Connect with Yardi

It’s nearly time for this year’s NIC conference, an important gathering of operator, investor and health care decision makers. If you’re ready to explore the latest trends and data in senior living — while discovering new models of care — the NIC Spring Conference is the place for you. The conference will take place in person on March 23-25 in Dallas, Texas. We look forward to seeing you there! Connect with Yardi Team Yardi can’t wait to speak with you at NIC 2022. We’ll be available to chat about the Yardi Senior Living Suite, our integrated software solution built for the unique needs of operators like you.   And since the conference is data-focused, we’ll show you how our business intelligence solution offers metrics that matter for your business. Senior IQ presents actionable information in attractive, sharable dashboards to help your teams work smarter. Plus, we’ll explore how this uniquely-designed tool allows operators to gauge performance using industry comparison data from NIC. That’s right — Senior IQ uses anonymized NIC MAP data from nearby providers to present benchmarks like occupancy, average rent and more. Ready to schedule time to connect? You can fill out this form to meet us at NIC 2022. We’re also pleased to sponsor NIC Café at the conference, where attendees access complimentary, all-day service of breakfast, lunch and snacks. More info on NIC 2022 The National Investment Center for Seniors Housing & Care (NIC) supports access for America’s seniors by providing data, analytics and connections that bring together investors and providers. This mission is the foundation of the 2022 NIC Spring Conference.   NIC 2022 offers an opportunity for all attendees to build strategic partnerships and discover new models of community. Don’t miss your chance to connect with forward-thinking leaders...

Multifamily Experts Agree

Demand for rental apartments through the first three quarters of 2021 was 28% higher than the U.S. single-year high in the same time frame in 2018. Asking rents were up 11.4% nationally year-over-year through September, with the occupancy rate of stabilized properties reaching 95.9% in August. Stats like these inspire observers to use words like “robust,” “red-hot” and “overheated” in discussing the state of the multifamily industry. Is this strong market built to last? Or is it too good to be true? What key trends will chart the industry’s direction in 2022 and beyond? A group of experts offered insight in a recent conversation with Richard Malpica, vice president and Eastern region general manager for Yardi. Online tech’s scope expands Social distancing mandates fueled expectations for increased online service and flexibilityamong renters and property teams. The desire for a frictionless digital experience extended to all aspects of property management, including marketing and leasing, electronic money orders, vendor payments, invoice processing, self-guided tours and more. Cincinnati-based Towne Properties and BH Management Services of Des Moines, Iowa, whose representatives joined the discussion with Malpica, are among the property management companies that have accelerated their technology adoption for these and other operations. Joanna Zabriskie, BH’s president and CEO, reported that nearly all residents at the company’s properties who were previously paying rent by check converted to electronic payments after the onset of COVID-19. Among other forward-thinking initiatives, BH is also rolling out leak detection technology that prevents costly water damage and enables instant maintenance services, she added. Fraud, staff shortages spur adoption With fraudulent digital transaction attempts against businesses on the rise, risk mitigation is another principal concern for property managers. The discussion participants predicted that artificial intelligence facial recognition technology will be increasingly incorporated into self-guided tours, online leasing, vendor access, income verification and other operations. The group noted a trend toward adopting virtual assistants that respond to all prospect and resident communications, including chatbots that can generate high-quality leads. Smart home tech for locks, thermostats, leak detection and other elements of multifamily housing is also moving up as a priority for residents and managers alike. On another front, the so-called “great resignation” across the economy has impacted the multifamily industry, making it harder for property managers to find and retain qualified staff. Some have responded by centralizing leasing, renewals, collections, maintenance and other operations, automating processes or instituting a combination of centralization and automation. “Centralizing some of our leasing and maintenance has helped us meet our prospects’ and residents’ demands while mitigating staffing shortages,” said Chad Munitz, vice president at Towne Properties. “We were able to move to a hybrid work environment. I think flexibility to work from home has become an essential perk in today’s tough labor market,” added Zabriskie, who noted that 13% of BH’s onsite positions have been open for several months. “It’s harder than ever to hire and retain valued employees,” prompting the BH recruitment team to place more emphasis on positive corporate culture  elements such as days off for mental health, bonuses and added benefits. Boston-based Berkshire Residential Investments also sharpened its focus on company culture issues, instituting monthly town hall meetings to address remote work challenges and other issues, according to Josh Glastein, its chief information and technology officer. ESG’s importance grows With 15% of emissions coming from real estate, sustainability continues to grow as a priority. Institutional clients are increasingly asking for sustainability to be included in property budgets, and ESG is growing in importance for residents as well, according to the discussion participants. Local and federal requirements to comply with ENERGY STAR® standards and other energy initiatives have spurred an interest in energy software capable of gathering and reporting consumption data to property owners and managers. The way forward The participants agreed that, as multifamily property managers and owners adapt to new expectations in the post-pandemic era, carefully chosen and properly utilized...

Transforming the Tenant Experience Feb18

Transforming the Tenant Experience

Over the last two years, the value equation in commercial real estate has continued to evolve. Four walls and functioning systems were once enough for tenants to sign long leases. Now experience is everything. Bricks-and-mortar is only as valuable as the experience it can deliver. This was one of the clear takeaways from the latest Yardi Proptech Insights webinar, hosted by Yardi APAC Regional Director Bernie Devine. In the sixth and final edition for 2021, Devine sat down with Chris Brooke for a chat. Brooke has spent more than 30 years looking at real estate from multiple angles. He led CBRE’s consulting across the Asia Pacific and in 2019 was the global President of RICS, the Royal Institution of Chartered Surveyors. An independent director of LINK REIT, one of the largest real estate investment trusts in Asia, Brooke is currently advising several property technology start-ups, including Proxy, which creates mobile-based identity technologies, and smart parking platform  Kerb. Commercial real estate was already heading down the innovation route on the technical side of buildings before Covid-19 upended the world, Brooke said. The pandemic has since forced a fundamental re-examination of commercial real estate. If work can be undertaken anywhere, what is the role of the office? Enter the experience era, where the office is the centre of collaboration and connection, teamwork and training, superior engagement and spontaneous exchange. But stepping up to support the experience era brings with it complexity and a range of big questions asked – and answered – during this proptech deep dive. How will proptech evolve in 2022? Proptech remains “highly fragmented,” but we can expect “consolidation, integration, aggregation” in the next 12 to 24 months, Brooke said. Why? Because landlords are no longer interested in fragmented single solutions. They know they need to build an ecosystem of engagement and experience for a diverse and dynamic list of stakeholders. As the commercial real estate sector grapples with how to consolidate all those individual great ideas into an integrated solution, the landlord and tenant must work together and collaborate effectively, Brooke noted. Who will take charge of the tenant experience? Where once commercial real estate was founded on a relationship between landlord and tenant, now landlords must also consider the needs of their tenants’ employees, customers and visitors to the building. “The spectrum of stakeholders has really expanded,” Brooke observed. Tenant customers are also exposed to multiple overlapping brands, Brooke added. The brand of the building itself is the obvious one. But there’s also the portfolio brand of large landlords, the agency brand of the property manager and the employment brand of large occupiers. “Whose experience do you want tenants to have?” Devine asked. “And what’s the value of making that decision?” Landlords are now tasked with integrating several brands into one tenant engagement app while respecting individuality and navigating data security, ownership and privacy. At the same time, such engagement platforms need to be integrated with employee experience initiatives being developed by major occupiers. How will we value tenant engagement? Bernie has watched the real estate industry’s level of investment in technology, as a percentage of revenue, “ever so slowly creep up.” But the market is still telling landlords to “do better.” Is it simply a matter of “show me the money?” It is difficult to apply traditional cost benefit analyses to weigh up the value of investment in tenant experience technology, Devine noted. “How do we measure the return on investment? Is it tenant satisfaction, stickiness or longer leases? Is it product differentiation? Did you get that outcome because of the app or was it another market influence?” How will tenant expectations evolve? Covid has driven a “flight to quality,” Brooke said, both in terms of physical buildings and the service offering and amenities provided by landlords. In the quest for quality, tenant experience apps are becoming “table stakes” for large owners. The challenge? To...

Epic Disruption Feb17

Epic Disruption

Big data, artificial intelligence and business process automation may be real estate industry buzzwords, but property companies should start with small data. That’s the key takeaway from the latest Mingtiandi-Yardi proptech survey, which captured the insights of senior leaders from across Asia. Yardi and Mingtiandi first teamed up to track changing attitudes to proptech in 2017. Since then, we’ve captured the accelerated adoption of technology to guide data-driven decision-making, transform business processes and enhance the experience for people who live, work and play in buildings. But we can see that pockets of the real estate industry remain stubbornly resistant to change, and some leaders continue to rely on ‘gut feel’ to make decisions. As one business leader told me recently: “I didn’t need data 20 years ago to make decisions, and I don’t need it today.” This ‘digital divide’ is very clear in our survey. For instance, nearly a third (32 percent) of survey respondents expect big data analytics to have the biggest impact on Asia’s real estate sector over the next five years. Conversely, 33 percent of property companies are still using spreadsheets for accounting, benchmarking and performance analysis, 26 percent for budgeting, 28 percent for valuations, and a massive 46 percent to manage their portfolio financing. Of course, there are some companies that are investing in technology and data at speed. But there is also a propensity for property players to throw around the ‘big data’ buzzword, when they should be focused on getting their simple back-office functions in order. Why, when the data clearly shows a growing gap between the leaders and laggards, are some companies choosing not to invest? The simple truth is change is hard work. Resistance to change remains the biggest barrier to proptech adoption across the region,...

The Brighter Side

The pandemic has been a challenging time for seniors. But we’re here to show the brighter side, focusing on how resilient they’ve been through it all. We’re excited to share this Age Well Study by the Mather Institute. It’s full of interesting findings, but best of all, it highlights seniors’ strength during the COVID-19 era. See below for a summary: Study highlights seniors’ resilience during COVID-19 Shared by McKnight’s Senior Living, the latest release from the Mather Institute’s Age Well Study examines seniors’ stress levels and resiliency during the pandemic. The findings — gathered from year four of the five-year study — are based on responses from 3,441 residents at 122 different Life Plan Communities across the U.S. Taking a step back, the initial goal of the study was to assess the impact of residing in a Life Plan Community. Respectively, the impact on residents’ health and wellness over time. And since year four took place during the pandemic, the Age Well Study took a slight pivot. How has COVID-19 affected seniors’ health and wellness? Have seniors become more resilient during this worldwide health crisis? What strategies help them mitigate stress? To find out, the Mather Institute analyzed: Individual characteristics (personality, personal resources, demographics)Organizational characteristicsChanges in the quality of social relationshipsCoping strategies during the pandemic The findings At a glance, the Mather Institute’s research shows:   Residents, on average, exhibited low levels of stress and high levels of resilience during the pandemicThose who were open to new experiences, who exhibited higher levels of extroversion and agreeableness, were less likely to exhibit stress and more likely to exhibit resilienceResidents who maintained quality relationships with children exhibited greater resilienceResidents who meditated during the pandemic were less likely to exhibit stressResidents who lived in smaller communities were...

Rents Gain Again Feb11

Rents Gain Again

Multifamily asking rent gains continued in January, rising $8 to a U.S. average of $1,604, according to the latest Yardi Matrix Multifamily National Report. The latest gain defied normal seasonal expectations and continued a trend established last year, a historic period for multifamily asking rent growth. Year-over-year, rents increased 13.9 percent. While rents are unlikely to remain in that growth range throughout 2022, January’s performance is a sign that demand remains healthy. Some 460,000 multifamily units were absorbed in 2021, according to Yardi® Matrix data, more than double the previous year and more than 50 percent above the previous annual high. Absorption in 2021 was led by Dallas and Houston. Five of the next six highest performers were gateway metros Miami, New York, Chicago, Washington and Los Angeles, all of which absorbed some 20,000 units or more. Freddie Mac’s 2022 multifamily outlook sums up the market: “The strong economic conditions along with unprecedented levels of demand for multifamily housing have combined to create robust apartment market conditions in 2021,” the report said. “While there are still uncertainties, such as increasing inflation or more transmissible variants of the COVID-19 virus … the multifamily market is expected to be on solid ground in the short term.” Learn more in the latest Yardi Matrix Multifamily National...

Problem Solvers

Where would the world be without problem solvers? Certainly not far. Problem solvers propel innovation and help us make the most of the resources available to us.  At Yardi, four departments of work behind the scenes to help Senior Living clients anticipate, mitigate and troubleshoot dilemmas. They are among the problem solvers that help clients explore innovative solutions and deliver quality services to customers. Yardi solutions rise to face new challenges Evolving client needs require evolving technology. As developers issue new features, client-facing team members are ready to help with change management. Craig Christensen, team leader, Consulting Practices at Yardi says, “We work in a rapidly changing environment that has been heavily impacted by COVID-19. Our developers worked quickly to implement new solutions like vaccine administration tracking for our clients.” To navigate such new functionalities, clients can access tools like on-demand resources in Client Central or live training calls. Such tools are also helpful during the onboarding and continue education processes. Senior Living has a comparatively higher staffing turnover rate compared to multifamily. The ongoing pandemic has made it even more challenging. Yardi helps clients deal with the workforce shortage by streamlining routine processes. Stephanie Joralemon, product specialist, CSD, explains, “Clients found themselves consumed with ongoing trainings. We’ve resolved this issue with a Train the Trainer approach.” Through Aspire software, client trainers gain access to role-specific trainings 24/7. Live calls and trainings help fill any remaining gaps. Clients get the education that they need to quickly and accurately move forward with their work. Improved communication where it matters most Improving communication is another challenge overcome by Yardi specialists. In the past, medical profiles received updates via facsimiles and phone calls between the pharmacy and care provider. Yardi EHR and eMAR resolve the communication issue...

Canada Multifamily Report Feb08

Canada Multifamily Report

Yardi has launched a quarterly report series designed to help Canadian multifamily industry professionals measure portfolio performance, optimize property management and identify investment opportunities. The Canadian National Multifamily Report analyzes vacancy rates, rent growth and other industry fundamentals from data at the national, provincial and Census Metropolitan Area levels. The first edition was released this month. The inaugural report indicates promising signs for the Canadian apartment industry in 2022. Demand remains robust due to the national immigration plan along with gross national product and total employment figures in 2021 that exceeded those seen before the onset of COVID-19. In-place rent averaged $1,326 nationwide as of December, 2.1 percent higher than the same period the previous year, according to the report. Fourth quarter year-over-year in-place rent growth leaders for new leases were London, Winnipeg, Kitchener-Cambridge-Waterloo, Vancouver and Hamilton. Nationwide vacancy in the final quarter was 3.8 percent and slightly trailed pre-pandemic levels. Last year’s strong rent and vacancy performance “was highest in smaller CMAs, as migration out of large cities drove demand in smaller markets,” the report says. The report also notes headwinds to watch for, including inflation, potential Bank of Canada policy rate increases and supply chain bottlenecks. “The Canadian Multifamily National Report presents a new dynamic resource for the real estate industry. We look forward evolving the data to help influence decision-making and innovation across the country,” said Peter Altobelli, vice president of Yardi Canada Ltd. Get your copy of the first Canada National Multifamily...

Commitment to Community Jan27

Commitment to Community...

It has long been a cornerstone of Yardi’s mission to support the communities in which its corporate offices are located. In this blog post, we share more about the organizations and causes supported by Yardi and how employees are directly involved in selecting these organizations. A lasting legacy Yardi has always believed in contributing to vital charities that work to make the world a better place. Since the company’s beginnings in Santa Barbara in 1984, Yardi has supported local philanthropic causes. As the company has grown, the reach of its charitable work has also expanded. From the Yardi corporate mission statement: Yardi considers itself an integral part of the communities in which it operates and, by extension, the larger global community.As such, we believe it is vitally important to contribute to the health and well-being of those communities, whether by volunteering time and energy to worthwhile causes or providing financial support to advance humanitarian goals. In 2021, Yardi offices supported more than 350 nonprofits worldwide. Employees in each Yardi office identify and select impactful nonprofits in their local communities. Supporting communities Every year, each of the approximately 30 Yardi offices with over 10 employees is provided a budget for community support. A committee of employee volunteers leads the annual process of selecting nonprofits. All employees are welcome to nominate nonprofit organizations, and each local committee evaluates the nominated non-profits, which includes reviewing the organization’s outcomes and financial statements. “We give a lot of autonomy to the local office committees. We have found that each office focuses on slightly different causes, based on the needs of the local community and the passions of our employees. For example, we have one office who has historically focused on mental health and another office who is dedicated to...

Safe Coworking Jan24

Safe Coworking

Coworking spaces have offered a refuge for displaced employees and freelancers alike. New variants of COVID-19 have many employers teetering between office and remote work environments. More consistently, coworking spaces have provided a way for workers to get work done in a focused environment. As the manager of a coworking space, you’re an unsung hero! The following six steps can help you promote a secure and healthy environment for clients who need your services. Healthy co-working spaces 1. Automate the basics Contactless technology permits simple processes and transactions with less exposure for staff and clients. Automated attendance trackers offer convenient yet controlled access to your shared workspace. Combine Kisi and KUBE door access systems to manage member and visitor logs as well as billing details. Enable pay-as-you-go features that empower any user with a mobile device to begin working automatically. Clients favor the flexibility, and it minimizes cancellations and billing disputes. 2. Improve ventilation and filtration Healthy spaces begin with ample air flow and filtration. Joseph G. Allen, faculty advisor to the Harvard Healthier Building Materials Academy, advises building managers to bring in as much outdoor air as they can to dilute airborne viral particles. If your site has dampers, consider opening them. Recirculated air should be filtered by a MERV13 or higher filter, which capture at least 80% of viral particles. If those standards are unattainable, Allen recommends portable air cleaners with HEPA filters, which capture 99.97% of particles. Enhanced security for transient workspaces 3. Benefit from member education Education is key to risk mitigation. During new member registration, consider hosting an e-learning session that covers the basics of shared workspace security. A few minutes of educational training can drastically improve the security of your coworking space. 4. Offer private Wi-Fi Greater fluctuations in clients may follow...

Exactly How COGIR

Despite the ongoing challenges in senior living, certain providers have pushed forward, raising their level of excellence and enhancing residents’ experience. COGIR Senior Living certainly illustrates that point, and we’re here to share an in-depth look at their journey to date. That’s right — we’re rolling out our newest case study! It’s all about this leading provider’s ability to raise the bar with help from senior living technology.   Courtesy of Benoit Levesque, senior regional director at COGIR Management USA Inc. and our inspiring interviewee, this piece offers an inside look at COGIR’s road to success. Keep reading to see exactly how the Yardi Senior Living Suite gives COGIR the tools to streamline care, increase move-ins and more. Meet COGIR Senior Living COGIR Senior Living puts their residents first. As a subsidiary of COGIR Real Estate, COGIR draws upon 25 years of residential and senior living management, as well as hospitality services. Their unwavering drive to build more homes for seniors — and their dedication to quality — has positioned the company as the industry leader they are today. The challenge with disparate systems At the time they established a strong U.S. foundation, COGIR’s day-today operations involved manual processes. From tracking leads to developing new care plans, teams across the company were navigating a mixture of paper-based and electronic systems. While COGIR did have some software tools in place, each system wasn’t necessarily connected to the next. Leadership worked to unite every piece on their own using different strategies. Ultimately, the integration of the different systems — a custom infrastructure — brought new challenges. “The integration between all our moving pieces worked with some restrictions, but there was a lack of operational efficiency,” said Levesque. “Too often we were hearing, ‘I don’t know if...

Complexity and Challenge Dec11

Complexity and Challenge

The real estate sector is busy repositioning portfolios, pivoting into new sectors and pouring money into proptech. But will it be enough to meet the elevated demands of building customers in the post-pandemic world? This was the big question behind Bernie Devine’s latest Yardi Proptech Insights webinar. In the fifth instalment of the series for 2021, Brian Sutherland, vice president, commercial at Yardi joined Devine, regional director, APAC, for a chat. Sutherland started his own e-commerce company at age 16 and today is responsible for leading commercial sales and marketing for Yardi across the United States. Sutherland is passionate about the power of technology to enhance engagement and bring asset owners closer to their customers, and his insights were fascinating. Office landlords have enjoyed a clear advantage during the Covid-19 era, Devine and Sutherland agreed. Long leases have given them the luxury of time to consider the future carefully. Tenants are on a “flight to quality,” want shorter and more flexible leases, and are scrutinising sustainability attributes of space, they noted. In response, building owners are amenitising their assets, Sutherland said, to create spaces that facilitate “culture, coaching and collaboration”. This presents new revenue streams, and Devine pointed to a clear trendline towards non-rental revenue growth. “But more services mean more business processes and more complexity.” Office landlords can learn much from the retail sector, which had already faced a tidal wave of disruption from the e-commerce titans, and which had reacted and repositioned assets before Covid-19 hit. In some cases, the pandemic’s reclassification of retail as an essential service had been an advantage, Sutherland said. Some malls continue to struggle, but others are adapting rapidly to the new normal and transforming empty space into distribution hubs and last-mile delivery centres. Sutherland mentioned the local Urban Outfitters store in Santa Barbara, Calif. (where Yardi is headquartered) which now has staff members packing boxes in store – “something we haven’t seen before” but is necessary as competition with Amazon heats up. Retail is often set up for dispatch and delivery and “retasking spaces” for last mile distribution made perfect sense, Devine added. But, again, this repositioning and retasking adds complexity. A new philosophy – one that prioritises user experience – was emerging, Devine observed. “I often like to say a building is a device.” But seeing a building as a device requires mobile-led solutions. A flood of money is streaming into tenant experience apps. HQO raised $60 million in funding in April, while VTS acquired workplace experience platform Lane for $200 million in October. These are just two examples. There is a lot of curiosity from landlords about how apps can make their assets perform better.  “Are they going to be able to produce more yield of have a better experience in their properties?” Yardi’s team is thinking hard about this question. Yardi’s tenant app, which currently has 75-plus active asset owners, is currently being expanded to address how employees, vendors and even visitors connect with the app when they enter a building. What does the future look like? Sutherland believes the office’s outlook is bright, but he can’t see “expectations around the experience within a building” abating. That requires a far greater investment in technology – and in “platforms to support and facilitate a positive experience with the physical environment.” Now is the time for landlords to listen to their customers and “to really push new ideas within their properties,” he...

Digie Awards Nov23

Digie Awards

Five Yardi® clients earned Digie Awards, one of the highest honors in the commercial real estate industry, at the recent Realcomm | IBCon 2021 event. Short for Commercial Real Estate Digital Innovation, Digies recognize outstanding companies, real estate projects, technologies and the next generation of smart, connected, high-performance, intelligent building systems. Digies are also awarded to individuals who have positively impacted the industry through the application of technology, automation and innovation. This year, Realcomm focused on honoring those who are “leading the charge on COVID-19 strategic and transformational technologies, creating a more efficient, effective and adaptive industry and shaping the future of smart buildings.” Among this year’s winners were the following Yardi clients: QuadReal Property Group won the Most Intelligent Portfolio, Office award, in recognition of their “smart, connected, high performance intelligent building concepts.” In recognition of their “extraordinary level of automation, technology and innovation to their business processes,” The Inland Real Estate Group of Companies won the Best Use of Automation, Retail Real Estate, JLL won the Best Use of Automation, Commercial Services and Invesco won the Best Use of Automation, Investment Management. Ilan Zachar, Senior Vice President & CTO, Carr Properties won the Realcomm Julie Devine Digital Impact Award that acknowledges “those individuals who saw things ahead of their associates, had the courage to leave the mainstream and the tenacity to keep standing up after many failed attempts.” Zachar directs all corporate technology, strategy, and standards for Carr Properties. “Yardi is impressed with the extraordinary achievements of the companies and standout individuals who are shaping the future of the industry through transformational technology. We applaud all the award winners and look forward to what we can achieve together as an industry moving forward,” said Rob Teel, senior vice president of global solutions for Yardi. Teel was a...

Maravilla Seniors

Throughout the COVID-19 pandemic, seniors and their families have experienced loneliness and isolation. From enforcing strict lockdowns to limiting in-person visits, senior living communities have seen this firsthand. So how can communities work to improve seniors’ quality of life? One theory, developed by two UC Santa Barbara professors, is through virtual reality (VR). Specifically, through VR sessions with seniors and their loved ones. This theory is being put to the test with seniors at Maravilla Santa Barbara. Testing the power of VR sessions With 21 pairs of Maravilla residents and remote family members, professors Tamara Afifi and Nancy Collins began their research in 2020. Their goal remains to show the impact of VR technology on social connection — and quality of life — for seniors residing in communities. Not to mention, the impact of VR sessions on these seniors’ family members. In this highlight, Collins explains the bigger picture of the study. “The long-term goal is to find ways to use innovative technologies to reduce social isolation, strengthen family bonds and improve quality of life for older adults with varying levels of cognitive impairment,” she said. According to the pilot study findings, VR sessions reduced feelings of loneliness, improved moods and helped enhance seniors’ quality of life. For families, the VR sessions led to better moods and less caregiver guilt. “A family is a system, so when you help one person, you’re helping the whole family,” explained Afifi. “This is especially true for caregivers, who can bear a particularly heavy burden in terms of stress and guilt.” Afifi and Collins also tested how memory decline effects seniors’ engagement during VR sessions. They found that seniors with mild cognitive impairment were more kinesthetically engaged in the VR experience, whereas seniors with mild to moderate dementia...

Staff Recruitment Strategies

Due to the staffing shortage in senior living, providers must find new ways to recruit and retain staff. The COVID-19 pandemic is changing the way caregivers look at, pursue and stay committed to employment opportunities.   And the staffing shortage is causing Yardi client Life Care Services (LCS) to get creative. They’re developing effective strategies to attract and incentivize staff members across their communities. LCS’ new staffing strategies LCS manages and supports senior living communities across the nation. Currently serving 140-plus communities, having staff members to meet the needs of their seniors — over 35,000 to be exact — is critical. The 2021 staffing shortage has made this especially difficult. But LCS is rising up to the challenge. Relayed by LeadingAge, Senior Vice President Jill Sorenson explains how LCS is attracting new employees by applying the same principles used to bring in new residents. “When we’re marketing to a prospective resident who’s looking at several different retirement communities, we want to find out what’s important to them,” says Jill Sorenson. “Once we find out, we focus on how our community will address that concern.” Sorenson explains how this sparked inspiration for a new recruitment strategy, one to help LCS through the ongoing staffing shortage. Building a recruitment task force within the 13 communities she oversees, Sorenson’s team got to work. Their new tactics include:   Showcasing how specific communities will meet an employee’s needs and desiresEnsuring a rapid response time with incoming inquiries and applicantsMaintaining a maximum five-minute waiting time for interviewees upon arrivalPreparing a group of back up interviewers, in the event the main interviewer is unavailableMaintaining excellent communication with new hires  Creating a welcoming and robust orientation process Due to their success, these practices have been compiled into a recruitment toolkit, which is now in use across all LCS sites.   And they’re not stopping there. LCS is designating September as their “national recruiting month” complete with a calendar of events to discuss staffing strategies. This includes a “Tuesday tips call” that brings together executive directors, health care administrations, HR directors and recruiters to share fresh ideas. It’s inspiring to see how LCS is staying committed to their residents — working hard to navigate the staffing shortage by implementing new recruitment standards. We hope they inspire others across the industry to push forward, get creative and band together through this unprecedented time.   Read more about Life Care Services’ recruitment efforts during the staffing shortage. To discover how Yardi supports clients like LCS with integrated senior living management software, don’t hesitate to get in...

CALA Fall Conference

We’re back with another event recommendation, this time for the CALA 2021 Fall Conference & Trade Show. If you’re ready to connect with senior living leaders — and discuss the future of the industry — this is the conference for you. Meet CALA The California Assisted Living Association (CALA) is dedicated to the betterment of assisted living, memory care and continuing care retirement communities. As the only association solely representing the state’s residential care facilities for seniors, they’re an industry leader. Their members include over 660 providers and 150-plus businesses, all supported through CALA’s leadership, advocacy and education. This year’s CALA Fall Conference is a great chance to reconnect with colleagues and re-engage your drive in senior living. More about the conference Filled with informative sessions and networking opportunities, the CALA Fall Conference attracts top decision makers, clinical staff, marketing professionals and more. It’s set to take place November 8-10 in Palm Springs, California. To explore the full show schedule, start here. CALA has an expansive list of their planned sessions. Note you’ll need to show proof of a COVID-19 vaccination to attend the CALA Fall Conference. Their updated list of health and safety protocols can be found here. Back to the event sessions! From learning how to move forward with your business given the pandemic’s challenges, to learning about today’s top technology solutions, the conference has something for everyone. You can find team Yardi throughout the 3-day event, too. Be sure to stop by Booth #37, where we’ll chat about the Yardi Senior Living Suite — our single connected solution for senior living providers. We’ll show you how tools like Senior IQ can drive your business forward. We’re also pleased to be sponsoring the Awards Celebration Luncheon, planned for November 10 at 12:30...

Smart Home Tech Oct26

Smart Home Tech

Smart home technology is our new reality. We’ve gone from remotely controlled lightbulbs to a whole universe of interconnected home goods that can be controlled from a phone. Smart home automation saves time and increases efficiency, improving resource management and security for both property management teams and residents. Renters in many markets are seeking out smart apartments, often willing to pay more for units with the right smart home tech. While smart home technology may seem like a simple appliance upgrade, it often offers data resources that have the potential to transform your business. Property managers use smart home tech to mitigate risk and get real-time insights that can ultimately streamline processes and improve sustainability at their communities.  We asked over 16,000 renters about smart home technology and their preferences in a survey on RentCafe.com. Although the technology is still relatively new, a full 48% of respondents said that smart home technology was somewhat to very important to them. Here is what we found. What today’s renters are looking for Many renters are beginning to consider smart home technology a necessity more than a luxury. Some features that are more important to them than others — including smart thermostats, automated lighting features, alarm/security systems and smart locks. While many of these features are for renters’ convenience, it is also for their security and safety. In our smart home survey, we asked respondents which features they desired most, allowing them to choose more than one option. Of the 16,590 responses, 35% wanted security cameras, 22% wanted digital thermostats, 18% wanted keyless access locks, 15% wanted motion or leak sensors and 10% wanted wireless lighting control. Worth noting, according to a 2021 study by Assurant, 47% of prospective renters say that smart home technology increases their...

NIC Fall Conference

With a range of industry events taking place this year, it’s an exciting time for senior living providers. There are several opportunities to learn, network and grow.  We’re here to share an upcoming event — an impactful conference that joins health care leaders and senior living executives. Check out the NIC 2021 Fall Conference: Investing in Seniors Housing & Care Properties.   The conference will take place on November 1-3 in Houston, Texas and is welcoming attendees in person. Yardi is pleased to be a sponsor of the event, as we partner with NIC to drive transparent data in the seniors housing sector. We hope you’ll attend to get an inside look.   Come together at NIC 2021 The 2021 conference marks the association’s first in-person event since the onset of the pandemic. With the goal of reuniting thousands of providers and stakeholders, NIC is gearing up to make this their best conference yet. It’s an exceptional opportunity to learn from business leaders across the industry. Specifically, the 67% of attendees who are senior-level executives. How can you drive your business forward now — and in a post-pandemic world? What new approaches can you take to care for residents? The 3-day event will be packed with discussions and answers. Note that NIC is requiring proof of vaccination to attend. You can explore the full scope of their health and safety measures here.   See what’s in store  Attendees can expect three days of educational programing focused on a variety of topics. If you’re ready to hear insights and perspectives from industry leaders, policy makers and more, this is the conference for you. According to NIC, topics will include: Capital for operationsDebt market trendsCase for investing in seniors housingForgotten middle marketMacroeconomic and capital market trendsPolicy...

RE Insight Oct18

RE Insight

Two major Canadian real estate conferences took place virtually in September. RealREIT focused on the impact of COVID-19 on real estate property classes while the Canadian Apartment Investment Conference offered owners, managers, developers, investors and others insight into the multi-unit residential market. Here are some key takeaways. Economic mixed bag. Although Canada has a high vaccination rate, global markets and supply chains are being impacted, a potential harbinger of a global slowdown. Rising automobile prices are contributing to inflation, which the Bank of Canada forecast at about 3% into 2023, above its 2% target. By summer 2021, thanks in part to Canada’s high vaccination rate, households began to spend the savings they amassed over the previous 18 months. In July, the country added 94,000 jobs, dropping the unemployment rate. “With the reopening of the economy and the strong progress on vaccinations have given us reason to be more optimistic about the direction of the economy,” said Bank of Canada Governor Tiff Macklem. Uneven REIT performance. Prior to the pandemic, the Canadian real estate investment trust sector was booming, with the S&P/TSX Capped REIT Index reaching its highest value in 10 years. The sector has been battered since then and some REITs haven’t fully recovered. ESG acceleration. REITs have significantly expanded their commitment to environmental, social and governance practices in recent years, including environmental initiatives and renewable energy. REITs are also increasingly strengthening ESG performance transparency and accountability. “Rather than distract from it, the health issues are elevating the overall concern over ESG risk in the medium and long term,” said Sasha Njagulj, global head of ESG for CBRE Global Investors. Return-to-work options. The Delta variant caused many companies to postpone calling employees back to work. Some companies are devising hybrid, flexible work arrangements. Analysts...

Pacifica Honors Staff...

For Pacifica Senior Living, this year’s National Assisted Living Week (NALW) was spent gathering residents, paying homage to assisted living caregivers nationwide and celebrating their own staff.  It’s always a pleasure to spotlight our clients, like Pacifica, during NALW. Led by the National Center for Assisted Living (NCAL), the annual celebration encourages organizations to honor those who reside, work and volunteer in assisted living communities. Pacifica did just that, going above and beyond to honor their care staff. Celebrating NALW Honoring this year’s NALW theme — Compassion, Community, Caring — Pacifica invited their staff and residents to an array of uplifting events. They shared a snapshot on social media, too. In communities from North Carolina to California, Pacifica’s week-long celebration gathered everyone with delicious food, an in-house “Price Is Right” game and NALW-themed arts and crafts. There’s more, but we’ll let you explore the photos for yourself! You can find a range on Pacifica’s LinkedIn page. The dynamic senior living company also shared their appreciation for staff members with words of gratitude. They highlighted the resilience of their caregivers — and assisted living staff across the nation — during the pandemic. “The COVID-19 pandemic has brought new challenges to all assisted living communities in America for the past year and a half,” shared Pacifica on LinkedIn. “This National Assisted Living Week, we want to recognize all the efforts put forth by the staff of Pacifica Senior Living communities for all they have done and continue to do. Thank you.” Last but not least, they took the time to honor individual employees. Check out this spotlight of Enrique, a personal care assistant at Pacifica. Get to know Pacifica Utilizing Yardi’s senior living management software, Pacifica Senior Living strives to create communities where residents feel at...

Meet Yardi

The senior living industry has undergone extreme changes in the last year. But leaders are banding together to develop new roadmaps at this year’s LeadingAge Annual Meeting + EXPO. Taking place in person on October 24-27 in Atlanta, Georgia, the event offers an opportunity to join the senior living conversation. How should you navigate the field today? What tools, services and practices can help your communities prosper? Experts and fellow attendees alike will share their answers.   Not to mention, you’ll have the chance to connect with team Yardi at Booth #1331. Our representatives will show you firsthand how technology drives success in senior living. Look ahead at LeadingAge 2021 LeadingAge is a dedicated senior living association working to help the next generation of older adults live their fullest life. They strive to empower their members to transform the aging experience for everyone. With that, they spearhead one of the industry’s biggest events each year — the LeadingAge Annual Meeting + EXPO. The event is packed with four days of invaluable sessions that encourage learning, networking and more. You don’t want to miss this one. And despite going virtual in 2020, this year’s event will allow everyone to reunite in person. That said, LeadingAge is prioritizing your health and safety. Among their many protocols includes the requirement that all attendees, speakers and exhibitors show proof of vaccination. Read more about the event’s COVID-19 safety measures.   Visit Yardi Booth #1331 Ready to find the right tech-enabled tools for your organization? We invite you to stop by Yardi Booth #1331. Our team is excited to show you around the Yardi Senior Living Suite — a single connected solution for senior living management. Whatever questions you have, we’ll be there to answer them. You can expect...

Yardi EHR

With COVID-19 vaccines readily available across the nation — and with vaccine mandates becoming more common — senior living providers have an important job to do. They’re tasked with helping residents receive vaccinations, offering resources and lending support. But how can providers manage the process? Monitor symptoms? Track vaccination statuses? It’s all possible thanks to the latest upgrades in Yardi’s electronic health record solution. Tracking vaccinations with Yardi EHR Yardi EHR is a full-service solution that helps providers deliver the best resident care. And with the ongoing pandemic, the newest functionality in managing resident vaccinations may be most helpful for today’s providers. With the system’s latest infection surveillance and immunization dashboard, providers and senior care staff can document essential information relating to COVID-19 and other diseases. More specifically, staff can … Document if a resident has received, declined or missed COVID-19 vaccination appointmentsCollectively schedule vaccination appointments and track follow up assessments for community-wide vaccine clinicsBulk chart vaccine administration during clinicsLog information on a resident’s side effects post-vaccineIdentify residents who show symptoms consistent with COVID-19Send alerts to the dashboard when COVID-19 symptoms are documentedRecord when residents receive booster shots for their COVID-19 vaccineAdd indicators for other infectious diseases — all populated to the dashboard in real-time Best of all, the assessments are built-in and easy to navigate. Each assessment incorporates Centers for Disease Control and Prevention (CDC) guidelines for administering COVID-19 vaccines. If you’re an existing Yardi EHR client, adding the infection surveillance and immunization dashboard couldn’t be easier. The implementation and training process is quick — and efficient. This is especially beneficial for providers today, given the roll out of COVID-19 booster shots is around the corner. Senior living providers are navigating the pandemic day by day. And while there are many challenges, managing...

Video Resumes Sep14

Video Resumes

Have you noticed the newest ways to recruit talent online? LinkedIn and TikTok have both launched video resumes that change the face of talent recruitment. Video resumes on TikTok and LinkedIn TikTok Resumes is currently in the pilot stage, but it is already gaining attention from major employers. The platform permits users to apply for job openings via a three-minute video resume. Major brands such as Target, Shopify and Chipotle have already begun to accept applications. The TikTok feature comes on the heels of LinkedIn video integration. Employers create a job posting that they can supplement with a Video Intro. Then employers can invite qualified applicants to submit a Video Intro that answers up to two interview questions. These invitation-only videos expedite the hiring process by decreasing scheduled, live interviews. LinkedIn reports that employers and candidates enjoy Video Intro. They find it so helpful that 70% of job posters reuse the features in subsequent job postings. About 80% of candidates opt for video responses. Real estate professionals buy in Real estate firms are investing in video postings and resumes. Downtown Apartment Co., a Chicago-based brokerage company, uses TikTok to modernize and diversify its recruiting practices. “We just posted our first TikTok hiring video in which our agents and leaders share their thoughts about why DAC is a great place to work. We’ve already seen success using TikTok, so we’re definitely interested in seeing how TikTok Resumes will work and how we might use it to enhance our recruiting efforts,” said Ben Creamer, co-founder & managing broker at DAC. Read the full story on TikTok resumes on Multi-Housing News. Why post job openings and accept video resumes via social media? Posting a job opening on social media meets applicants where they spend much of their...

Livable Communities Act Sep13

Livable Communities Act...

The Livable Communities Act of 2021 aims to develop transit alongside affordable housing, creating more efficient and equitable access to major job hubs and neighborhoods. The act attempts to tackle two contentious issued for Americans. The Livable Communities Act of 2021 The first step is to create an Office of Sustainable Communities within the Department of Housing and Urban Development (HUD). The division would “promote interagency coordination on the development of affordable housing, transit systems, and other community needs.” The Office of Sustainable Communities would have its own credit facility. From there, regional development grants would be available through the Comprehensive Planning Grant Program. Eligible recipients would demonstrate partnerships between local governments, city planning, and Indian Tribes (where applicable) and other community members to create “sustainable, affordable housing with access to transit.” In addition to sustainability, the Act includes a clause to prioritize health-conscious housing and reduce housing-related health hazards. The Act reserves 25% of funding for high-poverty communities. Such areas are greatly affected by long waitlists for affordable housing as well as a lower quality of living and a high concentration of health concerns. Sen. Bob Menendez (D-N.J.) introduced the legislation supported by Sens. Catherine Cortez Masto (D-Nev.), Chris Van Hollen (D-Md.), Ron Wyden (D-Ore.), Jack Reed (D-R.I.), Kirsten Gillibrand (D-N.Y.), Alex Padilla (D-Calif.), and Richard Blumenthal (D-Conn.). Menendez says, “Our communities are stronger when hardworking families can afford to live close to where they work. As the nation faces an affordable housing crisis, we don’t want to see teachers, first responders, grocery store clerks, restaurant staff, and other essential workers be priced out of the neighborhood.” He continues, “Creating ‘livable communities’ is all about connecting workers to good-paying jobs through expanded affordable housing options and access to good public transportation by inextricably and...

National Assisted Living Week...

The senior living industry has faced unprecedented challenges this year. And while the ongoing pandemic changed the way assisted living staff provides care, these individuals have remained dedicated to residents and their families. They’ve continued to provide the highest quality care without fail. To honor these heroes — individuals who reside, work and volunteer in assisted living communities across the country — the National Center for Assisted Living (NCAL) leads a nationwide celebration each year. Known as National Assisted Living Week (NALW), the 2021 celebration will take place from September 12-18. Each year’s celebration has a theme, too. NCAL has deemed “Compassion, Community, Caring” as the 2021 theme given the endurance and resilience of staff members during the pandemic.   About National Assisted Living Week Established by NCAL back in 1995, NALW provides a unique opportunity for residents, their loved ones, staff, volunteers and local communities to celebrate senior living staff. The annual observance encourages assisted living communities to host a variety of events to honor the individuals they serve, while educating the public about long term care. This year’s celebration The NALW theme for 2021 — Compassion, Community, Caring — represents the resilience of assisted living heroes. The pandemic has created some of the most trying situations we’ve ever known, but these individuals stayed strong. This year’s NALW is the perfect opportunity to show thanks. And while NCAL encourages assisted living providers to modify events with COVID-19 safety protocols in mind, they’re still advocating that communities come together. They’re offering inspiration through their annual planning guide, a free online packet with ideas for how to recognize staff, honor residents and commemorate NALW in a safe and meaningful way. Here’s a few ideas outlined by NCAL: Engage residents in creative art projects to promote...