If you’re hunting for a new, more effective property managing software, keep reading this blog to find one. You likely want to change your current one as it’s not giving you the desired results you seek. Or maybe you’re new to the real estate industry and exploring all the software options for property managers. Whatever the case may be, we’ve got you back. Do you know Yardi Property Management software is one of the leading property portfolio managing tools of 2024? Here the question arises – what is Yardi software and how to use it? Don’t worry, this article will have all the necessary details related to the software.
So, without further delay, let’s get started with knowing more about Yardi.
What is Yardi Property Management Software?
Selecting property management software shouldn’t be intimidating when you know what features you are looking for. The right tool like Yardi software will help you market, lease, and manage your properties. Yardi is a leading property management software that offers trustworthy real estate solutions. The company delivers innovative tools designed to support various aspects of real estate management.
A little overview of its background – Yardi Systems was founded in 1984 by Anant Yardi and has become a global leader in property management solutions. The company is headquartered in Santa Barbara, California, and serves clients worldwide. How to use Yardi if you ask? Well, it depends on which software variation you want to go for – Yardi Voyager or Yardi Breeze.
Both Breeze and Voyager have unique usage. The former is a simple property management software for commercial, residential, and a few specialty markets. On the contrary, a voyager is an industry-leading enterprise platform that tends to companies with complex property management needs. When choosing between the two, consider their distinct Yardi features as well as the portfolio you want to create
What Are the Types of Yardi Services?
Most business owners often wonder what Yardi services are beneficial for them. Surprisingly, the company offers various services with its help, from implementation to technical support. In addition to that, it also provides the following services:
- Client Central: This is Yardi’s online client portal, providing access to a variety of resources such as product updates, support cases, documentation, training materials, and user forums. It’s a centralized platform for clients to manage their interactions with Yardi.
- Independent Consultants: Yardi works with a network of independent and certified consultants to help clients implement, customize, and optimize the software. These consultants provide expertise and additional resources to ensure clients get the most out of their Yardi systems.
- Technical Support: It offers technical support services to assist clients with troubleshooting, problem resolution, and other general inquiries. This service ensures that clients can maintain smooth operations and receive timely help when issues arise.
- Interfaces: Yardi provides interfaces that enable integration between its software and other third-party applications. This service facilitates data exchange and ensures that Yardi systems can work seamlessly with other tools and platforms that clients use.
- Training: The online software offers a variety of training programs, including on-site training, webinars, and online courses. These programs are designed to help clients and their staff effectively use Yardi software. It ensures they are well-versed in the features and functionalities relevant to their needs.
- Implementation: This service involves deploying and configuring Yardi software for new clients. The implementation team works closely with clients to customize the software to their requirements.
- Energy Solutions: Yardi provides energy management services to help clients monitor and reduce energy consumption across their properties. This includes utility billing, energy tracking, sustainability reporting, and more.
- Resident Services: Yardi’s resident services are designed to enhance the living experience for tenants. This includes online portals for rent payments, maintenance requests, and community announcements. Furthermore, its communication tools foster better tenant management and engagement.
- Document Library: The document library is a repository of manuals, guides, templates, and other documents related to Yardi software. Clients can access these resources to find detailed information to aid in using their software.
Do you need assistance with implementing Yardi in your business workflow?
If so, we can help.
What is Yardi Software Used For?
If you’re wondering what is Yardi software used for, our consultants have listed its best usage. While there are many uses of Yardi software, here are some of the major ones:
- Attract prospects
- Convert leads
- Retain residents & tenants
- Optimize accounting
- Manage assets
- Analyze expenses
- Automate workflows
- Get found online
- Reduce paper waste
- Save time & money
What Are the Key Yardi Benefits
There are a multitude of Yardi benefits that help streamline real estate and property management. Hence, it makes Yardi an essential tool for industry professionals. Here are some key benefits:
- Integrates multiple real estate management functions into one platform.
- Automates routine tasks, reducing manual workload and increasing productivity.
- Provides robust reporting tools for better decision-making and compliance.
- Accommodates growth, allowing businesses to scale operations seamlessly.
- Cloud-based access ensures that users can manage properties from anywhere at any time.
- Reduces operational costs through process automation and improved resource management.
- Ensures high levels of data protection and compliance with industry standards.
Key Essential Yardi Features
A list of unique features is essential to improve any software’s functionality, efficiency, and usability. Similarly, many essential Yardi features provide robust tools to cater to various needs within the industry.
1. Real Estate Software: Yardi offers a comprehensive suite of tools for managing all aspects of real estate operations. From leasing and maintenance to financial management and analytics, the software ensures efficiency in business workflows.
2. Accounting Software: The software offers seamless integration with property management functions for real-time financial reporting, budgeting, and forecasting. This integration provides complete visibility into financial health and simplifies complex accounting processes.
3. Property Management Software: This feature allows property managers to oversee all aspects of property management, including tenant and lease tracking, maintenance scheduling, and rent collection. It centralizes data and automates processes, making property management more efficient and effective.
4. Apartment & Housing Society Software: Apart from other features Yardi’s apartment and housing society software is designed to handle the unique needs of residential communities. It facilitates communication between residents and management, streamlines administrative tasks, and ensures compliance with housing regulations.
5. Assisted Living Software: The software also supports senior housing facilities with specialized tools for resident care management, including:
- a) Medication tracking
- b) Health records
- c) Activity scheduling.
It enhances the quality of care and operational efficiency in assisted living environments.
1. Marketing & Leasing: Yardi makes listing and leasing your properties easier:
- a) Complete leases online with electronic signatures.
- b) Showcase available units on RentCafe.com and other popular listing sites.
- c) Market your properties with professionally produced websites.
- d) Communicate easily with prospects and tenants via email and text.
2. Rent Collection: Yardi gives tenants more options when it’s time to pay rent. Moreover, its other benefits include:
- a) Allow tenants to pay rent online and view account balances.
- b) Email invoices to tenants.
- c) Automate rent and fee posting.
- d) Accept ACH and credit card payments.
5 Yardi Add-on Features You Must Use
If you work in residential or commercial real estate, Yardi can serve as your operational hub for property management. However, are you utilizing Yardi features to their full potential? Implementing add-ons can boost your business processes and make your workflows easier. Here are the top five add-ons you should be using:
Yardi PayScan: If you’re still dealing with paper invoices, it’s time to switch to Yardi PayScan, part of the Procure to Pay (P2P) suite. This tool allows for the digital upload of invoice images and utilizes workflows and notifications to streamline approvals. With different workflows for different invoice types, PayScan accelerates the entire invoicing process, saving time from invoicing to payment. You can align your company goals with technology to ensure you get the most out of PayScan.
VendorCafe: Is your accounts payable department overwhelmed with vendor calls? Yardi VendorCafe can help. This platform allows vendors to submit invoices electronically and monitor their status through the processing cycle, improving transparency and efficiency. Vendors can also upload insurance certifications directly, freeing up your team for other tasks.
RENTCafe: It centralizes marketing, leasing, and resident services into one platform. Prospective tenants can apply and schedule tours online, while current residents can submit service requests, communicate with management, and make online payments. The RENTCafe platform captures marketing data, enhancing your advertising strategy.
Fixed Assets: This module helps you keep track of all your assets in one place, aiding with maintenance inventory, budget tracking, and compliance. It improves logistics and oversight of asset depreciation by using configurable methodologies that fit your accounting structure. Integration with property management workflows enhances efficiency by simplifying equipment tracking.
CRM: Yardi’s CRM module captures every lead and manages resident relationships to maximize marketing ROI. It helps hold staff accountable, supports leasing growth, and provides proof of marketing effectiveness, aiding in budget planning. CRM keeps you competitive by ensuring you capture and nurture every potential tenant.
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How Long Does It Take To Implement Yardi Solutions?
The duration needed to implement Yardi property management software varies based on the specific solution and the complexity of the portfolio. In some cases, a basic setup can be completed in a single day, whereas more intricate implementations might take several months to fully address all requirements.
How Much Does Yardi Cost?
Yardi’s software and service solutions have a wide range of prices. Specific products, markets, and portfolio size influence the Yardi cost. Designed to enhance revenue and reduce costs, many clients find that its solutions quickly cover their implementation expenses and can even become self-sustaining. Additionally, you may consider Yardi service charges as additional costs to be added while estimating.
Best Practices for Using Yardi Property Management Software
Even seasoned Yardi users might overlook best practices that could simplify their workflow. Whether you’re a Yardi expert or just beginning, there are always new tips and tricks to learn. Here are some of them:
- Use Documentation Tools Correctly: Avoid disorganization by storing documents properly. Use ‘attachments’ for invoices, correspondence, contracts, and leases, and ‘memos’ for notes about tenant conversations, unit specifics, and incidents.
- Set Up Property Attributes: Group properties, territories, funding sources, and other characteristics using attributes. This setup allows for custom analytics based on your company’s values.
- Use the Report Scheduler Tool: Schedule specific reports or report packets in advance to save time and avoid system performance issues. Configured reports can be sent directly to users’ inboxes at set dates and times.
- Utilize the Training Menuset Feature: For those without eLearning access, the Voyager training menu provides short videos on most functions, empowering users to learn independently.
- Don’t Forget About Security Analytics: Use the Permissions Exceptions report to troubleshoot access issues. This tool helps admins identify what permissions are causing access-denied messages.
Final Thought
In this blog, we’ve provided answers to the most-asked questions related to Yardi:
- What is Yardi
- What is Yardi used for
- How businesses can benefit from Yardi Property Management software
Whenever you feel stuck while accessing this software, feel free to refer to this blog. Just remember, with the right Yardi features for your unique goals, you can maximize your money and time.
However, if you need further assistance, our Yardi consultants are here to help you. With decades of hands-on property management experience, we can provide valuable advice. Contact us to know more details.
