The coronavirus pandemic has had a profound effect on owners and managers of commercial and multifamily properties. Rental properties have been upended by an ongoing wave of struggling businesses and families dealing with a wildly unstable job market. In such challenging times, keeping existing clients in place and attracting new ones is especially important.
Businesses that use Yardi as part of their property management process have access to a range of tools that can help them improve the way they serve the needs of their clients. On the other side of the coin, Yardi can also be a powerful tool for analyzing tenancy scenarios, helping property owners and managers make better decisions for the future.
Yardi helps landlords foster happier tenants
Whether your tenants are businesses or families, your relationship with them is a valuable asset. That’s especially true of tenants who pay on time and show no signs of faltering. Competition for steady rents will only become more fierce as families move around and businesses look for cost-cutting options – or to take advantage of opportunities to upgrade to better space.
Yardi’s databases offer property managers flexible options for tracking tenant information that can drive action designed to improve relationships with tenants. Here are some examples:
Rooting relationships in the personal.
By tracking personal information about your tenants in Yardi you can incorporate a human touch into the way you interact with them. Birthdays, children’s names, important anniversaries – details like these can be used to create personalized notes, provide the local management team with reference points for their interactions, and foster a sense that the landlord cares about the tenant’s wellbeing.
Build sensitivity to tenant needs.
Competitive landlords understand the importance of responsive maintenance. Out of the box, Yardi Voyager’s maintenance tracking and scheduling tools go a long way toward facilitating better service delivery to tenants. But clever users can take Yardi a step further. If maintenance will involve loud noises or a disruption to utilities, information stored in Yardi can help the team choose a working time that fits its tenants’ routines.
Consider keeping track of important details that might feed into these decisions. A new baby or an elderly tenant dealing with a health problem might need extra sensitivity from the team. Businesses that operate on weekends will need a different schedule from those that are closed. By incorporating these ideas into your service to tenants you’ll add an extra layer of value that they’ll appreciate.
Stay in touch.
Property management firms can use Yardi’s extensive tenant communications tools to help them keep messaging consistent and regular. At its heart, Yardi is a stack of databases. By pulling the right information from those databases into its notification systems, Yardi allows property managers to communicate with every tenant in a building or just a subset. Some property owners have started including personal touches in their tenant communications, like news about the landlord’s family, to deepen the relationship.
Yardi is also a serious tool for making better decisions
Businesses adopt Yardi as their asset management platform because they need the insights it provides. For owners and their property management firms, times of economic disruption provide an extra incentive to dig deeper into what Yardi can do on the forecasting and analysis side.
As we approach the end of 2020, some property owners are busy preparing budgets for 2021 or re-forecasting due to the rapidly changing environment . With so much uncertainty, developing reliable forecasts is especially hard.
Efficient and detailed forecasting is an area where Yardi really shines. Base Yardi packages allow users to generate reports which can be spun dozens of different ways. With the right information on a report, planners can explore scenarios such as the loss of an anchor tenant or a reduction of rents across a portion of the tenant population to keep them from leaving.
For users with heavier lifting to do, working with native reports might not be enough. We recommend Yardi’s Advanced Budgeting and Forecasting (ABF) module for clients who need to go a step further. The ABF module lets users explore scenarios in a virtual copy of their database. With ABF, the user can test strategic options to a highly granular level, all within the Yardi environment. Click here to download the 33Floors Yardi Module Spotlight on ABF.
33Floors stands with you
With our rare mix of technical expertise and asset management acumen, 33Floors is here to provide our clients with the support they need to get through today’s turbulent times. If your business could use help getting the most from Yardi as a tenant management tool, reach out to 33Floors today.