The YASC Global virtual event is live March 1-2, and the first day of the sessions is already over. Assestsoft joined the team, and we got some great insights into many new features of the products Yardi is launching. They also helped the consultants, property managers, and real estate owners understand their products already in the market.
From their general product overview to new innovations in Multifamily property management and marketing, we learned much from the Yardi experts. The whole class was headed by John Pendergast, their SVP for client relations, who did a step-by-step breakdown of the different features. Other experts from their teams headed the different subsections under this class.
If you want to know all the exciting insider information we got about Multifamily property management and marketing, read this blog. Both old and new Yardi users stand to benefit from this and grow their respective businesses.
Key Highlights - Multifamily Spotlight Session
A clear talk about the connected family of solutions for multifamily properties
They talked about using Reach to attract new individuals to your property
Using the leads to convert them into leases
More focus on property management - client retention and facility management
Asset management - Optimizing resources to see if each asset is paying off for the investments you make. This helps show if each employee is performing enough to bring profits to the business.
In the below sections, we will discuss everything we learned in this session of the YASC.
Reach by RentCafe - Yardi Services
Esther Bonardi, Vice President of Marketing for Yardi systems, gave a complete run on why Reach works well to attract leads. This marketing tool wants real estate businesses to focus on the art and science of marketing. The speaker also mentioned that many Yardi clients think they are not into marketing, but everybody is surely into lead conversion. This is what makes this tool relevant to all real estate businesses across the globe.
RentCafe did a national case study on lease acquisition and found great opportunities to lower costs. Their study showed that SEO helped properties drive 144% more leases than all ILSs combined. The combined cost for each lease was also down by 91%.
They studied 34 clients for 3 months and found that, on average, companies spend $1.106 million for ILS, whereas they spend $235K for SEO. Although their ILS listings bring them only 1,000 leases, they get around 2,683 from their SEO initiatives.
Hence, Esther also mentioned that this SEO tool could help you lower your marketing costs and improve your NOI. Reach also has the perfect market analytics tools and SEO services to help you get in-depth data on your marketing plans to attract more customers and convert them into customers.
Chat IQ by RentCafe
The Chat IQ product is a smart chatbot that helps answer renter queries through automated responses and helps convert leads to customers. This helps improve the overall customer experience at your site, and the customers feel valued. This drives lead conversion and effective marketing.
Akshai Rao, one of the Yardi executives, also mentioned that this chatbot has become increasingly efficient in helping customers schedule self-guided video property tours. Their research data says this Chat IQ bot has an average show-to-app conversion rate of nearly 70%. This bot also helps businesses save around 6 hours daily on client interactions. Additionally, it helped add around 2-3 extra leases every month.
CRM IQ by RentCafe from Yardi services
Daniel Davis, a Yardi executive, helped people understand how CRM IQ works great with Chat IQ. This feature handles customers through the prospect to the resident life cycle. There is a great agent dashboard in this dynamic customer-centric CRM.
In the CRM IQ dashboard, you can track leads yet to materialize. Then you can see which leads are in talks with agents already. It also has options to track booked appointments and sends automated reminders to finish the tasks on time. There are options for follow-ups or alerts which you can use to keep track of the customer lifecycle.
Here agents can also categorize leads according to prospect type, stage of the applicant, or prospect status. You can integrate this with Chat IQ to see the conversations with leads and their stage. This gives you a holistic view of the leads.
Yardi Payment Processing
The Payment Processing tool is easy to manage all kinds of transactions. From rent collections to invoice payment and receiving, all can be done from this dashboard. This will help you maximize your cash flow and efficiently manage your financials. This is a complete solution for your staff to manage accounts receivable and accounts payable for residential property management.
They are also set to launch a new feature called the “GL Manager” which helps you manage the general ledger. This helps you manage critical issues like Open AR and Open AP under the same dashboard for better efficiency.
Yardi Elevate
Yardi Elevate is mainly used for asset management and helps optimize your resources, grow your asset value, and impact your NOI. This suite includes three different products -
Revenue IQ helps get intuitive pricing and improves the visibility of your assets. You can track which assets perform better to understand where and how you can make pricing changes. This directly helps you achieve your revenue goals.
Asset IQ keeps track of the operational and financial performance of your assets. Also helps you compare your assets against your competitors. It also offers recommendations for better asset usage and revenue generation.
The Forecast IQ product helps create budgets and keep track of asset budget status. You can also look at asset historic data to predict their performance. This helps develop a complete property-level budget.
Wrapping Up
Are you a multifamily property owner? Are you looking to organize your business, make more sales, and manage better? Yardi and its new tools and features for multifamily property management are the way to go.
Integrating these additional features or tools can be a little confusing for both new and old users; that is why we are here. Call us so we can help integrate the new tools into your system. As independent Yardi consultants, we can also suggest which features will work best for you. We can also do that if you need to train your staff for these additions.
Get in touch with the team for more.