Home, Smart Home

Smart home technology is expanding rapidly. Renters want smart home amenities for security and convenience. Property managers are interested in its easy and productive operational management. Smart home technology is also used for risk mitigation and real-time insights to improve buildings’ sustainability as well as property managers’ understanding of their properties’ processes. RentCafe Home IQ is Yardi’s smart apartment solution for the multifamily industry. It allows for increased revenue opportunity and resident retention by offering advanced technology features and experiences. Home IQ deploys and manages a fleet of connected devices without installing custom or third-party software, making it easy to add convenience, streamline operations and manage risk. With new technology comes fresh considerations and questions. Here to help is Vice President Greg Smith. He’s been with Yardi more than 20 years and has been instrumental in the development of Home IQ. Below he shares a little insight into the smart home market, why we made Home IQ and how it compares to other products for multifamily. What is the current state of the smart home market? Smith: Smart home is hopping! And it’s not just for the techies out there. We’ve seen that renters are beginning to look for it and, in some asset classes, expect it. The good news is that smart home tech has as many (or more) benefits for the property owner and operator as it does the resident. Why is Yardi getting involved? Smith: Smart home tech is a natural expansion for Yardi. It’s easy to think of smart home as just a resident function, but the reality is that it can be a huge efficiency gain for the owners and operators. Yardi is always working on solutions to help our clients improve asset revenue and decrease risk, and smart...

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...

New Dimensions

With many workers staying at home during the pandemic, commercial buildings emptied but the obligation to maintain security for buildings, technology, hardware and data remained. Now that many of those employees are on the verge of returning to work, managers of residential as well as commercial properties are bolstering traditional physical security – the protection of outer and inner perimeters and interiors with guards, fences, locks, video surveillance, fire detection and more – with new capabilities. Seventy-five percent of respondents to a recent survey of U.S. physical security and facility management professionals said the pandemic increased the importance of physical security in their organizations. Propmodo, which covers the global property industry, notes, “The expectations about safety and security have changed [after the pandemic] and security teams and the buildings they manage need to be prepared to meet these new higher standards.” Enhanced systems for evolving needs As a result, many property owners seeking to mitigate risk are embracing a notion of security that combines traditional physical security elements with access control technologies that have evolved, as Georgia-based real estate investment advisement firm Think Realty says, “to support a digital environment for tenants and property managers.” Advanced access systems encompass door entry, video surveillance and intrusion detectors, and real-time monitoring of entrants and the property. Many such systems are cloud-based, enabling remote management and scalability. Many employ voice, retinal, and facial recognition, thermal imaging and artificial intelligence. Engaging a technology platform capable of seamlessly physical and data security operations with other Internet of Things building infrastructure elements gives security and facility managers “the opportunity to create an environment that is not only safe and secure, but promotes productivity, collaboration and success,” Propmodo says. Commercial and residential property owners most likely will adopt other new practices...

3D-Printed Housing Sep15

3D-Printed Housing

Habitat for Humanity is leading the way on innovative housing solutions. The Tempe branch is exploring 3D-printed ranch-style homes to address a growing need for housing. The flagship structure demonstrates the efficiency and beauty of combining conventional and 3D printer construction. It takes a village to print a 3D house The three-bedroom, two-bathroom house was designed by Scottsdale-based Candelaria Designs and printed by PERI group of Germany using a Build On Demand (BOD2) printer. More than 20 sponsors provided funding. The house contains 1,738 square feet of living space and a total of 2,433 square feet for the project, reports the nonprofit. Of the total square footage, 70-80% of the house will be 3D printed. The BOD2 works alongside construction crews and volunteers. It uses the gantry principle, which allows it to move in any position within the structure, printing inner and outer walls in thin layers. As it prints, human workers can continue their electrical, plumbing and other tasks. Humans will also install the ceilings. Construction is scheduled for completion in October 2021. Explore Habitat for Humanity’s earth-friendly passivehaus design. For now, the BOD2 house at 677 W. 19th St. will be one-of-a-kind. The 15 adjacent homes will be traditional builds on four city lots. Habitat for Humanity has made it clear that more 3D-printed homes are of interest. The project is a direct response to an acute affordable housing crisis in the area, reports the nonprofit. About 20% of renters are considered extremely low income. Of them, 75% of households are severely cost burdened. The phrase is used by the National Low Income Housing Coalition to describe renters spending more than 30% of their income on housing. The state would need more than 136,000 affordable units to safely house extremely low-income renters. Scalable, affordable...

Need Efficient Leasing Solutions?

Technology offers several benefits that make it a mainstay in the multifamily leasing process. Today, we will check out solutions that add efficiency and convenience to your daily processes. Automated communication Automation is an essential part of an efficient leasing workflow. Automation means less hands-on time for staff, especially during redundant and menial tasks like responding to general questions. Let’s face it: most people don’t thoroughly read. An online study suggests that fewer than 25% of readers complete an online article. This means that—no matter how many details you put on your website—your staff will receive requests to answer the same questions. Additionally, your staff must remind prospects of upcoming tours, manage cancellations and rescheduling, and follow-up after tours are complete. Those simple tasks are time consuming, but they don’t have to be. Automated email services issue follow-ups and disseminate commonly requested information. Automated correspondences can save your staff time and save you money without sacrificing a high-quality user experience. Chatbots for intelligent automation Automation improves response times, which is important to prospects and residents alike. The 2020 NMHC/Kingsley Apartment Resident Preferences Report reveals that 88% of consumers expect a response within an hour and 33% of that group expects an answer in 15 minutes or less. Delayed or missed responses are bad for business. How do you improve response times while decreasing hands-on time for staff? Chatbots offer real time assistance. They answer questions, book appointments and “learn” to adapt to a company’s unique needs and customer trends. Chatbot are growing in popularity. It is estimated that 85% of human interactions online will be handled by a chatbot by 2025. Users demonstrate such trust in chatbots that 68% of them expect a better experience with a chatbot than a human. Get 3 Critical Tips for Picking the Right Chatbot Virtual and self-guided tours Virtual tours can take many formats. Pre-recorded video tours and live video tours are both popular, agent-led options. These tours give your staff the opportunity to build rapport and pursue the sale during conversation. They also offer the convenience of engagement without face-to-face interaction. But agent-led tours still require a notable time investment from staff. The third tour type, self-guided tours, empowers prospects to schedule their tour online, check in online, and gain access to the unit without the intervention of an agent. Prospects can then enjoy a live tour and follow-up correspondence from an agent. Self-guided tours are in-demand. A survey of 4,974 consumers on RentCafe.com reveals that 70% of respondents would take a self-guided tour. This convenient tour offering is also effective. Yardi client QuadReal reports that 33% of its self-made appointments converted to leases. Virtual options allow you to schedule more tours and expand touring hours. Both benefits facilitate greater convenience for your team and your prospects. Online rent collection Consumers crave online conveniences. Yardi client Applied Property Management has a leasing process that is entirely online. More than 92% of its market-rate residents also pay rent online and the company expects the number to reach 100% in the near future. Residents at Applied Property Management aren’t unique in their payment habits. Per the NMHC/Kingsley survey, nearly 80% of residents prefer to pay online. Online payments can take several convenient forms for your residents. They can pay online with a credit or debit card, schedule a one-time or reoccurring ACH and even pay by text message. When there are fewer people dropping off rent checks, you reduce office traffic and strain on staff. Online payments also result in zero rent envelopes to open, deliver to the bank and wait for processing. Online maintenance requests and tracking To a resident, every disturbance in their home workflow may feel a rip off and a domestic emergency. They aren’t paying for a broken dishwasher and that leaky pipe is threatening their personal belongings. So until the issues are resolved, you’ll get regularly scheduled calls from...

Forbes Cloud 100 Aug10

Forbes Cloud 100

Yardi has been named for the sixth time to the Forbes Cloud 100, the definitive list of the top 100 private cloud companies in the world. Yardi was a member of the inaugural Cloud 100 in 2016, landed at No. 34 for 2020, and is No. 50 this year. “We’re honored that Forbes has recognized Yardi once more for our industry-leading cloud solutions,” said Jay Shobe, senior vice president of cloud services at Yardi. “To consistently rank among these prestigious companies reflects the efforts of our employees and the tremendous support of our clients worldwide.” The evaluation process involved four factors: market leadership (35%), estimated valuation (30%), operating metrics (20%), people and culture (15%). The Forbes Cloud 100 judge panel, which includes 34 major public cloud company CEOs, was responsible for selecting and ranking the top 100 companies globally. “The companies of the Cloud 100 list represent the best and brightest emerging companies in the cloud sector,” said Alex Konrad, senior editor at Forbes. “Every year, it gets more difficult to make this list — meaning even more elite company for those who do. Congratulations to each of the 2021 Cloud 100 honorees and to our 20 Rising Stars up-and-comers poised to join their ranks.” “The private cloud ecosystem continues to see historic rates of digital transformation,” said Byron Deeter, partner at Bessemer Venture Partners. “Private cloud valuations are getting bigger as the market’s appetite for cloud continues to grow. These founders represent the absolute best in cloud computing today, and they appear likely to follow in the footsteps of our esteemed Cloud 100 alumni. Congratulations to these cloud leaders!” The Forbes 2021 Cloud 100 is published online at forbes.com/cloud100 and will appear in the September 2021 issue of Forbes magazine. About Bessemer Venture...

Experts Unlock

What’s the formula for promoting a tech-friendly culture in an organization? We asked four leaders in Canadian real estate for their insights as part of the Yardi Canada “Canadian Trailblazers” series. Olivier Rocheleau, corporate controller for Groupe Petra, identifies showcasing upper management’s willingness to innovate, recruiting support within the company and instilling strong change management skills as the principal elements. “Everything starts with upper management understanding the need and benefits of technology, not just its cost. Business will see a decline in profitability and lose valued employees who are tired of working with outdated tools, if changes are not made during these times,” he says. At the same time, he notes, employees are usually the best sources of insight into the shortcomings of the current tech situation and processes. Sandeep Manak, CFO for Wesgroup Properties, concurs. “Get the president or chairman to use new tech” as the first adopters and to lead by example, he advises. Sarah Segal, director of real estate for Informa Connect, manager of the Canadian Real Estate Forums, considers formulating a strong vision for the future, nurturing cultural evolution and displaying a willingness to go the extra mile as the principal ingredients of successful tech adoption. “A team that sees potential in a pivot, expansion or improvement will dig in to see it happen,” she says. Creativity is another key attribute, she adds, with ingraining out-of-the-box thinkers in the company culture and openness to new ideas being among the top elements necessary to forge an environment that encourages constructive change to thrive. Michael Brooks, CEO of REALPAC, notes that the pandemic accelerated the adoption of technology, from new and pre-existing in the market. This includes videoconferencing platforms, messaging apps, digital contracts, paperless banking, shared creation and management of documents and...

Paperless Made Easy

Did document management get lost in the shuffle as you shifted to a paperless office or remote work environment? Your team may now struggle to track down files and keep versions organized as they send copies back and forth. Fortunately, it’s never too late to achieve the level of organization, accessibility and security that you need. Paperless made easy Paperless documentation is an industry standard. Yet without the right technology, managing electronic documents can be even more challenging than paper files. Users face a series of challenges related to organization, access, storage, searchability, security and integration. Yardi Document Management for SharePoint integrates with Voyager property management software and Microsoft 365 to eliminate paperless documentation challenges. Centralized storage Centralized document storage can take place on local servers and in the Cloud. The latter permits secure access to documents for staff in office, in remote work environments and on the go. Work together from anywhere Improve collaboration without redundancy or version control issues. When combined with the power of SharePoint, interconnected document management software empowers users to collaborate. With Cloud syncing, each team member stays up-to-date with the latest developments. Document management also integrates with Microsoft 365 and other Yardi applications to improve accessibility to and security of your documents. Secure and accessible Managing permissions and end-user access can be a pain point for organizations. Skip the hassle of creating new profiles and credentials within your document management system with Voyager integration. SharePoint permissions will reflect your security settings in Voyager. As a result, users can access files quickly and securely with no VPN required. Intuitive organization Folder structures and hierarchy make organization simple. You can track version history of documents as well as individual contributions from users over time. Such tracking makes it easy to...

Time for Fintech

Fintech emerged in the 21st century and the term was applied to the technology employed at the back-end systems of established financial institutions. These days, it includes multiple industries including education, retail banking, fundraising and the nonprofit realm, among others. Additionally, it includes the development and use of cryptocurrencies, such as bitcoin, and describes various financial activities including money transfers, depositing a check with your smartphone, applying for credit, raising money for a business startup and many other, generally without human assistance. The use of technology has increased significantly in the past years, but especially last year as the need for touchless interactions grew. As of now, businesses rely on technology for payment processing, e-commerce transactions and accounting. Contactless payments are now the norm. According to a report by KPMG, financial institutions have invested more than $27 billion in digital innovation and fintech since 2015. Tech giants such as Google, Amazon, Facebook and Apple started with digital payments and moved on to more serious business. In 2019, Apple launched its credit card with Goldman Sachs which eliminates processing fee and also provides a layer of privacy and security. Last year, Google launched a checking account product in partnership with Citigroup, which will be available through the Google Pay app. As part of stepping up its fintech game, Amazon offers mature financial services across payments and lending to 100 million Prime customers, and in India the company offers Amazon Pay credit card with ICICI Bank. Earlier this year, Walmart announced that is launching its own fintech startup in a joint venture with Ribbit Capital. This partnership combines Walmart’s retail knowledge with Ribbit’s fintech expertise with the end goal of providing tech-driven financial experiences for customers and associates. The retail mogul already offers some financial products such...

Flexible Office Space...

Adaptability bolsters the longevity of any organization. Yardi commercial market experts have observed that many urban and suburban office owners are transitioning to more flexible site models. The smoothest transitions occur when they are supported by integrated technology. Brian Sutherland, vice president of commercial sales at Yardi notes, “We will continue to see a lot more flexibility in the future of office. There is increasing demand for flexible workspace. Clients seek asset management and construction products as their urban and suburban offices convert into more versatile, mixed-use spaces.” Office spaces embrace the transition to more flexible workspaces Among office spaces, suburban sites have remained steady during the pandemic. Though they were not as vulnerable as their urban neighbors, many suburban office owners are exploring flexible spaces to adapt to tenant demand. As many tenants implemented remote work policies for employees, the daily demand for office space declined. Months later and moving forward, many tenants have announced hybrid office models that permit occupants to share socially distanced workspaces on a staggered schedule. Common areas are expanding to accommodate healthy and flexible work conditions. Some urban offices are taking the shift to adaptable spaces even farther. “To leverage current conditions, owners transform office assets into mixed-use facilities including traditional offices, flexible workspaces, retail and even multifamily,” reports Robert Teel, vice president of global solutions at Yardi. Technology tools to support the transition to flexible workspaces The transition to more accommodating spaces has resulted in an increased demand for technology. Solutions for construction management provide visibility into projects and cost management as owners transform buildings to meet the changing needs of the market. Short-term leasing and space management solutions help owners drive revenue in any space while promoting occupant safety. Vendor management, vendor compliance and procurement systems...

Black Innovators in Tech

The technology that you’re using to read this blog post was created in part by a black innovator. The smartphone that’s beside you and the streaming service that you use for your favorite shows are both the contributions of black scientists and mathematicians. This is astounding considering that only 1% of tech entrepreneurs in Silicon Valley are black, per a recent report. African Americans made strong contributions to technological advancement throughout the Golden Age of Invention. They paved the way for, and participated in, the boom of Silicon Valley and subsequent tech hubs. We’ve compiled just a few tech powerhouses in this list, focusing on contributors to computing. Where would we be today without video conference calls? Better question: where would we be today without Marian Croak? Croak is the pioneer of Voice over IP, technology used to communicate via audio and video while using the internet. She holds more than 100 patents in VoIP technology with an additional 100 currently in review. Croak serves as vice president of Engineering at Google. High speed internet is also a household name thanks to Victor Lawrence, an electrical engineer and pioneer in global telecommunications. His contributions helped to bring greater accessibility to high-speed connections. Because of his work, small businesses and households have access to broadband, DSL, HDTV technologies and wireless data transfer. Additionally, his work has advanced data encoding and transmission, modem tech, chip design, ATM switching and protocols, as well as audio and video coding. In short, the U.S. economy might not have survived the pandemic without Lawrence. Ever heard of an electret microphone? You likely use one every day. James West invented the first practical electret microphone. It is used in many smartphones, cameras and digital recorders. What made his take on the electret microphone unique is that it uses a charged material instead of a cumbersome polarizing power supply. Inventor and engineer Otis Boykin was a tech master with range. He improved everything from common household items to military technologies. He held 28 patents and his electrical resistors are used in computing devices, missile guidance as well as pacemakers. His innovations resulted in safer and more efficient resistors, which promoted the mass affordability of electronic devices. Roy Clay stands among Silicon Valley’s earliest pioneers. His earliest notable work is as a research and development director with Hewlett-Packard (HP)’s computer division in the 1960s. He went on to create Rod-L Electronics, which is a world leader in developing electrical safety testing equipment. One invention includes dielectric withstand testers that protect personal computers from electrical surges. During the same time and practically down the street, Mark Dean was developing the earliest IBM PCs. He pioneered three of IBM’s nine original patents including the first gigahertz chip. We can also thank him for color PC monitors. (Do you remember when they were green and black? Yikes.) Dean and his partner Dennis Moeller created microcomputing systems with bus control for peripheral process devices. That means you can plug in speakers, disks drives and other peripheral items to ports on your desktop and laptop devices. As early as 1999, he launched development for a voice-activated tablet. Fast-forward and Dean is still a contributor to the industry as CTO for IBM Middle East and Africa. Paving the way for Clay and Dean was Frank Greene, a leading technologist responsible for high-speed computer systems in the early 1960s. He is also the founder of Technology Development Corp. and ZeroOne Systems, Inc. a venture capital firm for minoritized groups. Etta Falconer is another noteworthy technology trailblazer who dedicated much of her life to the advancement of marginalized groups. Falconer began her career as a mathematician and soon became one of the first black women to earn a master’s degree in Computer Science. She then dedicated herself to increasing the number of black women in mathematics and math-related careers by teaching at Spelman College, a historically black university in...

Senior Living Priorities...

Senior living community operators spent much of 2020 working to stabilize their operating environments. Technology has played a major role in that adaptation. “The need to have technology access in senior living has jumped up a level, and it will stay there,” Laurie Orlov, founder of Aging in Place Technology Watch, told Senior Housing News. Zoom meetings, virtual tours, video chats and other capabilities that maximize safe interaction are “likely to continue long after the coronavirus has been contained,” adds a blog article posted by Life Care Services, a Des Moines, Iowa-based senior housing community operator. Eighty percent of respondents to a Senior Housing News survey in August reported increasing their tech spending this year to address the COVID-19 pandemic; 68% said their companies implemented telehealth since the beginning of the crisis. Looking ahead, 87% of survey participants expected their organizations to increase their technology budgets in 2021 for resident monitoring, contact tracing, telehealth, virtual activities for residents, virtual tours for prospects and other operations. “And that’s just the beginning,” Life Care Services says. New applications coming over the horizon “will make life easier, safer and more engaging for residents,” including motion and voice controls that eliminate the need to press buttons or grab handles, virtual reality systems for more immersive community tours, wearable smart technology and even robotic pets for memory care residents. Other areas that senior living operators are targeting for expanded investment include resident safety and emergency call systems, air purification and other infection control measures, wellness programs, and sales and marketing. Access to technology will also become a larger factor in families’ evaluation of senior living options going forward. “If you go into a community … and there’s no Wi-Fi in the room, people will not put up with that,”...

Technology Tools

Isolation is necessary to keep senior living community members healthy during the pandemic – and a challenge to their well-being in other ways. As HealthTech magazine put it, “Important safety measures to keep high-risk people isolated during the pandemic hold a particular disadvantage for older adults in assisted living.” While the absence of sustained interaction can’t be completely mitigated as COVID-19 runs its course, a number of collaboration tools give senior living community residents vital mental and physical stimulation plus social engagement with the outside world. “Advances in technology for senior living are more focused on improving quality of life, providing data that enhances housing and developing personal devices that give seniors more control over their environment,” according to Craig Fukushima, managing partner for The Fox Group LLC, a health care consulting firm in Upland, Calif. Many of the technology tools leveraged by older adults are familiar to the non-senior population: smartphones, tablets, videoconferencing, telehealth. HealthTech reports that residents at Connecticut-based Maplewood Senior Living, for example, use iPads for video chats, virtual cocktail hours and birthday parties. A Thrive Senior Living community in Germantown, Md., added Alexa-enabled voice control and smart speaker devices. And Seattle-area operator Merrill Gardens outfitted seven of its communities with devices that support video calls with family and activities such as virtual card games and trivia contests. Video games are another way to keep seniors active. Fitness trackers can help them count steps, compete in competitions and create workout routines. Other apps offer quizzes, puzzles and other stimulating activities. The gap between tech-savvy younger generations and their elders is narrower than some people might think. An AARP survey published in January 2020 revealed that 51% of older Americans bought a smartphone, smart television, wearable device or other tech product in...

2021 Outlook Jan12

2021 Outlook

For more than 40 years, PwC and the Urban Land Institute have produced a trends and forecast publication. The 2021 edition of Emerging Trends in Real Estate summarizes views gathered in interviews and surveys of more than 2,950 property owners, investors, fund managers, brokers and others in the U.S. and Canada. COVID-19 dominates virtually every examination of real estate, and Emerging Trends is no exception. Yardi Matrix reported, for example, that multifamily property sales through the third quarter were down more than 41% from the same period the previous year. Meanwhile, 33% of office-space decision-makers participating in a study sponsored by BOMA International, Yardi and Brightline Strategies reported experiencing at least a 25% revenue decline since the pandemic’s onset. Here are some highlights from the 111-page PwC/Urban Land Institute report: “COVID-19 has kicked real estate certainty to the ground,” the publication says, with confidence in future demand for many property types having dropped precipitously in 2020. But technology has eased adaptation to the drastic measures prompted by the pandemic. Millions of office workers successfully transferred to remote environments, for example. The report notes, “The WFH experiment has gone better than most managers and employees had expected, since new teleconference tools and advanced information technology systems have allowed for effective communication and collaboration.” Many who contributed to the report predict that measures adopted during the pandemic will continue when workers return to the office, including flexible hours, reduced shared spaces, ongoing enhancement of building environmental systems, and physical barriers. The report also speculates that some companies might consider abandoning the consolidated model of leasing and using office space in favor of a hub-and-spoke system with satellite offices. And, the report notes, “Significant opportunities to operate and manage buildings more efficiently are ahead as well,” as property management technology providers deliver solutions that “gather, organize, and use data to reduce costs, identify risks, and more proactively operate buildings; identify appropriate investment strategies; and better serve tenants.” Property owners are also likely to continue making investments in technologies that strengthen cybersecurity, ensure business continuity and assess a building’s compliance with heightened health standards. With companies increasingly focused on controlling costs, those investment will most likely target immediate critical necessities. Tech is also driving profound changes in the multifamily sector. The report quotes an unidentified major apartment landlord: “The pandemic changed how people lease apartments. Online tours and processes are now preferable, and while some reversion to in-person tours may occur, we believe that online interaction will be acceptable in most cases. Reluctance to adopt technology is a key challenge, and COVID has been an opportunity to change that.” Demand for smart-home technology such as touchless controls on sinks, motion sensor lights and voice commands also figures to increase, the report says. Yardi continues to dedicate special resources to help clients, employees and communities weather the COVID-19...

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...

iPad 2020

Apple’s newest iPad Air features a 10.9-inch liquid retina display and five finishes including silver, space gray, rose gold, green and sky blue. The device includes 3.8 million pixels, full lamination, P3 wide color support with a resolution of 2360×1640 at 246 pixels per inch, True Tone and an anti-reflective coating. Given the fact that many users now have a mask on their face much of the time, making Face ID complicated, the new iPad Air includes the throwback Touch ID sensor. The sensor is integrated into the top button and allows you to unlock iPad Air, log in to apps or use Apple Pay. iPad Air shares the same magic keyboard as the iPad Pro, as the difference between them is very small—11 inches for the iPad Pro. Apple’s most advanced chip iPad Air includes Apple’s most advanced chip, A14 Bionic packed with 11.8 billion transistors for a better performance and power efficiency. The A15 Bionic handles even the most demanding apps such as editing 4K videos, play immersive games, create works of art and so on. Using five-nanometer process technology, the latest A-series chip includes a six-core design for 40 percent boost in CPU performance and a new four-core graphics architecture for a 30 percent improvement in graphics. Environmentally Friendly Part of Apple’s plan to become carbon neutral by 2030, the new iPad Air uses a 100 percent recycled aluminum enclosure and 100 percent recycled tin for the solder on its main logic board. Additionally, the new speakers in the device use magnets with 100 percent recycled rare earth elements so the device remains free of harmful substances, is highly energy efficient and uses wood fiber packaging that is recycled. New bits and pieces The Air moves to USB-C like the iPad...

Realcomm | IBcon Oct20

Realcomm | IBcon

Yardi is proud to be the Diamond Plus Elite Sponsor of the first Realcomm | IBcon hybrid conference. Due to the unique and challenging circumstances this year, the event will begin October 26 in a virtual setting with in-person sessions starting October 28 at the Marriott Gaylord Rockies Resort in Aurora, Colo. This premier event hosts hundreds of commercial and corporate real estate executives to discuss technology, automation and innovation. As part of the event, Yardi will have numerous speaking opportunities: Monday, October 26 Senior director Arjun Rao will host a CEO/COO roundtable discussion titled “The Future of Office Leasing: Challenges and Opportunities Explored,” focusing on leasing, demand for space in urban and suburban markets, as well as key factors for restructuring leases. A CIO roundtable focused on the outlook for private equity and the impact of technology on big spend will be hosted by Rob Teel, senior vice president of global solutions. Teel will also participate in a Realcomm LIVE interview to discuss current trends in the real estate industry. Founder and president Anant Yardi will join global thought leaders sharing their visions for the future of real estate technology, the economy and the workplace experience beyond the pandemic. Tuesday, October 27 Anant Yardi will join a panel titled “Industry Leaders Weigh in on Surviving and Thriving in Uncertain Times” to discuss how the real estate industry is trying to define the new normal. Wednesday, October 28  Brian Sutherland, industry principal for commercial, will also take part in a Realcomm LIVE interview session to discuss Yardi’s position in commercial real estate during the pandemic. Check out the full conference agenda, which will be updated continuously as more speakers and sessions are added. Visit Realcomm for more information or to register for the...

Advanced Wireless

Wireless technology is an intrinsic part of everyday life. Whether it’s for mobile work, communication, entertainment or staying informed, the ability to have wireless connectivity anywhere we go is critical. The landscape of wireless is changing. It is faster and more widely available now than it ever has been in the past. Let’s explore how the new normal in wireless is shaping the commercial real estate industry for landlords and tenants. One of the ways in which connectivity has affected consumers is the time they spend in an establishment. A shopping mall for example, will see their crowds linger if they have better service inside the building or stores. Sporting venues throughout the world are spending millions of dollars on infrastructure enhancements to be able to give fans the ability to keep up with other games in real-time, a reason many fans cite as a motive to stay home and watch multiple games simultaneously. Brian Schwartz, vice president of IT at Macerich, said on a recent Realcomm webinar that there are several ways to enhance connectivity. Improving Wi-Fi, distributed antenna systems (DAS), CBRS and newer tech like LPWAN and expanding use of sensors, will all play a role for the connected customer. LPWAN is key for transmitting significant amounts of data over long distances and was created for machine learning and IoT interconnectivity. They are able to support a large number of devices at ultra-low power. It has become an expectation that venues provide Wi-Fi connectivity. It should be readily accessible and free to use, which means it doesn’t generate revenue, but it could be a source of gathering analytics. Property managers should require users or guests to sign in using an email or phone number, opt into a newsletter or some sort of...

Autonomous cars

Back in 2015, General Motors, Google’s Waymo, Toyota and Honda made announcements that by 2020 they will have driverless cars. Elon Musk was even more optimistic and said that Tesla would do it by 2018, but when that failed, he moved up the release date to 2020. We are in 2020 and as we all see, there are no sign of driverless cars on the streets. Musk recently commented that by the end of this year, Tesla will have fully autonomous cars. While Tesla may have the technology to enable a car to finish a journey without any human input—what the industry calls level 5 autonomy—the actual development of the vehicle not only has to be safe, but also meet complex legal requirements. How do they work? In theory, self-driving cars need to be outfitted with cameras that can see all the objects around it and be able to react rather than steering into one. These cameras help the car to view objects, while there are also sensors that help them detect objects like pedestrians, other vehicles and road signs. Lidar uses lasers to measure the distance between objects and the vehicle, while tracking speed and direction. The sensors send data back to the car’s control system or computer to help it make decisions about where to steer or when to brake. There are also cases when bad weather, heavy traffic or roads signs with graffiti can negatively impact the accuracy of sensing capability to self-driving cars. We will have to wait and see if an autonomous car can drive as well as a human. Autonomous cars cannot make eye contact with others to confirm who has the right of way, react to weather conditions or make judgment decisions that are much more difficult...

Pandemic-Inspired Sep29

Pandemic-Inspired

“To effect change, there must be a stimulation of a magnitude that means companies cannot do anything but make bold decisions to survive. COVID-19 is that magnitude.” — Stuart Carlaw, chief research officer for technology analysis firm ABI Research Amsterdam-based consumer trend firms TrendWatching and Business of Purpose created COVID Innovations to track technology innovations arising from the pandemic. Here’s a summary of some of the projects listed on the site. Japanese start-up Donut Robotics has devised a smart mask called C-Mask. It can be worn over fabric-based masks and connects to an app via Bluetooth, enabling it to transcribe speech to text messages that are sent via the user’s smartphone. It can also translate from Japanese into eight other languages. After debuting C-Mask in Japan in September, Donut Robotics is eyeing the U.S., Europe and China as potential markets. Meanwhile, Detroit-based Redcliffe Medical is marketing its own mask design. LEAF is a transparent device composed of medical-grade silicone that promotes safety while keeping the wearer’s identity, lip movements and facial expressions visible. It’s the first FDA-registered mask with N99-standard air filtering abilities and includes an antifogging feature. Can ultraviolet light provide a line of defense against the coronavirus in warehouses, schools, restaurants, supermarkets, offices and other venues? MIT thinks so and created a robot designed to disinfect spaces by emitting UV light. It’s already been used successfully at the Greater Boston Food Bank. A 3D camera helps the device navigate around obstacles while a 2D device measures distances by illuminating targets with light. Another robot, StrikeForce, comes from XENEX Disinfection Systems in San Antonio, which claims its invention can destroy the novel coronavirus in 2 minutes. The company’s LightStrike Germ-Zapping Robots (a trademarked name) uses a xenon lamp to generate bursts of high intensity ultraviolet light. Restaurants, car dealerships, hotels, office buildings and gyms are among the potential candidates for StrikeForce, which is available on a limited basis in Texas, according to COVID Innovations in June. India’s TechMax hopes to ease workers’ transition back to multi-story office environments with its Sparshless solution, which allows touchless elevator unit operations. Summoning the elevator is as simple as placing your hand near a reader. Once inside, just point your finger at a button from about a half-inch to three-quarters of an inch away. Many people have stayed true to their favorite eateries with pick-up and take-out orders. Is it possible to create a similarly contactless dine-in experience? Pasadena, Calif.-based FreshBytes is one tech firm that thinks so. In June, the online ordering system provider, which claims to be the only company that allows restaurants to update their dine-in menus directly from a mobile phone, announced a system that lets customers scan a QR device to view the menu, order and pay directly from a mobile device, with the guest order automatically printed in the kitchen. There’s no exchange of pens, paper or payment cards, and guest turnover is faster. Another California enterprise technology platform provider, Presto, says its free Contactless Dining Kit received orders from more than 5,000 restaurants in five continents within two weeks of its launch in late May. And in Europe, British engineering firm Arup designed modular “parklets,” outdoor seating areas made from hardwood and screened from each other by plants and acrylic glass that let restaurant patrons enjoy onsite dining while maintaining social distances. They’re part of a “Liverpool Without Walls” project designed to help that city’s restaurants reopen. The first parklet was opened in July. Microsoft responded to spiraling global unemployment with a skills initiative designed to bring digital skill learning opportunities to 25 million people by the end of the year. The software giant will leverage its LinkedIn and GitHub resources to identify in-demand jobs and the skills needed for them, provide free access to learning content, and deliver low-cost certifications and free job-seeking tools. Yardi responded to the pandemic with its own set of dedicated...

Tech’s Role

Many jurisdictions are now allowing for reopening, requiring managers and landlords to balance the value of workers returning to the office with the need to keep them safe. There are tech advancements that will facilitate offices reopening, such as touchless door access, Bluetooth tracking, parking vacancy sensors, temperature readings and countless others. But the reality of this situation is that these enhancements were not created for a post-COVID world. We had the ability to leverage these tech drivers before, as Brandon Van Orden, senior vice president and CIO at Cousins Properties, explained. However, it has become a necessity for companies to use them more frequently now, some experts suggest. What about those who make a personal decision to stay remote? Some workers may have comorbidities making them especially vulnerable to COVID-19. Some may be unable to arrange childcare while schools remain virtual. Regardless of the reason, many workers may not be ready mentally or physically to re-enter the workplace, and businesses must weigh the human elements of this just as much as the tech components of reopening. In-office Value There is one big question that nobody can yet answer: how long will capacity restrictions be in place? Because this is an indefinite timeline, it is much harder to determine in-office schedules. Some offices are moving to a hybrid work environment, which many experts believe is the future of work. It could mean that workers alternate days or weeks in office or it could mean that each day has multiple shifts, but the benefits of being in a work setting are numerous. The initial wave of work from home success was tangible. Employers were generally pleased at the rapid adaptation to a WFH model and employees showed they can produce at a high rate when...

Forbes Cloud 100 Sep16

Forbes Cloud 100

Global real estate technology provider Yardi has been named for the fifth time to the Forbes Cloud 100, the definitive list of the top 100 private cloud companies in the world. Yardi was a member of the inaugural Cloud 100 in 2016, landed at No. 30 for 2019, and is No. 34 this year. “We’re honored that Forbes has recognized Yardi yet again for our industry-leading cloud solutions,” said Jay Shobe, vice president of cloud services at Yardi. “To continue to rank among these prestigious companies reflects the efforts of our employees and the tremendous support of our clients worldwide.” The evaluation process involved four factors: market leadership (35%), estimated valuation (30%), operating metrics (20%), people and culture (15%). The Forbes Cloud 100 judge panel weighed the factors to select, score and rank the winners. With that data, the judge panel, which includes major public cloud company CEOs, was then responsible for selecting and ranking the top 100 companies globally. “The private cloud ecosystem continues to mature in light of rapid digital transformations, making the competition to land one of the coveted spots on the Cloud 100 list steeper than ever,” said Byron Deeter, a top cloud investor, and partner at Bessemer Venture Partners. “Private cloud valuations are getting bigger as the market’s appetite for cloud continues to grow. Over the past five years, the average Cloud 100 valuation has grown by a tremendous 2.5x, from $1 billion in 2016 to $2.7 billion in 2020. In fact, our 2020 Cloud 100 includes over 87 private cloud unicorns! These founders represent the absolute best in cloud computing today.” “For five years now, we have ranked the best and brightest emerging companies in the cloud sector,” said Alex Konrad, Forbes editor of The Cloud 100. “With...

Smart Glass

Smart glass technology allows for the control of light by switching from clear to shaded or completely opaque, depending on how strong the incoming light is and how dark you want to make the room. In other words, it alters the amount of light transmitted through typically transparent materials. The same technology found in smart glasses can be integrated into windows, partitions or other transparent surfaces and can be used in multiple sectors such as architecture, interior design, auto, offices, retail windows and consumer electronics. A smart glass, also called light control glass, switchable glass or privacy glass, can be of two types: active, when changeability requires an electrical charge, and passive, when it doesn’t require that. There are a few types of active switchable glass technologies and common applications: Polymer Dispersed Liquid Crystal glass (PDLC)—seen in privacy partitions in various industries Suspended Particle Device glass (SPD)—windows that tint to shade Electrochromic Device glass (ECD)—coated windows that slowly tint for shading Passive smart glass technologies include: Photochromic glass—eyeglasses with coatings that automatically tint in sunlight Thermochromic glass—coated windows that change in response to temperature How Does it Work? Smart glass managed through electricity allows users to control various forms of light by switching from opaque to transparent, allowing for dynamic light control. PDLC is most commonly used for indoor applications. The technology can be optimized to maintain its properties outdoors as well. The technology behind this type of active smart glass contains liquid crystals, a material that shares characteristics of both liquid and solid compounds, which are dispersed into a polymer. PDLC switches glass from dimmable degrees of opaque to clear in milliseconds. If you want privacy, projection and whiteboard use, PDLC is ideal when it’s opaque. The film limits visible light, but doesn’t...

Digital Transformation Aug11

Digital Transformation...

The state of commercial real estate has been significantly changed by the COVID-19 pandemic. The industry has seen a steep rise in the need for tech platforms to drive revenue and facilitate remote work to keep offices safe and productivity high. Spending on advanced technology According to CBRE research presented by Stuart Appley on a recent Realcomm webinar, 57% of companies were increasing spending on digital transformation prior to COVID. Moving forward, 70% of executives say digital transformation spending is likely to accelerate. A deeper dive into the numbers shows that increased spending is driven largely by business growth opportunities (51%) and increased competitive pressure (41%). The focus of the spending is primarily on modernizing customer touchpoints and enabling infrastructure, 54% and 45% respectively. In other words, operators are spending on tech that allows them to grow their business and to keep up with the competition, specifically by creating or implementing new systems to eliminate physical touchpoints. Health and wellness standards will need to be consistently monitored in order for offices to return to normal business. Appley, managing director for CBRE described some of the digital advances that companies are examining and implementing: Drones to perform building inspections Machine learning Robotic process automation Virtual reality training and virtual space planning Blockchain to digitize assets A poll in the Realcomm webinar, showed that 85% of attendees believe the rate of tech adoption will increase due to the effects of the pandemic on businesses. Innovative projects and IT strategy Executive decisions on IT should address several key metrics: increase asset value, reduce expenses, increase tenant retention and drive revenue. “If you build your IT strategy around these points, you will be successful,” said Brian Sutherland, industry principal at Yardi. Moving payments online is something that has...

5G Technology

What do we know about 5G connectivity at this stage in its development? First, we know it’s nowhere near the capacity it will have in the coming years. Second, we know that it will provide an incredible speed increase over 4G (potentially 100x faster downloads). Third, we can safely presume it will have a significant impact on commercial real estate. In a recent session at the 2020 Virtual BOMA Conference, Yardi solutions consultant David Franklin explained how 5G is already beginning to transform the industry and reshape communication standards. A world of new possibilities “The change to 5G will be as significant as the change from analog to digital,” Franklin said. While timing is still unpredictable, 5G will become ubiquitous. Existing cell towers may not have to be replaced and, while there will be millions of new towers that pop up, 5G connectivity will be available everywhere. This is due to the fact connection points will become easily installed anywhere from light poles to bus stops. The world of 5G connectivity will enable new apps and facilitate robotics and other AI and IoT enhancements. While 4G brought the capacity to video conference and download and upload at new speeds, 5G is going to top that by “connecting massive amounts of devices with very low latency,” Franklin explained. The progress made by 5G will empower a huge number of low-cost devices with low energy consumption related to IoT. The Internet of Things is already comprised of an extensive list of interconnected devices, but with 5G becoming more prevalent, this will enable more data collection, deeper data analysis, faster communication and, of course, new devices and tasks. Real estate operation already relies on IoT-related components such as thermostats, security cameras, lighting controls and energy conservation systems....