Merging Traffic Feb20

Merging Traffic

In September 2016, real estate became the 11th Global Industry Classification Standard sector.  Morgan Stanley Capital International Inc. and S&P Dow Jones Indices, which maintain the standardized classification system for equities, described the action as reflecting the “growing importance of real estate in the world’s equity markets” and “the position of real estate as a distinct asset class and a foundational building block of a modern portfolio, rather than an alternative.” The GICS classification means real estate asset performance is no longer blended into a larger financial picture but stands fully accountable on its own merits.  This has prompted many companies to capitalize on real estate’s status as an increasingly viable asset class.  For example, Cousins Properties Inc. completed the spinoff of Parkway Inc. into an independent REIT in October 2016.  In March 2017, shopping center owner, operator and developer Regency Centers Corporation merged with Equity One Inc. to form a $16 billion company.  Government Properties Income Trust acquired First Potomac Realty Trust for $1.4 billion later that year. Alex Stanton, Yardi’s industry principal for commercial, offers insight into best practices for participating in the growing mergers and acquisitions trend. The following are his thoughts on how to prepare: The increasingly common exchanges of real estate following the GICS designation aren’t the exclusive province of the big players; it’s happening with medium and small real estate companies as well, including enterprises that are family owned and operated. Mergers and acquisitions hold high potential to benefit shareholders, staff and customers of the newly created entity—but only if the organizations involved put the right strategy and assets in place.  Here are some ways to do that. Put People First A company may be privately owned and dreaming of being a REIT, or planning to open funds...

HercuWall

Want to lower project costs and enjoy a faster build cycle all while improving the quality of the finished product? Of course you do. HercuTech’s HercuWall, the poster child of reNEWable Living Home 2018, makes it possible. The Product HercuWall offers the durability of composite concrete construction without the need for steel rebar. The product comes with a water and vapor barrier, and it is dust free, impervious to mold, and unappealing to termites. Each HercuWall kit is computer generated and precision cut to meet product specifications, including casings for windows and doors. Upon delivery, block masons and framers can quickly and easily assemble the prefabricated panels—each weighing 40 pounds or fewer–without any modifications on the site. Builders can enjoy less mess, no wasted materials, and reduced worksite clutter. Completed HercuWall products came in a range of insulation value ratings, including R-20, R-29 and R-33. When supported with energy efficient windows and adequate HVAC units, HercuWall can reduce energy costs by 40-60 percent. The performance of the product does not diminish over time, resulting in long lasting durability and comfort. Now for the information that you’ve been waiting for: HercuWall is competitively priced with block and wood framing. The prefabricated kits make it quick and easy to assemble, reducing the labor and time needed. HercuTech cites that a 2,400 square-foot production house can be installed in 2.5 hours and concrete placed in two more hours with a crew of five. According to the HercuTech website: “Experts predict that this type of construction will have higher resale value than conventionally built structures.” Live Applications There are several completed residences in Arizona as well as the Meritage Homes reNEWable Living Home, a partnership with BUILDER Magazine. The reNEWable Living Home showcases groundbreaking products in sustainable building....

Triggers to the Past Feb16

Triggers to the Past

The past is alive in the unlikeliest of places. Nestled inside a 20,000-sqft light industrial building in the heart of Chula Vista, Calif., Glenner Town Square harkens back to a different era: 1950s San Diego to be exact. Conceived as an immersive experience for seniors in their 80s, Glenner Town Square is at the forefront of what’s being called Reminiscence Therapy. The hope is that by surrounding seniors with familiar touchstones, like a 1959 T-bird or black and white film, those suffering from dementia will be able to capitalize on their remaining cognitive function to interact with the outside world. “If you can create an environment that’s designed in a way that captures that part of their life and those memories that are still intact and strong, they can function in a way that’s competent,” explains Dr. Daniel D Sewell, Director, Senior Behavioral Health, UCSD in a video about the project. “They can be comfortable and feel good about themselves because it plays to the individual’s strengths.” A Multiplicity of Places Reminiscence Therapy (RT) focuses on creating an immersive environment for patients using “tangible props” from their past to help them preserve cognitive function and improve their quality of life. At Glenner Town Square, everything from building facades to the interiors is designed to invoke a past that, to many suffering from Alzheimer’s and dementia, feels much more real than the present. By creating a safe and familiar environment for patients, the creators of Glenner Town Square hope to provide a sense of comfort, peace and continued vitality for patients. In addition to the 8,500-sqft village – that includes buildings based on the city of San Diego from 1953 to 1961 –  Glenner Town Square will include a working cinema, a 50’s-style diner, a...

Coworking Trends

Yardi Matrix has completed the first report that quantifies the amount of office space dedicated to coworking in office buildings with 50,000 square feet or more in 20 large U.S. markets. “Coworking represents a small yet growing segment of the office market,” the report says, noting that that 20 markets contain more than 1,100 coworking space encompassing almost 27 million square feet of space.  This total represents 1.2% of the total office space in those markets. Shared workspace originated in the 1990s to provide space for self-employed workers and employees traveling or working remotely. The practice expanded after the Great Recession, driven by a growing gig economy, cost-cutting strategies and other factors. Today, the report says, “coworking represents a small yet growing segment of the office market” that helps companies accommodate remote employees, attract talent, promote work satisfaction and reduce leasing costs. Eleven of the 20 metros in the Yardi Matrix study have more than 1 million square feet of coworking space for lease, led by Manhattan, N.Y., with 7.65 million square feet in 245 spaces and Los Angeles with 3.7 million square feet in 158 locations. Nine other metros have at least 1 million square feet dedicated to coworking. Miami has the most coworking space as a percentage of total stock, at 2.7%. “Demand is high in markets with concentrations of knowledge workers—especially IT but also new media or industries such as biotechnology and telecommunications—that are friendly to startups [and] in metros where space is at a premium,” the report says, and lower in metros such as Dallas and Houston that have low barriers to construction and high vacancy rates.  The practice is more prevalent in urban settings due to the concentration of workers there and the tendency of startups to proliferate in...

Aiding the Blind

More than 250 million people lack the gift of sight. While for the most of us even imagining what it is like to live in complete darkness is impossible, some have found a way to make a commitment that’s truly amazing—to end vision loss by 2020. Luckily, we live in the era of wearable technology. eSight originates in Toronto, Canada, where one successful engineer—Conrad Lewis— with two legally blind sisters, wanted to use his skills to come up with a solution to their blindness. It took him seven years and investments of tens of millions of dollars to develop the technology and in 2013, managed to release two beta versions of the glasses that would revolutionize the world of the legally blind. In 2017, the company launched eSight 3, a much sleeker and lighter version of the headset, which also has improved battery life and image quality. How does it work? The gadget is equipped with two depth sensors and a high speed, high resolution camera positioned in the middle of the eSight glasses that captures whatever it is that the user is looking at in real time. It also has a powerful computer, which instantly processes the high definition video and displays it on two OLED screens in front of the user’s eyes, using specific optics. The gizmo’s proprietary algorithms enhance the video feed, which offers clarity without perceptible latency or delay. This allows the user to auto-focus between short-range vision to long-range vision. A special feature—the patented Bioptic Tilt capability—enables users to adjust the eyewear to the precise position they choose and also maximize the outer peripheral vision, which people with low vision still have functional. The feature, combined with imperceptible short latency, keeps the user’s balance in check, thus no nausea...

Multigen Living Feb14

Multigen Living

The new report, As Rents Rise, More Renters Turn to Doubling Up, explores the growing rate of co-living arrangements. Finances were the primary reason for multiple generations and teams of adults sharing a single home. You could benefit from this trend, even if you never considered marketing your units as a co-living floor plans. Co-living Styles and Motives Co-living isn’t a recession-era trend. It has been on the rise well since the economy began to recover. The rate of co-living has increased from 39 percent to a whopping 54 percent for people ages 23 to 29. In multigenerational living, young adults team up with their parents or in-laws to form a single, cost-effective household. On top of saving on rent, co-living allows families to save on utilities, entertainment, and childcare costs. In addition to families teaming-up under one roof, the research reveals that non-familial teams formed with the same motive. To improve rental affordability, many adults double-up in housing. Without surprise, the co-living trend is most prevalent in the nation’s metros with the highest rents, particularly Los Angeles with a co-living rate of 46 percent and Miami at 41 percent. So what is the income threshold for co-living? Renters with an annual income near $30,000 or less shared homes more often than their peers with higher incomes. While that income amount varies by metro, renters that choose to share abodes tend to make about 30 percent less than renters who choose to live alone. Making Co-Living Work for You How might you benefit from the rising rate of co-renters? If you don’t permit subletting, it may be worth considering. Creating contracts for residents to use can help you remain in control while benefiting from a lower vacancy rate. Realistically, you probably have several renters subletting a...

Harassment Training Feb13

Harassment Training

A major trend in 2017 was the prevalence of discussion around sexual harassment in many workplaces. Seemingly every week heard new reports of high-profile offenders, despite decades of preventative efforts by employers and government regulators. In 2018, it’s likely that major changes are on the horizon. PBS provides an excellent overview of the history of harassment policy, and how training has evolved since being first introduced in the 1980s. The article cites a report from a task force set up by the United States Department of Equal Employment which found that training likely failed to prevent harassment because it were too focused on simply protecting employers from legal liability. One example of an evolving training policy is happening in California. State legislators passed a bill in the fall of 2016 that requires managers receive training which includes the topics of gender identity, gender expression and sexual orientation. The requirement applies to companies with more than 50 employees and went into effect on January 1, 2018. “Training is vital to prevent harassment from occurring, but it’s clear that the curriculum must evolve as the issue changes over time. That’s one of the great things about online training, it can be quickly updated and efficiently rolled out to learners at very little cost compared with producing and shooting a new video,” said Patty Evans, director of corporate training for Yardi. Yardi recently announced that its Yardi eLearning sexual harassment classes are fully compliant with the new California law. The team worked to update courses so that California-based clients could comply with new state law as it went into effect. “Gender identity and sexual orientation are long past due when it comes to inclusion in harassment training. We’re proud to make this important instructional material available not...

Atlanta’s Auto Boom Feb12

Atlanta’s Auto Boom...

Within the past 5 years, metro Atlanta has welcomed multiple international automotive companies. The rise of the automotive industry results in additional commercial development for the growing region. PSA Group PSA Group, parent company of Citroen and Peugeot, is the newest arrival to Atlanta. Automotive News reports that the French automaker is already recruiting in the with hopes of opening its American headquarters in February. For a company that is opening its doors next month, PSA Group has been silent about the details of the site. It is safe to say that the headquarters will not be new construction, though details of the deal in one of DeKalb County’s existing high-rise have not been forthcoming. PSA Group products will not be available until 2026. The company is currently in its development stages, focusing primarily on US compliance standards and market research. Analysts are anxious to see if the arrival of PSA Group will stimulate growth seen near other automotive developments. Mercedes-Benz The 200,000-square-foot Mercedez-Benz headquarters, on the other hand, is hard to miss. Groundbreaking took place in 2016 and the building is scheduled for occupation in March. Roughly 1,000 employees from the temporary headquarters in nearby Dunwoody will relocate to the new 12-acre site in the spring. The aesthetic of the $93 million building, located in the suburb of Sandy Springs, champions  simplicity: clean lines, a muted color palette, and bright spaces. The structure, mostly glass, was inspired by biophilic design. “No person sitting in this building will be more than 30 feet from daylight,” says Gensler Principal Stephen Swicegood of MBUSA. The headquarters will be equipped with a fitness center, and a day care center with extensive outdoor playground. Adults can play in the walking trail nestled amongst nearly 800 trees. “We’re very pleased...

Client Input Feb09

Client Input

The user experience can make or break a piece of software, and user feedback is of key importance to the software development process. Companies strive to learn how customers respond to products wherever possible, be it through social media, focus groups, surveys or client conferences. Without input from users, software developers can miss out on opportunities to innovate new features that take into consideration the unique needs of their users’ daily workflows. Chris Ulep, Yardi vice president of multifamily product development, describes how a strong client involvement benefits his team’s development process. “Clients have a strong voice in the design of Yardi solutions. We value their input because it makes our development process faster and more responsive to their immediate needs. We embrace the opportunity to engage clients during development process, and leverage their vast experience and understand their requirements,” Ulep said. That philosophy is also evident in how Yardi develops content for its online staff training platform, Yardi eLearning. One of the main ways the Yardi eLearning team solicits input from clients is through monthly roundtable sessions, available to any client free of charge. “Our monthly client roundtables are interactive, informative and collaborative. Leading trainers and content designers from around the country gather for quick, one-hour sessions that cover a variety of topics. Our roundtables bolster creativity and foster new ideas by sharing new ideas on the screen for everyone to see. Prioritizing those ideas as we develop features and curricula is just one of the ways we ensure Yardi eLearning content stays relevant and in alignment with our clients’ needs,” said Patty Evans, director of corporate training and eLearning for Yardi. While inspiring conversation is valuable for participants, the camaraderie of the events is even more important. “The opportunity to meet regularly with a community of...

Paperless Perks Feb08

Paperless Perks

Are you feeling energized for 2018? It’s a new year, bringing fresh challenges and opportunities. And while every January can inspire a list of resolutions, for every real estate business one goal is likely to top the list year after year: reduce costs. When it comes to lowering operational expenses, going paperless for as many tasks as possible is smart. And here’s some great news: it’s easier to do than you might think, and the benefits are big. For Dallas-based apartment manager LumaCorp, centralizing and automating procurement and payables processing on its mobile Yardi property management platform using Yardi Procure to Pay has not only reduced costs for the company, but also saves its staff valuable time (in addition to sparing more than a few trees). And in just three months, by eliminating the cost of transporting invoices by courier, Procure to Pay paid for itself. Better Buying and Bigger Discounts LumaCorp manages 24 apartment communities with more than 6,000 units. According to Larry Orth, LumaCorp’s controller, the company’s maintenance, repair and operating supply costs fell by 4 percent the first year after adopting Yardi Procure to Pay, an end-to-end, paperless procurement and invoice processing system that’s part of the Yardi Multifamily Suite full-business platform. Orth said, “For me, the great thing about it is the time efficiency, both at the properties and in the accounting department. We are a full service Procure to Pay client, so the processing is handled by Yardi, which takes a lot off our onsite people’s hands. All told, Procure to Pay has reduced by up to 40 percent the time our team spends on the payables process. And it’s a paperless system, which obviously also benefits the environment.” LumaCorp has also gained savings from the negotiated pricing across...

Best Practices Feb07

Best Practices

Many states do not require landlords to specify a reason for lease non-renewals. It is in your best interest, however, to have a well-documented reason for not renewing a resident’s lease. Here’s why. Keep Fair Housing Fair Fair Housing laws forbid non-renewals based upon discrimination or retaliation. You likely know this from your new-hire orientation, but here is a quick review of why it matters now: Discrimination: You cannot treat residents differently based upon their race, ethnicity, family status, ability level, sexual orientation, or any other protect class group. Your resident’s rambunctious kids are not a sound reason for lease non-renewal. Retaliation: You cannot treat residents differently because the residents assert their rights in any capacity. Residents always retain their legal rights. For example, if a resident issues a complaint about your property to a government agency and, subsequently, you opt not to renew the lease, you may face legal action. Thorough documentation prior to a lease non-renewal provides clarity for both landlords and residents. You can minimize claims of discrimination or retaliation when there are time- and date-verified correspondences of your concerns. Documentation Best Practices If peer complaints are your first indicator that a resident is a problem, document the complaints electronically. For example, if a resident calls with a noise complaint about a neighbor, write an email identifying the details of the complaint and send it to yourself. It’s beneficial to send a copy to the resident as well. (Your message does not need to contain the name of the person who issued the complaint.) Primarily, the resident may be unaware of the issue. Your message may stop the problem and prevent the costly turnover. The email also lets the resident know that you are tracking their non-conformity to the lease or...

Giving by Gaming Feb06

Giving by Gaming

Yardi Saskatoon participated in the Extra Life game day, a playtime marathon to support Children’s Miracle Network Hospitals. Jim Pattison Children’s Hospital was the local beneficiary of the event. Extra Life  started back in 2008 with a handful of passionate gamers. Since then, the community has grown to more than 100,000 participants. To date, Extra Life has raised more than $40 million for children facing illness and major injuries. The Concept Ideally, Extra Life is a gaming marathon that lasts for 24 consecutive hours. While there is an official Game Day (often early November) gamers are able to contribute whenever their schedules allow. They’re also encouraged to take breaks and spread out the 24 hours as needed. Gamers can choose from a variety of game styles, from PS4 to card games and even hop scotch. It’s an entirely flexible fundraising platform that allows players to customize the experience based on the interests and expertise of those involved. Fundraising milestone are also customizable. Coordinators recommend a minimum of $100, but players are encouraged to select an amount that is personal. For example, Extra Life founder Jeromy Adams set his 2011 goal at $5,415. That odd number represents $5 for each day that his friend Tori spent fighting leukemia before she succumbed to the illness. Passionate participants begin by receiving achievement badges, milestones in raising awareness and rallying support. For every year of participation, gamers receive Legacy Badges that distinguish them from newbies in the field. Power Ups are the participants’ ultimate in-game reward! Each year, coordinators collaborate with partners to offer “gaming goodies.” These can range from discounts to expansion packs and merchandise. Platinum players receive Extra Life memorabilia such as t-shirts, medals, and exclusive prizes. The Event The event was held on-site on the...

Yardi Honored Feb05

Yardi Honored

PathPoint has awarded Yardi a Community Partnership Award in recognition of the company’s 10 years of support for PathPoint’s programs for adults with disabilities in Santa Barbara. “Yardi’s generous grants over the past decade have enabled us to bring the latest assistive technology and resources to individuals with disabilities—helping them communicate with their families, access Internet resources, and engage with the world,” said Harry Bruell, PathPoint’s president and CEO.  “The difference this has made for these individuals and their families is life-changing.” PathPoint is a non-profit organization dedicated to providing services to people with disabilities or disadvantages in order to reach their fullest potential. PathPoint provides employment, community access, independent living, and behavioral health services in five Central Coast and Southern California counties: Kern, Los Angeles, San Luis Obispo, Santa Barbara, and Ventura. “We have a long history of giving back to communities all over the world,” said Gordon Morrell, Yardi’s executive vice president. “We’re honored to partner with PathPoint to help improve the lives of our fellow community members.” At the awards ceremony in December, PathPoint presented Yardi with an original abstract painting by Elizabeth Blasenstein, a participant in PathPoint’s Community Integration Program. The integration program is one of the many ways PathPoint supports adults with disabilities with stimulating activities, social interaction, and vocational training. Yardi grants have also supported staff training, adaptive art supplies, sensory stimulation equipment, and facility maintenance and upkeep; all vital parts of nurturing a path to integration for individuals with disabilities into our community. To learn more about how Yardi is Energized for Good, visit our Giving page:...

Alien Ale

Start with a little volcanic ash, add a dash of vermiculite and some coffee grounds, and what you end up with is not just a reasonable facsimile of Martian soil, but also the perfect environment for the cultivation of hops. While on its own, Martian soil’s density and aridness make it inhospitable to most crops, the addition of a few crew ingredients can change barren earth into the perfect host for potatoes, herbs and, apparently, the types of grains that make beer possible. Soil analysis reveals hops could thrive on Mars, opening the door for a truly out-of-this-world brew. That’s the discovery presented by a group of students from Villanova University to a recent meeting of the American Astronomical Society in Washington D.C. Working with astronomy and astrophysicist Professor Edward F. Guinan, 25 budding Martian farmers initiated a series of experiments to see which types of crops might thrive on the red planet. While most of the participants chose practical plants, like soybeans and kale, on group decided to see if the essential ingredient for beer might also be viable. “Because they’re students,” Dr. Guinan said of the decision, it makes sense they’d lean toward ‘Martian beer.’” A Handful of Mars The Martian agricultural experiment began as a way for Guinan and his class to explore how a typical Martian colony could sustain its residents. Though real Martian soil isn’t actually available, The Martian Garden sells a unique blend of crushed basalt from the Mojave Desert based on NASA and JPL research to produce soil “as close as you can get to Mars without leaving Earth.” While the soil is available for purchase, beginning with the MMS-1 Mojave Mars Simulant at $5 a pound, students, researchers and “space enthusiasts” can receive a free sample...

Senior Star Feb01

Senior Star

Alzheimer’s is the 6th leading cause of death in the United States. It is the only cause of death within the top 10 list that currently cannot be prevented, cured or slowed. Many Americans are working to change that. Yardi client Senior Star of Tulsa, Oklahoma, has joined in the fight against Alzheimer’s disease. Senior Star operates 14 communities with a total of 2,200 apartments in six states. A small but mighty force in the senior housing industry, the company is making its mark on Alzheimer’s research and awareness.  When Yardi reported on Senior Star in 2014, the company raised $255,000 through The Walk to End Alzheimer’s®. In 2017, the company successfully raised $600,000. In the last five years, the organization has exceeded $2.3 million in funds raised. Associates from throughout the organization raised funds and put in the miles to make it happen. Tyler Hanes, Project Director at Senior Star, is one such associate. He has participated in the walk for six years. His work with memory support communities encouraged his participation in the walks. In 2010, Senior Star acquired its first memory support community. Hanes frequently visited with the residents and their families. The experience had a profound impact on his understanding of the disease. “I had always been aware of Alzheimer’s, but I never fully understood the magnitude of the disease until I was touched that year by so many of our remarkable residents struggling with Alzheimer’s. I was initially encourage by Robert (Bob) Thomas, one of the Senior Star founders, to join the Walk To End Alzheimer’s and I’m certainly grateful for his words of wisdom,” says Hanes. Hanes received support from as far away as Toronto. “It’s always inspiring to know the people we work alongside, no matter their geographical location, share...

RENTCafé Adoption Jan31

RENTCafé Adoption

Yardi’s powerful multifamily marketing and leasing platform, RENTCafé, achieved double-digit year-over-year gains in 2017. The robust tool has also expanded to five markets. RENTCafé helps multifamily professionals attract prospects, convert leads and retain residents via dynamic property websites, advanced SEO and SEM capabilities and convenient resident portals. Continued Growth “RENTCafé demonstrated measurable success in 2017, reaching over 4.7 million licensed units,” said Patrick Lawler, director of RENTCafé product development at Yardi. “One of the very exciting patterns we saw last year is the increase of online lease execution. The interest in electronic signatures continues to grow and we anticipate this to be widely-adopted in 2018,” added Lawler. RENTCafé experienced the following gains: Platform adoption increased 34%, resulting in 4.7 million units Online leasing rose by 54%, creating over 4.2 million leads Online work orders expanded by 45%, generating over 4.8 million work orders eSignature adoption grew by 310%, exceeding 2.2 million eSignatures Online payments grew by 51%, totaling more than $18 billion “Yardi never stops innovating. It always raises the bar,” said Belinda Torres, corporate marketing director at Continental Realty Corporation. She has noted firsthand how RENTCafé improves SEO, significantly increasing leads through nudge marketing for the company. Other RENTCafé users include industry leaders such as Pinnacle, Continental Realty Corporation, The Bozzuto Group, and Monarch Investment and Management Group. Recent client highlights include a 34 percent lead conversion rate and a 20 percent increase in time spent online as a result of RENTCafé. “Our clients’ successes are proof of our ability to respond quickly to industry trends and client demands for new features,” said Lawler. New Markets In addition to the flagship RENTCafé product developed for apartment homes, the platform has expanded services into other markets. Users can now implement RENTCafé’s powerful features for self-storage, affordable, student, senior and military properties. RENTCafé is part of the Yardi...

Coworking Trends

The year 2017 marked the largest growth in coworking, and produced all-time highs in number of spaces as well as number of members. As the industry grows and evolves, what are some of the major Coworking trends to look for in the next year? Here are five trends that will shape the continued expansion of coworking in 2018. Increasing Demand It’s estimated that 50% of the population will be working independently by 2020. If this comes to fruition, the demand for shared space will continue to rise at a fast pace in the next year. According to some estimates, there could be up to 37,000 Coworking spaces worldwide by the end of 2018. Those interested in joining the movement see that Coworking has become a symbol of community, connectivity, efficiency, and networking. Not to mention it’s a cheaper alternative than leasing in a traditional office space. The demand will only continue to increase in 2018. Health Another trend we could see in the coming year is the value placed on health, both mental and physical. Sure, we’ll continue to see the added benefits of some Coworking locations such as workout spaces and yoga classes. But mental health has been brought to the forefront and working from home, or even in some traditional offices, can create isolation, among other negative factors. Today’s society is searching more and more for the positivity of community, a huge benefit of coworking. Larger companies Coworking spaces tend to gear toward small businesses, freelancers, and entrepreneurs. However larger companies have started to pick up on the trend and realized the added value of working in cross-functional teams instead of in more traditional set ups.  Not only does working within a coworking space offer corporations a more cost-effective alternative to test new...

Looking Up Jan30

Looking Up

What does a largely stagnant year for the multifamily industry in 2017 imply for this year?  How will economic, tax policy, demographic, capital market and supply factors impact the segment?  These and other issues comprise the content of “Sustainable Pace?”, a new market analysis compiled by Yardi Matrix. The Yardi Matrix research team’s study suggests that there’s enough steam left in the sector’s bull run to make multifamily a solid, dependable real estate market segment over the next 18 to 24 months for property owners, residents and investors. Rent growth cooled in 2017 amid robust development and occupancy levels began to trend down in some metros.  On the upside, demand for multifamily shows no signs of slowing in 2018, as the renter cohort ages 20-34 keep growing while retirees continue to downsize.  Urbanization and other social trends will also conspire to keep rental demand steady. Economy: Bright Prospects With regard to the national economy, “we expect another year of moderate economic growth, which potential upside from the recently passed tax reform bill that will lower tax rates and encourage corporate investment,” the report says, adding, “Job growth could slow as the labor market nears full employment, but should remain healthy.”  A 17-year high in consumer confidence plus healthy housing, automobile, manufacturing and other segments are additional positive indicators. Rent Growth: Modest but Steady Following multifamily’s significant deceleration in 2017, the report forecasts rent growth in the 2.5% range nationally this year, with increases in supply and lack of affordability in high-cost metros checking growth.  “Supply is the biggest headwind,” the report says, forecasting apartment deliveries in 2018 to increase by 20% to 360,000.  This new supply will outstrip demand and prompt a slow slide in the occupancy rate. Sacramento, Calif., is the projected leader...

Marketing Automation Jan29

Marketing Automation

To stay competitive, your properties and services must remain in the forefront of the digital marketplace. From a prospect’s search to a resident’s lease renewal, marketing automation can help you exceed renters’ expectations. Marketing automation streamlines repetitive tasks, follows user behavior and delivers targeted content. Such content ushers customers into your leasing pipeline and then helps you keep them as loyal residents. Watch a quick video about marketing automation. In a recent post, we interviewed Esther Bonardi, vice president of marketing at Yardi. She explains the long-term benefits of automated marketing. “Attracting a new resident costs up to five times more than retaining an existing one,” explained Bonardi. “With automation tools designed to check in with residents, conduct surveys, provide contact support and offer timed renewal savings, both your retention rates and your bottom line will improve… automatically!” Learn to automate your marketing for an improved leads-to-leases experience! Below are just a few proven strategies for marketing automation. Nudge Marketing Nudge marketing is a website-based tool that tracks visitor behavior. You can use the tool to deliver targeted content to website visitors based on their actions. You can share a promotion with first-time visitors or prompt visitors to schedule an appointment after viewing floor plans. You control the content and the corresponding user behavior. Intelligent Text Response Text is the latest and greatest in rapid communication for businesses. Provide prospects with customized, automated responses that answer their questions without consuming leasing agents’ time. If a prospect wants to know more about outdoor living space, your automated response can give the square footage of the property’s decks. You can also use the service to send a link to available units. Timed Lease Renewals Increase resident retention and improve forecasted revenue with automated lease renewals. Send...

Memory Care Cruise Jan26

Memory Care Cruise

This fall, aboard Holland America’s MS Eurdam, caregivers and seniors suffering from dementia and their families will set sail to cruise the Alaskan coastline while learn moreing about the disease. The brainchild of Lisa Maria Chirico, CEO founder of Nursinghomeology, the event is designed to “inspire and empower caregivers and their families.” First-Hand Experienc Chirico herself is no stranger to the challenges facing caregivers and family members, having had to care for her father who suffered from Alzheimer’s. Kathy Shoaf, RN, BSN, ATP and the owner of Elite Cruises and Vacations, will be co-hosting the event with Chirico. Shoaf has 25 years of experience in senior care management. A specialist in accessibility travel and geriatric neurology, Shoaf also served as inspiration for the cruise. “The idea for a dementia-friendly cruise grew out of Kathy Shoaf’s senior-friendly, ‘bucket list’ cruises,” Chirico told McKnight’s Senior Living in a recent interview. “Taking the idea to another level, Kathy began seeking out senior care professionals and former caregivers turned dementia coaches and consultants — like me — to co-host a cruise.” Communication and Commiseration Boasting an esteemed lineup of senior care practitioners and professionals, attendees will be able to participate in workshops, attend sessions and – most importantly – mingle with others professionals and family members experiencing similar challenges. Featuring Brian Kursonis, Founder and President of Faith2Care.org and blogger at withAlzmyheart.com, the cruise will also include talks from dieticians, physicians and dementia care educators. AlzAuthors group plans to host a Book Circle, and there will also be a screening and panel discussion of the film Do You Know Me Now?, recently awarded the Silver Remi Award from the Worldfest Houston International Film Festival. Chirico planned the event in order to provide professional caregivers, residents of assisted living and memory care communities and their families...