Pet-friendly apartments are becoming the norm, especially among younger renters. Millennials are now the biggest market for pet ownership. Property managers and owners need to stand out and make their complexes more unique and attractive with pet amenities. But have you ever wondered what your pet might want in their new apartment? The secret life of pets may open new ideas for property owners across the country. Let’s look at this from the pet’s perspective and what they want to see when they tag along on a tour of your apartment complex. The perfect perks for pups Dogs are excitable, sociable, friendly, and have lots of energy. Since dogs are so social and energetic, an on-site dog park is essential to earn five stars from Fido. Something that would be large enough for them to spread their paws and has lots of green grass. Yappy Hour at the complex dog park would be an attractive resident event that you can hold monthly. During Yappy Hour you can provide some refreshments and picture ops to boost your property’s social media accounts – some of your resident dogs may even be Insta influencers! However, some dogs are not too keen on shared space. Grassy areas with walking trails around the complex are another huge plus for all pups and their parents. Whether you have walking trails or not, strategically placed poop bag stations are a must for any pet-friendly property. Post-pandemic, return to the office is starting to make a comeback. A dog door leading out to the balcony or patio is another awesome option for pets and owners alike. That way Barkley can lounge on the balcony and not have to be stuck inside all day while their human is working eight hours or more....

Reputation: It’s created from what people think and, more importantly, say about your communities. “Negative or false comments about your building can affect how others view your site, sometimes even before seeing it in person,” says Kings III, a Texas-based provider of emergency communication service solutions for property managers. That perception can translate to lost traffic, prospects and, ultimately, money. “Put yourself in your tenant’s shoes. What will you do when looking for a property? You’ll aim straight for online reviews and social media pages to see what you’re getting into. You’ll be turned off if you find one-star reviews and inactive/barely active social media accounts. The same applies to your prospective tenants,” notes the Los Angeles Property Management Group (LAPMG), which serves commercial and residential property owners. Industry research bears out these sentiments. For example, 69% of respondents to the 2022 Renter Preference Survey Report said they referenced property ratings and reviews in their most recent rental-home search, while 79% said ratings and reviewed stopped them from visiting specific properties. Recent reviews and an active, updated Google Business Profile can help place communities in the Google Local 3-Pack and rank them higher than competitors in search engine results. In fact, according to search marketing research groups Redshift and Moz, 15% of the ranking factors that determine whether you get into the “Local 3-Pack” — the listing of three businesses you see first in the results of searches using keywords — come from the quantity, quality, recentness and response to reviews. About 25% of the weight of your Local 3-Pack ranking signal comes from your Google Business Profile, so it’s important to optimize and maintain it. Here are a few tips from LAPMG and other experts on the best ways to, as Kings III...

Want real feedback on multifamily performance? We’ve got you covered with new poll data from a recent NAA virtual event. The April NAA Digital Studio, presented by Yardi, explored the theme of “Stronger NOI in 2021: Where do we grow from here?” Experts from leading multifamily companies across the country discussed how COVID-19 impacted the real estate industry and, more specifically, apartment management. Esther Bonardi, vice president of marketing at Yardi, moderated the interactive session, “React, Respond & Relate.” In this unique approach to a roundtable discussion, the group answered 10 questions in 10 minutes. Each poll revealed the impact of COVID on their organization. Attendees then had the opportunities to discuss the effects, their new practices and future goals. Attendees saw where they stood in relation to their peers and discovered actionable items to help strengthen their organizations. Here is what we discovered Digital Studio attendees represent a balanced mix of properties across major metros, mid-sized cities, suburbs and small towns. In the past year, 39% of attendees reported steady rental rates. About 33% saw an increase in rent rates, but the increase was not as substantial as in previous years. Interestingly, 31% of respondents noted an increase in occupancy in the last 12 months and 31% said that occupancy remained about the same. Only 19% saw decreased occupancy. The polls showed a vast majority of respondents (72%) experienced higher delinquencies than in past years. To handle the higher-than-normal quantity of late or missed payments, 26% of respondents piloted or adopted rent deferment and repayment technologies. Combined, those topics address the largest concerns on respondents’ minds. Polls reveal that 38% of respondents feel protecting and improving NOI was the biggest challenge frequently on their minds. As runner up, 25% were concerned with decreasing...

Property management staff members are burnt out. We hear your concerns: addressing financial issues, public safety and frustrated residents have added additional stresses to an already demanding job. As property management leadership, you play an essential role in preventing burnout for yourself and others. Leasing agents are discouraged and need your support Social distancing is dragging on and very, very few people are happy about it. Property management must decide how to reopen multifamily amenities and enforce social distancing policies—decisions that are bound to upset people. Additionally, while many employers are grasping for business as normal, others are closed or operating on a skeleton crew. This financial uncertainty is challenging for residents and the staff that tries to assist them. Your staff members need your support and insights. Perhaps once a week at the end of the day, host a meeting that allows staff to share the challenges that they’re facing. This is an especially important time for you to listen as listening reduces the frustration of conflict. To help you get started, we’ve identified a few common pain points that might arise and how to address them: Help staff communicate a fair, consistent message for residents Agents are receiving lots of calls and emails. Many are from residents who want refunds for amenities and services that they haven’t been able to use as expected. Encourage staff to listen and mirror residents’ concerns. Then ensure your staff knows how to address residents’ concerns and offer a fair response. If you will be offering concessions, create consistent guidelines that staff can use. If you are not offering concessions, help staff craft the verbiage needed to explain why. When agents understand your expectations and know what to say, you can reduce the frustration of communicating with...

Impact Management Group, LLC has big plans for the future. The affordable housing property development and management company is set to expand its business strategy, and they have the experience, staff and investment in technology to help set themselves up for success. The new venture for Impact is into the fee management service industry. By this effort, Impact will assume property management and affordable housing program compliance responsibilities for properties owned by other parties, in exchange for a management fee. With the experience of managing approximately 1,400 affordable and market rate units across Wisconsin, Impact has a lot to offer clients. Their extensive industry knowledge not only boosts their credibility, but also serves as a valuable asset that potential clients can leverage to make their own affordable housing compliance programs more effective. Impact’s strategy to begin offering management services is to first focus on prospective clients with HUD 50059 units and properties, and then expand into management of portfolios composed of larger numbers of units, including Low Income Housing Tax Credit properties. Compliance mandates for these programs vary, and Impact’s experience will go a long way in helping its clients reduce the complexity of qualifying residents, calculating rents, managing vacant units, reporting to funding sources and more. A portion of Impact’s compliance expertise has been gained by support from RightSource. It’s expected that prospective clients will see how Impact works closely with RightSource and view the relationship as attractive in selecting a fee manager for their properties. “We couldn’t be where we are today without RightSource,” said Lisa Barkelar, vice president of Impact Management. RightSource, recently acquired by Yardi, offers compliance, consulting and training services, and specializes in serving clients of the affordable housing industry. All of RightSource’s software and services are now fully...

Sure, you’re booking more tours. But are you converting them? Here are six steps you can take every time a tour is booked that will help you get the lease. Customize your confirmation As soon as a prospective resident makes an appointment, you should send out a confirmation that includes all the necessary information (e.g. date, time, location, contact info). Ideally, your CRM system will automate that step for you, so your agents don’t have to manually respond 24/7. Each email should be customized to make the guest feel special. How do you customize an automated email? First, add their name to the email so it says something like, “Hi Jared, we’re so excited for your visit next Tuesday at 9:30 a.m.” Then, take it to the next level by asking a question. You can do something like: Upon your arrival we want to welcome you with a beverage of choice. Do you prefer x or y? We have a welcome gift for your tour. Would you prefer x or y? Both ideas work well for agent-led and self-guided tours, but even with virtual tours you can come up with creative ideas for gifts. You can easily email something like a Starbucks gift card or a coupon book for area businesses. Raise anticipation After you’ve confirmed the tour, raise anticipation to make sure your prospects don’t cancel or lease from a competitor. You can do this in several ways. One of the easiest methods is to take a quick video of yourself with your phone. In the video, you should greet them by name, show them something compelling about the unit or property and say that you can’t wait tour with them. Get other ideas that will help you raise anticipation in this episode...

So, you’ve decided to invest in more robust property management software to navigate the challenges of remote work and social distancing. One look around the proptech marketplace reveals that there are dozens of options available, many of which seem to offer similar services. With so many options on the market, what should you look for? Discover five key features to look for when choosing property management software. Truly seamless integration There are plenty of property management systems that are compatible with ancillary services by a different brand. There are, however, a few problems with integration between different brands and different platforms: Primarily, there is no guarantee of long-term integration. When you’re dealing with two separate companies, there are opportunities for acquisitions and other changes that may affect long-term compatibility and availability of either product. Secondly, there are two software systems that need regular updates. That means more maintenance and headaches for your staff. When those systems are updated, you can only hope that they will update in unison. If not, you may experience delays, lose functionality or accuracy. That’s wasted time for your staff and potentially costly errors for you. Seamless integration occurs when both the property management software and ancillary products function on a single platform by a single company. With seamless integration, you can ensure optimal efficiency in the long-term with less work for your staff to keep products in sync. Mobile ready and browser agnostic A web-based property management solution is essential as organizations honor social distancing protocols. Web-based and mobile-ready software allows you and your team to work without being tethered to the leasing office. When working from home, out in the field or travelling, you can securely access the information you need. Your office staff will be empowered to...

Assembling more than 2,000 clients and employees in Washington, D.C., for the spring Yardi Advanced Solutions Conference wasn’t an option. But Yardi got creative and delivered all the expected benefits of YASC in a new way this month. YASC Digital, which was free to clients, comprised more than 125 on-demand courses on asset and investment management software innovations. Spotlight sessions addressed developments in the multifamily, commercial, investment management, affordable and PHA market segments. The virtual conference attracted 16,000 participants from 2,500 companies in 30 countries, with attendees completing 107,000 courses and viewing 50,000 hours of content over three days. Yardi product specialists fielded thousands of live chat requests. Company president and founder Anant Yardi, offering a video welcome in lieu of “meeting and greeting,” reaffirmed the company’s dedication to maintaining superior client service in the COVID-19 environment. Noting the company’s $2 million donation to food banks that are helping communities in the U.S. and Canada weather the pandemic, Mr. Yardi invited his audience to “tackle the future with resolve and optimism.” (The company also donated $25 to food banks for every selfie submitted during YASC Digital – see many of the submissions in the gallery below.) The YASC Digital experience resonated positively with participants. “Thank you to everyone on the YASC team for putting together the digital format … which allows us all to continue to learn and grow with Yardi,” said Scott Teem of Portland, Ore.-based Guardian Real Estate Services LLC. “Thanks in no small part to Yardi, we’re doing fine,” added David Wise of Philadelphia-area LCOR. “Thank you for supporting the local food banks and for keeping us all connected!” said James Juliano, checking in from Berkshire Residential Investments in Boston. Watch a recap of the event: Clients will receive an email...

There are several factors that can influence a change in a property’s performance. The economy and market conditions are often the largest influences that are beyond your control. Smaller and more controllable factors, like vendor selection, may influence your success as well. If you haven’t evaluated your vendors’ performance since striking the contracts, now is the time. Complacency with vendors is bad business It’s common to find reputable vendors and stick with them until a major event prompts you to reconsider. The result is that the quality of vendor services may slowly and subtly change without your awareness. As the quality of services degrade, it negatively affects your property’s performance. Have resident complaints or dissatisfaction risen? Have you noticed units are harder to lease out? The overall maintenance of your site could be a contributing factor. Any work completed by vendors—landscaping, pool and site maintenance, turning and staging units, for example—are part of the prospects’ and residents’ experience. If vendor performance is underwhelming, your property suffers. Ask the three simple question below to determine if your vendors are truly an asset to your business. Are your vendors organized? Disorganized vendors rarely delivery top-notch services. A few common signs of disorganization include: arriving late to appointments delayed invoicing unclear and unspecific invoicing inconsistent performance or products and poor communication If your vendor demonstrates more than one of these signs, it may be worthwhile to take a closer look at their performance and business practices. Also, ensure that all licensing and insurance is updated each year. A lack of coverage is a risk to you and your customers. Besides, if they’re falling behind on essential documentation, what else are they overlooking? Learn how VendorCafe empowers your business to reduce risk, gain efficiency, and enhance compliance. Are...

By now, you’ve (hopefully) set the date and time for your Halloween event. Are you still struggling with the details on how to make it special? We’ve got your back. Check out these Halloween party ideas for multifamily communities. Let your residents do most of the work Community Boo Game The Boo Game is like tag, reimagined for busy grownups with varying schedules. Someone from the leasing office starts the game by leaving a card and a box of goodies at a resident’s door. Then the chain continues in the hands of residents! Check out the card idea below. Cookie Exchange Have residents bake Halloween-themed goodies. Participants can gather in the clubhouse to share their creations. This could also be a fun fundraiser if you opt to sell cookies for attendees who did not bring a contribution. (You can also collect donations from all participants, of course.) Chili Cook Off Cool weather calls for warm comfort foods. A chili cook off is a quick and inexpensive way to get residents involved in spooky season festivities. Like the cookie exchange, it can be an exchange or donation-based event. Community Outing Find a local theatre playing Rocky Horror Picture Show or Halloween-themed films. Pick a film (or have residents vote if there is time). Have interested residents RSVP and then call the theater to block off a section for a show. If you’re lucky enough to be in pedestrian friendly district, top it off with bar hopping afterwards. Easy win! Discover how easy it can be to promote your event on social media. Smooth ways to promote your corporate values Pet Costume Party Pet costume parties are a great way to remind residents that their furry companions are a valued part of the family. Providence Place...

Real estate industry leaders and professionals are heading to San Francisco on September 23-26 for the 2019 IREM Global Summit. IREM is the largest organization dedicated to advancing the profession of real estate management, and Yardi is a proud sponsor of IREM’s must-attend annual event which hosts approximately 800 top real estate management professionals from across the U.S. and around the world.  “The IREM Global Summit provides a fantastic opportunity for real estate managers to get together and prepare for exciting new opportunities and challenges facing our changing industry. Yardi is proud to participate in this important event and share our innovative solutions including Yardi Elevate for big data that drives results for commercial and residential managers pursuing excellence,” said Esther Bonardi, vice president of marketing at Yardi. IREM has designed the event to expand knowledge through educational sessions that support professional growth and leadership development. Attendees come from the U.S. and Canada, China, Japan, Korea, South Africa and Brazil and gain value meeting with colleagues to build camaraderie and stronger relationships. Read on for the top three ways to connect with Yardi at the IREM Global Summit. Attend Educational Sessions This year’s schedule features 19 hours of educational sessions to empower attendees to move their careers forward. Sessions are based on real-world situations that property managers face daily, from opportunities to use technology to work smarter to difficult interpersonal scenarios. Don’t miss a potentially life changing session sponsored by Yardi. Join the famous sketch comedy group Second City for “Facing Forward: Using Improv to Embrace the Future” on September 26 at 8:15 a.m. In this fun interactive workshop, improvisers will lean into moments of uncertainty to see them as pure potential and will learn improv techniques to help them embrace the future and...

In many commercial leases, tenants are responsible for rent and a share of the property expenses. Common area maintenance (CAM) fees help cover the direct expenses of maintaining areas shared by all tenants. If you’re a commercial landlord or property manager, you might charge monthly fixed CAM fees based on estimated expenses, then run a reconciliation against actual expenses at the end of the year. But because CAM expenses vary depending on the actual charges accrued, manually reconciling estimated CAM charges with actual charges can be time consuming. Larger operators have long been able to automate CAMs with Yardi Voyager Commercial. Commercial property managers with smaller portfolios can now do the same thing using Yardi Breeze. It’s one easy way to save yourself a significant chunk of time. What do CAMs include? CAMs can include the cost of maintaining both internal and external spaces. Internal common areas may include elevators, public restrooms, hallways, lobbies and more. Outdoor common areas often include parking lots, landscaped spaces and signage. Clearly stating what your CAM fees cover upfront can help you avoid leasing disputes later. CAM fees are usually allocated to tenants on a pro rata basis, meaning the more square footage a tenant rents, the greater their percentage of CAM expenses. How do CAM charges work? Tenants pay a monthly estimated charge for the property expenses. The actual expenses are tracked in recoverable expense accounts throughout the year. Then, at the end of the year, a reconciliation is done. The tenant’s share of the actual expenses is calculated. The tenant’s share is compared to the estimated charges the tenant has paid. If the expenses are greater, an additional charge is created for the tenant. If the estimates are greater, the tenant gets a credit. Saving time...

Yardi Voyager Single Family Homes simplifies property management without the need to expand payroll. Its property management, accounting and maintenance features are tailored to each clients’ needs. Manage Wisely Get a quick overview of operations each time that you open the Voyager Single Family Homes dashboard. Skim the latest updates on occupancy and availability, resident charges, receipts, property traffic and maintenance. Drill down into details as needed. Leverage the power of the industry’s most widely adopted accounting system. Generate and export custom reports to paint a clear picture of your financial standing. As your company continues to grow, you maintain control over access to that data. Set up users with read-only access to specified features and reports. Regularly issue reports to individual investors with a convenient report scheduler. Paperless cloud storage facilitates access to data from any location on any mobile device. Streamline financial management with Voyager Single Family Homes. The comprehensive systems meets IFRS and GAAP requirements. Expand Effortlessly Voyager Single Family Homes is more than accounting. The system empowers you to automate resident and home management from guest card to move-out. Store property brochures and quote sheets within the system. When multiple parties are interested in your properties, you can create a waitlist by market. As prospects turn into residents, automatically populate the resident records from the data on their guest card. Ensure that your units are in optimal condition with maintenance and work order tracking. Voyager Single Family Homes seamlessly integrates with other Yardi solutions that help your business operate smoothly. Tools for maintenance and inspections, marketing and leasing, procurement, energy management, resident screening and  renters insurance unite under the Voyager umbrella. RentCafe Single Family Homes and RentCafe CRM Single Family Homes incorporates marketing, mobile leasing and customer relationship management and...

Choosing the right property management software determines the efficiency and productivity of your organization. Jumpstart your selection process with these eight simple questions. Is the software installed at the premises or cloud-based?This is a matter of preference. Some organizations prefer installed software because data access does not depend upon an internet connection. The industry, however, shifts towards cloud-based platforms. Such web-based software permits users to access the data in the office, in the field and anywhere in between. Cloud-based solutions often include updates for the latest improvements and changes in compliance. Staff is free to focus on their roles, not the nuances of software.   What security and backup procedures are available? Cloud security services combine convenience with safety. Ensure that your cloud-based software offers data recovery, encryption and around-the-clock server operation monitoring.   Is the pricing model determined by the number of users or units? Software may be priced per licensed user or per unit. Licensing by user may be convenient for organizations with few employees and limited plans for growth. Pricing by unit allows the greatest flexibility and scalability. Staff growth and software usage are not hampered by paid licenses.   Is the product out-of-the-box or customizable? Turnkey solutions offer the ability the hit the ground running. Customizable systems will suite your portfolio more precisely and grow with you as your needs change.   Does the software integrate with other services necessary for your business? A fully integrated platform makes daily operations easier. The suite keeps data consistent between services such as accounting, leasing, resident screening, marketing, maintenance, and utility billing.   When is technical support available? Emergencies don’t wait for convenient office hours. Check support service hours to ensure that you can receive assistance on weekdays as well as weekends. Read...

Building your property management business can feel like you’re aiming at a moving target. Changing industry expectations and trends may leave you clamoring for solutions. These five, timeless tips for excellence in property management can help you take your organization to the next level. Offer competitive conveniences for renters. Residents and prospects expect flexibility. Whether they prefer to interact with you online or in person, have systems in place to accommodate them. Enhance your website with online leasing, digital payments, and online maintenance requests. For those who embrace person-to-person interaction, build positive relationships with customer relationship management tools. Improve efficiencies with end-to-end property management software. When you operate efficiently, you can offer stellar services at lower costs without decreasing your profit. Begin with a software suite that automates back office tasks like accounting, reporting and compliance. Achieve efficiency with Yardi Breeze for small and mid-sized properties or Yardi Voyager for larger residential and commercial portfolios. Empower employees through education. The best software is powerless without a team that understands how to use it to its fullest potential. Online learning encourages your team members to learn at their own pace. Staff will also be able to access classes and review as needed, without costly and time-consuming training. Optimize revenue opportunities. There are several ways to boost profits without increasing rent. Some methods will require the property owner’s involvement while others you can pursue alone. Once you’ve explored your options, you can use the improved profitability of one property to pursue similar changes at other properties that you manage. Be proactive about your online reputation. Make it easy for tenants and prospects to get in contact with your team to intercept issues before they appear online. When negative feedback arises, address it promptly. Be sure to...

The Yardi Advanced Solutions Conference (YASC) returns to Sydney on August 29-30, bringing together real estate professionals from across Australia and New Zealand. Diving deep into Yardi Voyager and the ancillary software you use every day, this is a great opportunity to strengthen your skills and network with your peers. With interactive discussions, local and international experts, more networking time, and new innovations revealed, this is one event you can’t miss! As one attendee shared about their YASC experience in 2017, “I come to YASC to learn more about the systems that helps me in my role. This includes best practices, new functionality that improves my work days, and discovering system efficiencies.” Why will you attend in 2018? Here are a few new features to 2018 YASC Australia and New Zealand: Yardi Events App We’ve added a conference app to streamline your YASC experience. You can access all conference information, venue maps, class materials, social networking and in-app messaging and more on the Yardi Events app. It’s designed to enable attendees to custom-tailor their daily schedule with classes, demos, panels and roundtables, and to set up one-on-one meetings with Yardi staff. The Yardi Events app is available for download at the Google Play Store and Apple App Store. A browser-based version, synced to the mobile app, will also be available, so attendees can access all these features from their desktop. User log-in details have been emailed to all registered YASC attendees. Questions? Email our team at [email protected]. Hear from the Experts Throughout the conference, attendees will hear from industry experts on the market trends and technology innovations that impact our work. We’re excited to partner with MSCI, who will provide a real estate sector update and what’s ahead for Australia and New Zealand in 2019. You won’t want to miss this presentation during lunch on the first day. With...

What is artificial intelligence (AI)? According to Wikipedia, it is “The artificially created ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings.” While this definition of AI sounds like something from a sci-fi movie script, it actually describes technology currently poised to transform multifamily real estate management. Yardi’s Dharmendra Sawh, industry principal of Yardi Elevate, led a panel of experts at NAA Apartmentalize on June 14 in San Diego for “The Age of AI: Business Intelligence Today and Tomorrow.” Apartmentalize is NAA’s annual educational conference and is the premier resource for educating rental housing industry professionals. Along with Michael Barry, vice president of data analytics at Bozzuto Management Company, Tim Reardon, chief operating officer of Bridge Property Management and Dawn Wise, national financial analyst at Berkshire Communities, Sawh discussed best practices for business intelligence (BI) today and the looming impact of AI on multifamily business technologies. “BI tools deliver analytics to provide foresight, improve business decisions and increase your competitive edge. But soon, your software could be making those decisions for you. Tracking the right measures can help future-proof your analytics in anticipation of AI,” said Sawh. The presentation covered which performance measures are most important, how technology can track that data and how to analyze and act on that information to create a successful business strategy. The session wrapped with a preview of what’s coming for multifamily owners and managers with advancements in AI. Beyond BI The panel discussed predictive and prescriptive analytics for real estate management, and the role machines will play as interpreters of data. Machine learning is a component of AI that uses historical information and correlates multiple data points to make predictions about the future — and as a result, becomes more...