Residential

Yardi Residential is an accounting, analytics, and end-to-end property lifecycle solution. It functions as a centralized hub for your resident, financial, operations, and maintenance data, enhancing both the experience of site staff and the resident. Property characteristics, rentable items, unit history, vacancies, and many more, are easily trackable in Yardi Residential. Agile report creation and automation simplifies reporting to external partners – several standard and customizable reports come pre-loaded into the system. Workflows can be customized to mirror business processes and enhance data security. Yardi is additionally a table-based system, making import. Yardi interfaces with third party applications, including ScreeningWorks PRO and Blue Moon, keeping your leasing activity in one spot.

The most important piece of Yardi Residential functionality is the ability to manage resident information and lease tracking – the day-to-day operations of your rental business. Yardi Residential redefines site staff workload by streamlining tasks like move-ins and move-outs, process payments, and more. Dashboard customization allows you to create a specific “landing page” for groups or individual employees.

• Daily activity log allows you to view which accounting transactions are incomplete or outstanding at a property, and gives you the ability to drill down into the individual record to make changes or updates as needed
• Month-end accounting tasks can be run directly in the system – set up a checklist or review an existing checklist to evaluate how items can be incorporated into Yardi
• Residential correspondence: set up commonly used letters (renewals, late notices, et cetera) to pre-populate with tenant information
• Applications can be processed entirely in the system – applicants are moved through a standard workflow that starts at Prospect to Applicant, to Resident, to Past Resident; all associated workflows are made customizable with permissions, meaning that you can specify which employees perform which task in the system
• Showings, brochures, guest cards, quote sheets, and other features keep you organized through the lease-up process for new properties
• Beyond rent, set up rentable items, leasing speecials, and concessions specific to your property to ensure rent ledgers accurately reflect all debits and credits
• Cancel move-ins, perform evictions, and transfer residents easily

Menusets and dashboards are customizable in Yardi Residential, allowing you to select which employees have read/write access to information, view access, or no access at all.

• Increase efficiency and reduce risk of error by creating custom menusets that remove menu items not used by a particular user group
• Start from user groups pre-loaded into the system and customize from there to simplify setup
• Setup required fields to ensure important information isn’t missed by site staff (such as a phone number on a Guest Card)

Market Surveys in Yardi Residential can provide an in-depth look at your property compared to other area properties and can guide important financial decisions. If you are collecting data (like rents, leasing specials, property features, renovations and special features, et cetera) from competitors and analyzing it already, leverage Yardi’s table-based system to compare data across several properties or perform other advanced calculations and generate graphs and charts.

• Add and edit comparison properties and sort them further into groups to better organize data

Create Gross Potential Rent Reports in Yardi Residential to examine overall property performance. Gross Potential Rent is the amount of rent that could possibly be collected in a calendar year – Actual Rent is that amount minus losses caused by vacancy, extended unit turnover, and resident delinquencies. Once created, reports can be translated into a batch of Journal Entries in the system. Yardi’s standard Chart of Accounts includes accounts to track gain/losses and write-offs.

Taskrunner functionality in Yardi Residential allows for the setup of background system tasks and functions that ensure data integrity.

• Automate the creation of bulk charges (such as Apply Prepays), and other tasks after hours so that day-to-day operations are uninterrupted
• Allows you to enter an email address for failure notifications
• Basic financial cleanup reports include rebuild G/L and Reset Datamart, among others. Rebuilding Occupancy ensures unit information is correct by updating unit history according resident’s record and is a good starting place for basic troubleshooting

Yardi Residential’s Maintenance and Make Ready tasks allow site staff to keep up to date, searchable records of available units for prospective applicants, and to schedule needed maintenance. The Make Ready functionality keeps things organized and reduces a unit’s potential “down time.”

• Set up custom make ready tasks – these can be associated with one property, or several. They can be automatic (meaning the list automatically is generated once the unit’s status is changed) or can be created on a unit-by-unit basis
  • If using the Maintenance module, these tasks can be associated with Work Orders
• Track anticipated completion and actual completion dates, notes directly in the system. Make ready tasks can be setup as a Dashboard link for site staff, with a number count, to help prioritize completion

Report Scheduler – a tool that allows you to select which reports to include in a packet, when to send the packet (weekly, monthly, quarterly), and to select recipients. Financial and Residential packets include most reports needed to run a property, including Income Statements, Balance Sheet, Statement of Cash Flows, and on the residential side Rent Rolls, Aged Receivables, and many others.

• These reports can be exported in PDF or Excel format, making them further customizable once the data has been exported from the system
• Additional ability to create and run more customized SSRS or YSR reports
• Use Report Monitor to view all reports that have been scheduled or requested in the system; this will also tell you the time it takes to run the report (can be used to determine when certain reports should be scheduled)

Back-end setup options in Yardi Residential – examples of a few modifications to the system:

• Several options should be selected in the initial system setup phase (but can be switched on/off later as well)
  • Voyager Close Property A/P or A/R Batch – prevents users from closing payable months for properties with open A/P or A/R batches
  • Voyager Close Property JE Batch – prevents users from closing journal months for properties with open journal-entry batches
• Remove month-to-month residents from Dashboard Lease Expirations

Yardi Residential automates and digitizes any process or function you need to perform to run a multifamily housing property – including building and maintaining waiting lists, lease management, charging rent, creating correspondence, setting up workflows for employees, creating payables and receivables, generating balance sheets, income statements, statement of cash flows, securing data, tracking unit history, implementing rent increases, evicting tenants, reporting on gross potential rent, viewing metrics, and more.