Tech Leadership Oct18

Tech Leadership

A survey of property owners, operators, real estate investment trust and developers conducted by KPMG LLP confirms Yardi’s leadership as a real estate technology provider. KPMG, a global professional services firm, reported that: Forty-four percent of survey respondents claim Yardi as their property accounting general ledger system provider. The next most popular provider is cited by 11%. “Respondents said they based their choice … on user friendliness, reporting capability, and cost effectiveness. Similar results were found for fund accounting general ledger systems,” KPMG notes. Thirty-two percent employ Yardi for asset and transaction management. Thirty-three percent use Yardi for leasing software. Asked about their approach to investing in property management technology, 79% of respondents said they prefer partnering with a technology vendor. Many organizations noted that “improved decision-making is most valued, followed by the ability to lower operating costs, and improve customer engagement.” The cloud is the preferred system for hosting property accounting general ledger systems for 52% of respondents, with 21% favoring internally hosted onsite systems, 16% outsourcing the function and 11% selecting “other.” Real estate companies’ technology investment priorities over the next 18 months are, in descending order, investor reporting, cybersecurity, asset management, leasing, tax reporting and fund accounting GL systems. KPMG’s analysis of the survey results also offers clues to opportunities for real estate solution providers. “Unlike other industry-leading organizations, many real estate companies are behind the curve when it comes to taking full advantage of new technologies, like data and analytics and artificial intelligence,” KPMG says, adding that continuing to rely on spreadsheet applications for critical financial tasks “can open them up to significant risks.” Learn about industry-leading Yardi solutions for property management, asset management and investment management. View the complete KPMG survey...

ENERGY STAR Day

Tuesday, Oct. 22, 2019, is ENERGY STAR Day, described by the U.S. Environmental Protection Agency as “a celebration of energy efficiency” and a means to raise awareness of the benefits of favoring products and properties with ENERGY STAR® certification. And there’s a lot to celebrate. On average, ENERGY STAR-certified buildings use 35% less energy than typical buildings nationwide and command a premium of up to 16% for sales prices and rental rates. More than 34,000 buildings have earned certification, which requires an ENERGY STAR score of 75 or higher, meaning that such a building performs better than at least 75% of similar buildings nationwide. All told, ENERGY STAR and its partners have helped save American families and businesses more than $450 billion and over 3.5 trillion kilowatt-hours of electricity since 1992 while also achieving broad emissions reductions. Another facet of the ENERGY STAR program has been similarly fruitful for industrial plants, while ENERGY STAR-certified homes, apartments and products are built to an equally high standard of efficiency. Yardi is intimately familiar with ENERGY STAR and its benefits. Property managers use the Yardi Pulse Suite to capture energy data for ENERGY STAR® benchmarking and reporting. The company employs experts who can help clients identify conservation opportunities and comply with ENERGY STAR and other standards. Yardi is also sponsoring a series of webinars this month on new ENERGY STAR compliance requirements taking effect in the U.S. and Canada next year. The EPA, co-manager of ENERGY STAR, has recognized Yardi as an energy efficiency leader. In April 2019, the company earned designation as an ENERGY STAR Partner of the Year, the highest level of recognition the agency offers, in the service and product provider category. Check out the EPA’s toolkit for spreading awareness of ENERGY STAR Day through...

YASC Turns 20 Oct16

YASC Turns 20

A special anniversary Yardi Advanced Solutions Conference (YASC) kicked off this morning in beautiful San Diego, with 2,500 Yardi clients and staff members in attendance for the 20th edition of the event. Yardi president and founder Anant Yardi reflected on the early years of the conference in his opening remarks. “About 200 people attended the first YASC, and we were thinking, how will we cope with 200 guests?” Mr. Yardi reminisced. “Those 200 people would only fill the first two rows of seats here today.” Mr. Yardi then invited two clients who have been to almost every YASC event, Alex Ruiz of Picerne and Carol Kelly Ball of Sierra Properties, to join him on the stage. Yardi employees Nancy Bogg and Anna Markmann, who have worked on the production of every YASC conference, were also honored. YASC is now a global event, with six conferences annually around the world. In addition to the two U.S. based events, there are conferences in the United Arab Emirates, Australia, Singapore and England. Meanwhile, Yardi has grown to a company size of almost 7,000 employees at 45 offices around the world. Two decades on, Yardi’s corporate focus and mission statement remains the same: focused on client and employee success, stellar customer service, innovating new products and platforms and assisting local communities with philanthropy and volunteerism. At the heart of each of those items is the importance of relationships. One of the most valuable aspects of the YASC events is the chance for Yardi to receive feedback and suggestions from clients, and for clients to learn about new products and solve business challenges. In his remarks, Mr. Yardi offered a compelling history of technological innovation over the last 20 years, summarizing the transition from the early days of dot com, to the mobile and social media revolution, to today’s era of big data, artificial intelligence, and the Internet of Things. “This is the era of continuous connection. But in the world of business, continuous connection hasn’t fully come to fruition. Our goal is to make that happen and provide the tools and technologies that you need,” Mr. Yardi said. Yardi clients look forward to hearing about forthcoming advances in products and innovation at YASC, and Wednesday’s general session offered a breadth of such insight. Following Mr. Yardi’s presentation, Rob Teel, senior vice president, and Kevin Yardi, vice president, consulting practices, offered a detailed look at the Yardi Elevate suite for operational performance, Yardi Energy Suite for energy management, and Yardi Kube for coworking management. “We’re not just chasing dreams,” Mr. Teel said. “Most of the things that Anant mentioned, there are solutions at the end of it that will help your business.” Attendees at YASC will explore those solutions over the next two and a half days and also have a little fun. A special #YASCTurns20 party is planned for Thursday night on the U.S.S. Midway, near the conference venue on the San Diego waterfront. Find a full lineup of YASC highlights and information. To follow along with the event, use the hashtag #YASCTurns20 and follow Yardi on your favorite social media channel:...

YASC Preview Oct16

YASC Preview

The 20th Yardi Advanced Solutions Conference (YASC) returns to San Diego, Calif., this Wednesday to Friday, October 16-18. The annual user conference will offer in-depth training, networking and fun for Yardi clients, including a special milestone anniversary celebration. We can’t reveal all the surprises in store, but this is one event you won’t want to miss. “We’re excited to welcome our valued clients to the 20th edition YASC in San Diego. From its early days as a small gathering in Santa Barbara, this special event has grown to be one of the largest and most enjoyable user conferences around. We hope you enjoy the special surprises in store for this year – they’re our way of saying thank you for your support and participation.” Get a preview of YASC San Diego: Yardi Events app Get connected at YASC with the Yardi Events app on your smartphone. Attendees can access all conference information, venue maps, class materials, social networking, in-app messaging and more. Customize your daily schedule with classes, demos, panels and roundtables, and 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 the app features from their desktop. User log-in details have been emailed to all registered YASC attendees. Questions? Email our team at yasc@yardi.com. Get personal attention Did you know our Knowledge Central experts have an average Yardi tenure of nearly 5 years? We’ve brought together a friendly group of experts that includes team leads, consultants, and senior account managers to answer your toughest questions, solve your trickiest challenges, and guide you through our newest software solutions. Find Knowledge Central operating hours in the Yardi Events app and be sure to visit our team on the Hilton San Diego Bayfront Indigo Level. Connect with others How many industry connections can you make in three days? There will be over 1,500 attendees representing nearly every segment of the real estate sector at YASC. The conference will offer expanded opportunities to connect with peers in your industry, including morning wellness activities, scheduled breaks and networking receptions. For all conference activities and receptions, bring your conference name badge and get ready to network! Visit the Networking Lounge, located on the Aqua Level, to network with others in your market, check in at the office and recharge your devices. Celebrate with us Learning is first and foremost at YASC, but that doesn’t mean you can’t have a good time too! Join us at the Networking Reception on Wednesday evening for cocktails and appetizers. It’s a fun way to wind down and get to know Yardi staff and other YASC attendees. On Thursday night, it’s time to party! The Yardi Party is always packed with music and fun with your new friends from the conference, and we’ve got big plans for our 20th anniversary, so you won’t want to miss this. Don’t forget that your conference name badge is your all-access pass for conference activities and receptions. Please be sure to wear it at all times. New this year: fitness activities on Thursday morning If you enjoy getting a workout in before the day begins, you’ll love our new yoga and running opportunities, set for Thursday morning from 6:45-7:45am at the Bayfront Park (outside the Hilton). Follow the signs to the yoga class or join us for a variety of run distance options! It’s a wonderful time of year to exercise outside in beautiful San Diego. Get social Share your conference experience on social media using the event hashtag #YASCTurns20. Follow Yardi on your favorite social networks for conference news, prizes and more. Connect with Yardi on our corporate blog, LinkedIn, Twitter, Facebook and Instagram. Interested in joining us at the 20th annual YASC event in San Diego? Add your name to the...

Improving Comfort

Your tenant in the eastern wing is chronically cold. You’re fighting an uphill battle for safety as your tenant’s employees bring personal heaters into the space.  In the western wing, however, your tenant’s employees can’t get cool enough. They complain of high energy bills while swearing the humidity will lead to mold problems. Uncomfortable tenants are more than a headache. They are a threat to your bottom line. Thermal comfort can impact your tenants’ desire to renew their leases. Additionally, a commercial property with low thermal comfort may indicate inefficiencies in its climate controls or building envelope. High turnover and an inefficient building will adversely affect your bottom line. Thermal Comfort + Your Bottom Line The American Society of Heating, Refrigerating and Air-Conditioning Engineers defines thermal comfort as the condition of mind that expresses satisfaction with the thermal environment. It is subjectively assessed by using the Comfort Scale or Thermal Index, both of which evaluate temperature, humidity, air velocity, and radiant temperature. As comfort is subjective, a commercial building’s thermal comfort ranking will vary from person to person. Health and Safety Executive recognizes an international standard which suggests that a building has “reasonable comfort” when at least 80 percent of its occupants are thermally comfortable. Improving Thermal Comfort in Commercial Properties There are three ways to notably improve tenant comfort and protect your investment: 1. Identify and Fix Leaks Address leaks in the building envelope. Contact a contractor to identify areas where your heating and cooling efforts are defeated by oversights in construction or maintenance. Resealing windows and adding weather stripping to doors, for example, are two quick fixes for drafts. Leakage significantly decreases the energetic efficiency of an HVAC system. As a result, the HVAC system may be working overtime to regulate indoor conditions. Have your units...

Easier Medicaid Billing Oct14

Easier Medicaid Billing

For many residents in senior living communities, Medicaid is a stable source of funding for care. But for just as many owners and operators, Medicaid is a source of billing frustration. Since each state manages their own Medicaid programs, senior living providers can have wildly different processes for getting reimbursed for care among their communities. Some states require electronic claims submission – some make it optional. And not all states reimburse for the same services in the same way. Figuring out the who, what, where and how is enough to make some providers reluctant to accept Medicaid recipients. But that’s all changing. We’re excited to announce Yardi Claims Manager, the newest update to our Yardi Voyager Senior Housing platform. Claims Manager streamlines the claims submission process by automating the entire workflow. Staff no longer need to do manual paperwork for each resident and claim. Instead, the solution integrates directly with the resident’s record through Yardi Voyager, so all billing information is in one central place. Staff can then leverage state-specific billing templates to submit electronically and breeze through the complexities of Medicaid reimbursement. Check out how Claims Manager can simplify electronic claims management for assisted living and memory care providers. Save time: Less scanning and filing of Medicaid paperwork means more time back for your team to focus on other priorities. All your claim documentation is centrally located in Yardi, so there’s no shuffling between accounting systems or digging through the state’s Medicaid billing software for submissions and reconciliation. Eliminate errors: If your staff must transfer claims information from one system to the next, reentering data and submitting directly, mistakes like typos, missing details or incorrect billing codes are bound to happen. With an average error rate of 28%, paper claims are no better. Claims Manager handles the transaction data for you, using real-time data to populate Medicaid forms so you can submit clean claims every time. Reduce rejections: Claims Manager conducts pre-checks before you submit, verifying that resident claims are accurate and error free. This helps prevent claim rejections, claim rework and all the back and forth with the state. It also means you’ll have fewer gaps in your revenue due to delayed reimbursements. Track statuses: Customizable dashboard and widgets allow you to keep an eye on the status of your Medicaid claims. With full visibility into all residents that are on Medicaid, from a high-level view down to transaction details, you can quickly see if anything needs a follow-up so you can keep claims moving through the Medicaid pipeline. Maintain compliance: Create a clear audit trail without having to lift a finger. Claims Manager stores and safeguards all resident factors and qualifying conditions, ensuring that you’re HIPAA compliant throughout the electronic claims submission process. You can easily track leaves of absence as well to adjust your Medicaid billing by the right amount. If you’re already a Yardi client, you can learn more about Claims Manager by contacting your sales rep or visiting Client Central. Not using Yardi yet? Get in touch to discover our single connected solution for senior...

Efficient Social Housing Oct12

Efficient Social Housing

Technology is transforming the way social housing providers manage properties. The technological advancements that have already transformed financials and operations are now automating resident-based transactions. The results are increased efficiencies for clients and greater empowerment for staff. Peter Altobelli, vice president of sales and general manager for Yardi Canada, explored four benefits of technology for applications and waitlists in the Ontario Non-Profit Housing Association Procurement Newsletter. Check out a sneak peek of the article below. Revolutionized Application Process Traditional social housing applicant intake processes rely heavily on in-person interviews. Those interviews run the risk of miscommunications and require a lot of time for your staff and prospective residents. “Online, self-service application workflows present each applicant with a consistent experience, conveniently available 24/7. Applicants can submit their information when it’s most convenient for them from any web browser with digital accuracy. This provides more efficient use of staff’s time when reviewing applications,” said Altobelli. Manage Waitlists in Real-Time Using conventional mail notifications, updating waitlists is a lengthy process. Convenient online user portals connect waitlisted households to leasing office staff in real-time. “Connected technology makes it possible for social housing providers to efficiently upload documents, respond to housing offers and notify staff of changes and pending approvals, in real time, and maintain updated waitlist,” explained Altobelli. Innovative technologies enable staff to meet the needs of applicants and residents while reducing administrative workloads for staff. Get the full story, including the benefits of electronic CRM, at...

LeadingAge Learning Oct10

LeadingAge Learning

There are many conventions and shows in the senior living industry, each uniquely positioned for a local audience, a certain role or a special purpose. But there’s one event that unites more people from across the care community than any other: the LeadingAge Annual Meeting and Expo. This year, the conference takes place from October 27-30. Close to 4,500 senior living professionals will flock to San Diego for four days of learning and relationship building. Event organizers have put together session tracks for sales, marketing, care, operations, legal and more. Anyone in the industry is sure to find something for them. You know the Yardi team will be there too. We’ve got Booth 1417 at the expo, so come by and see what we’ve been working on. Our suite of tools for senior living management are designed to connect all parts of your business on one integrated platform. Kind of like LeadingAge, there’s a solution for everyone. (Plus, we’ll have some small, furry, four-legged guests you won’t want to miss. More on that down below!) If you’re a salesperson or marketer We’ll show you how to drive revenue and increase occupancy. Yardi Senior CRM helps you effectively manage your sales and marketing efforts from initial contact all the way through signing a lease and becoming a resident. Shorten your lead response times with automated follow-ups, then build a personalized communication flow to keep them engaged. When they’re ready to sign, cut through the paperwork with online leases that generate documents in a click. If you’re a caregiver You’ll learn how to improve resident satisfaction and simplify your own workload at the same time. Instantly access resident’s care needs, eliminate errors and capture progress with Yardi EHR, our electronic health record platform designed to work...

A Safe Haven Oct09

A Safe Haven

Virtually all signs are positive for the U.S. multifamily market, notwithstanding a $1 decline in the average rent in September 2019. In fact, a new national report from Yardi Matrix characterizes the sector as “the picture of stability” amid slowing overall economic growth, gyrating equity markets and international trade tensions. Rents are up 2.9% year-to-date through September and the average national occupancy rate has been above 95% for several years. Housing trends suggest that demand will remain strong for some time to come, with rents likely to remain steady through the fall and winter months as new supply gets absorbed. These trends have produced a favorable investment scenario, according to the report: “It’s no wonder that investors looking for a safe haven and surprise-free returns have identified multifamily as an asset class in which to increase allocations.” Other highlights from the report include a breakdown of year-over-year rent growth across all asset classes and across lifestyle and rent-by-necessity asset classes. There’s also an examination of rent growth on a trailing three-month basis for those categories, along with a look at supply, capital market trends and a discussion of the federal government’s proposed reform of Fannie Mae and Freddie Mac. All that, and more, is in the Yardi Matrix multifamily national report for September...

Eyes on Argentum Oct09

Eyes on Argentum

For nearly 30 years, Argentum has been a staple of senior living. The advocacy group, whose membership now represents close to 75 percent of the industry, strives to raise the bar of excellence in communities nationwide. Formerly called the Assisted Living Federation of America, the organization changed its name to Argentum a few years back to reflect the always-evolving industry. They chose the term Argentum for its roots in the Latin word for silver, which pays homage to the silver generation that Argentum members serve. Argentum’s mission did not change, however. They continue to promote choice, dignity, independence and quality of life for seniors. In pursuit of these goals, Argentum has undertaken listening tours across the country, meeting with senior living leaders and exploring concerns. From these research efforts have grown multiple initiatives to accelerate change. New campaigns to support senior living One example of a key senior living concern was the workforce shortage. In the next 6 years, the industry will need to hire an additional 1.2 million people to meet growing demand. About three-quarters of those new hires will be replacements for caregivers who leave the industry. Senior living has an unfortunately high turnover rate, which makes retaining and promoting talent a top priority for Argentum and their members. To that end, Argentum launched Senior Living Works last year. “As an industry, we need to continue to build on the awareness that senior living offers rewarding careers,” said James Balda, Argentum president and CEO, in the announcement. The Senior Living Works website and toolkit offers resources to recruit and engage a thriving workforce. But Argentum isn’t only focused on the labor challenge. In tandem with Senior Living Works, Argentum launched Senior Living IQ, which shares best practices for delivering quality care. The...

GWA Highlights Oct03

GWA Highlights

After Day 1 of the 2019 GWA Conference, the event continued with conversations surrounding technology, commercial real estate, evolution in workspace design and franchising. Additional conference highlights included: Design evolution This session explored how coworking spaces pair the design of their spaces with marketing and branding for success. Bond Collective strives to create sophisticated, chic spaces with an exclusive club-like atmosphere. No two locations are alike, each geared toward the specific neighborhood they are based in. The spaces are intentionally branded minimally, and designed as symbols of an upscale modern lifestyle. Typically, the spaces feature separate phone and meeting booths for privacy and multiple seating options, such as bars, couches and traditional worktables. Canada’s IQ Office Suites has established unique design differentiators. Following an initial 4,000sf project in Toronto, they have expanded to five locations, soon to be nine, in major Canadian cities. IQ Office Suites’  decisions on where to establish new spaces are based on the surrounding retail, dining and entertainment options on the same street. Window offices are a huge draw, as well as kitchen space, meeting areas, and work/play areas with a bar and event space. Private offices are also important. IQ’s crown jewel is a Toronto space with 18-foot ceilings and a 5,000sf terrace. This location features meeting rooms, team suites, and other group centric areas. The design has moved away from dedicated desks, something many coworking spaces still consider crucial. Winning the corporate occupier One of the final sessions of GWA featured Dale Hersowitz, vice president of coworking for Yardi, as part of a panel discussing how to attract enterprise occupiers. Panelist Jacob Bates, CEO of CommonGrounds, described how technology has essentially made software into a service industry, and this is vital for corporate clients. Hersowitz explained that providing...

Energy Efficiency Day Oct02

Energy Efficiency Day...

If encouragement to “save money; cut carbon; breathe easier” seems more prominent than usual where you live and work, it’s because today is Energy Efficiency Day, and that’s the key message the event’s organizers are promoting. A nationwide alliance of energy efficiency advocacy groups sponsors Energy Efficiency Day to share “tips, tools and stories that promote the multiple benefits of energy efficiency, from lower costs to healthier homes,” as stated in the event’s website. About 450 local governments, universities, organizations, corporations and utilities are hosting an array of activities including expos, energy-saving device installations, free energy assessments and symposia with thought leaders. Organizers of Energy Efficiency Day, an annual occurrence since 2016, encourage people to stage their own events, such as a “treasure hunt” check of home appliance, lighting and insulation efficiency, and to share their experiences from the day (#EEDay2019). Technologies that lower energy bills and make properties more comfortable are part of Energy Efficiency Day’s focus—and have long been a staple of Yardi’s business. The Yardi Pulse Suite, an integrated set of software solutions, supports sustainability efforts by maximizing efficiency across all property types. “October 2 is Energy Efficiency Day. But efficiency is year-round,” says the event’s website, which pretty well summarizes Yardi’s approach as well. Every month last year, for example, the company benchmarked more than 1,700 buildings across 47 client portfolios in 27 compliance jurisdictions in ENERGY STAR® Portfolio Manager®. A grant to the BOMA Water and Waste Challenge helped property owners and managers improve their water and waste management practices. Ongoing leadership, innovation and commitment to environmental protection earned Yardi designation as an ENERGY STAR Partner of the Year. The company joined GRESB’s Global Partner program this year as a sustainability consultant and solution provider. Yardi promotes energy management...

Office Market Update Oct01

Office Market Update

A new report from Yardi® Matrix shows that demand for U.S. office space remains strong, with office-using employment sector growth—which, at 1.7% year-over-year, tops overall non-farm employment growth—driving a 0.1% year-over-year street rate increase in August 2019. “Markets with lower-than-average vacancy rates and solid office-using employment growth continue to have the highest rate of year-over-year growth in listing rates,” the report says, citing San Francisco, Tampa, Fla., Nashville, Tenn., and Austin, Texas, as the leaders. Large, expensive spaces entering the market and pushing overall listing rates upward account for much of their increases. Strong fundamentals don’t always produce high listing rate growth, however. For example, two new business centers and 106,253 square feet of available floor space in an existing mall are depressing rates in Orlando, Fla. The metro had the largest decrease in listing rates in August (-5.9%). Chicago, which has shaky fundamentals, had the second-largest (-5.2%). Year-to-date office sales through the end of August totaled $55.2 billion, slightly behind the $60.7 billion registered through the same period last year. Space under construction, 179.1 million square feet, represents 2.9% of stock. The Yardi Matrix national office report for September 2019 has a wealth of information on occupancy trends, supply, office-using employment and more. Download it...

Embark on Automation Sep30

Embark on Automation

When it comes to customer service, your residents aren’t asking for the moon. They just want relevant responses and timely help. Fortunately for property marketers and managers, automation solutions make this “dream land” a reality. These powerful tools help you not only meet those expectations but soar above them. At the upcoming 2019 Florida Apartment Association Annual Conference in Orlando, you’ll have the chance to create your own “customer service flight plan.” Yardi is sponsoring a session titled “Houston, We Have a Problem: Customer Service Levels Are Low” with Don Sanders, principal of Trainer Don’s World. Through the lens of automation, Don will explore the past, present and future of customer service, discussing creative ideas and techniques for delivering stellar experiences. Don has been in the multifamily housing industry for over two decades, and his presentations are fueled by his real-life work. His FAA session promises to be highly energetic and useful, so make sure to attend if you’re going to the conference. While you’re there, touch down at Booth 500 for a quick chat or demo. We’ll be showcasing the RENTCafé Suite, which offers marketing automation solutions that help you streamline repetitive tasks and deliver targeted content to your prospects and residents. Here’s a preview of what you can explore at the trade show: Give prospects a launch schedule to pick from Customer service begins with accessibility. Today’s prospective renter is soaring down the proverbial “home search runway,” and they need smart, simple and efficient ways to connect with your property. They need tools and technology that allow them to manage their time and search with the click of a button.  RENTCafé‘s self-scheduled tours feature gives prospects the ability to book their own appointments, directly from your website. Leasing office staff get notified...

Recruiting for Commercial Sep30

Recruiting for Commercial...

Commercial real estate still faces a hiring crisis. Though pipelines are ready to burst, employment levels are at a 50-year low. Talent recruitment poses a challenge throughout real estate management, but commercial firms face unique battles that linger from the Great Recession. Only fresh strategies can help lift these organizations out of the hiring deficit. Why is Hiring Still an Issue? Though the Great Recession ended about a decade ago, we are still feeling the aftershock. In the midst of the economic slump, commercial firms stopped hiring. As the nation reeled towards recovery, hiring resumed with the exception of entry level positions. “That lack of training has created a shortage of people who can step into mid-level positions right now,” explains Dianna Rudd, senior director of facility staffing and recruitment at IMPEC Group of California. Her organization offers workplace consulting and witnessed the hiring drama firsthand. As a result, the industry also dropped off the radar with prospects. Fast-forward and we are still struggling with a shortage of entry-level and mid-tier talent. For example, it took 10 views of a job posting before someone would apply back in 2006. In 2018, it took about 30 views. What Hasn’t (Really) Worked To bolster recruitment efforts, commercial organizations increased compensation by nearly 16 percent from 2013-2018. This rate is even higher for C-level executives, reports National Real Estate Investor Online. Rates are reported between 20 and 30 percent higher for executives. But offering more money hasn’t solved the problem.  Other industries have recovered while commercial real estate organizations struggle to generate interest. Though the current national unemployment rate fluctuates around a healthy 3.7 percent, commercial real estate faces a nearly negative unemployment rate. Competitive compensation packages are a viable way to promote engagement. The additional strategies...

2019 GWA Recap Sep27

2019 GWA Recap

The 2019 GWA Conference, held this earlier this month in Washington, D.C., examined the latest trends in coworking. Yardi Kube was once again a platinum sponsor of this well-attended event, demonstrating a commitment to the coworking industry and showcasing new updates to the comprehensive coworking management platform. Let’s recap some of the highlights from conference breakout sessions. (Stay tuned for Part Two of this report, with additional insights.) Positioning your coworking space Led by Kevin Whelan, founder of Everspaces, this session was a discussion about customer purchases and what coworking operators can do to position themselves for quick success. Whelan explained that people, in general, buy on convenience or fidelity. Convenience is the purchase that’s based on how easily you can get something. Price, flexibility, and other ease of access factors play into these decisions. Fidelity is all about the experience. Customers will purchase things they truly love (think iPhones), irrespective of price. These purchases are based on status, visibility, elite design and service. Successful coworking operators must define themselves to attract members looking to purchase based on one of the two categories. For example, NeueHouse prides itself on providing a world class experience in Manhattan, NY and Hollywood, Calif. As a result, their pricing is considered among the highest in the industry. Nevertheless, NeueHouse is very successful. Regus, an industry leader, does not provide a ‘wow’ experience. But the company operates numerous coworking locations in major cities, so ease of access and flexibility when traveling is high. Regus price points are considered affordable. Both NeueHouse and Regus are profitable industry leaders in their own categories. Even niche spaces like The Wing, a women’s only coworking space, also operates a magazine, podcast, and retail store, among other ventures. But The Wing’s owners successfully use...

Virtual Ease Sep27

Virtual Ease

Paying for the materials and services that keep a property running smoothly has never been simpler or more convenient. That’s because Yardi Bill Pay now allows payments with Mastercard-branded virtual credit cards. Property managers can execute the entire vendor payment transaction process with a single-use virtual card number. The process embeds transaction-level controls and leverages existing workflows, which saves time and money previously required to process paper checks, complete payment file uploads and retrain staff. Built into Yardi Voyager, the system requires no interaction with other data sources. Property managers gain full control and visibility over spend while avoiding per-transaction fees associated with checks and ACH. Vendors, who must be enrolled in VENDORCafé to participate in Yardi Bill Pay, get paid faster and simplify their reconciliations. “Mastercard is committed to provide secure, efficient and paperless payments for the property management industry,” said Marie Aloisi, Mastercard senior vice president, business development, U.S. “The Yardi Bill Pay solution, powered by Mastercard’s virtual cards, benefits supplier by providing faster payments and reconciliation tools to ensure a seamless experience for all parties.” “Users need only initiate a payment in Yardi Voyager and Yardi Bill Pay completes the entire paperless process. Vendors can earn preferred supplier designation, reduce the need for credit checks and collection efforts, improve their cash flow and shorten their days sales outstanding,” said Akshai Rao, vice president of Yardi Procure to Pay and Energy. Call 800-866-1144 for more information about Yardi Bill Pay and the Mastercard virtual credit...

Reducing Energy Consumption Sep26

Reducing Energy Consumption

Utility expenses are one of the biggest controllable expenses in commercial buildings. Yet an average commercial building wastes 30% of its energy consumption due to inefficiencies and lack of proper management. This highlights an opportunity to take a more proactive approach on measuring energy consumption and implementing solutions to improve how a commercial building operates. A reduction in energy consumption is good for the bottom line and is great for the environment. It is estimated that a reduction of between 25% and 30% in real estate energy emissions could in turn help the US and other nations hit the Paris Agreement targets within the next 10 years, which would be a remarkable achievement. Yardi has developed a comprehensive energy management platform for commercial and build-to-rent real estate portfolios called Yardi Pulse. We believe having a better understanding of utility and energy consumption is an important ‑ first step in developing strategies to reduce consumption and improve efficiencies in how a building operates. Our energy solutions have been available in the US, for a number of years and are currently being deployed to international markets, including the UK. Yardi solutions have traditionally been focused on servicing the back o­ffice of real estate investors, owners and operators to manage their property portfolios using Voyager – our enterprise resource planning platform. This focus on real estate has allowed us to gain a deep understanding and data set of how buildings are managed, the expenses associated with utilities and the costs associated with running the mechanical and plant operations in a building. Yardi Pulse has been created as a software-driven energy strategy that is comprehensive in terms of functionality, easy to use and provides a short payback period for clients. Yardi Pulse has three core functional modules. Utility Expense Management is crucial to understanding and documenting energy consumption in a building and across a portfolio. By leveraging machine learning to provide automated validations to ensure that utility expenses are correct, late fees, bill errors and over payments can be reduced. Detailed consumption data in turn helps provide valuable portfolio benchmarking. This granular consumption data in turn becomes the starting point to build an effective energy strategy. Energy Intelligence is the second building block, which is fuelled by real-time data being collected through Internet of Things (IoT) real-time metering devices installed in the buildings. This enables visibility to compare usage, savings and spikes between time periods across an entire portfolio to highlight outliers. This data allows clients to make incremental but powerful changes. Energy e­fficiency Energy Automation is the third building block, designed to maximize building performance with energy automation technology that prevents HVAC system problems by proactively detecting faults and providing alerts. This also allows clients to automate their heating and cooling to optimize tenant comfort and minimize wasted HVAC costs. Tackling the energy e­fficiency of a building can be daunting, as it is often difficult to understand where to start or how to calculate the benefit of an investment. We have found that an incremental strategy by focusing on first gaining visibility into consumption and demand can reduce costs by 2% to 5%. Over time, building owners and operators can identify their highest cost/highest ROI assets as candidates for energy automation. This then leads to additional cost savings exceeding 10% to 15%. We expect cost savings to increase, as we further develop artificial intelligence and machine learning engines to analyse larger data sets on consumption as well as other data points that will be collected with the deployment of additional IoT sensors in buildings. The market has also seen an increase in demand from investors and tenants for more energy efficient buildings. From an investor perspective, an energy-efficient building is one of their investment criteria. Not only does an energy-e­fficient building increase the appeal of the investor, but it also tracks higher-value tenants that rank sustainability and energy e­fficiency in their decision...

Senior Living Leases

Does your senior living community offer electronic leases yet? Maybe you’ve heard the term, but don’t know if it’s worth the transition. Well, rest assured, there’s plenty to like. From faster sales cycles to searchable online records, electronic leases make the move-in process painless – for both your staff and your residents. At their core, electronic leases, or eleases, are a legal and secure online version of the document that you already know so well. But you’re missing the full picture if you think it’s only a digital agreement thrown on a computer screen. A full electronic lease management solution like what Yardi offers can help you generate customized leases in a few clicks, get mobile signatures from family members and store the forms in one centralized place, saving hours of labor (and who knows how many headaches). We’ve built eleasing into the entire Yardi Senior Living Suite. From creation to approval to signing, everything flows together seamlessly so your sales counselors never have to retype a thing or search for another missing document. And at the executive level, you can manage leases across communities and states, pushing real-time rates for rooms and services to teams on the ground floor. Here’s a quick look at how the process works in the Yardi senior living solutions. Generate a new lease in no time with Yardi Senior CRM Once a prospect has decided to join your community, your staff can jump into Yardi Senior CRM and quickly create a new lease specific to that resident. Senior CRM offers an automated, online workflow, which guides staff through each step of the prospective lease agreement: Select the community, enter the deposit, choose a unit and add any incentives or concessions. They can then adjust the care level and...

Protect + Serve Sep23

Protect + Serve

With regard to amenities, have you considered offering your residents access to credit building and protection from identity theft? These services can provide more value to your renters than you might have guessed. Identity theft and fraud are estimated to impact five out of 10 Americans. For the majority of residents, rent is their largest monthly expense, and they work hard to meet it. Why not give them credit for that? Including on-time rent payments for inclusion in credit reporting can have significant credit score benefits over time. What kind of protection is available? When it comes to preventing identity theft, it’s important to be vigilant. Should your information be compromised, you must act quickly to either stop fraud in its tracks — or minimize the damage if an incident has already occurred. Credit monitoring with real-time alerts via text or email, and public records surveillance to make sure your identity isn’t being used by a thief, are important services to look for to protect your sensitive personal and financial information. Other services to consider include change of address monitoring to ensure your mail isn’t being fraudulently redirected, and lost wallet protection to get help with canceling credit cards and replacing the contents of a stolen or misplaced wallet. How do I offer fraud protection to my residents? Resident-Link* from Fraud Protection Network is an industry leader in providing residents with credit building and monitoring along with identity theft protection in a single product. The solution includes on-time rent payment reporting, identity and ID verification alerts, social security number and public records monitoring as well as credit monitoring services. Ready to offer a great new amenity at your community? Property managers can offer residents a path to building better credit and peace of mind...