Digital Lease Management

Digital technology and tools are transforming every industry all across the world. Every day the digital transformation is opening up new opportunities, possibilities, and offering new levels of accuracy, efficiency, cost-savings, and growth for businesses. The unprecedented pandemic and the new lease standards IFRS 16 and ASC 842 have further reinforced the need for digital solutions like lease accounting software. Those companies which have implemented new lease standards have realized that lease management software is critical for maintaining balance sheets and financial statements without errors. The complex nature of new lease standards also asks for digital lease management and accounting solutions which can generate positive results. Therefore, digital technologies and software are a must for success in the lease management and accounting discipline. Benefits of Digital Lease Management and Accounting Implementing the new lease accounting standards can be overwhelming. Gathering necessary data, modifying each of the leases and calculations can be complex. Many leading organizations are missing the opportunity to automate lease-related tasks and improving efficiency. It is high time to use digital technology and experience its many advantages. Lease management and accounting software can benefit businesses in many ways. Centralized Data The world is going digital with industries storing important data using digital tools and advanced technology. It is a complex task to maintain an enormous amount of lease data, obligations, and provisions on spreadsheets. Moreover, it becomes difficult when different members of the technical and other teams need access to it. Lease management software solves this significant problem by providing centralized data. It can be accessed by anyone from anywhere whenever you need it. It saves time and increases productivity. Tracking the Leases Another advantage of using lease management software is that it makes tracking all information related to leases easy. You can find the lease commencement date, expiration date, and other tailored insights as per your need. The reporting features can help you analyze lease spending. Thus, lease management software gives you better control over lease data and helps in managing them effectively. Compliance with Latest Standards The new lease accounting standards direct finance and operating leases to be included in the balance sheet. This requires extra work and effort where leases need to be modified to comply with the new standards. Using a lease accounting software will help with calculations, disclosure requirements and other software features will make it easy, efficient, and cost-effective to carry out the implementation process. Make Better Deals The tailored reports, auditing features, and better control over leases help you in making better leasing deals. The software makes it easier to understand the errors and highlights benefits which eventually helps in adding or removing provisions that benefit your organization in the long run. Seamless Workflows  Digital lease management and accounting solutions enable seamless workflows for the lease accounting and management team. Automatically generated reminders, easy landlord reports, intimation letters as part of the schedule makes day to day operations easy. With new digital innovations happening across the industries, it is time to embrace the latest lease management and lease accounting software. Yardi’s Corporate Lease Management Software simplifies operational and system changes to comply with new lease accounting standards. For more details,...

Looking Ahead in Senior Living Dec17

Looking Ahead in Senior Living...

How have sales teams adjusted to reduced face-to-face consultations during the pandemic? How do clients stay connected with leads? What product offerings will Yardi focus on in 2021? Richard Nix, senior director of senior living sales for Yardi, covers these topics and more. Below are excerpts from an interview that was published in Senior Housing News. Q.: You’ve spent your career in technology with a lot of time in the senior space and you’ve been with Yardi since 2014. What lessons do you draw from most frequently in your current role? A.: The main lesson is to always talk to people. A lot of folks like to communicate using technology, such as emails and text, but there’s nothing like getting on the phone with people and really learning their issues— especially now that we’re not seeing them at client meetings and at conferences — and to see what is really driving them and what issues are pertaining to them right now. The other key point is teamwork. The Yardi culture is all about teamwork. We have a great team, and we work to solve problems together for our clients. Q.: One of the early outcomes of the pandemic was the increase in technology adoption, including among sales and marketing teams. What are the most important ways that you’re seeing technology augment the diminished in-person sales calls in 2020? A: Salespeople depend on technology for handling many client requests. Since face-to-face meetings have been hard to arrange during the pandemic, continual contact with clients by other means became critical. In terms of specific technologies, the use of the video meetings has been a shift. This is a personal thing, but I like to put the camera on myself at the beginning of a video call....

Sustaining Hope Dec16

Sustaining Hope

Dreams connect us with endless possibilities. They encourage us to step out on faith and believe that we can receive good from the world. For children with life-threatening conditions, dreams sustain hope and the will to live life to its fullest. Andrea Siracusa is the director of community relations with Dreams Come True in Jacksonville. For 11 years, she has witnessed the transformative impact of dreams fulfilled. The prospect of helping her community is what attracted her to the organization years ago. “I have always had a passion to give back to the community I grew up in,” she says. “I was driven by the knowledge that all my hard work and dedication was being applied toward providing services and support to those less fortunate in Northeast Florida.” After graduating with a degree in communications and public relations, she soon joined the organization because she felt connected to its vision. “I immediately feel in love with the mission to bring hope and joy to children and families stricken by life-threatening illnesses. To have the opportunity to share the stories of our dream children and find ways to connect our community to the mission, was a passion I developed immediately after stepping through the doors.” The power of a dream Dreams are more than just a trip, shopping adventure or bedroom makeover. They are often motivation for the children to keep hope alive when times seem unbearable. “For many of our dream children, the reality of a life-threatening illness can be very daunting. I have heard many stories of children who have given up on their treatments, but when the discussion of a dream trip was started a new light emerged. They now are focused on getting better and finishing the treatments that are before...

Social Seniors Dec15

Social Seniors

Have you ever heard the saying that attitude is everything? How we choose to respond to a situation impacts our outlook, our possibilities and the responses of those around us. During tough times, one young woman in Raleigh constantly recommits to her positive attitude. Her decision to do so has positively impacted the entire community. Meet Victoria Meet Victoria Polston, activity and wellness director at Spring Arbor of Raleigh, an HH Hunt Senior Living community. Victoria is like many employees in assisted living communities: compassionate, patient and heavily caffeinated. She also exemplifies personality traits that have become indispensable during the pandemic: creativity, grit and optimism. As cities issued quarantine mandates in the spring, Polston faced a community of seniors who were more isolated from their loved ones than ever before. Excursions and visitors were no longer an option. Some seniors couldn’t understand the severity of the pandemic or their vulnerability. They were hurt, depressed and confused that their loved ones were no longer coming to visit. Polston got creative with engaging activities for her residents. “My goal is to make the lives of residents fun, active and worth living,” says Polston. “When I do something, I like to go all out.” Fun for every season In the warmer months, Polston offered seniors hula dancing and a luau, fake tattoos, a Mardi Gras party and a butterfly exhibit. She even coordinated a farmer’s market on the premises to replace an excursion that residents missed. As the weather cooled down, the activities continued indoors. Seniors made gourmet truffles, and danced during a neon glow stick party. They customized their shirts with glow-in-the-dark paint and donned glowing necklaces and bracelets. “I filled our activity room with black lights and all my residents were so excited when they...

New Features Dec14

New Features

Yardi continuously strives to make its property management software more valuable to operators of senior living communities. As new features are incorporated into the Yardi Senior Living Suite, the upgrades are documented, compiled into manuals and made available to clients. Recent upgrades and plug-ins include: Yardi Voyager Senior Housing: You can track monthly fee deferral requests, recovery schedules and generate payment plan agreements for signature with the Deferral Plan functionality. Community Analytics and Senior Financial Analytics reports are easier to use. Watch the video overview Yardi Senior CRM: Check out an enhanced user interface that includes a new dashboard with optimized graphical reporting, several new KPIs and goal tracking, and a redesigned prospect profile that includes a new activity feed view and streamlined navigation among prospects. We also added specific approver roles to the leasing workflow and a new Past Due Activities report that provides real-time data on overdue activities. Watch the video overview Yardi EHR and Yardi eMAR: EHR: Service plans can now be signed digitally. The Clinical Move-In workflow lets clinical teams move residents into EHR without impacting the financial Move-In process. There’s also a new Shower/Laundry/Housekeeping Schedule report that covers seven days of upcoming tasks. eMAR: Quantity tracking is enhanced, as is the ability to perform blind counts of controlled substances and identify discrepancies. You can set up the Order Change report to run nightly and send automatically to the pharmacy in a password-protected email attachment. Watch the video overview You can also join a webinar to gain even more insight into our comprehensive solution for senior living...

Model of Adjustment Dec13

Model of Adjustment

While the industrial sector shows strong occupancy and rent performances, office and retail face a host of challenges including deferrals, concessions, spiraling vacancy rates and, of course, the ongoing COVID-19 pandemic. How can commercial real estate companies not just adjust, but thrive in today’s environment? A recent Executive Briefing hosted by Yardi, invited Tom Sheraden, chief technology officer for the QuadReal Property Group, one of Canada’s largest asset managers, to describe how his team used advanced property management software to successfully adapt to the rapidly changing environment. A major advantage for QuadReal was a company culture that embraces not just accepting change but owning it. “Our workforce embodies a deep personal drive to make things work better and to own change, not just accept it,” Sheraden said. A versatile technology platform capable of handling the breadth of QuadReal’s real estate activities also helped make the global real estate investor, operator and developer fully equipped to press ahead with major projects. Through Yardi Elevate, QuadReal can manage the deal pipeline, visualize portfolio health, easily view space availability, analyze risk, complete accurate budgeting and manage construction projects from a single connected solution. “A lot of companies would have taken their foot off the gas. But thanks to our culture of accepting changing technology, we were able to spend our time on forward-looking opportunities versus just surviving,” noted Sheraden, who also paid tribute to staff members whose duties required them to remain onsite throughout the pandemic. Prior to adopting its asset management system, for example, obtaining full operational and financial data typically required a separate business intelligence platform. But Yardi helped QuadReal shift that responsibility to the people with the deepest knowledge of the business. “Our strategy is to empower those analysts with great data, great tools...

Tips for Hosting + Staging Dec12

Tips for Hosting + Staging

If you thought that virtual tours and self-guided tours were flashes in the pan, think again. Renters throughout the U.S. are speaking up about their tour preferences. Non-agent-lead tours are ideal for more than 52% of renters, reports a survey by RENTCafé.com. That same report reveals that more than 83% of renters would take a self-guided tour. Though social distancing is a factor for some, 63% of renters would do so because they want to tour at their own time and pace. Additionally, more than 70% of renters would rent an apartment without seeing it in person if they could explore it via virtual tour. Virtual and self-guided tours offer convenience as well as safety. Since convenience is always trending, these tour types are here to stay! Check out the pro tips below to host effective virtual and self-guided tours. Special camera considerations for virtual tours Property photographer Deanna Campana of Welcome Home encourages agents to conduct tours in landscape mode (horizonal) rather than portrait (vertical). “The latter will make all your spaces seem narrow and cramped,” she explains. Campana notes that time of day is also important. During a conventional tour, you may choose to tour midday, open all the blinds and let the natural light cascade into the room. When walking from space to space during a virtual tour, however, this will cause your camera to fade between very dim and bleached-out spaces. The results are a tour that’s challenging to see, much less enjoy. “Midday light is too harsh,” warns Campana. “Consider scheduling most video tours in the early morning or evening light. Cloudy days are ideal so you can shoot at any time.” She adds, “If you must tour midday, close the blinds. The outdoors will be overexposed, too bright for renters to see what’s out there, anyway. It’s better to focus on what’s inside.” She advises treating the view from each room as its own feature when necessary. Go outside when you can. If not, approach the window, open the blinds, and close them once done. When light distortion is unavoidable, schedule in the evenings during “golden hour” when the light is “soft, magical and with a golden glow.” “Many phones will allow you to snap pictures while recording,” says Campana. “Take pictures of things the renter likes. You can include them in your follow-up email.” Live vs. pre-recorded tours Pre-recorded tours are a great option. About 27% of renters said they would prefer to see prerecorded videos of units over live virtual tours, reports Adobo listing site. Once posted, pre-recorded unit tours are available 24/7 on your website, which saves time for staff. A videographer or component agent can pick the ideal time of day for the best lighting and noise control. Image stabilization tools create a beautiful, smooth tour and less hassle for staff. For agents taking on the challenge, Campana adds, “For pre-recorded tours, shoot the video at night using ambient light. It’s uniform, flattering and won’t cause troublesome light imbalances.” Since pre-recorded tours require editing, they may not be ideal for hot markets where units are listed and leased in a matter of hours. Other considerations for pre-recorded and live virtual tours Pace matters. Walking too quickly through a unit will cause renters to feel rushed and possibly dizzy and disoriented. “Walk slower than you think you need to, like you’re walking with a senior,” smiles Genitra Maxwell, assistant manager at Bridges of Kennesaw apartment community. “And just check in and ask if the pace is okay.” Leasing agents may be accustomed to narrating conventional tours. Too much talking may seem distracting to some. “Just ask them what they prefer,” advises Maxwell. “Some may want a narrated walkthrough and then silence during the second pass where they can ask questions.” Maxwell encourages agents to home in on details that renters won’t see a camera phone. “Any technology in the unit,...

Smart Sustainability Dec11

Smart Sustainability

Full-service real estate company LBA Realty is continuing its portfolio-wide partnership with Yardi Pulse® as the company implements a Smart Building Program to enhance their sustainability strategy. LBA and Yardi® conducted an initial proof of concept pilot at a single property. In January 2019, LBA Realty adopted a phased approach to roll out Meter Insights and Fault Detection to eleven office properties in four different states. Leveraging pulse modular capability, these initial solutions provide real-time electrical meter monitoring and analytics, as well as HVAC fault detection and diagnostics. This allows the LBA engineering team and Yardi’s consulting services to identify hidden performance issues including extended run time, overlap in HVAC mode conditions and an inefficient sequence of operations. LBA now receives timely and accurate energy use data for 5.9M square feet of their office properties. Year-to-date, the program has resulted in energy use reduction of 16.2M kWh, which equates to savings at $0.32 per square foot. After gathering quantifiable results, LBA is now entering the second phase of implementation, Pulse Building Optimization. “With Pulse Building Optimization representing our artificial intelligence software, we look forward to realizing our vision of bringing intelligent buildings to life,” said Perry Schonfeld, principal and chief operating officer of LBA. “It is exciting to see the progress LBA Realty has made with a phased approach to implementation and the value of their incremental steps. We foresee continued success of LBA’s energy platform and growth of the Yardi-LBA partnership,” said Akshai Rao, vice president at Yardi. Download a brochure to learn more about the Yardi Pulse...

Realcomm | IBcon Dec08

Realcomm | IBcon

Due to unique challenges this year, the 2020 Realcomm | IBcon Conference changed to a new hybrid format with two days of virtual sessions followed by a day of in-person sessions. As part of the virtual event, Yardi president and founder Anant Yardi participated in the opening session panel, as well as a thought leadership discussion with other industry software providers. Mr. Yardi’s vision for the future of the commercial real estate industry was optimistic, while stating the importance of businesses adapting to a new normal. In the opening session, “#COVID.RE.Economy.Technology.NewNormal,” he reflected on the difference between gathering 2,500 people in one venue at the last Realcomm conference in June 2019, versus a virtual environment over two full days of content in October 2020. “I yearn for those times when we were able to be face to face,” he stated. “But we understand change, we recalibrate and navigate that change.” Property owners and managers are likely to have some concern over whether tenants will need their space at the end of the lease, but enterprise corporations such as Microsoft and Exxon are leading the way on hybrid work models, which may be the new normal. Workers could access the office at some points during the week for team collaboration and then continue to function normally from remote environments, be it at home or a shared coworking location. For those companies seeking more space, often satellite offices, Mr. Yardi sees a trend where clients search available sublease space or sections of coworking offices to bring workers back into a collaborative environment. A significant challenge for the future of the office sector is occupancy levels. While a majority of tenants have managed to successfully pay rent and offices are slowly beginning to reopen, capacity restrictions and...

PM EXPO Highlights Dec07

PM EXPO Highlights

Yardi returned as a proud sponsor of The Buildings Week PM EXPO 2020. Nearly 6,000 design, construction and real estate experts attended the virtual event which offered engaging content and targeted networking opportunities. One of the conference’s hottest sessions focused on using technology to overcome hurdles posed by COVID-19. In “Pandemic Proofing Canadian Real Estate through Technology and Innovation,” three industry leaders conveyed how technology helped them weather seasons of unprecedented change. Heather Brady, national director of sales at Yardi Canada Ltd. moderated a panel consisting of Maria Aiello, global head of private markets and real estate technology, MVP at Manulife Financial; Moe Ladha, finance transformation lead at The Cadillac Fairview Corporation Limited and Todd Nishimura, senior director of marketing, leasing and communications at GWL Realty Advisors Inc. To remain nimble and responsive, each panelist acknowledged the importance of leadership, digital communication and accessibility to data. Tech for leading with purpose Aiello proposes that during tough times, leadership must set the tone for adaptability, receptivity and a meaningful change. She says, “Manulife has been nothing but impressive with focusing on humanity by showing we are here to help. Our values and culture have extended to a different tier, and initially it was in response to the mental health of our employees and customers.” The three organizations found creative ways to virtually demonstrate empathy. Dynamic resident portals and websites were a critical resource for staff and residents. Sites focused on best practices for mental and physical health. Nishimura explains, “Mental health has become a real focus and part of the stakeholder approach. We created a COVID repository with trusted resources. The site was successful because we promoted it via email and building signage.” Digital tools for communication and transparency Virtual leasing plays a leading role in remote communication with prospects. Live virtual tours and 3D floor plans offer convenient and safe options for prospects: “The consumer has expectations of immediate gratification and ease of use. The real estate industry is catching up and maybe one day we will be on the leading edge of technology,” says Nishimura. Cloud computing keeps communication and data accessible to relevant parties. Ladha noted the importance of cloud computing in remote work environments, “Tech became critical to access data and to collaborate remotely,” he says. “Our finance teams said remote work would have been more difficult if we had not transitioned to the cloud six months ago.” He adds, “Don’t underestimate the importance and the value of a strong structure of change training and education for those involved in this digitization journey. Yes, the tech should be intuitive and easy to use but the education and support for tech competency is important for all your teams.” Additionally, cloud computing empowers organizations to accelerate decision-making processes by having its data centralized and available between platforms. Teams communicate using a single source of truth. From leasing to procurement and asset management, users can make informed decisions with consistent, accurate and real-time data. Discover more tools to help your organization navigate changing tides with efficiency and...

Advanced Marketing Tools...

What is lead attribution and how can it help senior living community operators get the most out of their marketing spend? Lead attribution is the process of determining how leads from a Facebook page, Google ad, directory listing or other source become associated with a property. Understanding all sources that a prospect touches on the path to becoming a resident can help property managers determine how to allocate their marketing money and staff resources most efficiently. RENTCafé Senior CRM illuminates lead attribution with a “lead journey” feature that shows how many prospects who became residents spent time on the Facebook page or follow a Google ad to the website. The lead attribution report, another element of the solution, analyzes data to reveal, among other things, the organization’s top sources for prospects. Other reports illustrate the top and bottom sources for resident conversions. The system assigns scores for each source using attribution models that split prospects across the sources in their journey and includes prospects who submitted an inquiry and toured the community. Yardi Senior CRM scores all sources that contributed to a prospect’s inquiry, with full drilldown to the score’s elements. Marketing managers might want more nuanced source information than just “property website” from a lead that comes into RENTCafé Senior CRM from a website. What’s of greater value to them is the site the visitor was on when they clicked the link that brought them to their site. RENTCafé Senior CRM tracks the true source of a lead journey when a prospect submit information from the “Contact us” of “Schedule a tour” page of a Yardi-hosted website. With these data and analytics, which include each marketing touchpoint that contributed to a lease and not just the first source that generated the lead, sales...

ENERGY STAR Talks Tech Dec04

ENERGY STAR Talks Tech

Utilities are the second highest controllable expense for property owners, so measuring and managing consumption is critical to control costs and minimize waste. The EPA’s ENERGY STAR® Partner of the Year Award Winner Webinar Series session on October 8 focused on innovative technologies (Innovative Technologies Part 2) for achieving energy efficiency. ENERGY STAR’s Stacy Glatting was joined by Dan Egan, senior vice president of energy and sustainability for Vornado Realty Trust and Randy Moss, ENERGY STAR benchmarking team lead at Yardi. Egan and Moss shared compelling data about energy costs and talked about tech that makes significant savings possible for real estate operators. The big picture Forward-thinking commercial building operators are implementing a variety of innovative technologies for energy management. Egan shared how Vornado has piloted induction unit valves at its buildings. Moss discussed how Yardi clients have achieved cost savings and maximized performance using a smart software platform that includes artificial intelligence to manage sophisticated building controls. Data analysis from Yardi — incorporating wasted consumption estimates from ENERGY STAR — shows that after MRO, utilities are the second highest expense for real estate firms, and they are controllable with the right solutions. Consider these statistics: Estimated annual spend across controllable expense buckets for 1M sq ft in a portfolio is around $1,980,000 The average commercial building is estimated to waste 30% of its consumption Potential savings equal $600k annually for every 1M sq ft in a portfolio “It’s a data-driven proposition for energy efficiency. We must not only evaluate energy consumption for our buildings, but also more granularly understand tenant consumption and landlord/base building consumption to identify drivers of efficiency,” explained Egan. He noted that the regulatory environment in New York City and the entire state compels companies to consider utility data sources such as the carbon intensity of the grid, hourly pricing (and carbon) signals and future transmission planning when evaluating different energy efficiency projects. “ENERGY STAR® Portfolio Manager® and ENERGY STAR® Tenant Space™ provide frameworks to obtain and monitor these types of data,” added Egan. ENERGY STAR Tenant Space is a new EPA recognition for sustainability in leased office spaces. Vornado Realty Trust’s energy goals Vornado is the largest owner of LEED-certified property in the U.S. and is a member of the Climate Group EP 100. According to Egan, Vornado’s “Vision 2030 Roadmap” includes a total energy reduction goal of 50% with same-store portfolio. In 2019, the company reported progress toward that goal with a 24% reduction in energy use. “Energy efficiency goals must be a tenant partnership,” said Egan. Considering the company reported about 60% of electricity costs are recovered via tenant submeter, that’s no understatement. Egan offered these takeaways after discussing the company’s approach to energy management: Innovative technologies are sometimes tried-and-true solutions that are repackaged with automation and informed by good data to support their value One must understand energy data at different points of the supply chain (from source to end use) to understand the value streams to add to the solution stack Energy efficiency and GHG emissions reductions are often correlated but not always, and rarely linearly Regulation and market signals will drive efficiency further and shift the focus towards electrification Yardi Pulse for energy management Yardi’s Moss talked about managing energy and achieving sustainability using connected and responsive technology. For a complete energy management strategy across your portfolio, you must automate utility invoicing with the ability to mine and validate invoice data, benchmark sustainability, get real-time meter insights and detect system faults as they occur through constant monitoring. With regard to best practices, an energy management system built into your property management platform to combine all your operational data will deliver the best results. Yardi Pulse enables commercial real estate operators to manage energy intelligence and automate energy equipment to lower costs, reduce consumption, keep tenants comfortable and improve efficiency from one connected platform. Plus, Yardi Pulse loads data into...

Employment Impacts Dec03

Employment Impacts

The COVID-19 pandemic has been inconsistent in the way it has affected the U.S. employment market, creating a wide disparity between metro and job segments. This is the main conclusion of the latest special employment report from Yardi Matrix. Leisure and hospitality was by far the biggest employment sector loser, with 3.8 million jobs lost. In contrast, only 1.8% of the jobs in financial services have been lost since the start of the pandemic. However, the overall impact varied greatly depending on the city. Metros with the best job performance include those with relatively small leisure and hospitality industries and those that have lost relatively few jobs in the segment (Indianapolis, for example, lost only 6.5%). One outlier, Austin, has added 8,200 professional and business services jobs and 7,300 financial services jobs since February. While the size of a metro’s leisure and hospitality segment is a key in the extent of job losses, a more significant factor is how thoroughly the metro shut down to stop the spread of COVID. Few of the top 10 metros in the percentage of jobs lost since February are among the leaders in leisure and hospitality jobs, but all are at or above the average proportion of jobs lost in the segment. New York City, for example, has a relatively small leisure and hospitality segment (9.8% of all jobs), but a whopping 42.3% of those jobs disappeared. “The data does show hope for the future for the gateway metros that have been hard hit, because the core industries in those metros, such as finance and professional services, remain viable,” states the report. “Once a vaccine is available and people feel safe going back to entertainment venues, restaurants and the like, gateway cities (like New York, San Francisco, Boston...

Office Space Survey Dec02

Office Space Survey

The findings of the first BOMA International COVID-19 Commercial Real Estate Impact Study reveal that the death of the office is greatly exaggerated. While many tenants are reassessing the use and the size of their physical offices, a strong majority (74%) see their in-person office space as vital to conducting successful business. The nationwide survey of more than 3,000 office space decisions-makers and influencers gauged tenant sentiments relating to COVID-19, including its impact on their business and their attitude towards the physical work environment and office space decisions going forward. It was conducted in September and October of 2020 in conjunction with Brightline Strategies, with a grant from Yardi. The study’s key findings include: 65% of commercial office decision-makers continue to see significant value in on-site business operations, particularly as it relates to collaboration, coaching and culture. The economic headwinds on office tenants are far reaching, with 33% of respondents saying they have experienced at least a 25% revenue decline since the onset of the pandemic. While a strong majority see office space as vital, 61% of respondents across all tenant sizes report they will reassess space needs. 78% approve of the response their current property owner/operator has implemented during COVID-19. 47% of all tenants say their landlord’s coronavirus response exclusively has made them more likely to renew. 77% are confident they understand how to reduce and manage risk in their physical office. At the outset of the survey, 55% of respondents said they plan to renew their leases, unsurprisingly lower than the Brightline Strategies six-year national index of 78%. However, renewal likelihood increases 11 points — rising to 66% — if properties implement operational changes including new services, features and physical spaces in response to the pandemic. This uptick indicates a true inflection point, showing that a change in operations helps assure and retain tenants. Maximization of fresh air is the “most important” measure for properties to adopt, according to tenants. Additionally, more than 40% of respondents indicated that they would pay supplementary fees for disinfecting stations and twice-daily full office disinfecting. The collective sentiment toward amenities is changing too. There is less focus on traditional built-ins, like onsite gyms and cafes. Almost half say they are seeing more value in personal relationships with their property management company/teams. “Our collective charge was to help owners and operators better understand, mitigate and proactively address emerging industry trends, shifts in workplace priorities and tenant preferences resulting from COVID-19, as well as changes in market attitudes towards the physical work environment and their impacts on office space decisions going forward,” said Robert Teel, vice president of global solutions, at Yardi. Although COVID-19 continues to be a disruptive force for the office sector and its tenants, the value of the office as a key ingredient of business success remains strong. “We have seen a steady and significant rebound in the perceived value and utility of physical office environments since the onset of the pandemic, with nearly 75% of all tenant decision-makers across the country affirming that in-person offices are operationally vital to their businesses, long-term growth and sustainability,” said Henry H. Chamberlain, APR, FASAE, CAE, president and COO of BOMA International. “As our ‘new normal’ emerges, we will become increasingly focused on the form and function of office environments in a post-pandemic world.” Explore more survey data in the BOMA International COVID-19 Commercial Real Estate Impact Study executive summary, including renewal forecasts and space reduction estimates by renewal horizon. Read the press...

Let’s chat

Property management chatbots have been a hot topic lately, especially for multifamily rentals. A chatbot can meet renters’ increasing demands for digital communication and capture more leasing opportunities, but only if it’s used wisely. First, we’ll talk about why you should consider “hiring” a chatbot if you don’t have one on staff already. Then, we’ll show you three things your chatbot should be able to do. Finally, watch a short video to get chatbot tips from expert marketer Drew Davis, who spent months talking to chatbots in different industries to see what works and what doesn’t. Why a chatbot? Employing a chatbot as part of your customer experience team can ensure you never miss an incoming leasing opportunity, day or night, and it frees up onsite staff to focus on assisting applicants and residents. If you don’t have a chatbot yet, you’re probably losing leases to competitors that do. That’s because customers expect instant and accurate answers to their questions. They hate waiting. In fact, in a survey on response times that included more than 3,000 customers, 88% of respondents expected a response within an hour, with 33% of them saying they expect an answer in 15 minutes or less. Is that realistic for your agents, especially when you factor in after-hours contacts? Probably not. That’s where a chatbot comes in handy. But do people really want to talk to a bot? Recent data says they do. The 2020 NMHC/Kingsley Apartment Resident Preferences Report found that 48% of renters say they would use a chatbot in their next rental search. That number is anticipated to grow as chatbot adoption becomes increasingly common across multiple industries. A 2019 report by Chatbots Life predicts that chatbots will handle 85% of human interactions online within the next...

Yardi Enhances EHR Dec01

Yardi Enhances EHR

Yardi has been building Yardi EHR, a full service electronic health record solution for senior living, for the better part of a decade. Client feedback and ongoing development give rise to regular product enhancements. Here’s a sampling of recent upgrades. Clinical move-in Users can now execute a clinical move-in process that includes adding global contacts, allergies, diagnosis, orders from a library, and schedule assessments.  This new feature allows a facility to perform a financial move-in prior to the resident physically arriving in the building or vice versa.  Clinical staff can move a resident in and the billing staff can complete the financial move-in when they return. A new KPI shows a resident’s pending move-in status, allowing the facility to easily monitor resident move-in activities. Medication tracking Recent enhancements allow counting of controlled substances between shifts, check-in of medications delivered to the community and documentation of medications disposed of. Facilities can also update the quantity of medication on hand when new deliveries arrive. Digital care plan signatures New functionality enables digital signing of service plans. Five new KPIs monitor the signing status. Continuity of care document interface (CCDA) Facilities can now create, send and receive CCDA documentation using the KNO2 interface. The CCDA document sends and receives data elements in a standard format. Information exchanged includes advanced directives, allergies, adverse reactions, medications and social history. The CCDA user interface lets you search for documents by a date range or create a new document. Shower/housekeeping/laundry schedule A new report assists staff with weekly shower, laundry and housekeeping schedules. Filters allow for multiple schedules to be displayed and is viewable in a list or calendar view. The list view can also display task details. Simple wounds The wound module has been streamlined and enhanced for assisted living...

High Returns Nov27

High Returns

Like property and investment management technology, satellite imagery capabilities and applications are constantly evolving. The Balance Sheet revisits a topic we first explored in 2017. How can satellite imagery help improve business performance? The benefits can start with simple counting, as when Swiss investor UBS Investment Research started using space-based data to determine the population of Walmart parking lots about 10 years ago. The retail giant’s quarterly sales could be estimated from the number of cars entering and leaving the lots over periods of time. UBS thus was “one of the first financial institutions to leverage satellite imagery to gain useful investment insights,” notes Valerie Hernandez, writing in banking, finance and world affairs analysis publication International Banker in June 2020. Other satellite imagery providers now count attendance at McDonald’s, Costco, Starbucks, Whole Foods and other retailers. In the decade following UBS’s breakthrough, satellite technology evolved from a passive eye-in-the-sky to a predictor of corporate profits and a key analysis tool for the investment community. Data collected encompasses everything from solar-panel installations, sawmills’ lumber inventories, the number of cars produced at an auto plant and the mining of metals – all key metrics of business performance. In fact, Hernandez says, “whether it’s counting cars in a retailer’s parking lot as a measure of sales activity, tracking ships across the seas, monitoring crops or scanning the activity at oil rigs, refineries and ports, satellite imagery is proving incredibly useful as a way to measure levels of industrial activity that may not necessarily be possible to determine at ground level.” UC Berkeley law professor Frank Partnoy, writing in The Atlantic, recounts the derailment of a train carrying iron ore in Australia in November 2018: “Iron-ore prices soared on the news that the supply of a resource used...

Clients Star Nov26

Clients Star

Yardi clients placed high in the third annual J.D. Power U.S. Senior Living Satisfaction Study, a measurement of the resident experience this year in assisted living, memory care and independent living communities. Chicago-based The Senior Lifestyle Company LLC earned a tie for the highest rating among assisted living/memory care providers for overall customer satisfaction among family members or other decision-makers. Residents named Life Care Services LLC of Des Moines, Iowa, the top independent living operator for overall satisfaction. Responses from nearly 5,000 senior living residents and their families formed the basis of the J.D. Power study. Survey participants rated community buildings and grounds, staff, dining, price paid for services, resident activities and the family member’s living unit. J.D. Power said in a news release that “amid continued worries about COVID-19 outbreaks in senior living communities nationwide, the families of assisted living/memory care residents are generally very satisfied with assisted living/memory care operators” and their initiatives on cleanliness, social distancing and other elements of dealing with the pandemic. More information about the consumer insights, advisory services and data and analytics provider’s study is available here. The Yardi Senior Living Suite comprises a single connected solution for managing all types of senior living communities. Learn more and view a brief...

Long-Term Care Nov25

Long-Term Care

Registration has started for the Pharmacy Partnership for Long Term Care Program. This innovative collaboration facilitates free, on-premises COVID-19 vaccinations for senior living providers. CDC facilitates vaccination services for senior living residents The Center for Disease Control (CDC) has partnered with CVS and Walgreens pharmacies to offer vaccination services for residents of senior facilities. The new program, called Pharmacy Partnership for Long-term Care (LTC), “provides end-to-end management of the COVID-19 vaccination process, including cold chain management, on-site vaccinations, and fulfillment of reporting requirements, to facilitate safe vaccination of this patient population, while reducing burden on LTC facilities and jurisdictional health departments,” reports the CDC. Senior living providers gain free access to services such as: on-location clinic dates orders for the vaccine and necessary supplies vaccine administration cold chain management for the vaccine reporting to local, state and federal jurisdictions compliance with Centers for Medicare & Medicaid (CMS) COVID-19 testing requirements for LTCF staff Skilled Nursing facilities (SNF) must register through the National Healthcare Safety Network. Assisted living facilities (ALF) must register via REDcap. Registration is non-binding and facilitates may opt out at any time. What to expect during Pharmacy Partnership for Long-term Care registration Providers will have the opportunity to select between CVS and Walgreens as their pharmacy partner for the initial phase of the vaccinations. After the initial phase (about two months) facilities may chose a pharmacy provider of their choice. Online sign-up details will be disseminated through the providers’ communications channels including but not limited to websites and email. The CDC will coordinate facilities’ preferences with the pharmacy partners. Please be advised that the CDC may reassign facilities to accommodate availability and other considerations. Registrations for the program ends November 6. Explore FAQ regarding the Long-Term Care Program for COVID-19...

Flexibility Holds Key Nov25

Flexibility Holds Key...

COVID-19 has had a jarring impact on commercial real estate in the form of health risks, stunted growth prospects, permit and construction delays, reduced income for property owners and the acceleration of e-commerce at the expense of physical stores, among other disruptions. The pandemic precipitated what global management consultant firm McKinsey & Company calls “an unprecedented crisis for the real estate industry.” What will the CRE landscape look like when the pandemic fades? For one thing, new building codes designed to limit the risk of future pandemics could affect standards for HVAC, square footage per person and amount of enclosed space. Office building tenants will almost certainly be driven “to look beyond their traditional building preferences. In this new environment, tenants will gravitate towards the properties that best solve for flexibility, adaptability, and well-being,” according to Erin Saven and Evan Danchenka of Gensler, a global architecture, design and planning firm. Maria Sicola, a founding partner of real estate planning services provider CityStream Solutions and sales and training consultant Integrity Data Solutions, believes tenants will likely make their space “more personalized and less communal – we will likely not return to all-private offices and fancy conference rooms. But all space – personal and meeting — will need to be viewed with more breathing room.” And, of course, cleanliness will command more attention than ever. Commercial Property Executive predicts that “some products and techniques that have been used in medical office buildings and in hospitals are going to be brought to the office sector,” such as microbe-resistant door handles and elevator buttons and sanitation with ultraviolet light. Amenities as differentiators Building owners and developers, for their part, would be well advised to explore “new real estate design strategies that can differentiate them from the competition and...