In November of 2017, Yardi announced it had acquired Yardi Kube. Yardi, a world leader in property management software for all types of commercial real estate companies, began to establish its footprint in the Coworking industry. Fast forward to September of 2018, and Yardi debuted the new Yardi Kube platform at FlexOffice Conference, upgrading features on the existing platform while introducing a host of new features to make it the most comprehensive solution on the market.
Yardi Kube tackles every major operator task and concern in the only single-stack platform for Coworking available. And Yardi didn’t just enter the Coworking world slowly. They doubled down on the investment, not only acquiring WUN, but also Phoenix Broadband, provider of the industry leading Medusa hardware and IT for Coworking Spaces.
So what happens when a global giant like Yardi steps foot into the shared space market? It creates a resounding effect from local single space operators, to large established brands, to the commercial real estate world. Why is a company and brand this large wanting to get involved in what’s perceived to be a niche window?
The Power of Yardi
Because Yardi saw what many of us involved in Coworking have seen for a while now. The revolution is here. The workforce is shifting before our eyes. It began with a small percentage of people willing to go away from coffee shops, libraries, home offices, and traditional cubicles. And that percentage of the workforce hasn’t stopped growing ever since. Coworking and all types of flexible workspaces are creating a disruption to how we work as a whole. In the same manner, Uber disrupted how we get around town and Facebook disrupted how we communicate with friends.
We now have some of the largest corporations on the planet- IBM, Verizon, Microsoft- among those who use Coworking spaces for employees to work out of. Multi-billion dollar companies like JP Morgan Chase and CBRE are next in line to join the corporate Coworking movement.
This is the power of Yardi. When you host dozens of thousands of attendees at events and conferences throughout the year, and at every event, you speak to the benefits of Coworking, you raise an awareness level that is unparalleled to anything this industry has seen in the past.
Yardi is educating a market that was on the sidelines. That market who didn’t know much about shared space, who wasn’t aware of its rise, and who may not have realized all its benefits, is now becoming educated in a hurry.
The scope and recognition of Yardi has the power to introduce Coworking and shared space to new big players, but it also removes barriers to entry for operators of all sizes. Accountability and trust is extremely important to any owner/operator regardless of field. Our industry has been full of start ups and small businesses, but now this is truly an enterprise solution. From the standpoints of security, reliability, compliance, and support, there is no bigger asset than having the Yardi name attached to our platform.
“What can Yardi do for the Coworking world? They’re a real estate brand.” Consider that there are over 4 million units listed on Yardi’s RentCafe database. That’s 1 out of every 8 professionally managed multiunits in the United States. In the third quarter of 2018, Yardi generated 1.8 million property leads, translating to 300,000 signed leases. You can only begin to imagine how that success will translate to CommercialCafe, the marketing website for shared spaces.
Yardi provides the foundation, the Yardi Kube platform drives your space. As an all-in-one solution, Yardi Kube will combine 7 modules for operating a successful workspace. Yardi Kube enhances the shared space experience for operators and consumers by encompassing marketing, accounting, billing, reservations, member services, voice services and data/Wi-Fi in one fully integrated platform.
The key to your space’s success is one ecosystem. Instead of connecting several apps and looking in multiple places to combine data, the Yardi Kube platform is a tightly integrated answer. This leads to greater efficiency, prevents revenue leakage, and allows for significant scalability.
Yardi Kube enables new revenue opportunities as well. Dynamic branded website designs showcase shared spaces and services for purchase, tailored to members’ needs. But the platform is more than a tool for operators. Your members can manage their profiles, make payments, manage bookings, and connect with other members from the Yardi Kube mobile app.
Yardi Kube will roll out in beta in January of 2019. The platform will house countless new and improved features to optimize the success of your workspace. Full rollout is set for April of 2019.
We could not be more excited to continue to change the world of Coworking as we know it today. Yardi is truly revolutionizing the industry. To learn more about the new Yardi Kube, please click the link below.