It’s amazing to think that INREV presented its European RE Investment Intentions Roadshow in London, Amsterdam, Helsinki and Frankfurt so recently – in January, to be precise – before rooms full of major investment firms and investors, the vast majority of whom planned to deploy more capital to meet higher target allocations. At that point, investors faced the challenge of finding opportunities amid current market conditions whose risks included geopolitical uncertainties, yield compression, retail woes and availability of assets. Only a few weeks later, as the outbreak progressed, it’s obvious that COVID-19 will subdue transactions and new vehicle fund raising for the foreseeable future. Investors and portfolio managers will instead focus on analysing their existing portfolios in the current climate. They face an immediate need to find ways to mitigate risk, predict future performance, continue serving customers and satisfy investor queries. Questions whose answers will guide portfolio managers’ decisions include: Do you have a good understanding of your current customers, their needs and customer mix? How strong are your customer’s businesses and could they be affected by the coronavirus? Are your customer’s maintenance issues being resolved in a timely fashion? Do you know and have access to your latest tenancy schedules and which leases need attention in the next six months, bearing in mind that tenants who are well treated and attended to are less likely to renegotiate better terms? Do you have the ability to track MLAs and market rents and understand their variance from current leases? Do you understand how different scenarios could impact portfolio performance and future transactions? Are you considering how reduced valuations, liquidity and the transformation to a lender’s market will affect transactions and leverage? What is your outsourced or counterparty risk? Answering these questions requires full visibility and access into real estate assets’ operational and financial data, along with the ability to evaluate investment options and select assets most likely to maximize ROI. That’s where integrated technology platforms that offer sound processes and collaboration among all internal and external parties come in to facilitate informed decision-making They can track assets through their lifecycle, starting with identifying the opportunity with property prospecting, preliminary underwriting and asset management information. Once an asset enters the portfolio, a connected platform can continuously collect data related to facilities maintenance, energy consumption, occupancy, lease terms and other elements Integrated platforms that perform end-to-end management of the real estate investment lifecycle can help real estate investment management firms operate more effectively during periods of market instability. Such platforms enable efficient portfolio management, visibility into sector and tenant exposure and communication with more demanding investors, all of which are essential to getting those questions answered and developing strategies to handle COVID-19 disruptions. Learn about the resources that Yardi has made available to its clients, employees and communities during the COVID-19...
Perspective on Proptech...
Yardi Europe
Editor’s note: The following article originally appeared in Vastgoedmarkt, a Netherlands-based real estate magazine. It is reprinted here with permission. Mapping the future of living, working and recreation, will require being responsive to the needs of millennials. For this, proptech is essential, according to Richard Gerritsen of Yardi. Most of the technology is already available, but the drive to actually apply it to some sectors of the global real estate industry is still missing. Richard Gerritsen has been working for Yardi since 2005, and currently serves as regional director Europe. The American real estate automation supplier is doing well, the regional director says. ‘We started with offices in London and Amsterdam, but Yardi is now also in Germany and Romania, and will soon also be present in France. Our goal was to double our turnover every five years. We succeeded in that and recently, we have been even growing faster than that. Yardi saw its European turnover grow by 44 percent in the year 2019 alone. Now that Yardi is an established party in Europe and in the Netherlands, Gerritsen also sees it as his mission to stimulate more enthusiasm for proptech in the real estate industry. Unlimited possibilities ‘I want to make the industry aware of the great importance of proptech. When I started at Yardi in 2005, I learned that I shouldn’t use the word software in my conversations with real estate professionals. The software department meant the lads at the end of the corridor where it was always dark. But now, technology and proptech play a much bigger role in (office) life. Yet technology is still not a popular subject in the boardrooms. This is related to conservatism within the real estate industry, but it is also because those aged over...
Middle East Expansion
Yardi's Global Presence
Editor’s note: The following article originally appeared in Gulf Property Executive and is reprinted here with permission. Yardi is now the most used real estate solution for residential units in the Middle East. The company’s game-changing, cloud-based technology helps property and asset managers reduce the costs of managing properties, improves operational efficiency and allows real estate professionals to focus on adding value, a senior official said. “We have already implemented our real estate solutions with some of the largest developers and asset managers in Middle East to manage their units with our property management system, and we expect our business to continue growing at a fast pace,” Aditya Shah, director of Middle East operations for Yardi, told Gulf Property in an exclusive interview. “We help them to reduce costs and drive efficiencies in the way they execute many processes across the real estate lifecycle; the management of service charges being a prime example.” Shah comments that some of the largest UAE-based developers and asset managers use Yardi’s flagship product, Yardi Voyager, to centralise operational, financial, leasing and maintenance management for their entire portfolio in a single database. Yardi is a global real estate solutions provider that manages more than 12 million residential units worldwide through its cloud-based software platforms including Voyager, the RENTCafé Suite and a range of other solutions that support the entire real estate lifecycle from procurement and maintenance to business intelligence and reporting. Established in 1984, the 35-year-old company employs more than 6,500 professionals in 40 offices across the world. The UAE’s facilities management market is growing at a compound annual growth rate (CAGR) of 9.8 percent and expected to generate $23.88 billion revenue by 2024. The growth is driven by the higher number of new residential supplies that is also putting pressure on rent and property prices. According to industry reports, more than 60,000 new homes will be delivered in Dubai in 2019 and 2020 as the emirate prepares for the World Expo 2020. “The supply glut is considerable. In 2018, about 43,000 units were added to Dubai’s total residential stock (which stood at around 491,000 units at end of 2017) and about 8,000 to the Abu Dhabi market (251,000 units at end of 2017),” Jones Lang LaSalle (JLL), a global real estate advisory, said in a report. According to a recent report by global property management advisory Knight Frank, rental rates across Dubai fell on average by 7.7 percent from January to November 2018 with apartment rents falling by 8.4 percent and villa/townhouse rents by 8.3 percent over the same time period. Gross yields in Dubai currently stand at 6.27 percent as at November 2018, down from 6.45 percent a year earlier. This is as a result of rents declining at a faster pace than sales prices over this time period, the report said. Shah estimates rents to decline at around 7-8 percent this year, matching that of Knight Frank. Despite that, he says, Yardi’s business will continue to grow. “The new supplies will expand the property management market and these new units will require efficient property management. With falling rents and property prices, property managers will have to find ways to reduce costs while efficiently managing the buildings and servicing the residents. This is where the deployment of Voyager and other solutions becomes crucial for property managers as it helps lower costs and ensures better property management,” Aditya Shah explains. “Although the real estate market is bottoming out in the UAE, our business is growing at a double-digit growth rate, due to the cost savings and operational efficiency that our system provides.” The major drivers for the market are the increasing investments in the construction sector and the continued growth of the tourism industry. What’s become paramount is the need for the real estate sector to ensure the continuous functionality of these built structures. This applies equally to residential buildings, transport infrastructure like...
Movers and Shakers
Build to Rent Forum Recap
Movers & Shakers hosted another impactful Build to Rent Forum on Thursday, Feb. 27, where eager build to rent professionals gathered to debate a range of topics impacting this ever-growing market. Movers & Shakers Chairman David Jennings opened the day with an inspiring video of Greystar’s 2,000-home Greenford Quay development, showcasing a great example of the high standard of homes the industry has to offer. Adam Challis, Executive Director, EMEA Living Research & Strategy at JLL, reaffirmed the previously controversial notion that home ownership isn’t all that matters. As an industry, real estate should be focused on product quality and geographical diversity. Challis tapped into the importance of sustainability and thought provokingly asked which company in the market would be the first to achieve zero carbon emissions whilst being able to offer affordable rental prices. Later in the day, Rebecca Taylor of Long Harbour agreed with the sentiment and stated that as well as operating buildings more efficiently, sustainability must also be entrenched in construction and waste management. News from the Frontline The passion and enthusiasm to see more collaboration in the market was apparent, especially when it comes to data sharing. Michela Hancock, Managing Director, Development & Construction, Greystar Europe, shared some interesting demographic data from Greystar’s Salemakers development. Hancock explained how Salemakers is occupied by 50% students, a figure much higher than expected, that the average age of build to rent residents is 29, and that 48% of residents are male. Ian Gibbs, Director of Neighbourhoods, Get Living, delved into behavioural data sharing that 20% of the East Village population transfer internally when relocating because they know the Get Living brand. Gibbs also stated that 50% of people who have lived in a tall, residential tower building, are more likely to rent...
Big Data’s Big Role...
Retail Tech
Developing financially successful shopping centres has become a significant challenge in the face of major threats to the traditional retail business model. The retail experience is shifting from a point of sale to an immersive experience; instead of endless rows of shops, the modern retail centre features restaurants, cafés, movie theatres and a variety of personal services. In response, many retail operators are implementing emerging innovative technologies that can strengthen their static trade and thus compliment and compete with e-commerce. A successful strategy for attracting customers to retail centres arises from first analysing and understanding regional trends including demographic shifts, culture and politics. Utilising that data and understanding it is key to determining a successful revenue generating tenant mix. Centre size and location, along with other factors, will determine the degree to which new technology can and should be implemented. One business-critical element, however, stands at the centre of every successful strategy—data. Retail asset managers and investors are discovering the benefits that business-wide technology platforms provide. Instant access to sales, leasing, prospect information and much more has surpassed both timeliness and the hassle of consolidating data from multiple disparate systems. Furthermore, merchants are keeping pace with a mobile-enabled consumer base by adopting mobile payment and shopping capabilities, and they expect no less as they interact with their retail landlords. Such technology can help retailer centre owners and operators reduce costs, drive revenue streams and increase asset value. Data’s key role Thanks to technological progress, the retail sector is now able to define persuasive offers with the help of big data. Because the retail sector generates more data per month than many other vertical real estate markets, simple tools and tables for gaining valuable insights into retail businesses and trends have become obsolete. Advanced, but...
Tackling the Climate Crisis
Yardi Think Tank
Property Week and Yardi brought together a host of leading industry figures at The Office Group, The Shard In London to discuss what the property industry is doing to tackle the climate crisis. The panel: Neal Gemassmer, Vice president, international, Yardi Sam Carson, Director of sustainability innovation, Carbon Intelligence Janine Cole, Director of sustainability and community, Great Portland Estates Alex Green, Assistant director, British Property Federation Malcolm Hanna, Sustainability manager, real assets, LGIM Caroline Hill, Corporate affairs and sustainability director, Landsec David Partridge, Joint chief executive, Argent Related Steven Skinner, Chief executive, HB Reavis Liz Hamson, Editor, Property Week (chair) What is the industry doing to address the climate crisis? Has it woken up to the scale of the problem and started taking the right action, or is it still in the talking phase? Skinner: I ask the question in a slightly different way. Is the ambition the right ambition? Is the ambition big enough? I think we are slowly moving away from an accreditation-based approach to sustainability, but is that happening quickly enough? Is that going far enough? What key areas should the property industry focus on? Hill: I think you have to start from the fundamental facts and listen to the science. The built environment is responsible for nearly 40% of global carbon emissions and that is a fact. So we, as the property industry, have an enormous role to play in tackling climate change – it is drilling down into your particular business and looking at what can you do. At Landsec, our focus is on carbon reduction and energy reduction. Setting really bold and ambitious targets and making progress each year towards them. But each agent in the property industry – architects, designers, engineers, developers – have all got a different role to play. It is about finding your space and then going for it. Partridge: We have to constantly look at innovation and think how much can I do. So even back in the mid-2000s when we got planning permission for King’s Cross, we committed to being 20% better than building regulations. So we built in a central energy centre that provides heating, cooling and electricity. There is no boiler in any of the buildings – it is all provided centrally. Off the back of that we have been able to get BREEAM ‘outstanding’ ratings for every single one of our office buildings. Someone told me the other day that 10% of all the BREEAM ‘outstanding’ buildings [in the UK?] are at King’s Cross. I did not even know it because you sort of see it as part of what you do anyway. How big a problem is embodied carbon for the industry? Hill: When we started with our new sustainability strategy five years ago, one of the first things we did was a full carbon-footprinting exercise with the Carbon Trust looking at the whole range of activities that Landsec does. And what that told us is that our scope three is the absolute lion’s share of our footprint. So for us, that is how we build our buildings through our supply chain with our contractors, and then there is the energy-in-use of our occupiers. And so our programme has for years focused on embodied carbon because we know that is where our biggest footprint is. Hanna: The other thing to remember about embodied carbon is if you think about the operational carbon that will be emitted over the lifetime of the building, which could be anything from 10 to 50 years, the embodied carbon is right up front. In terms of our approach, L&G has had targets in place for quite a few years and we recently achieved our previous 10-year target. So we are in the process of updating our science-based targets for the next 10 years. What does the industry need to do to address the embodied carbon...
UKAA Expo 2020
Key Takeaways
It was great to see 400+ people representing the UK’s fast-growing build to rent sector last week at the UKAA Expo 2020; the third event of its kind hosted by The UKAA. Yardi was there in full force with a team of seven passionate residential specialists, all eager to learn, network and engage with the market. Early bird catches the reverse-trade show worm For many, the day started at 10am, but for the exhibitors and operators, it was an earlier start. A conventional tradeshow concept was flipped on its head at The Reverse Tradeshow, giving exhibitors the opportunity to attend 10-minute quickfire meetings with operators. It is great to see companies like EcoWorld, Folio London, Henley Investment Management, PLATFORM_ and Packaged Living investing time into further supporting the growth of the market. Networking and more networking It was all systems go when the doors opened at 10am. The exhibition was home to suppliers from all corners of residential real estate, including PropTech companies, law firms and regulatory organisations. Market Perspectives We were keen to ask other eventgoers how they found the day and get a perspective of their understanding of the market. Justin Harley, Regional Director at Yardi interviewed Lesley Roberts, President of the UKAA and Partner & Executive Director at Allsop, who advised BTR operators to be passionate about customer service, understand the market and find good suppliers. Justin also interviewed Paul Belson, PRS & BTR Investment Consultant who recognised the increase in PropTech innovation and The UKAA’s CEO, Dave Butler, who explained the key to success is to know your customer. Click on each image to watch the full interviews. Session Take-Aways Richard Lankshear, Innovation Manager of NHBC was first to take to stage where he gave some inspiring...
Aid for Australia as Fires Continue
Yardi supports recovery with donations
As Australia continues to fight and recover from the worst fire season the country has ever seen, Yardi has donated to two important Australian organizations to support relief and recovery efforts. The California-based real estate technology leader, no stranger to the frequent wildfires that have taken place near its corporate headquarters, has offices in Sydney and Melbourne. “We’ve been shocked and saddened by the devastation caused to communities, wildlife and individuals that have lost their homes and lives in the fires in Australia,” said Neal Gemassmer, vice president of international for Yardi. “Supporting our communities, and those effected by disasters has been an important part of Yardi’s philosophy of giving back.” The company has made a $250,000 donation, split evenly between two critical agencies in New South Wales and Victoria. To date, the two coastal southeastern states have suffered 16 million acres of land burned, 2,500 homes lost and 33 fatalities. It is also estimated that hundreds of millions of wild animals have either perished or lost critical habitat. The New South Wales Rural Fire Service is the largest volunteer firefighting organization in the world. Its volunteers provide fire and emergency services to approximately 95 percent of New South Wales (NSW). Over 2,000 volunteer brigades provide firefighting coverage for 108 local governments in NSW, and over than 1,000 firefighters are battling 60 ongoing fires. “The NSW RFS acknowledges the support of many kind organisations, big and small, as well as community groups, schools and individuals who have contributed to support the work of our volunteers across NSW,” the organization said in a statement. More information about ways to help the volunteer firefighters and fire victims is available on their website. The Victorian Country Fire Authority Bushfire Appeal is a government-administered fund that will distribute 100 percent of donations directly to those affected by the fires. The intent is to provide practical support as impacted Victorians begin to rebuild their lives. An Advisory Panel, chaired by former Victorian Deputy Premier Pat McNamara, will consider applications and recommend where funds will be distributed. Donations are tax deductible and can be made online. Fire and disaster relief has been a longstanding part of Yardi’s corporate philanthropic program. In recent years the company supported recovery efforts from the Thomas Fire in Southern California, the Fort McMurray wildfire in Canada, Hurricane Irma in Florida and Hurricane Harvey in Texas. The company also contributed to mobile disaster response command centers in its hometown of Santa Barbara. To learn more about all of the philanthropic efforts and employee volunteerism at Yardi offices around the world, check out the Giving...
International Outlook...
Tech will dominate the decade
Editor’s note: the below perspective on 2020 and the decade ahead for technology and real estate comes from Neal Gemassmer, vice president of international for Yardi. Originally published in Property Week, it is reprinted here with permission. The festive period was an invitation to reflect on the year gone by and the year ahead, even more so than usual. After all, it was the end of one decade and the beginning of another. Naturally enough, all eyes are on Brexit, but from a real estate perspective the impact that technology is having on our industry offers the most interesting food for thought. New technology has had a greater impact on property in the last few years than in the previous three or four decades combined. In 2010, the term ‘proptech’ had not even been coined; today, it is ubiquitous. However, in my view we have barely scratched the surface in terms of its influence. In the years to come, it will redefine how real estate functions. Here are a few ideas as to how. First, consider the build-to-rent (BTR) market. More and more investors are moving into the sector and technology has the potential to act as a major enabler. Digital technologies can allow owners and operators to cut out the middle-man – the letting agent – and communicate directly with potential customers, who can view different buildings and get a feel for the quality of the accommodation and the amenities on offer. Virtual reality lets potential tenants view a property remotely, while online tools can arrange physical visits without the need to call or email ahead. Applications and background checks can also take place digitally and customers will be able to sign their lease and pay their deposit online. The whole process will become virtually...
Amsterdam Think Tank
EU Rental Housing a Focus
AMSTERDAM – Terrence Wong (Yardi), Remco van de Wetering (Newomij), Hans Touw (Redevco), Robert-Jan Reeuwijk (CBRE) and Jaap van der Bijl (Altera) were recently invited to discuss the impact that social issues such as sustainability and affordability have on the value of residential property. According to Reeuwijk, the current housing market places even greater emphasis on the importance of an objective valuation of (properties) in a residential property portfolio. “When determining value, you use multiple sources so that you can look at standard parameters such as vacancy values or rental values. Then, using databases you can add new quality-defining elements such as the year of construction, the energy label and the location of the complex in question.” Transactions Van de Wetering states that the assessment of quality – and thus of value – has always been an issue in transactions, but he places even more emphasis on this fact for acquisitions. “More and more restrictions are being introduced at a local level for the mid-rental market segment and even then we don’t exactly know where the government wants to go in terms of regulation. But in determining the value of a portfolio, it is important to be aware of this both for the investors and the end users.” End user According to Touw, this depends on which definition you attribute to the term “end user.” “In my experience you are talking about the tenant. When determining quality, you start with the question of what the tenant’s experience is of this property, rather than just determining how good you think the product is for the tenant through the lens of the provider.” Measurable “What represents quality for one investor, does not for another,” asserts Van der Bijl. “As property investors, we want to measure, manage...
Yardi Think Tank
Achieving Blended Living Success
Earlier this year, Investec published research showing that 91% of investors think ‘blended living’ schemes that incorporate a combination of build-to-rent (BTR), student accommodation, co-living, retirement living and/or serviced apartments will be commonplace in the UK within the next five years. Last month, Yardi and Property Week brought together a panel of residential experts to explore what makes a successful blended living scheme, the importance of good design and how tech can improve customer experience. Panel of experts Christian Armstrong, director of brand, product and technology, Get Living Mark Bladon, director, Investec Georgie Drewery, account executive, Yardi Systems Félicie Krikler, architect and director, Assael Architecture Beth West, head of development management, Landsec Simon Creasey (chair), consulting editor/features, Property Week Blended living schemes are already commonplace in the US – why do you think they haven’t yet really gained traction in the UK? Bladon: For a number of reasons. If you look at the most developed of those sectors in the UK, it would probably be purpose-built student accommodation and that’s only been going in one form or another in a meaningful way for about 10 years. In the US, the investor market for this type of product is much more mature. Also, the BTR market in the UK had a lot of false starts between 2000 and, say, 2010 where people were just not able to get developments off the ground, but that’s all changed now. People have taken a bit of a leap of faith and there is now trading product, so you can benchmark yields and you can look at it on a cashflow basis. So what we’ve seen is people that have been in a very specific ‘beds for rent’ sector have realised that they can leverage off their existing operational platform, off their infrastructure, off the location – there’s so many things they can now do to broaden their horizon. What are the key ingredients that you need to make a blended living scheme work for all residents, particularly in terms of things like amenities provision? Armstrong: Amenities are really important but you have to think ahead, do some research and speak to your existing residents and prospective residents about what amenities they would actually use. I’ve seen some stunning stuff on schemes like barbecue terraces and outdoor terraces and then it hits me that we live in the UK – this is not the US. So I’m going to be sitting there with my cappuccino on the outdoor terrace with the froth blowing off! Bladon: That’s where the skill comes in. These schemes still have to make a profit, so you can’t just keep pouring money in. Somebody described it as an ‘amenities arms race’. They’re almost turning student accommodation into hotels and then they’re charging students £350 a week. As a result, you might end up with a half-empty property. The most successful operators are going to be the ones that can find the right balance. West: That’s why I think we haven’t reached that maturity point yet – this amenities arms race is a very immature reaction to what people think is a single market and a single customer for this product, but there are loads of people who want this product. If we’re going to build housing that attracts a broad range of different people staying for a long time then we have to think about offering a variety of different affordability points. Bladon: I think there’s another issue that lends itself to a blended portfolio and that’s the power of building a brand that can be used across the whole lifecycle of your tenant. So you start with your student, then co-living, then they get into their mid-20s and they want to move into BTR. That [BTR] can take them from being single, to married with children and living in a three-bed, all the way up to potentially the age of 60, when they might move into...
Goals Achieved
Nasser Lootah Real Estate
Riyadh Davids joined apartment manager and Yardi client Nasser Lootah Real Estate, part of the Nasser Adbullah Lootah group of companies, in 2010. As general manager, he is responsible for all asset development and operational management, including the implementation of Yardi Voyager as the company’s property management and accounting platform. He offered perspective on his company and its relationship with Yardi from his office in Dubai, United Arab Emirates. Q: Mr. Davids, how has Nasser Lootah Real Estate grown into one of the largest diversified groups in the Middle East? A: We consistently provide innovative technologies and comprehensive know-how that benefit customers in many Gulf countries. In our 25 years of existence we have become active in travel, shipping, cargo, logistics, real estate, IT and interactive media, among other industries. Our portfolio includes more than 30 buildings across all asset categories. We aimed to provide superior professional services in every field, resulting in satisfied clients. Q: How would you describe the company’s business culture and philosophy? A: We have a heritage of hospitality and collaboration. This environment of professionalism directly translates to the advancement of our clients’ interests as well as those of our employees. Q: What’s the most critical challenges to maintaining your brand identity and market position? A: The most immediate one is avoiding complacency with our achievements and continuing to focus on building a lasting legacy. We constantly seek to create new partnerships while securing higher levels of trust from our current clients, associates and employees. Q: What were the challenges that led you to select Yardi Voyager as your real estate technology platform? A: With our company growing across multiple verticals in the UAE, we needed a way to get an overview of the portfolio at a glance and communicate...
YASC Europe 2019
Event Recap
The largest Yardi Advanced Solutions Conference (YASC) to date for Yardi’s European clients, with more than 490 guests in attendance, featured learning, networking and fun in London on November 20 and 21. YASC is a global Yardi event where clients can expand their knowledge of Yardi’s solutions. Clients gain detailed insight into the Yardi product solutions they use, the Yardi development roadmap and newly launched solutions. They also have the chance to speak with other Yardi users and obtain one-on-one advice from Yardi product specialists at Knowledge Central. With more than 100 classes to choose from, in nine role-based tracks, clients can dive deep into technology that supports the needs of a variety of real estate asset types. New to YASC Europe this year, attendees enjoyed a mainstage panel session which featured coworking entrepreneurs Charlie Green of The Office Group; Giles Fuchs of Office Space in Town; and Chris Armstrong of mixed-use operator Get Living. The panel discussed alternatives to traditional commercial real estate. Chaired by Justin Harley, director of coworking and residential at Yardi, the panel dissected two components for running flexible workspaces: putting the member first and integrating a solid technology management platform. Vox Pop! Several clients took part in our Vox Pop station to share what they were loving most about YASC. Here’s what some of them had to say: “I absolutely love this conference – we send people every year. You can learn about how to automate operations and how to expand your services.” -Adam McGrath, Northern Trust “It’s great to meet lots of different people from Europe who use Yardi and it’s great to be here learning from all the technical experts.” -Georgia-Rose Rochester, Grosvenor Estate Management Limited “I’m particularly interested in learning about Yardi Elevate and...
AI, IOT and Real Estate...
Interview with Said Haider
Editor’s note: Said Haider, regional director of Middle East sales for Yardi, recently spoke to Property Weekly about real estate technology’s transformation and regional implications. Technology is constantly evolving and making our lives easier. Said Haider believes that new technologies such as artificial intelligence and the Internet of Things (IoT) are also changing the real estate landscape. Business models are changing, mainly because of digitization and advancing capabilities of applications, Haider said. Yardi is investing heavily in real estate technology, also known as proptech, developing innovative solutions to have a major influence on the industry. Yardi designs, develops and supports software solutions for real estate owners and managers. Its products are available for nearly every real estate vertical, including commercial, residential, investment management, homeowners’ associations, student housing, construction and more. Another area where technology is making a big impact is sustainability. Yardi has developed a platform called Yardi Pulse, a suite of energy solutions that handle utility billing and submetering, energy management and energy usage automation. Pulse helps Yardi clients achieve environmental goals and reduce energy costs. Haider explains Yardi’s support for the real estate sector in an interview with Property Weekly. How do Yardi’s solutions support the property sector? Haider: Yardi was founded in 1984 as a software start-up focused on property management and has grown to become one of the largest companies in the sector. Yardi’s innovative solutions benefit everyone in the chain, from corporations and developers to investors and clients. It offers a single connected solution that meets a broad range of business needs. We help real estate companies streamline their business processes and improve quality of service, which translates to improved performance. For example, the Yardi Voyager is an end-to-end platform combining financial and property management information in a single,...
A Lifestyle Experience
Meet Chris Armstrong of Get Living
Meet Chris Armstrong, director of brand, product and technology at Get Living, an innovative build-to-rent operater in the UK that prides itself on delivering unforgettable resident experiences. We recently had the chance to sit down with Armstrong and learn more about how the company is challenging and changing the renting experience. “We are all about innovating the resident experience at Get Living. We were the first to scrap deposits back in 2017 and we’ve never charged fees. It’s something that our residents value – it not only builds trust but affirms our role as an innovator within the sector,” said Armstrong. “Our focus is purely on the customer experience; from first enquiry to move in, right through the tenancy and when resident’s leave us. We continue to challenge ourselves to meet our residents growing expectations of us to deliver a simpler, better and more rewarding renting experience,” he explained. Read on to learn more about Armstrong’s perspective on resident experiences and how they will transform the marketplace. Q: So it’s all about the experience – How does Get Living deliver it? Armstrong: Residents are attracted to our quality homes and our quality service. Since launching in 2013 we’ve continued to challenge the norms of renting and evolve our offer finding more ways to take the hassle out of renting. Yardi RentCafe has helped us achieve that with both new customers and existing residents. The property websites and the online functionality from Yardi enables us to deliver a great online presence. We can display available units as well as showcase each neighbourhood’s amenities all within the Get Living brand platform. Prospects can complete the entire application process online, enabling us to onboard residents quickly and easily. Our leasing cycle has greatly reduced since introducing Yardi – where renewals would have taken 3-5 days, our relationship managers can turn these around in under an hour. For our marketing team, the increase of web traffic is a major goal, as is nudge marketing and social engagement. It means we are fully maximising marketing ROI, and seamlessly bringing the resident a great experience. Q: It looks like Yardi technology impacts not just your business operations, but the residents life too – how important is technology to their journey with you? Armstrong: Email is dying, our residents rarely use it – in fact we rarely use it on the operational side now either – we are moving to an app-based business. With Yardi’s new white label resident app MyCafé by RentCafe, we are able to completely brand the renter experience in the Get Living style. We encourage our residents to use the resident app, and we provide a user guide and training for each new resident to further communicate its value and benefits. The app is a far more effective way of communicating with our resident demographic. It also delivers far greater efficiency and mobility for our team, allowing them to be fully focussed on residents’ needs. The app delivers full resident on-boarding which includes inspections. Payments can also be executed via PayPal – all on the app. Residents love that. Q: What other benefits does the app give your residents? Armstrong: We can further enhance the resident experience by utilising the maintenance functionality within the app to report and raise maintenance requests. This has not only meant faster response times and a focus on visibility of progress; we have seen the maintenance technicians become advocates for using the app; we’ve removed the use of paper from the entire process; and residents get complete visibility of the progress of a request. We can build a far greater sense of community with the promotion and RSVP for exclusive resident events and that drives the lifestyle experience our communities. At that point the technology and the resident experience really comes together. Technology is key to making these successful. Q: How does the use...
YASC Asia 2019
Meet Yardi in Singapore
The Yardi Advanced Solutions Conference (YASC) returns to Singapore on Nov. 5 and will be bigger and better than ever. Yardi brings together real estate management professionals from across Asia for this one-day event. Come and discover the latest proptech innovations, interactive discussions, meet local and international experts, and network with industry peers. This a great chance to dive deep into Yardi Voyager and the ancillary software real estate professionals use every day. YASC is also a great opportunity to strengthen collaborative skills and network with industry peers. With interactive discussions, local and international experts, more networking time, and previews of new products and enhancements, this is an event not to miss. YASC Singapore is a fantastic opportunity for Yardi clients with portfolio presence in Asia to discuss technology platforms with the leadership, development and support teams. Reserve your spot today! Here’s what to expect at YASC Asia 2019: • Meet the Experts Attendees will hear from industry experts on market trends and technology innovations. Make valuable connections with Yardi’s product experts and discover new insights, tips and tricks for getting the most out of Voyager and other modules. With enhancements and innovations in the Yardi pipeline, hear about new products soon to be released in Asia. You’ll also get a firsthand preview of the new Yardi Elevate Suite for asset management. • Visit Knowledge Central New to YASC Asia, gain hands-on experience with Yardi’s Knowledge Central, which will offer on-site assistance with Yardi products, SQL scripting and reporting. The Knowledge Central team will be available to answer your product-specific questions, provide previews of new products, discuss current software and anything else you’re keen to learn more about. For Knowledge Central hours, refer to the in-app schedule. • Yardi Events App A new addition...
Yardi Dubai
Giving Back at Al Noor Training Centre
Yardi’s Dubai office has adopted a classroom at Al Noor Training Centre for children with special needs as a way of giving back to the community. Philanthropic and volunteer efforts are a key aspect of Yardi’s corporate mission in communities around the world. Al Noor Training Centre for Children with Special Needs is a non-profit organization. Established in 1981, Al Noor has been providing high quality of professional training to the special needs community in Dubai for over 30 years. Al Noor provides care and professional training to approximately 250 children from 35 different nationalities. The centre offers an exceptionally effective work placement unit that trains its students with a capability for employment, which helps the students join mainstream society after their training is complete. Yardi’s Dubai office will sponsor a classroom and contribute towards Al Noor Assistive Technology Department. This department allows the centre to provide holistic training through a range of professional disciplines. It makes use of assistive technology devices that help students play musical instruments, operate a computer, splash paint on canvas, design garments, switch on a kettle, handle a sandwich maker and even play video games. “We are delighted to work with Al Noor Center to acknowledge the efforts of the volunteers who help run the centre. We are proud to be a part of this great opportunity to support the community and look forward to contributing to next year’s event,” said Neal Gemassmer, vice president, international for Yardi. A team of 20 employees from Yardi Dubai office gave their own time on their recent visit to volunteer at the Al Noor Training Centre. It was a rewarding experience for all who participated. “Our team determined that we wanted to directly impact the life of these talented children and give...
Race for a Cause
Yardi UK
Providing opportunities for children without homes and supporting those in need is important to Yardi employees around the globe. On July 18th, Yardi’s UK office participated in PropKart, a go-karting event hosted by PropSki with all proceeds benefitting LandAid and Maggie’s Centres. These two heart-warming charities prioritize emotional support and health support. Read on to learn about the exciting race and the special organizations benefitting from the event. PropKart A team of five Yardi employees proudly represented Yardi at PropKart, The Property Industry Karting Championships, at Buckmore Park Kart Circuit – the biggest professional go-karting track in Europe. In their first time participating in a PropSki event, “the team were raring to go! Enthusiasm got the better of one employee who spun out on the track, but all team members were excited by the event,” says Hannah Holmes, a Yardi marketing associate in Great Britain. Among the 23 property industry attendees were Vectos, Greenaway Architecture, and Buckler Environmental – the first, second, and third place winners. Yardi came in further on in the pack, but was most excited to help raise £5,000 for LandAid and Maggie’s Centres, two important and selfless organizations. LandAid LandAid brings businesses and individuals from across the property industry to change lives by working to end youth homelessness in the UK. According to LandAid, around 86,000 people in the UK will be homeless. Through the nonprofit’s inspiring efforts, countless small-medium sized charities across the UK have received investments totaling over £2 million each year, which enables the construction of new buildings and renovation properties. In its work to end youth homelessness, LandAid follows up its funding with strategic advice and property expertise to each project. Last year, LandAid provided 472 homes for vulnerable young people, reaching their three-year target of...
YASC ANZ
Join the fun in September
The Yardi Advanced Solutions Conference (YASC) returns to Sydney on September 17-18, bringing together real estate professionals from across Australia and New Zealand. Diving deep into Yardi Voyager and the ancillary software you use every day, YASC is a great opportunity to strengthen your skills and network with peers. With interactive discussions, local and international experts, more networking time, and new innovations revealed, this is one event you can’t miss! As one attendee shared about their YASC experience in 2018, “YASC provided great informative sessions and highlighted great new features. There were good training opportunities provided to help expand the scope of work with Yardi in the business.” Why will you attend in 2019? Here are a few new features at YASC Australia and New Zealand in 2019: Yardi Events App The Yardi Events app will help attendees streamline the YASC experience. Access all conference information, venue maps, class materials, social networking, in-app messaging and more within the mobile 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 Yardi Events app is available for download in the Google Play Store and Apple App Store. A browser-based version, synced to the mobile app, will also be available, so attendees can access all these features from their desktop. User log-in details will be emailed to all registered YASC attendees. Questions? Email our team at [email protected]. Learn from the Experts Throughout the conference, attendees can learn from industry experts on the market trends and technology innovations that impact our work. With new products in the Yardi pipeline, get an exclusive chance to preview new products soon to be released in Australia and New Zealand. From specialist solutions for coworking, residential, and asset management, there will be a variety of product enhancements and new Yardi technologies to...
Yardi Meets Regional Needs in Dubai...
Develops Rent Calculator Solution
Yardi has recently aligned its Residential Property Management solutions – RentCafe CRM and RentCafe – as per the ruleset of Dubai Land Department’s Rent Calculator that will help tenants and landlords to adjust rents when the facilities come up for renewal. “We have recently developed a Rent Calculator solution within our residential marketing and leasing platform. This Rent Calculator gives automated advance notice to tenants with the benchmark rent as per the norms set by the Dubai Land Department’s Rent Calculator well in advance, so that the tenants could make up their mind on whether to negotiate new rent or relocate,” said Aditya Shah, Yardi’s Director for Middle East Operations, told Gulf Property in an exclusive interview. “This will help both the landlords and tenants to adjust their budgets or decision on renewal well ahead of time and makes things better for all parties.” Rent increase or decrease remains a major area of conflict between landlords and tenants globally and in the UAE. Rental disputes are major areas of concern for the Dubai Land Department. Dubai’s Rental Disputes Centre (RDC), judicial arm of Dubai Land Department set up to resolve mounting rent and payment disputes, resolved 1,863 lawsuits and 326 appeals in 9 months of 2017. And its Smart Judge app, which serves out instant judgements, managed to snag a high user base totalling 3,544 since its launch. Rent defaulters in the emirate are automatically banned from travelling as the case gets linked to the tenant’s immigration file. However, they can now settle their dues at the airport and get on their flights, thanks to the Rental Dispute Centre’s (RDC) new smart system. Imposing a travel ban on individuals with outstanding debts has been stipulated in the Federal Civil Procedure Law since 1992. Article...
