Online Marketing that Works May18

Online Marketing that Works

Do you want to excel in marketing and optimize your multifamily property performance? Of course, you do. With a little (free) help from the experts, reaching both goals is simpler than you may think. Multi-housing News Marketing Resources Multi-housing News (MHN) is a digital magazine that provides leaders in the multifamily housing industry with the most current news, information and analysis. Its content helps decision makers run their businesses more efficiently and profitably. The ongoing ascent of online marketing highlights a need for insightful, practical and timely marketing content. This spring, we proudly introduce Multifamily Marketing Resources, a user-friendly repository of content to help get the right eyes on your property. Explore articles, videos, reports and more to help you get the most out of your marketing spend. What online marketing tip and tricks can you learn on MHN? MHN publishes daily, which means that you get the freshest insights to help you stay ahead of the marketing game. Get an array of timely tips and hacks to make marketing easier. Below is just a sneak peek at what you can find. Is your website working for you? Your website is no longer just a first impression. It may be your only chance to stand out from the competition. Prospects use websites and their online tours to narrow down potential properties. “There has been a fundamental shift from the website as a marketing channel to the website as part of the tour,” said Esther Bonardi, vice president of corporate & multifamily marketing at RentCafé and Yardi Systems. “Today, leasing activity starts earlier and it starts on the website. I don’t think this is a passing fad just related to the pandemic,” Bonardi added. “I think these behaviors will stick, especially as we see new Gen Z renters coming into the renter marketplace. Their shopping behaviors were shaped right now at this moment in time. But even for the rest of us, I think the pandemic has gone on long enough that it has reshaped customer behavior.” Read  Attracting and Converting Potential Renters with Your Website to learn how you can transform your website into a more powerful marketing tool. Create email subject lines that won’t be ignored Every email that you send is battling against dozens of competitors in your prospects’ inbox. The time and creativity that you put into your email won’t fulfill their potential if the email goes unread and deleted. To improve your open and click through rates, there are five main things to consider. These three are a great place to start: Prompt people’s curiosity: Make them want to click to see what’s inside the email. Is it an offer? A new resident service or amenity?Make sure the email is formatted well: Create subject lines that are 60 characters or fewer with the important words near the front of the subject line.Avoid clickbait-y phrases: Be compelling and transparent. Don’t say they’ve won something if they haven’t or create a false sense of urgency. Read Email Subject Lines That Work in Apartment Marketing for additional ways to get your emails opened, read and engaging readers. More marketing goodness to explore on MHN The field of online marketing constant evolves. Best practices, new techniques and trends can be a lot for small teams to manage. Fortunately, the team at MHN makes it easy for you to stay abreast of the latest in multi-housing marketing. Get marketing goodness sent directly to your inbox. Simply subscribe to the monthly digital...

Loyalty, Referrals and NOI May17

Loyalty, Referrals and NOI

Want to build renter loyalty, earn referrals and celebrate your awesome residents at the same time? We’ve got three great ways to support stronger NOI by celebrating your residents. Happy residents will save you time and money Summer heralds warm weather, group gatherings and celebrations. These events are a natural way to promote engagement amongst residents and staff. Such engagement builds a sense of community, an important part of nurturing resident loyalty and referrals. Resident retention is essential to stronger NOI. Per the National Apartment Association, it costs anywhere from $1,000 to $5,000 to turn a unit. If a community could reduce turnover by just one per month, they could save $20,000 in annual expenses and about 96 hours of maintenance labor. Referrals also play a strong role in improved NOI. Happy residents will refer their neighbors, which cuts your marketing spend. Per Harvard Business Review, it costs a business about 5-25x more to acquire a new customer than it does to sell to an existing one. One way to cut costs at your property is to invest in events that enrich resident engagement and satisfaction. Black History Month (February), Women’s History Month (March), Asian Pacific American Heritage Month (May) and several designated heritage days offer opportunities to celebrate your residents. Foster a sense of belonging and resident satisfaction with the fun ideas below! Amplify voices When we feel seen and heard, we feel welcomed. Consider opportunities that empower residents to use their voices and share their stories. Use your resident app to share short stories. When your locality permits, host performances of resident-written skits and poetry. Celebrate unique cultures through the arts Create events around food, music and other arts to unite the community in the celebration. Food brings people together. Considering an event catered by locally owned and ethnically diverse restaurants. During social distancing, you could also encourage residents to share recipes. It’s a fun and approachable way to explore cultures with all of our senses! Music, whether lyrical or instrumental, tells the stories of our unique journeys in relatable ways. Consider creating and sharing playlists of artists from the featured cultural group. (Apple Music does this if you need inspiration.) You can also integrate the music during group classes such as yoga or spin. Allow students to explore the theme of the class when booking through your property concierge. Visual arts are perhaps the easiest way to celebrate cultural groups while implementing social distancing. Participants can share photos of their art, crafts and heirlooms and tag your property on social media. Artists may also display prints of their work in the community center or in a temporary, outdoor gallery. The possibilities are endless! Mindful messaging Celebrating an unfamiliar heritage can be daunting. What you say, how and when you say it could make or break an engagement initiative. In addition to amplifying diverse voices, you may consider learning the basics of social media messaging for organizations. The National Institute for Social Media has resources on social listening, crisis management and messaging. There are basic toolkits to help you craft effective messaging on solidarity and inclusion. By celebrating and engaging residents, you support the sense of community that leads to retention and referrals. Join a webinar to learn how you can promote resident engagement with simple, online...

Pandemic Evolution May15

Pandemic Evolution

Along with virtually every other business operation, corporate communications underwent profound change during the pandemic. The far-reaching health crisis gave leaders “a compelling reason to engage and strengthen overall connections with employees,” creating “a chance to rebuild organizational health, productivity, and talent retention,” a trio of researchers from management consulting McKinsey observed in June 2020. Several corporate communications experts have proposed strategies for effectively managing the drastically altered work environment. The McKinsey team, for example, defines “clear and inspiring communication” as the key to “making this next unsteady phase a success.” The most successful adopters of a remote work environment, they say, are “more diligent than ever in demonstrating communications best practices in order to manage a work-from-home culture” that prioritizes employee safety, connectedness and engagement. John Capodanno, senior managing director of Washington, D.C.-based global business advisory firm FTI Consulting, offers a similar perspective. “Proactive, consistent and clear external communication strategies can help maintain a level of business continuity, demonstrate a commitment to all stakeholders (patients, health officials, local communities, employees, vendors, partners and investors), earn trust, and even strengthen and build relationships during this uncertain time.” The implications of those best practices will extend far beyond the pandemic’s timeframe. “Even when we return to normal, working virtually will remain a reality. The imperative is creating a unique culture for all employees when many will not be in the office full-time — or at all,” says Valerie Di Maria, principal at the 10company, a strategic marketing and communications agency in New York. In creating that culture, it’s important to avoid thinking that any one solution fits all scenarios. Some employees, for example, “will be enthusiastic about returning to the office, while others will not want to venture back yet. Still others may want to reenter...

National Outlook May14

National Outlook

A new webinar outlined the continued success of the industrial real estate sector and ever-evolving picture for the office market. The May 13 presentation was hosted by Yardi Matrix and CommercialEdge. Insightful detail from the presentation is available on both CRE market segments as well as regional breakdowns. Find the full recording at yardimatrix.com Strong fundamentals continue for industrial Yardi Matrix vice president Jeff Adler had nothing but positives to share about the state of the U.S. industrial sector. Durable fundamentals for both supply and demand indicate that industrial will be a strong investment well into the future. “I’m really not concerned that this is some kind of bubble,” Adler noted, as the available supply and new development of industrial properties can barely keep up with current demand. As a result, rents are performing well, especially in coastal markets, and vacancy rates across the nation are low. E-commerce continues to be a major contributor to industrial’s success, but the backbone of the industry is general goods distribution and small-scale manufacturing. E-commerce won’t have the same double digit increase it did in 2020 due to pandemic activity constraints, but demand is expected to remain consistent. Consumers learned to rely on direct ordering during the pandemic, Adler noted, and can save time by continuing such shopping habits. Major ports and large population centers lead the industrial rent growth list, with California’s Inland Empire in the No. 1 spot and Sacramento at No. 2. But smaller markets have the highest percentages of industrial supply under construction, led by Amarillo, Little Rock and Albuquerque. Nationally, the amount of new industrial space in the pipeline is not expected to disrupt rent gains. Adler anticipates industrial has about three years of runway for its continued strong performance. Yardi Matrix data...

LeadingAge Recognizes

Yardi is pleased to join LeadingAge in recognizing Older Americans Month (OAM) — a time to celebrate the contributions of seniors across the nation. And given the challenges older adults have faced in the last year, OAM is an exceptional opportunity to highlight their resilience, strength and personal experiences. For LeadingAge — an association that represents more than 5,000 nonprofit aging services providers — it’s also a time to advocate for support of aging services care infrastructure. The importance of OAM During the month of May, the Administration for Community Living (ACL) leads the nation’s observance to recognize the contributions of older Americans. While LeadingAge supports OAM every year, this year’s observance is particularly important. In light of the difficulties seniors have endured throughout the pandemic, ACL’s theme for 2021 is “Communities of Strength.” In turn, LeadingAge has emphasized the importance of advocating for older Americans during this time — as the country debates the value of supporting national care infrastructure. “Now, as our nation emerges from the COVID-19 pandemic, we’re at a critical time — the most important moment in a generation for our country to renew and revitalize how we support older Americans and their families as millions of us live longer,” wrote LeadingAge. The association also expressed their ongoing effort to combat misperceptions in senior living. Along with advocacy during OAM, LeadingAge continuously aims to showcase the rich and diverse life experiences happening within aging services.   Yardi in senior living For over two decades, the Yardi Senior Living Suite has supported senior living operators, caregivers, residents and families. It eliminates the gap between property management and clinical services by uniting property management, finance, marketing, business intelligence and resident care on a single platform. Yardi joins LeadingAge in recognizing the value of seniors during Older Americans Month, as well as year-round. Read more about LeadingAge’s efforts during...

Assisting Trafficking Survivors May13

Assisting Trafficking Survivors

The skills learned at Yardi can better prepare team members for challenging roles outside of the office. Jacqueline McGuan has used her leadership skills to help transform the lives of women and children impacted by human trafficking. She is part of an ongoing effort to eradicate human trafficking in Santa Barbara county through awareness, education and advocacy.  Working with Yardi On weekdays, McGuan is a marketing specialist on the RENTCafé Reach team. “We work with RENTCafé clients to provide them with SEO (search engine optimization), PPC (pay per click advertising), social media or reputation management services,” she explains. It’s a role that hones her leadership skills and her ability to quickly adapt to change. “Keeping up with all of the changes at Google is one of our biggest challenges,” says McGuan. “Google updates their algorithm almost daily, so staying on top of best practices is basically a job in itself.” But the hard work pays off when McGuan and her team forge strong relationships with clients and help them execute successful digital marketing campaigns. “It’s the best feeling to see clients succeed,” she says. “Yardi is such a friendly and collaborative workplace with team members who are dedicated to client success.” That dedicated spirit is part of why McGuan enjoys being a leader at Yardi. “I was looking for an opportunity to work on a team with hardworking, motivated individuals. I found that on the Reach team. We all have our separate clients but as a team we work together in such a cohesive way. We’re all constantly learning from each other and really growing as digital marketing professionals.” Jacqueline McGuan Junior League of Santa Barbara: Awareness, education and advocacy Outside of her work, McGuan values dedication and collaboration as well. Nearly six years ago, she discovered Junior League of Santa Barbara (JLSB). The women’s organization improves the lives of at-risk women by educating and empowering them to reach their full potential. McGuan appreciated how the organization unites diverse volunteers who want to dedicate themselves to serving vulnerable populations. “In the same way I found a dedicated, collaborative team at Yardi, I’ve found that community within the JLSB that hits those same notes. I’m truly grateful for the JLSB for connecting me with a community of like-minded women, all who value voluntarism and work to improve their Santa Barbara community,” says McGuan. “Through Junior League, I’ve learned important lessons about balancing my time, but also stepping out of my comfort zone to take on more responsibilities at work and in the JLSB,” reflects McGuan. “From a technical standpoint, I’ve been able to step into leadership roles with the JLSB that have helped me develop communication and organizational skills that enable me to work successfully with Yardi clients.” As a leader, McGuan has flourished. She served as chair on the recruitment and communications committees and recently as a member of the Board of Directors. During that time, McGuan spearheaded the opening of S.A.F.E. House Santa Barbara, the county’s first therapeutic rehabilitative shelter for children who are survivors of commercial sexual exploitation. She also assisted preventative programs such as TraffickSTOP, a community awareness campaign designed to help people recognize the signs of trafficking and how to properly support victims. Additionally, there are the annual Community Assistance Funds for local non-profits that improve the lives of at-risk children, youth and families in Santa Barbara. “As a League, we fundraise every year to make projects like these possible. Our major fundraising campaigns are our annual Rummage Sale and Spring Gala. Our new Raffle is coming up in May and it is a huge success with wine lovers,” says McGuan. The funds raised assist survivors of trafficking once they integrate back into their communities. McGuan recalls creating Fresh Start Bags for the Human Trafficking Task Force at the Santa Barbara District Attorneys’ office. The bags were filled with donated clothes, toiletries, snacks and other...

Senior Living Trends

While the pandemic has shaped senior living as we know it, there’s no shortage of industry experts to provide guidance, tips and insights as we move forward. Sponsored by Yardi and presented by the National Investment Care for Seniors Housing & Care (NIC), an upcoming webinar will huddle experts and leaders alike to share their best practices for 2021 — giving senior housing operators the tools to navigate the pandemic’s aftermath. About the webinar In this live leadership huddle, experts will discuss key trends that have shaped senior living in the last year. Through their insights, attendees will learn what trends to watch for — both in the short and long term — and best practices to stay ahead of the curve. We’re pleased to highlight the primary speaker, Fee Stubblefield, a Yardi client and the founder and CEO of The Springs Living. Fee has firsthand experience navigating the ever-changing landscape in senior living. Co-facilitators include: Joe Kiernan, Chief Strategy Officer/SVP, Network Development, Ocean HealthcareMaria Nadelstumph, SVP-Center of Excellence, Brandywine Living About NIC NIC is a nonprofit organization who supports access and choice for America’s seniors by providing data, analytics and connections that bring together investors and providers. Launched as the first of its kind in collaboration with Yardi, the NIC Actual Rates Initiative compiles actual rates and leasing activity submitted by senior living operators. Yardi clients can easily participate by using Voyager Senior Housing to map and extract rent roll data, which can then be exported to NIC and Excel. For more information or to participate, explore the NIC Actual Rates Initiative and complete the online form. To register for the upcoming webinar — Trends That Will Shape Senior Living Post-Pandemic — visit the NIC leadership huddles. The live discussion is set for Wednesday, May 26...

Google Ad Updates May11

Google Ad Updates

Surprise! Google is changing its match types again. This is the fifth time that Google has changed match types. And as we all know, algorithms are constantly evolving as well. We’re here to help you out with a quick overview of what’s changed, how it might help, and who benefits most. So long and goodbye beloved match type! The Google Ads that we all know and love have four match types. From least to most restrictive they are broad, modified broad, phrase and exact. In 2010, Google introduced modified broad. It accounted for misspellings, different tenses, and keywords presented in different order. It bridged the gap between the array of relevant queries that searchers submitted and who marketers intended to reach. In 2014, broad match improved so that the structure of the keyword mattered less. Searchers would submit queries with or without necessary hyphens and spaces. “3 bedroom garden style apartments in Philly” and “3 bedroom garden-style apartments in Philadelphia” would behave the same. Marketers were in love. Broad match became one of the most popular and successful match types alongside phrase. It offered flexibility, versatility and ease of use. Now we’re saying goodbye. What’s changed as of Feb 2021? Modified broad match type is being eliminated in July 2021. You won’t be able to add any keywords to this match type. Phrase match is incorporating behaviors of modified broad. In doing so, Google aims to simplify keyword usages and make it easier to find more relevant customers. Moving forward, both match types will have the same matching behaviors to the same traffic. This change isn’t entirely surprising. A lot of specialists have noticed that the lines between the two match types have been blurring for about a year now. What we wonder, though, is how Google will take into account when keyword order is necessary. Someone searching for “units converted from factory to lofts in Minneapolis” will not be equally as interested in “units converted from lofts to a factory.” That would make for confusing and uncomfortable living conditions. Google reports that this will be taken into account, but not much detail is given. Why is Google changing its match types and what are the advantages? Per Google, The Rule of Close Variance and other factors make it so that there is no need to have two distinct types. The algorithm has gotten smarter and “learned” to decipher what advertisers and searchers intend when using modified broad and phrase match types. You may feel that’s a lot of trust to put into artificial intelligence. It is. But less hands-on engagement with match types can free up marketers to other creative tasks that are not so easily automated. There is also greater potential for traffic. More traffic could be good. The PPC community has mixed feelings about these changes. That’s okay. Is the PPC advertising community pleased to see the merging of the match types? Feedback varies. In an interview on the topic, PPC expert Mark Irvine states that each change to keyword match types brings “a lot of unpredictability to advertisers” and “may not lead to more [desirable] traffic.” Advertisers will have to re-work their strategies without the guarantee that they’re gaining efficacy in marketing. The boost in volume without greater specificity means that there is a small risk of getting more irrelevant traffic. This could also mean increased spend without increased conversions. Irvine notes that only accounts that get more traffic from phrase match keywords should expect an increase in their ad impressions, clicks, costs and conversions. Conversely, ads from modified broad match keywords and other match types will see a decrease in engagement or no change. Marketing expert Brett McHale adds that the recent change “blurs the lines between match types” and strongarms advertising into relying on Google’s recommendations. “The change to phrase match and phasing out of modified broad match appears to me to be...

Changemakers Series

It’s time to recognize a new wave of senior living leaders! Published by Senior Housing News (SHN) and sponsored by Yardi, the Changemakers series is back for 2021 — highlighting exceptional leadership in the senior living industry. With insights captured through in-depth interviews, this year’s Changemakers are recognized for their unique strategies in navigating industry challenges. And there’s no questioning the obstacles the industry has faced — especially during the pandemic. But these visionaries have pushed forward. They’re utilizing their knowledge and skills to pave a bright future in senior living, and they’re here to share their expertise. Released in batches over the next several months, the first interview is ready for you to explore: Meet Terri Cunliffe Changemaker Terri Cunliffe is President and CEO of Covenant Living Communities & Services, a non-profit operator of senior living communities. Since joining the organization in 1988, Terri has devoted her career to improving the lives of seniors — quickly evolving into the leader she is today. Appointed as COO in 2010 and later CEO in 2015, she’s expanded the efforts of Covenant Living and its many communities, introducing proactive measures every step of the way. And with over three decades of experience, Terri is no stranger to change. In the following excerpt from the SHN interview, see how Terri’s knowledge — and dedication — have proven successful in maneuvering through an ever-changing industry, all while leading Covenant Living’s journey to growth. To be a changemaker, you’ve got to be willing to take risks. Do you agree with that? How would you describe your own risk tolerance? When I think of risk, I think the longer I’m in the role, the more risk I’m willing to take, because I understand the implications of that risk. If we...

Multifamily Picks Up May07

Multifamily Picks Up

The multifamily market is rebounding from the pandemic at a rapid clip, and gateway markets are now seeing positive performance indicators for the first time in many months. The latest Yardi Matrix Multifamily National Report has much good news for owners and investors, including a 1.6 percent year-over-year rent bump. “That is the largest increase that we have seen since the beginning of the pandemic,” said Matrix analysts. Overall rents increased by $10 in April to $1,417. The last time overall rents increased by that amount in a month was June 2015. It was also the largest year-over-year jump since March 2020. Out of the top 30 markets Matrix reported on, 24 had month-over-month rent growth greater than 0.5%. Of particular significance were the gains in gateway markets. Miami leads the gateway markets with 0.8% rent growth on a trailing 3-month basis. All other gateways had positive trailing 3-month rent growth, with Chicago (0.5%) and Boston (0.4%) showing strong gains. Washington, D.C. (0.2%), New York, San Francisco and Seattle (all 0.1%) are further back in the recovery process. “We expect the gains in these markets to strengthen as we head into the summer,” states the report. Find more good news and in-depth analysis for multifamily from Yardi Matrix. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...

Apartment Investment May07

Apartment Investment

Jeff Adler, vice president of Yardi Matrix, was recently featured as a guest panelist on an NMHC virtual forum. The April 20 focused on apartment investment, trends and economic factors affecting the industry. Adler appeared alongside Jim Costello, senior vice president at Real Capital Analytics, and Suzanne Mulvee, senior vice president of research and strategy at GID. The conversation was moderated by Dave Borsos, vice president of capital markets at NMHC. Markets like Portland, Oregon have seen an influx of residents as rising single family home sales over the last year. All three industry experts were bullish on the state of the multifamily industry, which is already well on its way to recovery from the impact of the COVID-19 pandemic. “As it relates to multifamily, it is game on,” said Adler. “(Investors) are out there buying and rents are up. There are pockets of weakness in the urban gateway but if you look south and west, there are a lot of people bidding with a lot of cheap (capital). There are a lot of people moving out of office investments and into industrial and multifamily.” The economy and inflation risk With many Americans flush with cash, both from saving during the pandemic and stimulus funds from the federal government, spending is rampant and economic growth is expected to be around 6.5 percent for 2021, Mulvee noted. But with those conditions comes a concern about potential inflation. “We know we are going to see a period of six months or so of inflationary pressures,” Adler said. “But we hope that in six to nine months, there will be enough deflationary counter pressures that it won’t get out of hand. That in my mind is the bigger issue.” Costello, who writes extensively on market conditions, tempered...

APAC Insights May06

APAC Insights

Australia and New Zealand were “underperformers” in Asia Pacific’s real estate market last year, with Sydney’s commercial transaction volumes down by 52%, Melbourne’s by 35% and Auckland’s remaining stagnant. But the countries’ overperformance in their handling of the pandemic could set them up for future success. Last week Yardi called in the experts to find out more. David Green-Morgan, Managing Director of Real Capital Analytics in Asia Pacific, Dr Sarah Hunter, BIS Oxford Economics’ Chief Economist for Australia and New Zealand, and Yardi’s Regional Director, Bernie Devine, joined us for the latest instalment in Yardi’s Executive Briefing Series for 2021. And their insights might surprise you. The pandemic hasn’t been a financial disaster While the world has witnessed the biggest economic downturn on record, the Australia and New Zealand experience was far from the “double digit” declines felt in some markets, Hunter said. This was thanks to “good luck and good policy”. Geographic isolation played its part, but both governments were also “aggressive leaders” in lockdown stringency, tracking, tracing, testing and other public health responses. Controlling the pandemic has allowed both countries “to normalise economic performance,” Hunter noted. Central banks have thrown the “kitchen sink” at the pandemic, with quantitative easing and a lower cash rate making it easier for people to borrow. Emergency support measures “have more than compensated” for loss of income from wage freezes, lower dividends or job cuts. On an “aggregate level” the pandemic “has not been a financial disaster,” Hunter observed. A “wave” of investment in infrastructure projects bodes well for the property industry, she added. Investment volumes took us back to 2016 Australia and New Zealand were “slight underperformers” in 2020, Green-Morgan said. Asia Pacific investment volumes, while down on the “record year” of 2019, were far from...

Tech Harmony

We’ve learned that most every company is a tech company: in the past year, companies that prioritized adaptability and tech innovation managed to thrive in the most unprecedented circumstances. At PM Springfest, two real estate industry experts shared their best practices for tech selection, implementation and creating efficient processes that scale. Their analysis offers insights and inspiration to prepare Canadian property managers for a harmonious future with technology. PM Springfest 2021 PM Springfest is a two-day online educational conference for decision makers and influencers of the property management industry. The event gave participants the opportunity to connect, network, learn and share insights on the industry’s most important topics including sustainability, legal and regulatory issues, resiliency and technology. Panelist Sandeep Manak, CFO, Wesgroup Properties, Brian Turpin, CIO, Greenwin and moderator Sam Amin, marketing manager, Yardi Canada led the webinar, “Hello New World: Are You Ready for the Future of Real Estate Tech?” The panel explored how tech facilitates business continuity, strategies for successful adoption and how they leverage data to thrive. Tech is essential for modern, successful business continuity The pandemic served as a catalyst for technology adoption throughout real estate verticals. Manual processes, paper-based filing systems, and face-to-face interactions came to an abrupt halt. Technology empowered companies to press forward and thrive in remote environments. Turpin says, “At Greenwin, we always had this digital mindset of being cloud-first. Our overall strategy has been focused on mobility, digital payments, online leasing, and virtual tours.” As a result, Greenwin was able to shift to remote work environments within a few days. The organization also accelerated disaster response protocols that were already in place. “Something that we specifically did around the pandemic was the deferred payments,” says Turpin. “A vendor like Yardi quickly stepped up and pivoted...

Gen Z Renters May05

Gen Z Renters

The oldest members of Gen Z are turning 24 this year. They were just seven years old when Facebook launched and 13 when Instagram came along. They have never known a time without the internet. And they’re poised to be the largest generation of renters ever. Just when we’ve adapted to Millennial renters, this new generation enters the market with its own set of renter preferences. But how different are they, really? A rentcafe.com survey of 2,500 renters revealed what Gen Z renters are looking for in their next apartment. First, see the results from that survey in an infographic that you can share. Then, get some tips for attracting and retaining Gen Z residents. Finally, watch a video interview with a Gen Z renter who shares her take on today’s online experience. Infographic: Gen Z renter preferences Gen Z is a generation of digital natives who value technology above most traditional amenities. They search for apartments on Google, check out reviews first and consider high-speed internet to be more important than onsite parking! While Gen Z renters may just be entering the market, their preferences indicate future multifamily trends. For example, this generation is 2x more interested than previous generations in smart home features like locks and thermostats. So for now, smart home features are nice to have. But in the future, will they be considered a must-have to demand the best rent rates? 3 tips for marketing apartments to Gen Z renters The results of this survey were also discussed during the keynote address of the Apartment Innovation and Marketing (AIM) Conference’s virtual Reconnect event. In the presentation, Drew Davis, award-winning marketer and author, and Esther Bonardi, vice president of marketing at Yardi, shared strategies to attract and retain the newest generation...

Future of Procurement in Canada

In the last year, we’ve witnessed accelerated implementation of web-based property management software, automated services and paperless transactions. We now know technology is here to stay and more businesses will continue to leverage technology to help improve efficiency and continuity throughout the organization. In the Canadian real estate industry, this uptake in tech is particularly true in procurement and payment processing. If you are looking for a solution to take your organization to the next level of efficiency, an end-to-end procurement to payment software should be on your vendor list. Unlock potential value Christine Williams, vice president of national operations and administration for QuadReal Property Group, is one of many Yardi clients that are leveraging paperless solutions. “Our internal initiative is to always stay current with technology and processes. We want to empower our staff to get the job done in the fastest, most efficient and the most accurate way.” Getting invoices on the desk and scanning them is a new safety concern, as well as an inconvenient task that takes many hours from staff schedules. Rather than handling high-quality tasks, your staff is stuck sifting through stacks of paper. This is when you need a solution like a third party digital invoice services to take the burden from your team to off-site specialists who can scan and key your invoices. By outsourcing this work you free up time for your team while leadership maintains control of all invoice approvals. Cheque writing is another drain on your staff’s time and in-office hours. Paper cheques require printing, signing, postage fees and can cause potential delays. Implementing an electronic payment platform permits efficient vendor payments and data. Offering a truly paperless invoice process is key for ensuring successful business continuity.  Williams says, “Historically, manual management processes have proven to be inefficient. We are big on automating workflows at QuadReal. Wherever we can put a user access control in place from a system perspective, we would rather have someone push an approve button than a piece of paper.” Simplify vendor management Maintaining open lines of communication with your vendors is important but staff can find themselves fielding dozens of calls and emails each day. A  self-service online portal for vendors enables vendors to submit invoices, check payment statuses, manage POs and work orders when they are off or onsite. When vendors can manage their own accounts, there is less downstream burden for your staff. Williams continues, “If there is a vendor that is going to integrate ordering to purchase orders to invoice submissions and payments, they understand the market’s needs. Having that functionality takes multiple steps out of our process, making it easier for all stakeholders.” Gain control of MRO spend With the recent increase in tech adoption, some businesses are seeing a disparate supplier base across their organization leading to errors, inconsistencies and cost variables. Without a streamlined approach to your procurement spend, your team is constantly adjusting to moving targets. To take the guess work out of procurement management consider what online catalogues can offer and how your organization can benefit from tracking and centralizing all procurement decisions in a single database. Two other major wins of streamlining your processes is that your operations team feels empowered to make better decisions and it helps create consistent policies throughout your communities. Williams explains, “Minimizing manual steps makes our processes easier for our properties, staff and vendors, and we embrace tech innovation. From a site user perspective, all our team needs to do is log onto Marketplace, place their order, the system will generate a purchase order, that follows our predefined workflow to get all of the necessary approvals. From a management standpoint, we have access to the analytics, from which we gain greater visibility into our working capital and budget.” Go beyond business continuity As organizations prepare for our post-pandemic reality, integrated technology remains a key determinate in the ability to...

Access + Support May04

Access + Support

Did you know that more than 51 million Americans experience mental illness? May is Mental Health Awareness Month. Participants are encouraged to end the stigma around mental illness and promote conversations about mental health. Yardi offers an array of resources to support mental health awareness and services. Mental health by the numbers Per the National Institute of Mental Health (NIMH), nearly one in every five adults live with a mental illness. That’s approximately 51.5 million Americans aged 18 and older that have a diagnosed condition. An estimated 49.5% of adolescents ages 13-18 have a mental disorder. The National Library of Medicine reports that “46% of Americans will meet the criteria for a diagnosable mental health condition sometime in their life, and half of those people will develop conditions by the age of 14.” The Canadian Mental Health Association (CMHA) reflects similar numbers: in any given year, 1 in 5 people in Canada will experience a mental health problem or illness. By age 40, about 50% of the population will have or have experienced a mental illness. With more than 20% of the population living with mental illness, we face a growing need to understand mental health. That understanding comes in the form of formal research and open dialogue with our communities. Mental Health Resource Library To support the wellbeing of its employees, clients and their residents, Yardi has sponsored the COVID-19 Mental Health Resource Library. The investment and property management software provider developed the library to aid those affected the pandemic. The virtual library offers tools to help manage changes in our homes, employment and social conditions. Users can explore practical insights from dozens of videos, articles and other media. Each is presented on a free, user-friendly platform that is accessible on any internet-enabled device. The...

Investment Management Trends

One of the major challenges in investment management is providing visibility to investors. Driving transparency between owners and investors leads to increased investor confidence, reduced risk and a healthier relationship for all parties involved. Communicating with investors and allowing them access to reports and data is critical when it has become evident that in-person meetings will be less and less common.  Technology platforms streamline day-to-day tasks and provide greater efficiency to reduce the risk for human error. Chris Barbier, Yardi industry principal, explained this premise on a recent REF Club podcast. For example, you could simply enter a number wrong into a formula. An employee who operates the spreadsheet could leave the business, and interpreting data could become a strenuous task. Numbers have to be auditable. There has to be integrity to the data as it rolls up the ownership structure, as Barbier explained. “As an investor, you get the confidence of knowing there is a platform behind a number and that it’s not just being calculated manually in a spreadsheet,” he said. Transparency is also vital for members of the organization beyond the accounting department. “Folks in investor relations, portfolio management, asset management, fund management, they may be the consumers of the accounting information but may not have direct access to the accounting system,” Barbier said. These roles speak directly with investors. Internal departments’ visibility can help them pull up data faster, answer questions, provide details, and broaden the overall transparency between the company and its investors. The pandemic highlighted communication as a value proposition with stakeholders even further. Tech solutions have improved collaboration and communication between teams internally, making remote work more successful than most organizations anticipated. But these tech platforms have also allowed for business continuity in which investors still felt connected to the organization. They were still receiving distribution checks or payments in a timely fashion and never lost visibility into the financial status of a company during a very uncertain year. Investors justifiably had more fear or concern about their portfolio over the past year. Yardi addresses those questions with their investment management solutions. Investors are often asking, “do I have that in my portfolio?” as Barbier explained. “Is that impacting my return? How is that impacting my investment?” Barbier said these were the common questions from investors. “We’ve done a lot in the investor communication side in the past year because we’ve seen clients want to adopt the technologies. COVID accelerated that, but some clients were already going in that direction,” he added. Tech platforms such as Yardi’s investment solutions are a driver for growth and operational performance. Organizations can scale, build value and gain investors without adding staff or additional costs for multiple solutions due to the added efficiency of a single connected platform. Additionally, as Barbier explained, tech provides a new level of asset oversight and risk management, with better access to asset-operational data. “New tools provide that visibility, so [you have] more proactive discussions and less reactive. That starts to gain some efficiencies over time in terms of getting ahead of things that come up at the operational level,” he said. Allowing clients to find ways to squeeze additional value and return yield from the assets. Investors want to have the ability to answer their questions and find the data they’re looking for when they want it. “They’re checking in, at least monthly, to see their positions, their information and where they are with their investments,” Barbier said. But the key is that investors are more involved and more knowledgeable about their standing now than when clients were passively sending information out to investors via email or other avenues. Tech platforms provide that window for self-service that investors seek.  “We’ve seen a trend for a few years now in the U.S. where many investment managers are moving from best of breed to a single integrated solution,” Barbier said. Owning the...

Opportunity Equity May03

Opportunity Equity

Investing in the wellbeing of girls and women is among the best choices that a country can make. According to the United States Agency for International Development, when 10 percent more girls go to school, a country’s GDP increases on average by 3 percent. Additionally, countries where women hold at least 30 percent of political seats are demonstrably more inclusive, egalitarian and democratic. The benefits of female-centered investments are also tactile. The United Nation’s Food and Agricultural Organization found that when equipping female farmers with the same access to land, tech, and capital as men, crop yields increased by as much as 30 percent. That 30 percent boost can reduce the number of hungry people by 150 million. Women’s advocacy has social and economic benefits. The Corporate Social Responsibility (CSR) department of Yardi Pune participates in many partner projects in socio-economically disadvantaged neighborhoods. Women and girls are the target beneficiaries of most projects. The initiatives reflect gender advocacy in the context of health, sanitation, education and income generation. BSSK + Yardi support higher education for girls Selecting a college and completing courses can be a tough choice. For many low-income families in Pune, financial struggles are exacerbated by social pressure. The Yardi Pune CSR and Bharatiya Samaj Seva Kendra (BSSK) collaboration results in scholarships for 40 girls who dare to pursue a college education. What sets BSSK apart from other scholarship programs is that it is structured to help girls overcome social pressures that would dissuade them from self-advocacy and education. The project implements programs to counter the family and community pressures girls often face. Their parents also sign an agreement that they will not hinder their daughter’s education. Once the agreement is in place and prior to college admission, the selected student receives an aptitude test and career counselling to help her select suitable courses. Scholarships then address admission fees and tuition so that she can focus on her education. “Most of these girls are first generation college graduates in their family and are challenging the regressive social norms in family and community through their hard work,” says Dipanwita Sengupta, senior executive, CSR at Yardi Pune. MASUM + Yardi demonstrate that supported girls support other girls The Yardi Pune and Mahila Sarvangeen Utkarsh Mandal (MASUM) collaboration explores the intersection of education, physical wellbeing and leadership. The program supports 35 girls and young women from 25 villages around Pune. “These villages have limited access to schools and colleges, and often regressive views on girls’ education and career development which are addressed through this fellowship program,” says Sengupta. Through the fellowship, participants receive guidance on their higher education plans. They are also given support and access to extracurricular activities such as outdoor sports. Since such practices are uncommon in their communities, the program counsels girls’ families on the benefits of education, physical fitness and team sports if required. During the program, participants are encouraged to develop their leadership skills. Recently, the 35 original participants learned volleyball. They then gathered about 150 girls from their respective villages for a volleyball competition. The event showcased the cascade effect of the program: supported girls support other girls. It was a fun and empowering event for all. Yardi empowers intermediaries for health and safety Yardi Pune CSR worked with local health officials to identify approximately 2,000 women from 226 slum pockets. Each woman demonstrated leadership potential, which was further developed as she stepped into intermediary roles between community and government. The women received education on how to help improve sanitation conditions of their locality. They then monitored the community toilets in their locality, met regularly to build community consensus for common decisions, and contacted elected representatives and officials for information and services. Through this process, many of them are developing their potential as community leaders. FPAI Pune + Yardi help to build healthier families Family Planning Association of India (FPAI) Pune and Yardi Pune CSR are working together to build...

McKnight’s Panel

As optimism in outlasting the COVID-19 crisis continues to grow, senior living providers face a new challenge — navigating the business world in the pandemic’s aftermath. Recognizing the need for expert insight, McKnight’s Senior Living is featuring three industry executives in a digital power panel on May 5, 2021. The session will break down strategies in maneuvering through the coming months and beyond. And set to speak is Yardi’s own Fil Southerland, a seasoned expert in the LTPAC industry. Topics at a glance Sponsored by Yardi, the McKnight’s power panel — Preparing for business after the main COVID-19 storm — will explore a range of topics. With an expert viewpoint and strategies to share, Fil Southerland will cover the following subjects, plus more:   How to improve operations, both post-pandemic and in generalWhy digital workflows are a mustThe industry’s shift toward interoperabilityStrengthening resident and family engagement, digitally and in person   About Fil Southerland Fil Southerland has been involved with the LTPAC industry for over 15 years, and currently serves as Director of Healthcare Solutions at Yardi, where he leads initiatives in electronic healthcare records and interoperability. Prior to his time at Yardi, Fil served as Founder and CTO of ALMSA, Inc., a nationally recognized cloud-based electronic health provider in the Assisted Living industry. With expertise in Health Information Technology, digital privacy and LTPAC policy and interoperability initiatives, Fil is passionate about using technology to improve outcomes for residents and care providers. Don’t miss Fil’s insightful contribution, along with two other expert speakers, on May 5 at 1 p.m. EDT.   Save the date and register...

Streaming Efficiency

Working in multiple locations need not hinder efficient record-keeping by nurses and other senior living community care staff thanks to the Yardi EHR Care Stream App. Yardi EHR Care Stream app lets care staff execute point-of-care charting and related administrative tasks on mobile devices. Previously users had to log in to Yardi EHR, a full service electronic health record solution for senior living, to perform order resolutions before charting orders in the Yardi EHR Care Stream app. “This faster, more efficient process for order resolution helps all senior care nurses and especially those who work in multiple communities or remotely. They can spend less time on record-keeping and direct more of their energies to their pressing care responsibilities,” said Ray Elliott, vice president of senior living for Yardi. See how Yardi EHR combines with the rest of the Yardi Senior Living Suite to create a comprehensive technology platform for senior living...