“We were very focused on finding a partner that not only knew technology, but knew real estate strategy, so that we would be better prepared to launch our transformation efforts at the same time we announced our intentions publicly. We were very fortunate to find a partner in RealFoundations, who could help us design and confirm our path forward for the transformation.”
— Susan Lilly Gerock, SVP, IT & CIO, Elme Communities
Challenges
This program of transformation projects included the:
- Development of a brand new multifamily operating model with functional, resourcing and information strategies,
- Transition from third-party managed operations to a fully integrated property management system with leasing capabilities,
- Creation of a human capital plan for required team expansion to include staffing, compensation, training, policies, and procedures,
- Execution of a phased onboarding for existing and newly acquired assets to the Elme operating platform,
- Implementation of core property management software and ancillary products to support newly defined business processes,
- Preparation and execution of a data conversion strategy, combining three sources of data into one consolidated ERP,
- Tracking and managing all transformation projects to drive benefits across the organization, and
- Planning for efficiencies of scale through Centralization.
Value-Add Solutions
RealFoundations instituted a long-term roadmap to help Elme transform its operating model to include:
- Defined the property and centralized staffing models and estimated order-of-magnitude costs,
- Organized and conducted a comprehensive solution selection that included a formal RFP process, vendor demos, and resulted in a final solution decision,
- Implemented Yardi Voyager core modules and ancillary products as the core property management solution,
- Created a formal Program Management Office “PMO” to provide consistent methodology, structure, and tools to manage all projects in support of the transition, and managed the tasks and milestones necessary to accomplish the transition in a condensed timeline, and
- Conducted a condensed effort to catalog, prioritize, and develop detailed plans for executing a Centralization strategy.
Realized Benefits
With the necessary strategy, corporate structure, and tactical action plan in place, Elme was able to:
- Define their new brand and transform into a multifamily operation with an expansive portfolio now primed for growth,
- Oversee the conversion project plan, “REimagine”, transforming the company to its target state,
- Manage the ERP implementation with mapping and consolidated data allowing for single system reporting,
- Develop a long-term strategy and plan for onboarding new assets,
- Produce immediate and long-term organization and documentation of the transition, approvals, documents, and conversion efforts, and
- Prepare for the next phase of their transition journey to initiate a Centralization effort.
Connect with Us
To learn more about this initiative and how RealFoundations can help you run real estate better, contact our Enterprise Managing Consultant Barry Faulkner by email or +1 646 825 7991.
Our Yardi Experience
As a premier Yardi Independent Consultant, RealFoundations has significant experience implementing, upgrading and supporting the full suite of Yardi® products for our clients across various real estate market segments. Our practitioners are proficient in all Yardi Marketing, Property Management, Procurement, Asset Management and Investment solutions. Since 2000, we have completed 80+ Yardi implementations/upgrades and developed unique design workbooks that document cross-module configuration. Our know-how and cross-module experience in various Yardi products empower us to meet our clients’ most important functional requirements and consistently deliver valuable outcomes. To learn more, visit Yardi Solutions for Proven Real Estate Success.
About Elme Communities
Elme Communities is committed to elevating the value living experience and creating a place residents can be proud to call home by providing a higher level of quality, service, and experience. The company is a multifamily real estate investment trust (REIT) that primarily owns and operates apartment homes in the Washington, D.C. metro and the Sunbelt. Focused on providing quality, affordable homes to a deep, solid, and underserved base of mid-market demand, Elme Communities is building long-term value for shareholders.
About RealFoundations
RealFoundations (RF) is the world’s foremost professional services firm focused solely on the real estate industry. Through our delivery of Management Consulting and Managed Services, we help companies that develop, own, operate, service or invest in real estate make better, more profitable decisions. We are proud partners to over 500 real estate companies around the globe, providing accelerated solutions that solve some of real estate’s most complex challenges. We Make Real Estate Run Better.
In 2021, Washington REIT (“WashREIT”), the nation’s first real estate investment trust company, embarked on a journey to transition from a D.C.-based, diversified owner/operator to a geographically diverse, vertically integrated, multifamily-focused REIT. WashREIT leadership entrusted RealFoundations to assist in the development of a comprehensive plan to support this endeavor.
