Gold Medal Cities Jul26

Gold Medal Cities

The 2024 Summer Olympics are here! The Olympics can profoundly influence host cities, bringing both benefits and challenges. Let’s explore this impact. The economic impact of hosting the Olympics is a double-edged sword. While it boosts tourism, job creation, and increased business for local vendors and hospitality sectors, it can also lead to economic displacement for local businesses and residents. Host cities can have the potential for an increased global profile, leading to sustained tourism and investment. The 1992 Olympics was a historic event that transformed Barcelona. Passeig Marítim, Barcelona’s seafront promenade, is one of the city’s most noteworthy adaptations from the Olympics, creating two miles of beachfront using sand imported from Egypt. Today, it still attracts locals and tourists and connects them with shores lined with bars, restaurants and shops. Another example is Atlanta, GA, from the 1996 Summer Olympics that added major hotels, condos and one of the most prominent legacies, the Centennial Olympic Park, in the city’s heart. But the park is only part of the Olympics’s $5 billion economic impact on Atlanta. The games also planted the seeds for an epic tourist attraction—The Georgia Aquarium, the largest aquarium in the western part of the world! The Olympics does pose the risk of debt and financial strain due to the high costs of hosting the games. Operational costs for security, logistics, event management and staffing can be quite a strain, as well as marketing and promotions for advertising, branding and tourism campaigns. Debt and budget overruns can occur for host cities. Yet, they can balance overruns with adequate planning and management to minimize costs and leverage public-private partnerships to share financial risks and benefits. For example, the Olympic Games in London 2012 saw significant economic growth, especially for East London, due...

Realtor Reality Jul25

Realtor Reality

When reading about real estate in publications or online platforms, have you ever wondered why the word “realtor” is often in capitalized letters or marked with a registered trademark symbol? Or what the difference is between “REALTOR” and “real estate agent?” Second question first. While the terms are often used interchangeably, there are significant differences. The rule of thumb holds that all REALTORS are real estate agents but not every real estate agent is a REALTOR. Through coursework and exams, real estate agents have earned a license to help people buy, sell or rent property. Their job includes evaluating property values, advertising properties, negotiating deals, and guiding clients through mortgages, legal agreements and other elements of a real estate sale or purchase. A REALTOR, on the other hand, is a real estate agent who has undertaken additional training and commitments. The first step toward becoming a REALTOR is joining the National Association of REALTORS® (NAR), which, with more than 1.5 million members, is the U.S.’s largest trade association. Prospective REALTORS must join an NAR-affiliated local real estate board or association as well. They also agree to abide by NAR’s Code of Ethics, whose strict standards of business conduct are reinforced through regular ethics training throughout a REALTOR’S career. (Brokers are another example of real estate professionals who have completed additional education and licensing requirements. Working independently or with other brokers, they can hire real estate agents; manage marketing, hiring, training and other business operations; and help execute complex transactions, among other things. Here again, a REALTOR can be a broker, but a broker isn’t necessarily a REALTOR.) Benefits of NAR membership and REALTOR status include additional opportunities for networking, training, mentorship, potential clients and political advocacy. Now back to the use of the word...

Celebrating Franklin Farrow

It’s time to introduce the next batch of 2024 Changemakers — senior living visionaries who are shaping the industry as we know it. Senior Housing News (SHN) has conducted thorough interviews with each of this year’s honorees, including the honoree we’re spotlighting today: Franklin Farrow. As the CEO and co-founder of Morning Pointe Senior Living, a Yardi senior living client that’s been in the industry since 1996, Farrow knows all about driving impactful change. In his conversation with SHN, Farrow shares how the company’s start still impacts how it operates today — as well as how he envisions Morning Pointe evolving in the future. Hear from Changemaker Franklin Farrow SHN: How have you changed as a leader since starting in this industry? Farrow: Our company was co-founded by myself and Greg Vital, who’s the president, 27 years ago in 1996. We each brought attributes and experiences, time, and talent to the table. He’s 15 years older, and so he had a different network of people than I did at the time. We blended our talents and experiences to launch the company. At that time, I was more capable of tasks and completion of thoughts and ideas. He was the more entrepreneurial leader having been in the business world in advance of me. To answer the question, I’ve transitioned from being more of executing the completion of the ideas that were generated to more of generating ideas and having others follow through on them. It’s been a metamorphosis of me, and I think this is true for any young professional who grows through any industry, that they are advanced because of their capacity to complete projects and they start leading others to help them complete projects, and then, ultimately, they start thinking and leading concepts and philosophies for others to complete and finalize and implement. I’m playing more of a top senior manager, owner role, setting larger vision, setting larger goals, and then, because I was involved in tasks and details, I’m able to articulate to them what I think the scope and capacity of the project is and make sure they have the resources, but don’t have to physically roll up my sleeves as much, although I enjoy that part. Also I have to caution myself that my time is more valuable being visionary and thought leading than task completion. SHN: If you could turn the lens back at yourself, what sort of changemaker do you think you are? What area do you think you’re a changemaker in? Farrow: I would say if you were to interview my senior management team who hears me pontificate and try to set direction, I think they would tell you that I do try to think through the mind, eyes, and feelings of those who are sitting in various seats, the seat of a regional operator, the seat of a senior manager, or the seat of a business office manager, or even a resident care aide. I’m constantly trying to shape and form the way we conduct our business, and I often use the word psychology. I’m not a psychologist. However, I’m constantly thinking, “What motivates a regional vice president or what motivates a nurse on the floor? What environment are they looking to operate in? How do they want to be treated?” I’m also trying to weave in principles of standards of conduct, ethics, and standards of the golden rule of doing to others. Not only are we trying to operate from the viewpoint of those in the seat or hot seat of those various capacities and roles, I’m also trying to say, “Let’s just do things because we want to be decent, honest, and upright standing people too, not just the pure business robotics of things.” I host a standing Tuesday morning session, where anyone in the company who can get away for 15 minutes can come and listen to an...

Moon Mining Jul19

Moon Mining

The moon has been orbited, sampled by uncrewed spacecraft, walked and driven on by humans, and proposed as a waystation for interplanetary travel. With the Earth facing steady population growth and diminishing resources, its only natural satellite has also been targeted as a potential source of valuable materials. Proposals to secure those resources have been gaining steam among governments and private operators alike. “The pace is quickening for using Earth’s moon as a near-term, go-to location to land on, live and explore,” veteran space journalist Leonard David reported last year. Proposals to mine, process and use the moon’s resources certainly are dramatic, but are the feasible? What’s there? Years of examination, including sample return missions by U.S., Russian and Chinese spacecraft, have revealed a trove of potentially valuable elements within lunar soil and rock. One of them is helium-3, an isotope created from the moon’s continuous bombardment by ionized hydrogen and ionized helium from the solar wind. Helium-3 is rare on Earth, but NASA believes there are tons of it on the moon and could represent a source of clean, renewable energy. Proponents of harvesting lunar helium-3, including Apollo 17 moonwalker Harrison Schmitt, envision fusing it with deuterium to produce energy without making surrounding materials radioactive. Seattle-based Interlune, whose founders include Schmitt and officials from space technologies provider Blue Origin, is raising funds to develop technology that could prospect and harvest helium-3 and other materials by 2030. NASA and private companies are also eyeing the possibility of extracting and processing oxygen, titanium, iron, aluminum and other elements for use in sustaining a functioning moon base and building a launch pad for missions to Mars. Other materials, such as rare earth elements used in smartphones, computers and other advanced technologies, are also present in moon...

See The Value Of EHRs...

Forty percent of seniors take five-plus prescription medications on a regular basis — triple the rate from twenty years ago. In senior living communities, this level of medication use comes with a heightened risk for medication-related errors.  Fortunately, with effective technology solutions in place, providers can ensure they’re passing medications securely. This helps mitigate the risk of medication errors and in turn, enhances care, limits liability and boosts resident satisfaction. Our informative white paper explores the value of technology further, sharing the benefits of our single-stack, ever-evolving solutions: Yardi EHR and eMAR. Understanding medication errors in senior living The white paper — The Importance of EHRs in Senior Living — details the different types of medication errors with a focus on adverse drug events (ADEs). You’ll see how seniors are the highest-risk age group for ADEs, with supporting statistics like the following: Older adults are twice as likely than younger people to visit the emergency room due to an ADE, and seven times more likely to be hospitalized after an ER visit as a result. What can senior living providers do to help reduce ADEs? Implementing electronic health records and medication management technology is key — and the white paper shares why. You’ll see how EHR technology can help prevent anywhere from 28% to 95% of ADEs. See the power of technology Yardi EHR is our full-service electronic health record solution that combines your clinical intake process, wound care charting, behavior management, interoperability initiatives and more on a browser-based, mobile-friendly platform. By simplifying record keeping and centralizing workflows on a single online platform, you ensure residents receive accurate, effective care. When paired with Yardi eMAR, our dynamic medication management solution, our EHR solution offers even more benefits. Yardi eMAR eliminates inefficiencies and helps minimize...

Pollinator Awareness Jul12

Pollinator Awareness

Understanding how urban areas and technology can significantly support and protect pollinator populations is important. Let’s explore the world of pollinators and their significant economic impacts worldwide. History perspectives. Our history is intertwined with that of pollinators. Ancient cultures, such as those in Egypt, Mesoamerica, Greece, and Rome, revered and utilized pollinators in various ways, reflecting their profound importance throughout history. Bees, for instance, were domesticated for honey and beeswax and held symbolic significance in Egyptian mythology and art. The role of stingless bees in Mayan and Aztec cultures was studied for honey production and religious rituals. Bees were used in ancient Greece and Rome for agriculture, medicine, and mythology, with references in literature and the development of early beekeeping techniques. Economic impacts. The role of pollinators in the economy is often underestimated. Crops such as almonds, apples, avocados and coffee rely on pollination. In fact, according to the National Library of Medicine, 75 percent of crop species benefit from animal pollination for fruit or seed set and yield. Pollinators have a tangible monetary value. For example, in the United States, pollinators contribute billions of dollars to the economy annually. They also indirectly support jobs in agriculture, food production and retail. A declining population could lead to significant economic losses, increased manual pollination costs, and reduced crop yields. This underscores the urgent need for their conservation. Urban areas can be significant allies in the fight to protect pollinators. With thoughtful planning and community engagement, urban habitats like green spaces, community gardens, and rooftop gardens can become vital refuges for pollinators. Many cities are already implementing policies and initiatives to increase pollinator-friendly spaces, such as the Million Pollinator Garden Challenge. This initiative encourages the creation of pollinator-friendly gardens and landscapes to help revive the health...

Explore New Functionality

New features in the Yardi Senior Living Suite are here! This release includes improvements to Voyager Senior Housing, RentCafe Senior CRM, EHR and eMAR and as always, everything was powered by client feedback. Keep reading for a snapshot of what’s new! Our senior living clients can also explore new features documentation and webinars, shared below. See evolved functionality in Voyager Senior Housings Voyager Senior Housing is our community management solution that unites financial accounting and complete business oversight in one place. Courtesy of the new release, this single connected solution now offers: 1) Community Manager dashboard updates including features to move-in and manage services for residents plus the option to remove a pending manage service. 2) The ability to move non-residents into excluded units and bill them. 3) A new option to require lease execution at move-in. 4) Expanded abilities for managing leave of absence details after moving out Medicaid residents. 5) Refreshed entrance fee functionality such as amortization when a daily rate changes mid-month and ledger consolidation with drill down to individual transactions. Learn more about the Voyager Senior Housing new features. Explore new features in RentCafe Senior CRM RentCafe Senior CRM — our mobile-friendly sales and marketing solution — is built to help operators strengthen lead management, maximize occupancy and more. With the latest release, our clients benefit from: 1) The ability to capture gender identity and pronouns on the prospect profile which transfers to Voyager Senior Housing and EHR upon resident creation. 2) The option to set specific charge codes for concession in the proposal workflow. 3) Functionality to force a lease to be executed before you can move-in a resident. For a complete list of new features, clients can click Help in CRM and select Updates and New Features. Discover the latest in EHR & eMAR EHR (our full-service electronic health record solution) and eMAR (our dynamic medication management solution) are both designed to help staff deliver the highest quality care. Thanks to the new release, clients will now access: 1) The option to update all active and inactive care plans simultaneously with a new community care plan feature. 2) A new document signature section in the resident profile that gives better visibility into workflows and equips you to generate new documents for digital signature. 3) Usability enhancements to the order resolution queue that allow you to bulk archive, reprocess or delete. 4) The ability to view the complete field modification history of a progress note directly from the resident progress notes screen. 5) The option to link progress notes that different users entered, then view all linked notes at one time. Watch the EHR new features webinar and the EHR new features setup and configuration webinar. For a complete list of new features, clients can click Help in EHR and select Updates and New Features. Connect with team Yardi We’re pleased to provide our clients with exciting new functionality across the Senior Living Suite. New to Yardi senior living solutions and wanting more information? Book a meeting with our...

Honoring Justin Dickinson

The annual Changemakers series — sponsored by Yardi for the sixth year in a row — continues to celebrate innovative leadership in senior living. We’re loving the opportunity to feature visionaries like Justin Dickinson, co-founder of Evolve Senior Living, who’s part of this year’s Changemakers class. With Evolve launching in 2023, Dickinson has fresh insights on topics crucial to the industry today including value-based care, data visibility and more. Read on for a glimpse at his insightful interview with Senior Housing News (SHN). Learn from Changemaker Justin Dickinson SHN: Do you see yourself as a Changemaker? Are you always excited to drive change? Dickinson: Definitely. I think that the industry, depending on who you have spoken with or what your opinion is, was really founded in the early to mid-90s in terms of private pay, AL, and memory care. Over the course of time, the industry has shifted from more of a hospitality model to more of an acuity-driven model. As that shift has happened, there’s been a lot of change as it relates to data, technology, the operations, and the investment structure. I think that that change will continue to happen in what the future looks like in terms of hospitality or the acuity model is to be determined. I believe that is going to be more of a care-driven model. From my perspective, being a new operator, and a younger individual in the sector, I do view myself as a change agent, having the ability to look at some of these problems with a fresh set of eyes and with fresh perspective. I think it’ll be interesting as regulatory pressures persist and the model changes to continue to look at things through a new lens. SHN: Given where you think it needs to go, do you think that the industry is changing fast enough to keep up with the times? Dickinson: Change is happening faster now than it ever has. This change is being driven by some of the regulatory pressures I mentioned and external capital market pressures. You’re seeing consolidation abound. We went through the change curve that we saw on the data side through the ’90s and early 2000s. 2005 through late 2020 was the advent of the [Software as a Service] model. SaaS companies came about within our space and started to really make a move. I think now we’re starting to see AI make a big play, and I’ll layer that onto the SaaS model. The change curve on the data size is reaching a new era, which will further expedite change. Change is happening quickly, and stakeholders need to be prepared for that. SHN: Choose one artist, scientist, thinker, engineer, entrepreneur, or other person living or dead to help change the senior living industry for the better. In only a few words, who are you choosing and why are you choosing them? Dickinson: Steve Jobs, because he’s a revolutionary thinker and he helped to reimagine his sector. We can use that type of insight in ours from a technological perspective. Read more insights from Changemaker Justin Dickinson Explore Justin Dickinson’s interview with SHN. We look forward to highlighting the next batch of honorees — coming...

Local Event Impact

Buying property is not just an investment. It’s a potentially lucrative venture that can significantly influence various aspects of life. Let’s explore how the impact of arts, culture, and local events can uniquely influence the real estate market for a promising return on investment. Positive impacts. Popular events draw more visitors and potential buyers to the area, increasing the demand for real estate. For example, New Orleans is a vibrant music city with festivals like Jazz Fest and French Quarter Fest, which draw in thousands of visitors yearly and have a notable impact on the city’s real estate market. Jazz Fest has a ripple effect, with property values having a noticeable uptick, increased rental demand, and neighborhood development. It also fosters a strong sense of community pride and identity among residents of Mid-City and Gentilly neighborhoods, creating a sense of belonging and appeal for potential buyers. Successful events. Signature summer festivals, like the Bonnaroo Music and Arts Festival in Manchester, TN, have positively impacted local real estate trends and the economy and demonstrate the long-term effects of annual events on the market. These events, which bring in millions of dollars in city-wide profit and create thousands of job opportunities, have a sustained influence on the market, providing a sense of security and confidence for potential investors in their long-term investments. Overall, these successful events are a driving force behind the appreciation of property values within the community. Challenges and considerations. Temporary crowds and noise are potential downsides of living near event locations. Some locals may even leave town due to the increased tourism and traffic events bring with them. Buyers should evaluate these considerations and see if the temporary crowds and noise are worth the ROI. Market volatility in event-driven demand can lead to...

Recognizing Vassar Byrd

Ready for insightful stories and advice from a senior living leader? Courtesy of the 2024 Changemakers series, presented by Senior Housing News (SHN) and sponsored by Yardi for the sixth consecutive year, industry visionaries are sharing their experiences through in-depth interviews. Today’s honoree in focus is Vassar Byrd, CEO at The Kendal Corporation. Her Changemaker interview covers her thoughts on diversity, risk-taking and growth — paired with examples from her career. Read on for a highlight.     Say hello to Changemaker Vassar Byrd SHN: Think about a time you implemented a change and things didn’t go according to plan, how did you pivot and what did you learn as a leader? Vassar: There are so many failures. That’s part of not being afraid of change. The beauty of being a single-site is that, at that scale, you can afford to try new things and fail. The most important thing is to never fall in love with your own opinion. You’ve got to look for contrary voices. You’ve got to make sure that you don’t take yourself too seriously or your organization too seriously because we’re all just practicing all the time. I was trying to think of a specific example that would be interesting, and I would say I failed over and over and over figuring out how to make our operations team work well at Rose Villa in particular. I’d get parts of it to work, and then the rest wouldn’t. You have got to keep your eyes open to say, “Okay, that was not successful. Let’s try it this way.” It’s never going to be perfect, but you can get as close as possible. SHN: Changemakers tend to be risk-takers. Do you agree with that statement? And how do you describe your own appetite for risk? Vassar: I think people really misunderstand risk. Doing nothing is as risky as doing something. Doing nothing is a choice. For me, that’s a foundational principle. When you take into account that everything else around you is changing all the time, then doing nothing is even more risky than not changing. Why would you stand still if everything around you is changing? I will say that I have a great appetite for perspective, and that’s the perspective that makes the risk not scary. SHN: In what ways is Kendal is changing for the current times to be able to meet the demand? Vassar: I would say that we are really focusing on how we can partner with different kinds of organizations. I would love to find other interest groups, other affinity groups, other areas where we can make a difference, to do something with that organization that neither one of us could do by ourselves. Partnership is really key to diversifying who we are, diversifying the kinds of services that we offer, and the types of housing that we offer. Certainly, our Kendal at Home Affiliate is a huge part of the future. I’m super interested in growing that. See more from Changemaker Vassar Byrd Read Vassar Byrd’s full SHN interview. Don’t forget to continue visiting The Balance Sheet for the Changemaker interviews to come — released in batches as the series...

Back to the Future at NAA Jul01

Back to the Future at NAA

It was a film buff’s paradise last week at the National Apartment’s Association biggest tradeshow, Apartmentalize. In addition to the Yardi Theater showings, eventgoers had the opportunity to attend a session titled “Leasing: Back to the Future with AI & Human Touch.” Led by Paul Yount, industry principal at Yardi, the discussion featured Anne Baum, director of marketing at Towne Properties; Diana Norbury, SVP of multifamily operations at Pillar Properties; and Tyler Lucas, director of marketing technology at Gates Hudson. (Pictured, right.) Onsite staff were also presented virtually, with Emma Akervold, assistant property manager at Pillar Properties and Leslie Armstrong, area manager at Towne Properties, sharing their thoughts on Chat IQ, Yardi’s virtual assistant that answers to prospects and residents. Back to the future of customer service & technology Yount set the stage with a “Back to the Future” theme, even donning Marty McFly’s iconic vest. The theme highlighted how modern renters want traditional customer service nostalgic of the past, but with the efficiency of cutting-edge technology one could expect from the future. (But the good news is that this kind of innovative technology is available today.) “In the past, hands-on customer service meant compromising staff roles. Great service but very inefficient,” Yount explained. “But today, with the right technology, you can have that great hands-on customer experience and leverage efficiency at the same time.” Yount demonstrated how customer expectations for excellent service have remained constant, but the means to deliver it have evolved. Drawing parallels between scenes from “Back to the Future” and property management, the session emphasized AI and technology’s role in improving human-centered service and overall efficiency. Reshaping & elevating onsite roles The panel discussed how AI and automation reshaped onsite roles to focus more on higher-priority tasks. AI-driven solutions help staff handle repetitive and manual tasks, lightening workloads. This gives teams more time to focus on more meaningful, high-value activities, which leads to better customer experiences and employee satisfaction. Additionally, AI can instantly provide leasing teams with the information they need to enhance performance. “It’s performing faster than any of us can,” Lucas emphasized. But AI’s powerful capabilities can’t completely replace human abilities — it just enhances them. Panelists agreed that AI and automation enable property managers to reallocate their resources more effectively, ensuring that human talent is utilized where it can have the greatest impact. How AI transforms operations Speakers shared their experiences with Chat IQ, highlighting improvements in lead conversion rates and operational efficiency. They noted a significant reduction in the time between lead inquiries and scheduled appointments, resulting in faster lease conversions and reduced vacancy periods. “We’ve seen a huge increase in inquiries being scheduled without us having to initiate that conversation,” Akervold, assistant property manager at Pillar Properties, said. “I can’t emphasize enough the value that I find in it.”  The benefits of AI extend beyond operational efficiency—they also power faster response times and improved lead management, which directly contribute to better occupancy rates and revenue performance. Team & customer reactions to AI Integration While skeptical at first, staff members like Leslie Armstrong of Towne Properties eventually embraced AI for its ability to handle routine tasks, freeing them to focus on resident engagement and customer satisfaction. This change led to improved team morale. “Chat IQ makes our customers feel like we’re always present even after business hours,” Armstrong said. “When I’m at home with my family, I know that my offices are still being supported.”  As staff attitudes shift towards the support of AI, operators can also look towards using AI to combat staffing issues. “I think what nobody talks about when you’re short-staffed are that the people that are left behind. It’s a lot of burnout. They feel a lot of the pressure and so it allows you to be a little bit more flexible with operations,” Norbury noted. Choosing the right AI platform It’s no secret that the multifamily...

Seasonality of Real Estate Jun27

Seasonality of Real Estate

The real estate market ebbs and flows with the seasons. Understanding these trends is a key to success for those in the market. And when it comes to prime time, summer takes the crown, offering various benefits for the real estate market. Summer increases inventory, with many properties listed in the spring and summer, leading to a more extensive selection. The market experiences a surge in activity, reaching peak time in June.  Typically, a property will go on the market and within a month, it is sold, whereas in the winter, it averages 50 days on the market. With summer’s better weather, it’s an ideal time for property hunting, inspections and moving. The impact of better weather showcases a property’s natural lighting and landscaping. Summer is also crucial for family considerations since most would want to move during the summer before the next school year begins. June is the peak season for the market since the school year just ended. By the end of the summer, families try to settle before the school year starts. Though there’s still high demand for selling, buyers tend to have less competition and better negotiating power toward the end of summer. Advantages vs. disadvantages. For a seller, summer brings in a surge of demand and activity. Sellers can confidently ask for a higher price, and properties tend to sell faster. Selling in the summer can enhance the property’s curb appeal by showcasing lush gardens and optimizing outdoor spaces—for example, plant lavender or other aromatic plants for instant gratification for those approaching the property. Native plants are a splendid option since they are aesthetically pleasing, practical and ecologically valuable for landscaping. Another tip is to consider adding landscaping lighting to boost curb appeal in the summer with solar lighting and accent lighting that highlights landscaping features. Keeping up with yard maintenance in the summer showcases the potential and stirs the excitement to see the interior. For buyers, summer presents a wealth of options, a diverse range of properties on the market, and the potential for some promising negotiation opportunities in a competitive market. Buyers can feel empowered in the summer real estate market by staying informed about off and pre-market listings, considering strategic concessions and contingencies, and making personal connections with sellers. Of course, summer has challenges in the real estate market with higher prices and competition. Properties can increase in price, so budgeting appropriately and securing financial assistance is crucial. And with such a competitive market, bidding wars are inevitable. That’s why working on negotiation strategies and adding a personal touch when highly interested is vital for summer real estate transactions. The past few summers have been a seller’s dream. However, now, fortunes are changing. Home prices are still rising, but gone are the days of throwing up a for-sale sign, and a mad rush begins. According to Business Insider, sellers around the country face similar circumstances: fewer buyers, and those on the hunt have more options. Now is the time to price properties conservatively and take care of more significant repairs before listing. Since buyers are already battling high interest rates and prices, taking on more expenses as soon as they get the keys is...

Celebrating Changemakers 2024

It’s time for the annual Changemakers series, a collection of in-depth, insightful interviews published by Senior Housing News (SHN). Each year, the series celebrates a group of senior living leaders driving positive change in the industry. As sponsor for the sixth year in a row, Yardi is proud to join SHN in presenting the 2024 class of honorees. These honorees are trailblazers, innovators, visionaries and more — and their interviews detail how they got to where they are today. We’re delighted to introduce the first batch of Changemakers as the series begins, starting with a dedicated Yardi senior living client: Chris Guay, founder and CEO of Vitality Living. In his interview, Guay discusses how Vitality is evolving in the industry, the importance of staff diversity and how he creates a safe environment across his communities. Read on for a highlight of what he shares — then check out his full interview with SHN. Meet Changemaker Chris Guay SHN: We at SHN think of you as a Changemaker, but do you think of yourself as a Changemaker? Guay: I do see myself as a Changemaker. I believe it was always in me. I started out working with Emeritus, and I think I was a Changemaker there; always trying to push us to do things differently and work things through. Then when I got the chance to start my own company, I had to put a little of that on hold initially, because you’re trying to build an organization and build it forward. We’ve been fortunate that I’ve got a really great team of people. We’ve been able to build a really good company. The last couple of years, I’ve been able to shift back into that Changemaker role. I like to change things. I’m always innovating, always trying to change. That sometimes drives my team crazy. I have to find that delicate balance of pushing us forward, but also making sure we’re not pushing so fast that we’re changing just for the sake of changing. I ask myself, “Is this going to improve the experience for our residents?” I’ve really tried to hone in on if a change is going to improve the experience for our team members as well. If a change makes it harder for a line staff or caregiver, it’s probably not a change we should do. The third customer that sometimes gets forgotten in this business, “Is that change going to have a positive impact for our ownership partners?” I filter everything through those three pieces. Then based on how that comes through that filter, then I decide what we’re moving on. SHN: Do you think that the industry is changing fast enough to keep up with the times? Guay: I don’t. I find myself getting into the same conversations that we’ve had for the last 10 years. There’s opportunity in that because if you are a company that’s innovative, there’s opportunity to excel. However, it’s hard to innovate when you’ve got different weights dragging you down. It’s not an easy time. I don’t think people aren’t changing because they don’t want to. I just think there are some headwinds that keep dragging us back. You’ve got to keep fighting, you’ve got to keep pushing. SHN: The coming year is sure to be a year of growth and evolution for this year’s senior living industry. In what way is Vitality growing and evolving? Guay: One, we’re preparing and we’re building. We like to build a team around what we see, where we think we are. We don’t wait for it to come. We try to get ahead of it. We are really trying to be a world-class sales organization. We also look at the digital space. How we win there and how we get really innovative there is important. We decided to invest on the people side. We’re really shifting into how do we become a...

Commercial Briefing Montréal

Yardi Canada recently hosted its inaugural Executive Commercial Briefing at the W Montréal Hotel, setting the stage for an evening of insightful discussions and networking. This event left attendees inspired and eager for more conversations with industry experts. Keep reading to learn what you can expect at our future executive briefing.  A platform for industry insights and collaboration The Executive Briefing series is an invitation-only event that delves deep into property and program management topics. It provides industry leaders and our executives with the opportunity to discuss the latest challenges and technology solutions shaping the real estate and housing markets. These briefings offer a platform for sharing insights, best practices and innovative strategies directly from top experts and decision-makers in the field. Through exclusive networking opportunities, interactive sessions and presentations from leading analysts, participants can forget important connections and gain valuable knowledge. With the rapid evolution of the real estate market and its supporting technology, these briefings are essential for staying ahead of the curve. Key highlights from the briefiing Jason Chacko, senior account executive of Yardi, shared compelling insights into the Yardi Investment Management Suite. He highlighted the efficiency brought by automation, stating, “The example I like to quote is with on of our major clients. On a quarterly close, they were taking 21 days to calculate their waterfalls. They reduced that to a half-day process with Yardi.” By integrating accounting, performance measurement and reporting into one platform, real estate businesses can streamline investment management. This tool provides real-time insights, boosts efficiency and supports data-driven decisions, helping clients like Timber Creek reduce manual work and improve accuracy in financial operations. The client panel also provided valuable perspectives on digital transformation. Olivier Rocheleau, corporate controller of Groupe Petra, emphasized the necessity of a fully integrated solution, saying, “We were looking for a best-in-class solution and a strong partner to establish ourselves with a solid foundation. Once we identified the modules we needed, Yardi’s implementation team guided us through the process seamlessly.” Groupe Petra is a leading real estate investment and management firm known for its extensive portfolio of commercial properties across Québec. They focus on acquiring, developing and managing high-quality real estate assets, ensuring sustainable growth and value creation. By partnering with Yardi, Groupe Petra aims to enhance their operational efficiency and maintain their reputation for excellence in the real estate market. Michael Sutherland, vice president of Canderel, echoed this sentiment, reflecting on Yardi’s impact on their operations. “We saw Yardi facilitate our strategic direction to streamline our service lines. The savings were compelling when we eliminated ancillary software and replaced it with a single Yardi stack. It was a no-brainer for us.” Canderel is a prominent real estate investment, development and management company with a diverse portfolio spanning office, retail, industrial and residential properties across Canada. Known for their innovative approach and commitment to excellence, focusing on creating value through strategic acquisitions, developments and property management. By adopting our solutions, Canderel aims to streamline their operations, enhance efficiency and support their long-term growth objectives. Exploring the future of AI in real estate David Franklin, industry principal at Yardi, captivated the audience with a discussion on our advancements in artificial intelligence, particularly in lease abstraction. “This technology is exciting. We are going after the ability to abstract leases, cut time on accounts payable and give [clients] a built-in assistant using technology.” Virtuoso represents a significant leap forward in real estate technology. Virtuoso includes advanced features designed to enhance efficiency and accuracy, such as chatbots for improved customer interactions, smart AP for automating accounts payable processes, smart Lease for lease abstraction and an AI assistant for various operational tasks. By integrating these tools, Virtuoso provides seamless automation and intelligent assistance, helping Yardi clients streamline workflows, reduce manual errors and make more informed decisions. Looking ahead Yardi is dedicated to supporting and enhancing the real estate market in Québec. During the...

CFAA 2024 Recap

The Canadian Federation of Apartment Associations (CFAA) hosted its annual conference in May located in Toronto. This year’s theme, “Building Communities Together,” highlighted the urgent need for collaboration and innovation in the multifamily housing sector. As the industry grapples with longstanding status quo and historically low vacancy rates, stronger partnerships are essential to address Canada’s housing challenges. This event provided a crucial platform for fostering discussions on these pressing issues and exploring prospects for the multifamily housing industry. As a strategic partner and sponsor, Yardi played a pivotal role in the event, contributing to multiple sessions and sharing valuable expertise on various aspects of property management and technology integration. Day 1: Innovations in urban living & industry insights The conference kicked off with a series of building tours, including notable properties managed by Tricon Residential, Minto Apartments and Stackt Market. These tours highlighted new practices in real estate management and provided a practical understanding of how modern technology enhances building operations and resident satisfaction. One standout visit was to Stackt Market, a vibrant community space designed entirely using shipping containers. Stackt Market exemplifies how innovative design can create dynamic community spaces, fostering a sense of community while maximizing the use of urban space. Yardi’s own Parisa Vafaei, director of sales, led a session that delved into the findings of the latest Yardi Multifamily Report, highlighting the necessity for innovative ideas and new partnerships as more units are expected to come into the market to address Toronto’s low vacancy rates. “The vacancy rate in Toronto for Q1 2024 is 2.5 percent, indicating a tight rental market,” Vafaei noted. The report also revealed that Toronto has one of the lowest annual turnover percentages among Canadian census metropolitan areas (CMAs) at 11.6 percent and a lease-over-lease rent growth for new leases of 15.5 percent. These metrics show the critical need for strategic planning and collaboration to manage demand, improve housing availability and maintain affordability in the multifamily housing sector. Day 2: Thought leadership and technological innovations The second day featured key industry leaders, including the mayor of Toronto. Peter Altobelli, vice president of Yardi Canada, led a session on “Leading the Way: The Next Generation,” focusing on workforce management. This session reviewed aligning company values with new talent, fostering mentorship and offering structured career development. The panel discussion highlighted new expectations of the emerging workforce. “Today’s talent is entrepreneurial and ambitious,” one panelist noted. “They interview employers as much as we interview them. While they have technical skills, we seek soft skills. They want autonomy, decision-making roles and alignment with company values.” The discussion stressed the importance of providing broader perspectives, growth potential and dedicated time for succession and leadership planning. Innovative strategies to attract new Canadians were also highlighted, with Fritzrovia’s rotational program standing out for its unique approach. This program helps retain talent by moving individuals through various roles and departments over a set period of time. Emphasizing resident experience and partnering with firms that share ESG commitments were noted as crucial. “Transparency about these commitments is key to attracting talent,” added Courtney Chisholm, project manager at Fitzrovia. Structured onboarding and new technology were also highlighted as critical for maximizing talent contributions. Evolving property management One of the most anticipated sessions was “The Crystal Ball of AI: Leveraging Data & AI for Predictive Insights in Property Management,” moderated by Meherzad Bakht, senior sales manager for Yardi. This panel discussed the transformative impact of artificial intelligence (AI) and data analytics in the multifamily housing sector. Killam Apartment REIT covered the benefits of generative AI technologies, such as chatbots and automated crm systems, to streamline interactions with prospects and residents, enhancing efficiency and improving response times. QuadReal Property Group shared their use of biometrics to authenticate applicant identities before a tour as a new first step for fraud prevention. simplydbs’ survey of 20,000 Canadians revealed renters want their next unit to be...

Beat the Summer Slump Jun15

Beat the Summer Slump...

As the summer heat approaches, many bask in the sun, enjoy longer days, and create lasting memories with loved ones. However, some may find themselves in a summer slump, especially inside the office. Here are some tips to help beat the summer blues and make the most of this season. Goals: Summer can be busy for some and slow for others, but regardless of what is going on, it is a great time to reorganize and refresh from the whirlwind of spring’s new beginnings.  Set some SMART goals (specific, measurable, achievable, realistic and timely) and write them down. A goal without a plan is just a wish. Sometimes, writing out the goal will be more motivating and achievable in a world of computers. Make goals a priority. Give them focus, energy, and attention daily. Create a specific game plan that drives ROI outcomes. Emphasize attainable goals and set consistent goals for employees with similar responsibilities. Refrain from promoting internal rivalries, which can lead to resentment and devalued morale. Focus on the mindset plan to overcome loathing and step outside the status quo. Summer is a great time to manifest what the end of the year will look like. Sow the seeds in the summer and harvest before winter. Set positive goals only! All well-crafted goals are aligned with more extensive key business strategies. For example, if you want to work on professional development, have employees complete some training courses provided on Yardi Aspire or LinkedIn learning before a performance review at the end of the year. If your company offers upcoming webinars, have employees attend if they are available and then share findings with the team during weekly meetings. Boost office morale: Keep the office happy with team-building exercises, outdoor picnics and themed dress-up...

iPad Update

Apple gadgets and products have improved significantly since their launch. Now, they are more portable and powerful than ever. Let’s explore the latest Apple iPads, Magic Keyboard and Apple Pencil upgrades. The iPad’s versatility defines it. The new iPad allows users, from consumers to pros, to take their creations to new heights. It brings lessons and learning to life for teachers and students alike, as well as gaming and entertainment. Light as a feather, the newest iPad Air offers engaging content, gaming, high resolution and Apple silicon, making it versatile for so many. It is available in 11-inch and an all-new 13-inch since many prefer a significant 30% more screen real estate. The 13-inch allows for more participants on Zoom calls. The new camera has a front-facing camera in landscape view, making it perfect for taking notes on the magic keyboard or FaceTime calls. The sound quality of the iPad Air is immaculate, with double the bass. iPad Air includes an Apple silicon M2 powerful chip with a faster GPU, CPU and Neural engine, 50% faster than M1 and better memory with powerful AI and learning features. These improvements in performance and capabilities ensure that the iPad Air is a reliable and powerful tool for any task. iPad Air comes in two new colors, blue and purple, along with space gray and starlight and is designed with 100 percent recycled aluminum in the enclosure. iPad Air also works with the new Apple Pencil Pro to add more capabilities and bring ideas to life like never before. The starting price for the iPad Air is $599. Crush the limits with iPad Pro. The iPad Pro is now so thin and so powerful, with a breakthrough display and amazing pro apps. Available in 11inch, 5.3mm and...

Replacing Siloed Software

Siloed software systems often pose major challenges for senior living operators. Since they require navigating various platforms and manually transferring data, these systems waste valuable time, increase the risk of errors and place a burden on your staff. The Yardi Senior Living Suite, on the other hand, is an all-in-one, interconnected solution that unites financials, care, business intelligence and more on a single platform. With one integrated software solution, you unlock everything you need — all in one place. Why make the switch to a single connected solution? If you’ve used disconnected software tools, you’ve likely experienced the frustration of data-entry errors, time wasted digging for answers and the hassle of transferring information from one system to the next. That’s because disparate tools seldom speak to each other as efficiently as single-stack solutions do (or often, they don’t speak to each other at all). Not to mention, siloed systems aren’t necessarily as cost-effective as one fully integrated platform. They usually require varying licensing fees, plus you face the costs associated with maintaining and upgrading each individual system. With a single connected solution like the Yardi Senior Living Suite, you alleviate these challenges, risks and frustrations by accessing every tool needed in one secure place. You empower your teams with an intuitive, easy-to-access platform — all while improving care and enhancing efficiency. What makes the Yardi Senior Living Suite an unmatched solution? The Yardi Senior Living Suite offers more than your average solution. Uniquely designed to meet the needs of senior living operators, the suite of integrated tools is hosted on a cloud-based, HIPAA and SOX-compliant platform. These tools support the full spectrum of senior living — from assisted living to CCRCs to value-based care. We also place a strong emphasis on taking care of our clients and driving growth year-round, which results in a platform that’s ever-evolving, cutting-edge and built to help you succeed for the long term. We’re proud to be a Forbes Cloud 100 software provider supporting our clients for 40+ years. You can explore our full product suite to learn more, but some of the highlights include:    Voyager Senior Housing, our community management powerhouse that combines property management, financials and complete business oversight. Yardi Senior IQ, the only business intelligence solution built for senior living — a system that helps you make smarter, faster decisions with actionable information for your entire portfolio. Yardi EHR, our full-service, interoperable electronic health record solution that helps mitigate errors, limits liability and empowers staff to deliver the best resident care. Senior CRM IQ, our collection of mobile-friendly sales and marketing tools that help you attract new residents, nurture your leads and maximize occupancy.   RentCafe Senior Living Portal, our secure online platform that keeps residents, families and staff connected around the clock. Watch a webinar Integrated software offers advantages that siloed systems can’t match. If you’re ready to see the Yardi Senior Living Suite in action, explore our library of on-demand...

Summer & Fall Events

Attending any senior living events this summer — and throughout the fall season? Team Yardi looks forward to meeting you, discussing the latest industry challenges and sharing what’s new with our single connected solution. See below for a list of events we’ll be attending, plus book time to meet us at each! ASHA 2024 Mid-Year Meeting Meet us at the ASHA 2024 Mid-Year Meeting in Dana Point, California. Our team is excited to share how the Yardi Senior Living Suite works to empower staff, automate workflows and enhance resident care. Contact us to schedule time to meet at the event. Event details: Waldorf Astoria Monarch Beach June 17-18, 2024 FSLA Annual Conference Attend the FSLA Annual Conference — Engage 2024 — in Orlando, Florida. Stop by booth 29 to see how our single connected solution helps providers drive success. Book time to connect with our team during the conference. Event details: The Ritz Carlton Orlando July 10-12, 2024 OHCA Annual Convention 2024 Find us at booth 708 at the OHCA Annual Convention 2024 in Portland, Oregon. We’ll show you how our single connected solution helps providers streamline operations and deliver better care. We are pleased to be an Awards Program co-sponsor. Get in touch to schedule time to meet. Event details: Oregon Convention Center September 17-18, 2024 2024 NIC Fall Conference Visit us at the Woodley Park meeting room at the 2024 NIC Fall Conference in Washington, D.C. You’ll learn how our fully integrated technology helps providers unify operations and deliver quality care. We are pleased to be an official NIC Conference partner. Reach out to book a meeting. Event details: Marriott Marquis Washington D.C. September 23-25, 2024 AHCA/NCAL Convention & Expo Connect with us at the AHCA/NCAL Convention & Expo in Orlando, Florida to explore how the Yardi Senior Living Suite creates a foundation for success. You’ll find team Yardi at booth 2119. Contact us to get a meeting on the books. Event details: Orange County Convention Center October 6-9, 2024 SMASH 2024 Let’s network at SMASH 2024 in Las Vegas, Nevada. Come meet with us to discover how our single connected solution helps providers raise the bar. We are pleased to be a Premier Platinum sponsor. Connect with team Yardi to book a meeting at the show. Event details: JW Marriott Las Vegas October 14-16, 2024 LeadingAge Annual Meeting Meet with us at booth 2239 at the LeadingAge Annual Meeting in Nashville, Tennessee. Our team can’t wait to show you around the Yardi Senior Living Suite. Arrange a meeting with us. Event details: Music City Center October 27-30, 2024 CALA Fall Conference & Trade Show Connect with team Yardi at booth 510 at the CALA Fall Conference & Trade Show in Palm Springs, California. You’ll discover how our single connected solution offers every tool you need, all centralized in one place. We are pleased to be an Awards Luncheon sponsor. Schedule time with our team. Event details: Renaissance Palm Springs Hotel & Palm Springs Convention Center November 4-6, 2024 We look forward to meeting you! Looking to explore the Yardi Senior Living Suite prior to these events? Visit our product suite or watch a quick, on-demand...

2024 PHA Forum Recap Jun05

2024 PHA Forum Recap

The recent Yardi PHA Forum hosted over 600 guests from around the country in National Harbor, Maryland to discuss innovative solutions for subsidized housing. The event offered 64 interactive courses, covering almost every PHA-specific product in the Yardi suite. This event had a great attendee turnout and featured numerous courses, networking opportunities and presentations from industry leaders. And it’s all thanks to you! Here are some key takeaways from this year’s Forum: Popular PHA classes this year The PHA Forum offered dozens of courses, catering to diverse interests and needs. Among the most popular were ones focusing on financial management, compliance and advanced reporting techniques. Here are the top classes from this year: Maximize Funding with VMS Reporting Online Briefing, RFTA & HAP Contracts HOTMA: All About Interims Correcting Ledgers and Subledgers: Best Practices PHA Rent & HAP Posting: Best Practices If you missed out on these classes this year, many will be offered in August at YASC San Diego. Be sure to register today. Innovative product demos at knowledge central We loved delving into the software during our one-on-one training sessions. Sometimes, we underestimate the value of in person sessions, especially when learning about a brand-new product or service. Having an expert show you features in real time is truly a benefit and a reason the forum is so popular. Networking events and socials It’s not just about taking notes and learning! We hosted several networking events following the classes for attendees to debrief and socialize — including a rooftop cocktail event which overlooked the scenic and historic Potomac River. And we can’t forget our very own Yardi Party. After a long day of classes, we hosted staff and attendees for a night of networking and dancing. The evening was filled with lively conversations, a photo booth, delicious food, and a vibrant dance floor — creating the perfect atmosphere for socializing and unwinding after a productive day. Sharing in the Yardi Ambassador Program Guests enjoyed chatting with Yardi’s Sean Geraghty at the ambassador booth to learn more about how they can get involved with The Ambassador Program. This year’s Forum saw over 100 ambassador sign ups. Geraghty explained: “The program is designed for clients who aspire to be industry leaders, celebrate their successes and give credit to their teams.”  This program is designed to be mutually beneficial: we gain valuable insights from their stories and clients have a platform for them to establish themselves as thought leaders. Feedback from our clients Our team was lucky enough to sit down with clients and learn about their experience with Yardi. We had some great conversations about why our clients love attending The Forum each year. We’re always striving to learn how we can help you innovate and grow. Here are a few of our favorite comments: “My favorite thing about Yardi is the ability to manage all our daily business in one software. It just makes life that much easier.” – Weneisha Brand, Ann Arbor Housing Commission “I am also excited to go to the class today on the Asset IQ Executive Dashboard. I have a manual dashboard that I have been keeping but if I can have that automated and put it into the system and pull the data from there. I am excited about that capability” – Carol Jones-Gilbert, Palm Beach County Housing Authority “And so, as we became a Yardi, customer a few years ago, we have been really looking at the different platforms that you offer to make sure that we are working smarter, not harder.”” – Denita Bearden, Housing Authority of the Birmingham District Summing it all up What makes The Forum so special is the opportunity to build relationships. Meeting face-to-face with people who have supported you over the phone fosters even deeper connections. As Jeanette Porter, a senior manager at Yardi, explained: “For me, The Forum is all about connecting with our clients...