YASC Europe 2023 begins on November 7 in London. It is the 10th anniversary of the conference, filled with in-depth industry knowledge and learning.

The event will bring together Yardi clients, consultants, property managers, owners, and operators across Europe. 

One major attraction of YASC Europe is dedicated classes to make the most of Yardi products. They will also show how you can use them to unlock endless possibilities for your construction and real estate business. 

An essential course is leveraging Yardi Procure to Pay to streamline accounts payable processes. It is a crucial topic for the real estate industry, as invoice processing is still challenging. 

Let’s explore how Procure to Pay can come to your aid to streamline invoice processing and save money. 

The Challenges of Invoice Processing in Real Estate

Businesses in construction and real estate process thousands of invoices every month. Many still rely on manual processes and tools like faxes and express mail.

Manual coding is still standard in many companies. 

The approach creates several challenges. It leads to invoices being lost or miscoded all the time. Moreover, tracking and managing such processes takes a toll on your resources and profitability. 

Most importantly, paper invoice processing is expensive. It takes $25 - $35 per invoice if you don’t use technology, according to Yardi.  Additionally, the process is quite time-consuming. You may need up to 30 days to process the paper invoice of a single vendor.  Businesses need a solution to improve efficiency and save costs while processing invoices. 

Yardi Procure to Pay to the Rescue

Yardi Procure to Pay lets you manage your entire procurement lifecycle from a centralized interface. You can simplify managing vendors and streamline your accounts payable processes. 

Most importantly, the solution helps automate invoice processing and reduce paper trail. You can boost your efficiency and even reduce your costs. 

Analyze Your Vendor Base

Understanding your vendor base is the first step in streamlining accounts payable workflows. According to research by Yardi, only 7% of vendors fall in the category of high-volume vendors and send more than five invoices per month. 

93% of vendors are low-volume and send four or fewer invoices every month.  The high-volume vendors account for nearly 75% of invoices of a real estate firm. They take up significant time and effort as they involve large-scale invoice processing. 

Low-volume vendors often don’t have a single owner in the client company. They may also send duplicate invoices if they don’t receive a clear response. 

How to Streamline High-Volume Vendor Management

Establish a dedicated contact in your company to manage every high-volume vendor relationship. Additionally, consider the following:

Automate Invoices

Yardi can help you automate online approval workflow and eliminate manual scanning and coding. You can streamline vendor payment and record information in Voyager automatically. 

Moreover, encourage vendors to submit invoices using your online platform. It helps you track all invoices from a single touchpoint. Also, consider outsourcing invoice processing if your vendors are unwilling to use digital methods. It can free up your staff and resources to focus on more productive purposes. 

Simplify Management

Yardi comes with VendorShield to streamline and automate vendor onboarding. You can perform verifications quickly and ensure complete compliance. 

All details about a vendor and purchases are available in one place.

How to Streamline Low-Volume Vendor Management

The following steps can help you improve efficiency for low-volume vendors:

Online Vendor Management

Save time and effort by providing low-volume vendors with an online portal. It allows them to send invoices digitally. Moreover, they can update information about their profile directly on the portal. 

This approach eliminates challenges like void checks, duplicate invoices, and rejections. 

Provide Self-Service Options

You can improve your relationship with vendors by offering them self-service options. Your Yardi platform can allow them to track the status of each invoice. They do not need to mail or call anyone. You also don’t worry about missed payments and similar challenges. 

Streamline Invoice Processing Today

Using a technology like Yardi Procure to Pay can enhance your accounts payable processes. It can also help you conserve resources and focus your energy on core operations. 

Contact us at Assetsoft today to find out how you can benefit from Yardi solutions. We can also help you implement Yardi products and provide excellent support. 

YASC Sydney is a prime gathering to learn about the construction and real estate industry. Participants can gather deep insights and unique knowledge to grow their business and success. 

This year, the conference offered valuable knowledge regarding the market drivers of real estate. According to Yardi, five key factors drive the real estate market - interest rates, inflation, compliance, sustainability, and workforce. 

Let's explore each one in detail. 

Interest Rates

Interest rates influence both buyers and sellers. It impacts a person's ability to purchase a property. 

If interests are low, a person can secure a mortgage easily at less cost. This increases the demand for properties.

Consequently, businesses can also secure loans at low rates for development purposes. 

A low interest rate can increase demand and push up prices, too. 

High interest rates lead to expensive mortgages. Demand for properties can decrease, resulting in lower prices. 

The high rate of borrowing can also discourage development initiatives. Construction projects may be postponed or dropped altogether. 

The economy of a country has a direct effect on interest rates. Moreover, factors like policies and government decisions influence borrowing rates.

Inflation

Inflation plays a vital role in the success of real estate. High inflation translates to increased construction and labor costs. 

Projects may be costlier than planned. 

The high cost increases the price of properties and trickles down the buyers. This reduces the demand, and many units may be left vacant. 

Consequently, high inflation may be favorable to real estate investors. It can act as a hedge in times of high costs. 

However, this theory is being tested to the fullest in countries like the US and UK. Long years of inflation have forced the central banks to tighten up. 

The situation can lead to a recession or economic slowdown. It is not beneficial for investors, businesses, or buyers. 

Compliance

A country's construction laws and building codes impact the real estate industry. They also influence how buildings are designed and how they operate. 

Additionally, developers must comply with a range of regulations. The list includes zoning, safety, and more. 

Currently, the focus is also on transparent governance and ethical practices. Green initiatives also rank high on the list. 

Stringent regulations can discourage the growth of real estate. Moreover, changes in regulations can impact several aspects of a project. 

Construction may be delayed or become more expensive. 

On the other hand, favorable laws spur the growth of real estate. There is heightened activity in the development and rental sectors. 

The situation also attracts more investments in the industry. 

Sustainability

The challenges of climate change have made everyone aware of our duties. As a result, sustainability is a vital factor for investors and developers. 

The current efforts prioritize creating resilient buildings. The rate of severe weather events like storms has increased manifold in the past few years. 

Additionally, there is a substantial shift towards efficient buildings to save costs and reduce carbon footprint. 

Sustainability has influenced most real estate and construction aspects, from materials to building design. 

Additionally, the prices of materials like solar panels have increased due to high demand. 

However, government subsidies and incentives are crucial to drive real estate growth. Developers may enjoy tax rebates or exemptions for adopting green practices. 

Workforce

Construction and real estate projects employ a broad range of professionals. The list includes painters, carpenters, plumbers, and more. 

The availability of a skilled workforce is beneficial for the real estate industry. Developers can hire workers at deserving rates to complete projects on time. 

Consequently, a shortage of skilled laborers can create challenges for developers. They may not be able to stick to the planned timeline. 

Additionally, they may need to pay more due to increased labor demand. 

The global workforce also influences the real estate market. For example, most people are not willing to return to the office even after two years after the pandemic. 

This has forced many landlords to repurpose or stop renting office spaces. 

Stay Updated on Market Drivers

Staying on top of market drivers is necessary to make the most of your real estate investments and projects. You should also rely on technology to improve your predictions and minimize disruptions. Assetsoft can help you choose and implement the right technology for your construction firm or real estate agency. Get in touch with us to discuss your project. 

 

Prices of properties are soaring in most countries, especially in cities. In Japan, people live in Goshiwons to save on rent and stay within city limits. 

They are even smaller than the micro-apartments, with roughly a size of 50 square meters. A cabin in Goshiwon can cost anything from $100 to $500. 

The size and factors like attached restrooms and shower areas determine the price. 

Space crunch and the rising cost of properties fuel trends like micro-living. Even practices like coworking are influenced by real estate factors. 

Additionally, COVID acted as an accelerator in the adoption of shared spaces. 

The Building of the Future

These topics were brought up in YASC Sydney in Australia. Experts delivered their insights and opinions on probable solutions to address the housing dilemma. 

Moreover, they discussed the possible solutions to accommodate growing commercial demand. 

An innovative concept emerged from the discussions - the building of the future. It can combine purpose-built spaces for different demographics to create more utility and functionality. 

A building can serve residents, businesses, offices, and other tenants at the same time. However, the concept is a deviation from traditional real estate thinking. 

The Mixing of Asset Classes

The traditional business model in real estate revolves around asset classes. Every property serves a specific asset class, be it residential, retail, or working spaces. 

However, various factors, including the pandemic, have created a need for change. The best option for developers and landlords is to develop a combination of asset classes in a building. 

People are living a more fluid life after COVID. There remains only a thin line between professional life and a comfortable life at home. 

Trends like remote and hybrid working are behind this shift. It has even impacted how we access offices, shopping, and entertainment. 

The building of the future will combine several asset classes:

• Micro-living

• Residential

• Student quarters

• Commercial

• Retail

• Coworking

The concept of combining asset classes has existed for some time. The building of the future will build in it and usher a whole new level. 

These spaces can sit on top or beside each other. 

Developers can combine not only asset classes but also other factors. For example, they can combine spaces for previously separated short-term and long-term leases. 

Challenges Are Expected

Developers and landlords may not be readily willing to adopt the concept. It requires a significant change of perception and planning. 

Additionally, stakeholders must determine the perfect combination of asset classes based on needs, budget, and other factors. 

The whole process can present a steep learning curve for investors and developers. 

For example, traditional businesses may not be familiar with the technological infrastructure required for creating office spaces. 

Or, someone dealing in retail spaces may be unaware of the nuances of a residential complex. 

Technology Can be a Game-Changer

Properties that combine asset classes are profitable for owners and developers. The buildings attract a wide range of tenants, from residential to corporate. 

It creates a sustainable source of revenue throughout the year. The revenues don’t take a massive hit if one sector fails to perform. 

Technology can facilitate the adoption of creating combined spaces. Customized solutions can help owners manage a flexible and productive workspace. 

They are less likely to deliver what modern tenants want without advanced real estate management tools and apps. 

Technologies like Yardi can help stakeholders deliver what tenants want today. However, a majority of developers and landlords are yet to implement them. 

A Shift in Mindset Is Visible

Most businesses considered technology an IT decision rather than a business topic even a decade ago. However, we can witness a change in common mindset across industries, including real estate. 

Now, most agencies and real estate companies view technology as a part of business strategy. They know it can be a game-changer and foster growth and expansion. 

However, more must be done to make technology a priority for everyone in real estate. It will hopefully take a few more years from now. 

Adopt Technology for Growth

YASC highlighted countless moments reinforcing the need for technology adoption. Assetsoft can be your partner in success and provide adept consultation. We have an experienced team for implementing Yardi across offices and locations. Our team is also proficient in custom integrations and staff training. Contact us today to learn more. 

Assetsoft was a proud witness to the announcement of Voyager 8’s release in YASC 2023. Yardi’s Advanced Solutions Conference (YASC) kicked off on September 6 at the San Diego Convention Center. 

The event witnessed more than 4,000 participants eager to learn more about Yardi’s new offerings. Anant Yardi, CEO and founder of Yardi, and other executives spoke to the crowd about the latest updates. 

The announcement of Voyager 8 turned all heads in the audience. It is a major upgrade over the previous version in terms of user experience.