times of someone telling you no before they say yes,” explains Norbury. “Three points of contact aren’t enough.” “What we tend to forget is that we paid, maybe $20, for the phone to ring. If we don’t answer or don’t...

Maximize Revenue

The National Apartment Association (NAA) recently hosted the 2017 Education Conference in Atlanta. Marketing Maneuvers: Data in the Driver’s Seat explores how data can inform marketing decision and maximize revenue. Panelists included Candace Weaver, Director of Marketing, Bell Partners; Diana Norbury, Vice President, Multifamily Operations, Pillar Properties; and moderator Dharmendra Sawh, Industry Principal, Revenue Management and Business Intelligence Sales at Yardi. The trio reinforces the importance of operations, revenue management, and marketing working together to reach goals. Below are three takeaways from the session: Understand the “Magic Mix” Before you can gather data, four key components must be in place to generate web-based data sets: SEO– search engine optimization is how your site is written to interact well with search engines. If you don’t have this solid foundation, you’ll have to work harder and spend more on SEM. Quality SEO contributes to higher organic rankings. SEM– search engine marketing includes paid search features. It is second best to organic rankings. “In one of our properties, there were an average 497 organic views but an average 690 views with paid search. Paid search will boost you but you can’t do SEM well without SEO,” explains Weaver. SEM comes with unique benefits as well. In one Bell case study, only 23 percent of leads came from SEM yet those leads made up 43 percent of total conversions. ORM -online reputation management entails how your brand is perceived online. This includes but is not limited to reviews and comments on your site and third party sites. Both Norbury and Weaver recommend having designated reputation management teams. “Of the 2 percent of people that click ‘Reviews’ on our property website, they have a 46 percent chance of converting,” says Weaver. SMO- social media optimization may overlap with ORM...