It still may be too soon to evaluate how the COVID-19 pandemic will impact economies around the world over the next five years or longer. What is clear today is that many industries are suffering. Entire supply chains have been upended and consumer buying behaviors have shifted to meet the current reality, with consequences for virtually all asset classes.
Yardi offers asset managers a broad range of tools for getting through a recession in a nimble and thoughtful way. Sophisticated Yardi users can proactively work with their data to find creative strategies for preserving investor value, even in a weak economy. 33Floors is here to help clients reach that level of sophistication.
Use Yardi as a planning tool
Effective and efficient planning is the key to turning an economic downturn from a source of anxiety into a source of opportunity.
But great decisions are hard to make with a mountain of disorganized information in front of you. With disruptions to rental markets, both in the commercial and residential sectors, asset managers are scrambling to understand how tenant demographics, industry exposures, and other factors are going to influence their behavior over the next year and beyond. Turning that information into sustainable pricing policies is an especially complex task right now.
Yardi can get you there. Depending on the Yardi product a company uses, varying degrees of flexibility are available to frame and reframe the data used by the business to make decisions. An easy and inexpensive way to quickly get more from your data can be designing customized reports that are organized around your firm’s particular planning concerns.
Larger or more sophisticated firms will want to consider the “sandbox” approach provided with the Advanced Budgeting and Forecasting, or ABF, module. The ABF module provides a straightforward way to explore how different contingencies could influence the business’s profitability using the company’s real-time data, not just a snapshot taken in the prior period. When accuracy and flexibility are paramount, ABF is the right answer.
Pull together data from everywhere
Quite often the data that drives today’s sophisticated firms comes from many sources. Reports from credit agencies, market data, and other key information are crucial for analyzing a portfolio. Many businesses rely on manual processes to tie these sources together.
Copying and pasting across spreadsheets is fine at a small scale, but as a firm grows, the labor involved and the potential for errors quickly becomes untenable.
Bridging the gap between Yardi’s native databases and outside sources of information is one of the most important ways 33Floors helps clients get more from their software. We build custom integrations to automatically bring data from outside Yardi into the platform. Speed is perhaps the greatest benefit of integration. Answering complex questions within a few clicks, rather than a few days, can be a game changer.
Expanding the scope of what matters
Under a relatively simplified user interface, Yardi is enormously deep. Users can be forgiven for not knowing how much information is stored within their databases, because much of that information isn’t necessary for making day-to-day or even year-to-year decisions.
When the economy turns, asset managers often find they need new types of data to achieve their goals. Fine-tuning Yardi to provide that information in a useful and accessible way is another way 33Floors adds value.
Say your firm manages a portfolio of office buildings that are contending with a high vacancy rate. Cutting costs while retaining existing tenants is essential. A firm in this situation might want to incorporate new information into its database: alternative strategies for landscape maintenance, fresh approaches to how insurance or other cost drivers are built into rents, and so forth. 33Floors will work with you to extract the details that you want to see out of your Yardi database, so they can inform big decisions or become a routine part of your process.
Supercharge your Yardi experience with 33Floors
33Floors has built a reputation for excellence by assembling an elite team of professionals. With a global reach and a rare mix of business and technical expertise, we offer clients paths for getting the most from their investment in Yardi.
How is your business using Yardi to plan for challenging economic times? If you’re ready to take the next step toward doing more, give 33Floors a call today.