The Multifamily Innovation® Show: Recent Episodes
Patrick Antrim
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Multifamily Leadership Innovation Summit, the Multifamily Women's Summit, and the Best Places to Work Multifamily® will bring you success strategies for Multifamily CEOs, executive leaders and aspiring leaders that want to drive high performance results for their portfolio.
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Most teams still hire on gut and guesswork, and pay dearly for it. We sit down with Patrick Antrim to unpack why resumes and performance in a single interview rarely predict how someone will actually reason through the messy, high-stakes decisions that define success on the job. The fix isn’t more software noise; it’s decision intelligence that translates your real-world success factors into precise, role-level questions and signals leaders can trust.
Patrick walks us through a practical shift: extract the competencies that make your top performers win, then use a custom AI model to generate targeted interview questions for every applicant in your current workflow. No process overhaul, no gimmicks - just sharper due diligence for people decisions. We explore how this approach exposes hidden mismatches, like when a strategic manager applies to a hands-on tactical role, and how scenario prompts reveal assumptions about pricing, pace, and constraints before they turn into costly rework.
We also connect the dots across the business. Treat talent acquisition with the same rigor as any major investment: respect the data, test the scenarios, and make the risk legible. When hiring, training, and bench planning operate in sync, you cut churn, stop overcompensating with remedial development, and build a pipeline that keeps you from rushing the next backfill. For multi-location companies, we dig into giving local teams the flexibility they need while preserving governance and signal consistency at scale.
The throughline is simple: humans decide, AI clears the clutter. By scaling the kind of insight once reserved for executive searches to every qualified candidate, you raise manager confidence, improve candidate experience, and turn selection into your last true competitive edge. If smarter hiring would change your quarter and your culture - this conversation maps the path.
If this resonated, follow the show, share it with a hiring leader who’s ready to move past guesswork, and leave a quick review so others can find us. Want more? Explore role-level models at PicassoHire.com
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
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Hiring feels harder across multifamily, even as we post more roles, buy more tools, and screen more candidates. We dig into the hidden reason why: most hiring systems can’t see how people think. Resumes capture history, interviews reward polish, and personality tests surface preferences. None of them reliably predict how someone will communicate under pressure, make decisions with incomplete data, or manage resident conflicts when the stakes are real.
We walk through a practical shift to thinking-based hiring, starting with property-specific success profiles. Each asset is its own strategic business unit - lease-ups demand urgency and sales intent, stabilized communities need relationship depth and compliance, and urban or affordable properties carry distinct communication realities. By defining success precisely for a site and role, we can align expectations and evaluate what actually matters on day three, day thirty, and day three hundred.
From there, we show how to identify thinking patterns that forecast behavior. Conditional thinking depends on external levers like concessions, while ownership thinking activates internal strategies like re-engaging cold leads. With these signals in hand, AI-driven precision interviews generate targeted questions that probe real decision-making and tradeoffs, turning generic interviews into high-signal conversations. We also strip out process clutter - automated resume parsing, centralized information, and consistent workflows- so teams move faster with more confidence.
The payoff is clear: better alignment, faster hiring, lower turnover, stronger culture, and improved resident experience. If you’re ready to replace guesswork with insight and match the right minds to the right properties, subscribe, share this episode with your team, and leave a review telling us which thinking patterns you plan to hire for next.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Centralized recruiting can look efficient on a dashboard and still fail the people doing the work. We sat down with the leadership team at Baron Properties to unpack how they moved away from a single gatekeeper and toward a human-centered, AI-assisted hiring model that puts decision power back where performance happens: on-site and at the regional level.
We walk through the real problems that sparked the change - resume floods, slow responses, and culture misfires, and the new mechanics that solved them. Adaptive interviews generate tailored questions that probe genuine skill gaps. Property-specific job profiles capture the competencies and success factors that make one site different from the next, so the same candidate can be a great fit in one place and a poor fit in another. Managers enter conversations with context and confidence, and candidates feel seen rather than filtered by a black box.
What makes this story different is the partnership. Instead of buying a rigid ATS and hoping it fits, Baron collaborated with product leaders to iterate fast, integrate cleanly, and train community managers to own the pipeline. Small frictions like interview no-shows or integration quirks were solved in hours, not quarters. The early results are clear: better candidate quality, faster decisions, and teams energized by hiring people who truly match their culture. The longer-term gains like retention, engagement, resident satisfaction are already lining up behind this shift.
If you lead multifamily teams and feel stuck between efficiency and empathy, this conversation offers a third path: decentralize decision-making, centralize insight, and let adaptive AI support the humans who carry the brand every day. Listen, share with a colleague who owns hiring outcomes, and tell us where you stand on centralization vs. empowerment. And if this resonated, subscribe and leave a review. We read every word.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Every exceptional leader has something in common - they've surrounded themselves with trusted advisors who sharpen their thinking and protect their blind spots. Yet in the multifamily industry, most professionals make critical decisions based on sponsored panels and sales pitches disguised as education. This disconnect between how successful leaders actually grow and how our industry approaches professional development is costing companies dearly.
The Multifamily Innovation Council addresses this gap through what we call member-led growth. Unlike traditional networking groups or content platforms, we've created an environment that functions like your personal Fortune 500 advisory board - except every member is in the trenches facing real operational pressures just like you. They're making technology decisions, managing teams, balancing budgets, and navigating market shifts without the luxury of perfect information.
What makes the council unique is our commitment to integrity. There are no sponsors, no pay-to-play panels, no hidden agendas - just operators, marketers, investors, and business leaders aligned around growth, trust, and execution. Members join for different reasons - some to build their personal brand, others to influence leadership within their organization, many to navigate specific challenges like AI implementation or operational transformation. But they all recognize that "better" doesn't happen alone.
The power of this approach reveals itself through what we call the network effect. As our carefully curated membership grows, the experience improves for everyone. Conversations deepen, guidance becomes more precise, and the collective wisdom expands. Many members can point to a single connection made through the council that completely transformed their business trajectory or career path.
Ready to stop learning from those who paid to speak and start growing with peers who share your commitment to excellence? Visit multifamilyinnovation.com and click Join Now to become part of a community that's elevating the standard of leadership in multifamily.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Ever wonder why 75% of major organizational transformations fail? Dr. David White, cognitive anthropologist and transformation expert, reveals the hidden dynamics blocking your company's change efforts.
Most leaders approach transformation by focusing on people: hiring new talent, reorganizing departments, or implementing top-down mandates. Yet the real barriers to change lie in what Dr. White calls "dominant logics" - the deeply embedded ways of thinking that have driven your organization's past success but now actively block its evolution.
These dominant logics aren't abstractions - they manifest in concrete business practices. Your budgeting processes, strategic planning methods, meeting structures, and decision-making frameworks all quietly reinforce the status quo, making transformation nearly impossible without systemic intervention.
Through fascinating examples, Dr. White explains how risk-averse cultures might excel in quality control while suffocating innovation, or how customer-centric organizations can become trapped in patterns that prevent necessary pivots. The paradox? The very dominant logics that created your success now prevent you from adapting to changing market conditions.
Transformation requires more than surface-level changes. Dr. White outlines how organizations must map their entire system of practices, identify where dominant logics are helpful versus harmful, and develop leadership teams capable of implementing sustainable change. This isn't a quick fix - it demands patience, objectivity, and the willingness to examine practices leaders themselves may have created and championed.
Whether you're navigating digital transformation, implementing AI, scaling rapidly, or managing a merger, this episode provides crucial insights into why your smart, experienced team keeps hitting invisible barriers. Discover how to diagnose your organization's cultural DNA and craft transformation strategies that actually stick.
Visit https://www.culture-logics.com/ to connect with Dr. White, or explore his book "Disrupting Corporate Culture" for deeper insights into breaking through organizational barriers to change.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Communication failures are silently sabotaging multifamily operations. Between overflowing inboxes, missed text messages, and information scattered across multiple platforms, your teams are spending countless hours searching for information while important details fall through the cracks.
In this eye-opening discussion, Jim Rostel, COO at Anchor Northwest Property Group, shares a harrowing story about facing a lawsuit eight months after a property disaster, only to discover critical communications were inaccessible after an employee left the company. This real-world example highlights how our industry's fragmented communication approaches create serious business liabilities that extend far beyond day-to-day frustrations.
Jason Griffith, Co-Founder and Co-CEO of Synco, explains why property management needs specialized communication tools rather than generic platforms built for every industry. "Most people are using the same software for communications that the local dog kennel, barbershop, and Department of Defense use," he notes. "It has nothing to do with property management, which is why the current way of doing business causes so much pain."
The conversation reveals how centralizing communications creates transparency from "boardroom to boiler room," allowing executives to monitor critical situations in real-time without micromanaging. We explore how features like instant translation help diverse maintenance teams communicate effectively, and how integrating communications from other alert systems eliminates inbox overload.
Most compelling is Jim's insight on implementation: the executives initially most resistant to change became the platform's biggest champions once they experienced the benefits. "This is one of those questions like as an executive, once you make the move to a new way, why would you go back?" he asks.
Whether you're considering centralization initiatives or simply tired of information falling through the cracks, this discussion provides a practical framework for rethinking your communication strategy. How much more could your team accomplish if they weren't constantly searching for information across multiple platforms?
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
The toughest challenge in business today isn't technology adoption or market volatility - it's navigating meaningful organizational change. Dr. David White, cognitive anthropologist and transformation expert, joins us to reveal why roughly 70% of change initiatives fail despite good intentions and substantial resources.
Drawing from his 30+ years working with organizations like Microsoft, IBM, and many others, Dr. White shares the groundbreaking insights that led him to pursue a doctorate in cognitive anthropology after witnessing repeated transformation failures. His research uncovered a critical blindspot: businesses fundamentally misunderstand what culture is and how it operates. While most leaders focus on values, behaviors, and mindsets, Dr. White demonstrates that culture actually lives in the tacit, taken-for-granted knowledge that manifests through business practices.
The fascinating paradox Dr. White illuminates is that an organization's greatest strengths often become its most formidable barriers to change. The "dominant logics" that created success—whether prioritizing certainty in manufacturing or rapid iteration in software development—frequently become over-applied across domains where they no longer serve the company's evolution. These logics remain largely invisible until you attempt to change them, at which point resistance emerges from seemingly rational business practices.
Through vivid examples and practical frameworks, Dr. White shows how to diagnose these underlying cultural patterns by asking powerful questions like "How do you define success?" or "What makes someone a rock star in your organization?" and listening for revealing patterns. Rather than treating transformation as a mere project or technology implementation, he guides leaders to recognize when fundamental questions about purpose and identity - "What business are we in?" - need addressing.
Looking to drive meaningful change in your organization? This conversation offers crucial insights that go beyond simplistic change management models to help you understand the invisible forces shaping your company's future. Subscribe now for our upcoming series exploring how to identify barriers to change, craft effective strategies, overcome common pitfalls, and sustain transformative change that sticks.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Unlock the secrets to transforming the multifamily housing sector with us as we chat with Larry Gorman, the visionary president of LeaseHawk. Discover how innovations like self-guided tours and centralized leasing offices have not only revolutionized operational efficiency but also set a new standard for the industry. Larry's journey, from overcoming challenges in the hospitality sector to spearheading cloud-based solutions in multifamily housing, offers a wealth of insights and inspiration for anyone looking to optimize their property operations and drive profitability.
We explore the art of cultivating a culture where innovation thrives, highlighting the importance of viewing failure as an opportunity for growth rather than a setback. Through compelling case studies and metaphors, such as a child learning to walk, we illustrate how incremental experimentation can lead to groundbreaking solutions. By fostering an environment where small-scale tests are encouraged and collaboration with stakeholders is prioritized, we demonstrate how the multifamily sector can successfully embrace a mindset of continuous improvement and creativity.
As we journey through the rapidly evolving world of communication technologies, Larry sheds light on how tools like virtual assistants are reshaping leasing processes and addressing the challenges of vacant units. We dive into the transformative future of CRM systems powered by AI, emphasizing the potential to democratize business leverage and unlock employee potential. With Scottsdale as an emerging hub for connection and collaboration, listeners are guided on how to tap into LeaseHawk's resources for further exploration and innovation in the multifamily sector. Join us for an episode filled with insights that could redefine the way you view innovation and efficiency in housing.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Unlock the secrets to transforming financial performance and compliance in the multifamily industry with insights from Michael Bowman, the visionary CEO and founder of Resident Radius. Discover how Michael's journey from an operator to a supplier partner has informed the creation of innovative cash management solutions that tackle financial evictions, late payments, and more. By listening to this episode, you'll gain an understanding of how Resident Radius builds a resident-centric approach that aligns seamlessly with owner and operator policies.
Building a platform from scratch is no small feat, and Michael shares his strategic blueprint for success. Learn about the shift from licensed software to platform development, emphasizing organic growth and the importance of an offshore team in Ireland. Michael highlights the critical role of client partnerships, addressing pain points, and ensuring user-friendly customization. This episode guides you through the strategic onboarding process and the art of communicating positive change to maximize property management efficiency.
With a focus on technology integration, this episode explores the transformative impact on property operations, particularly in cash management and regulatory compliance. Michael discusses the necessity of agile systems in keeping pace with shifting legislation, such as California's security deposit laws. By partnering with specialized tech solutions, operators can maintain excellence while respecting the multifamily industry's human element. Tune in to witness Resident Radius's success story and look forward to future collaborations and insights at their upcoming summit.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
In this episode of the Multifamily Innovation® Podcast, host Patrick Antrim, Chairman of the Multifamily Innovation® Council, sits down with Brad Robins, Principal Product Evangelist at Flex. Flex, a financial tech innovator and official partner of the Multifamily Innovation® & AI Summit, offers a unique approach to providing financial flexibility to renters.
Brad dives into Flex’s mission-driven approach, which empowers renters, reduces pressure on property owners, and contributes to the overall financial wellness of the multifamily industry. As Principal Product Evangelist, Brad explains his role in storytelling and building customer understanding of Flex’s mission, differentiating his focus from the product engineering team. His work emphasizes communication, helping both industry partners and renters understand Flex’s value.
Flex’s product is designed as a financial wellness app, giving renters the option to pay their rent flexibly by splitting payments into two smaller, manageable portions each month. Brad notes that this approach meets renters' needs, especially for those with irregular income or sudden expenses. This unique product-market fit propelled Flex’s rapid growth, reaching over 8 million units across 2,000+ management company partners nationwide. Brad highlights the importance of this growth, emphasizing how Flex’s offering reflects a larger trend set by leading consumer brands, such as Amazon, which now provide diverse payment models to align with consumers’ financial situations.
Collaboration with partners is central to Flex’s product development. Flex is continuously iterating based on feedback from clients in the multifamily industry, such as the suggestion to create a rent payment flexibility option specifically for employees of management companies. This co-created solution reflects Flex’s commitment to its partners and to enhancing its product to better fit the needs of multifamily clients. Patrick and Brad discuss the impact of Flex’s product on multifamily operators, detailing how Flex streamlines rent collections while improving the resident experience.
Flex’s mission extends beyond payment flexibility, encompassing a culture of genuine support and understanding. By empathizing with renters’ financial challenges, Flex strives to make a difference in the resident experience.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
In this episode of the Multifamily Innovation® Podcast, host Patrick Antrim sits down with Arlene Mayfield, Senior Vice President at PetScreening, to explore how PetScreening is reshaping pet policies and operations across the multifamily industry. With over 7 million units under management and partnerships with more than 24,000 property management companies, PetScreening brings innovative solutions that enhance resident experiences, boost property revenue, and streamline compliance with HUD’s guidelines for emotional support animals.
Arlene emphasizes the importance of trust, communication, and collaboration as the foundation for strong partnerships. These values are essential as PetScreening helps property management companies tackle pet-related challenges and improve overall efficiency. PetScreening’s solution alleviates the burden of HUD compliance for Emotional Support Animal (ESA) requests, removing the legal complexity from property managers and reducing potential liability. Additionally, the service is cost-effective: property management companies can implement PetScreening at no cost, as fees are only charged to residents with household pets, allowing managers to avoid “junk fee” concerns.
With PetScreening, properties gain insightful access to pet demographics, such as tracking bite histories, which help properties understand and mitigate risks associated with pet ownership in their communities. PetScreening’s software can be implemented in a week, with two-way integrations into most property management software, making setup fast and effective. Their system enables properties to capture additional revenue through pet fees while also creating a reliable process to verify ESA claims and deter false documentation.
Arlene also shared PetScreening’s plans to expand into the short-term rental space, enabling pet-friendly travel accommodations and office environments where pets can help increase employee engagement and satisfaction. As she notes, “Pets are the new kids, with more pets now in households than children.” Through its offerings, PetScreening builds peace of mind, with the ESA compliance service not only lifting a legal burden but also offering properties a streamlined approach to managing pet policies.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Ready to revolutionize your accounts payable process? Tune in as we sit down with Jon Land, Director of Sales at Avid Exchange, who’s here to reveal how AP automation can transform the real estate industry. From Avid Exchange’s remarkable growth—from 44 employees to nearly 2,000—to the evolution of AP solutions from simple invoice automation to comprehensive payment systems, Jon shares invaluable insights into how modernizing your financial operations can lead to significant time savings, reduced errors, and enhanced fraud prevention.
Hear firsthand how Avid Exchange’s software and services have made a substantial impact on businesses, particularly from the perspective of CFOs and finance teams. Learn about the scalability of their system, which caters to both small and large enterprises by streamlining accounts payable processes and eliminating manual interventions. Jon also discusses the essential considerations for businesses looking to adopt AP automation solutions, including growth, fraud prevention, and organizational transitions. Don’t miss out on Jon’s expert advice and the benefits of leveraging AI and robust partnerships within the multifamily and real estate industries to achieve seamless financial management.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Prepare to unlock the secrets of next-gen AI solutions tailored to your business needs. Our latest episode features a conversation with Patrick Antrim, Founder & CEO of nectarflow.com and Chairman of the Multifamily Innovation® Council who reveals how integrating large language models with company-specific information can solve unique business challenges.
We talk about the fierce competition among AI giants like OpenAI, Google, Meta, X, and Anthropic, and how this rivalry drives innovation and cost efficiency.
Discover why brand differentiation is key in this fast-evolving landscape and how transitioning from simple AI interactions to complex, multi-agent workflows can significantly enhance employee productivity.
We explore strategies that go beyond traditional methods. Our discussion highlights how AI-driven tools like nectarflow are revolutionizing modern marketing by focusing on storytelling and customization.
Learn how today's marketers generate leads, convert them into valuable conversations, and ultimately drive revenue through emotional connections.
We also explore the critical shift from conventional operations to digital solutions, ensuring that anything standing between the customer and value is subject to disruption.
This episode is a must-listen for those looking to master the future of marketing and place themselves at the forefront of innovation.
Leadership and innovation go hand in hand, and our episode underscores the importance of navigating technological change with confidence and empathy.
Hear about the pivotal role of psychological safety in steering your team through transitions, and why proactive decision-making is crucial.
We draw insights from various industries to show how premium, customizable solutions can revolutionize operations.
Embrace the power of collaboration and collective success, inspired by industry leaders like Elon Musk.
Tune in to discover how fostering curiosity and embracing change can lead to groundbreaking advancements in your field, with nectarflow.com guiding the way.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
In this episode of the Multifamily Innovation® Podcast, Lauren Stinson welcomes Rachael Kish, Vice President of Operations at Asset Living. Rachael, a Multifamily Innovation® Council member and a speaker at the upcoming Multifamily Women® Summit in September, shares her inspiring career journey and insights into the multifamily industry.
Rachael begins by recounting her unconventional entry into multifamily operations, which started with a leasing job. What began as a temporary position quickly turned into a passion, leading her to a fulfilling career spanning over 21 years. She emphasizes the importance of seizing opportunities and recognizing the multifaceted appeal of the multifamily industry.
The conversation then shifts to the significance of mentorship in professional growth. Rachael discusses her experiences with mentors, highlighting how aligning with the right people and teams has accelerated her career. She underscores the importance of finding mentors and the role they play in personal and professional development.
Rachael provides valuable advice for women early in their multifamily careers, encouraging them to lean into challenging moments and learn from difficult bosses. She stresses the importance of perseverance, grit, and embracing discomfort as pathways to innovation and growth.
As a member of the Multifamily Innovation® Council, Rachael speaks about the benefits of being part of this community, including shared experiences, creative ideas, and the comfort of knowing you’re not alone in facing challenges. She discusses the council's conversations around AI, particularly nectarflow™, and its potential impact on the multifamily industry.
The importance of building relationships and networks is another key topic in the discussion. Rachael emphasizes how council membership and participation in the Women's Summit have contributed to her growth. She highlights the personal and professional benefits of learning from diverse perspectives and connecting with other industry leaders.
Looking ahead, Rachael shares her excitement about current projects at Asset Living, such as opening new markets and building dynamic teams. She talks about the role of technology and AI in enhancing human capital and driving better re
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Get ready to unlock the secrets to successful real estate investment with Ed Bailey, the managing partner of Vision Capital Partners and Chief Capital Officer at nectarflow™. Ed’s journey from Wyoming to New York and back to Utah is filled with invaluable lessons that shaped his approach to finance and business. He'll discuss how first impressions and having "skin in the game" are non-negotiable in his investment strategy, and provides a deep dive into his multifamily property ventures. From the importance of selecting the right third-party managers to his criteria for investment, Ed lays it all out.
Join us as we tackle property management best practices that can make or break an investment. Ed sheds light on why trusting your property management firm is key to maintaining quality and efficiency. We explore the critical roles these firms play, from vendor selection to ensuring maintenance staff stay focused on essential tasks. This segment offers both property owners and vendors actionable insights to help streamline operations and mitigate common pain points, such as tenant attraction and maintenance prioritization.
We'll also explore the art of collaboration and decision-making in real estate, right from securing funding to leveraging relationships. Ed shares his top strategies for navigating the financial landscape, emphasizing the importance of thorough due diligence and selecting the right management company. Plus, get a sneak peek into the future of multifamily real estate with the innovative nectarflow.com software. Whether you're an experienced investor or just getting started, this episode is packed with strategies and insights you won't want to miss.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
On this episode of the Multifamily Innovation® Show, Sal Buscemi, Managing Partner & Co-Founder of Brahmin Partners and author of "Investing Legacy: How the 0.001% Invest," joins us for an eye-opening discussion on high-stakes investment strategies. Find out how the 0.001% manage their portfolios and the principle-led strategies that underpin successful investments in companies like SpaceX and Stripe. We also discuss Sal's intriguing transition from a pre-med student to a leading figure in the investment world, providing listeners with a unique perspective on building a resilient and diversified portfolio.
Are you making the most of data in your investing decisions? We dive deep into the intersection of life science and technological investments, highlighting the transformative potential of AI for multifamily owners and operators. Sal sheds light on the perpetual need for capital raising in real estate and the pitfalls of traditional fund structures. Discover why data ownership is akin to having a Bloomberg terminal at your disposal and how innovative fee models can offer fairer investment opportunities for all.
Finally, we tackle what makes a great investor and the importance of a proven track record, especially through economic downturns. Sal emphasizes the need for meaningful co-investments from sponsors and the critical role of trust and reputation in high-profile deals. Explore the intricacies of navigating wealth creation, the contrasting investment interests between men and women, and the long-term vision required for sustaining family wealth over generations. This episode is a treasure trove of strategic insights and practical advice for anyone serious about optimizing their investment approach.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Discover the inspiring journey of Patrick Antrim, the visionary founder of nectarflow.com, as he transitions from the high-stakes world of professional sports to the multifamily real estate industry. Patrick's early influences in real estate come from his grandmother, but his unexpected career with the New York Yankees provides him with invaluable lessons on excellence, branding, and teamwork, often referred to as the "Yankee way." Through nostalgic recollections, Patrick reveals how the discipline and community spirit of baseball have shaped his leadership philosophy, which he now applies to revolutionizing the real estate industry.
At just 24 years old, Patrick took a bold leap from the baseball diamond to the boardroom. Guided by mentorship from the Hon. George Argyros, the former owner of the Seattle Mariners, Patrick learned to navigate the complexities of the multifamily real estate market. His story underscores the significance of finding the right mentors, creating fail-safe environments, and pushing the limits of what’s possible. Patrick's high-performance expectations and insights into motivating and managing teams provide a unique perspective on the parallels between sports and business.
As we explore the future of work and the transformative potential of AI, Patrick introduces nectarflow™, an AI-driven initiative designed to tackle industry challenges head-on. Through engaging discussions on unlearning outdated methods, fostering innovation, and building community, Patrick emphasizes the importance of rapid failure as a tool for growth. Wrapping up the episode, we delve into the challenges of integrating siloed technologies and the innovative solutions nectarflow™ offers to streamline business processes. Join us for a compelling episode packed with insights on leadership, innovation, and the journey from sports to business.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
In this episode of the Multifamily Innovation® Podcast, host Patrick Antrim sits down with Lynn Musil, CEO and Co-Founder of Pay Ready. Lynn shares his journey in the multifamily industry and the innovative solutions his company provides for managing post-move-out rent collections. The conversation delves into the origins of Pay Ready, highlighting the gaps it addresses in the multifamily industry, particularly in handling the move-out process.
Lynn provides an in-depth look at Pay Ready’s platform, discussing its features like automated outreach, flexible payment plans, and integrations with other systems to ensure seamless ledger reconciliation.
Lynn emphasizes how Pay Ready improves the experience for both property managers and former residents by making the rent collection process more efficient and less confrontational. He introduces innovative payment methods like Apple Pay and Google Pay and explains how the company uses a CRM approach to manage accounts receivable. Lynn underscores the importance of a customer-friendly communication strategy to preserve positive relationships even after residents move out.
The discussion also touches on the culture at Pay Ready, with Lynn sharing insights into building a strong, cohesive team and maintaining a flat organizational structure. He outlines his vision for the future of Pay Ready, including potential expansions and the careful balance of maintaining focus while exploring new product opportunities.
Lynn's approach to involving clients actively in the development process ensures that Pay Ready continues to meet the evolving needs of the multifamily industry.
Subscribe to the Multifamily Innovation® Podcast for more industry insights and updates. #multifamilyinnovation #rentcollection #propertymanagement #multifamilytechnology #PayReady
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
On today's episode, Patrick Antrim, CEO of nectarflow.com and Chairman of the Multifamily Innovation® Council, brings his perspective on leveraging AI and technology in the multifamily industry to reposition properties.
Patrick emphasizes that the core purpose of multifamily investments is to create value, both for investors seeking yields and for residents seeking housing solutions. He highlights the increasing challenges in the industry, such as rising capital costs and construction delays, which necessitate a shift towards more efficient business operations. AI and automation, according to Patrick, are the new value-adds that can unlock efficiencies and profitability that traditional physical upgrades might not achieve.
Lauren Stinson, VP of Strategic Marketing & Media at Multifamily Leadership, provides her insights on the transformative potential of AI in real estate. She notes that AI offers a non-physical value addition that can yield immediate returns, revolutionizing how properties are managed and valued.
Throughout the conversation, Patrick delves deep into the benefits of integrating AI into multifamily operations. He argues that technology isn’t just about replacing tasks but enhancing the capabilities of employees, making their work more enjoyable and error-free. This, in turn, supports a healthier business ecosystem where investors achieve their returns, residents receive quality service, and employees engage in meaningful work.
The discussion also covers the practical aspects of adopting AI in multifamily settings. Patrick describes how nectarflow.com aids companies in integrating AI seamlessly into their existing processes, improving decision-making and operational efficiency without the heavy upfront investments typically associated with new technologies. He explains that AI can simplify complex processes, reduce redundancy, and ultimately enhance profitability by allowing businesses to scale operations more effectively.
The episode concludes with an open invitation from Patrick to explore the possibilities with nectarflow.com, encouraging listeners to reach out and learn more about how nectarflow.com can tailor solutions to their specific business needs and create unprecedented value in their operations.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Discover how AI and innovation are driving critical transformations in the multifamily industry and the strategies every executive needs to implement now.
In this episode, Patrick Antrim introduces Lauren Stinson, Vice President of Strategic Marketing and Media for Multifamily Leadership. Patrick and Lauren dive deep into the intricacies of multifamily leadership and innovation, highlighting the groundbreaking work and upcoming projects of their team.
Patrick begins by welcoming and introducing Lauren, noting her contributions to the multifamily industry. Lauren shares her initial impressions of the company's innovative strides and how Patrick and his team are continually ahead of the curve. They discuss the importance of understanding customers, conducting national research on the Best Places to Work Multifamily®, and the role of the Multifamily Innovation® Council in fostering a community-driven approach to innovation.
A key focus of the discussion is their new platform, nectarflow™. Patrick elaborates on how this platform aims to streamline workflows within multifamily operations, making processes like blogging more efficient by leveraging AI and automation. Lauren emphasizes how the platform allows companies to create and optimize workflows tailored to their specific needs, integrating tools and vendor partners seamlessly.
The conversation also touches on the broader implications of AI and automation in the multifamily industry. Patrick and Lauren explore how these technologies enhance employee experience, reduce redundancy, and drive better business outcomes. They highlight the importance of data and how having access to accurate and comprehensive data can transform decision-making and operational efficiency.
Lauren shares how the platform can elevate individuals within the industry, empowering them to work alongside AI to achieve greater productivity. They discuss how AI can revolutionize various aspects of multifamily operations, from marketing to maintenance, and how it can help companies stay competitive.
Patrick and Lauren reflect on the importance of continuous learning, leadership, and taking bold actions to drive innovation. They encourage listeners to leverage the power of AI and data to create more efficient, effective, and innovative multifamil
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
What does it take to transform a two-person startup into a powerhouse in the high-speed internet industry? Join us as Sean Gorman, owner and CEO of Safety Net Access, unveils his remarkable journey. From pioneering in hospitality to expanding into multifamily units and commercial properties through their division, Amicus Networx, Sean shares how his competitive spirit from professional sports has shaped the company's success. You'll learn the secrets behind their seamless transition between industries and the crucial role robust customer service plays in their growth.
Imagine running a tech company that maintains a personal touch in every interaction—Sean does just that. Discover how Amicus Networx has built strong relationships with clients by prioritizing direct communication and educating customers to manage expectations effectively. We delve into the challenges and opportunities presented by evolving technology in construction, and how Amicus Networx simplifies tech integration to meet high service expectations, especially for complex tech needs like gaming setups.
With a strategic in-house software team in Belfast, Ireland, and a focus on hiring the right talent, Safety Net Access fosters innovation and maintains its stellar reputation. We explore the increasing demand for bandwidth in both hospitality and multifamily industries, and the importance of understanding diverse client needs. Sean also shares insights on navigating business partnerships and providing a white glove experience. Learn how their various divisions create an ecosystem that enhances customer experience and problem-solving capabilities. Don't miss this episode packed with actionable insights and inspiring stories!
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
In this episode of the Multifamily Innovation® Podcast, host Patrick Antrim engages with Mukund Chopra, a serial entrepreneur and early investor in companies like Groupon and Slack. Mukund shares his insights on leveraging technology and data to enhance business efficiency in the multifamily industry. The conversation delves into the core purpose of a company, emphasizing the importance of maximizing return on equity through efficient resource deployment.
Mukund explains the significance of data ownership and its transformative potential when combined with AI, highlighting that the most valuable companies today are those that can access and unlock their data effectively. He provides a nuanced perspective on when not to use AI, stressing that its application should be strategic and not just a trend-driven decision.
Mukund recounts his experiences in various industries, including his leadership role at Groupon during its historic IPO and his work in big data and AI. He discusses how conversational AI and machine learning have been integrated into business processes long before the current hype, advocating for a thoughtful approach to adopting new technologies.
The episode covers practical frameworks for identifying areas where AI can add value, emphasizing the importance of starting with first principles thinking. Mukund also talks about the cultural shift required within organizations to embrace efficiency and innovation. He shares examples from his current venture, Blue Lake, which helps multifamily operators monetize customer data without invasive practices, illustrating how data can be a significant asset beyond traditional real estate operations.
The discussion wraps up with reflections on the evolving nature of companies, comparing traditional resource-based models with modern data-driven enterprises. Mukund underscores the need for multifamily leaders to view technology as a critical component of their business strategy, not just an IT function.
Overall, this episode offers a masterclass in understanding the intersection of technology, data, and business efficiency, providing valuable insights for multifamily executives looking to innovate and stay ahead in a competitive market.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Leverage the full potential of your Multifamily Real Estate investments with insights from the Elizabeth Braman, CEO of RevolutionRE.
As our special guest, Elizabeth unravels the complexities of AI and data standardization in apartment investing, offering strategies for multifamily businesses looking to enhance their efficiency. We delve into the ways companies can align their data strategies with their overarching goals, transforming the way we think about property investment and management.
Navigating the often-treacherous terrain of data integration, our conversation with Elizabeth Braman focuses on creating a seamless and scalable system that can stand the test of time.
She highlights the importance of crafting KPIs that truly reflect a company’s performance and the critical nature of involving the entire team in the data journey.
We also tackle the real-world challenges that crop up when trying to wrangle various data sources into a single, coherent entity, particularly in the Multifamily Real Estate industry where standardization can feel like a distant dream.
Rounding out our deep-dive into the data-centric world of Multifamily Real Estate, Elizabeth sheds light on the game-changing impact of her innovative approaches to data standardization and the role AI plays in revolutionizing the multifamily industry.
We explore how historical data reveals more than just past performances.
Connect with Elizabeth Braman
Thank you for tuning in to today’s episode. If you found value in our conversation, please subscribe to our podcast on your favorite platform and leave us a rating and review.
Your feedback not only helps us improve but also helps others find us. And if today’s episode sparked a thought or provided a new insight, consider sharing it with a friend who might also benefit.
Together, we can grow our community and continue to learn and innovate. Thanks for listening, and until next time.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is an executive level membership organization dedicated to the pursuit of the profitable Multifamily Company. We focus on the intersection of multifamily innovation, AI, technology, and leadership—emphasizing results and collaboration for business leaders determined to discover internal value, providing better experiences, and boosting company profitability.
To learn more about the Multifamily Innovation® Council or to join, please visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/. The platform and its events, including the Multifamily Innovation® & AI Summit, continue to drive critical discussions and innovations in the multifamily industry.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
In this episode of the Multifamily Innovation® Podcast, Patrick Antrim, Founder and CEO of Multifamily Leadership, and Chairman of the Multifamily Innovation® Council speaks with Konrad Koczwara, CEO and Founder of Elevated Living and Multifamily Innovation® Council Partner about leveraging technology to optimize multifamily operations.
This discussion explores the trajectory of Elevated Living from its inception to its role in growing nationwide. The conversation delves into the company’s initial focus on fitness services and its strategic pivot to a tech-centric solution for operational inefficiencies in the multifamily industry.
This episode emphasizes the importance of integrated systems to streamline operations and improve resident experiences, as part of the Multifamily Innovation® Council's focus on industry advancements. Konrad outlines how Elevated Living addresses the challenge of multiple resident portals by creating unified access to various amenities, demonstrating the company’s commitment to enhancing property management processes and resident satisfaction.
The podcast also previews future trends, including Elevated Living's recent innovations like automated grocery delivery and food ordering systems tailored for multifamily residents, offering practical solutions with reduced fees. These developments are presented as part of the conversation at the Multifamily Innovation® & AI Summit, highlighting the event as a key platform for industry leaders to explore technological advancements and strategic partnerships.
This episode is a valuable resource for multifamily executives interested in adopting technology to enhance operational efficiency and resident services. It provides insights into how companies like Elevated Living are pioneering changes in the multifamily industry, making it a must-listen for those aiming to maintain competitive advantage in a rapidly evolving market.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is an executive level membership organization dedicated to the pursuit of the profitable Multifamily Company. We focus on the intersection of multifamily innovation, AI, technology, and leadership—emphasizing results and collaboration for business leaders determined to discover internal value, providing better experiences, and boosting company profitability.
To learn more about the Multifamily Innovation® Council or to join, please visit https://multifamilyinnovation.com/council.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/. The platform and its events, including the Multifamily Innovation® & AI Summit, continue to drive critical discussions and innovations in the multifamily industry.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
The Multifamily Innovation® Council is for Multifamily Executives who want to drive profitability inside their company. This episode delves into why the Multifamily Innovation® Council isn't just an Executive level membership organization, but a movement. It fosters weekly dynamic interactions that fuel year-round growth without the constraints of a static, annual events.
In this episode, we shed light on what powers the Multifamily Innovation® Council, revealing how its synergy of high-caliber executives is revolutionizing multifamily practices and pushing boundaries beyond traditional real estate operations. The Council consists of Multifamily CEOs, Presidents, Owners, Investors, Vice Presidents, Chief Technology Officers, Chief Innovation Officers, and more, who are working through issues like multifamily fraud, operational inefficiencies, rising costs, and inflation.
In the fast-paced world of the multifamily industry, executives face an array of complex challenges. From grappling with the swift advancements in AI and technology to the stress of managing cash flow amidst fluctuating interest rates, the hurdles are numerous. Add to this the struggle to find and retain quality employees, navigate new regulations, and meet the high expectations of customers and investors, it becomes a relentless pursuit to stay ahead.
This is where the Multifamily Innovation® Council steps in, offering an executive level membership organization focused on results and collaboration around the topics of Leadership, AI, Technology and Innovation. The council is a transformative experience for industry executives. The Council is a unique platform designed to turn challenges into opportunities for growth, learning, and innovation so that Multifamily Executives can make their business better. It provides exclusive access to the latest technologies without the need to invest in venture capital funds, allowing members to stay at the forefront of technological advancements.
The key takeaways from our conversation are impactful and multifaceted. Collaboration emerges as the new innovation, where each member's unique insights create an ever-expanding network effect, enhancing the council's collective intelligence. In other words, as new members join, the council gets better and better.
When people from different departments talk, this leads to more cohesive and effective strategic discussions that make the business better. The episode navigates through hot topics such as centralizing leasing offices and addressing maintenance challenges, where members share their successes, pitfalls, and learned lessons
Additionally, we explore the power of the Multifamily Innovation® Council's proprietary challenges and opportunities roadmapping—a member driven process that prioritizes company challenges and hones in on opportunities that drive results. Embracing the human element is vital; technology is an ally, but nurturing trust and encouraging conversations empowers real organizational change.
If you're a multifamily, you’re invited to become part of this executive-level membership organization that thrives on making a tangible impact for you, your company, and with your contribution, the industry you serve.
Connect:
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® Summit: https://multifamilyinnovation.com/
Multifamily Women®: https://multifamilywomen.com/
Prepare to mark your calendars and join the revolution at the cutting edge of technology and Multifamily Real Estate as I, Patrick Antrim, unveil the game-changing Multifamily Innovation® AI Summit.
Imagine an industry where artificial intelligence propels profitability and productivity to unprecedented heights – that's the future we're crafting at the Multifamily Innovation® Council.
Throughout this episode, I share electrifying details about how our upcoming December event will merge AI effortlessly into the multifamily company, enhancing not only business outcomes but also enriching employee and customer experiences.
As we walk through the council's commitment to leadership and innovation, you'll learn how our regular gatherings, webinars, and podcasts keep the pulse of transformation alive year-round.
This is more than just an announcement; it's an exclusive invitation to a trailblazing congregation of AI enthusiasts and innovators.
If your heart beats for AI, whether you're taking your first steps or are in the midst of product development, this segment signals a pivotal moment for your involvement.
The Multifamily Innovation® AI Summit isn’t just an event; it's an opportunity to be at the forefront of an industry evolution, shaping the future of multifamily living.
By joining this focused summit, you'll be aligning with stakeholders who prioritize technology as a tool for progress, all while we dissect the challenges at hand and explore technological solutions that put you ahead in the AI revolution.
Connect:
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® Summit: https://multifamilyinnovation.com/
Multifamily Women®: https://multifamilywomen.com/
In an engaging interview with Kerry W. Kirby, the Founder and CEO of 365 Connect, we delve into the ever-changing landscape of property management through the lens of automation and artificial intelligence.
Automated Leasing Platforms: Kerry Kirby introduces us to an automated lease signing platform that promises precision and ease for multifamily owners and operators. By harnessing the robust legal framework of Blue Moon's lease documents and integrating with screening services, 365 Connect is reducing the margin for error.
The Fight Against Multifamily Labor Shortages: With a strategic blend of AI and automation dubbed Intelligent Automation, Kirby outlines how embracing technology can offer a stark solution to the industry's pain points regarding labor shortages and the grind of repetitive tasks while emphasizing the pivotal role of compliance in this journey.
Streamline with AI:
The pressing issue of bureaucratic red tape, especially in light of new regulations like the junk fee bill, cannot be overstated. With compliance at its core, 365 Connect has placed systematic guardrails to ensure operators stay within the bounds of the law without compromise.
Personalization vs. Personal:
An intriguing contrast highlighted by Patrick Antrim emphasizes the shifting paradigm from traditional personnel-heavy operations to a personalized, technology-driven approach. Integrating technology, he suggests, does not detract from customer experience; on the contrary, it elevates it by providing team members with tools to enhance their capabilities.
Starting Small:A nod towards cautious optimism is given as Patrick suggests a parallel adoption strategy, ensuring validation at every step in favor of large-scale, untested changes.
Multifamily Customer-Centric Innovation:
Both Antrim and Kirby agree that any technological integration must prioritize the customer experience. It’s about a delicate balance between tech and touch, where augmented human interaction remains paramount.
The 365 Connect Promise:
Kerry W. Kirby proudly notes 365 Connect's commitment to personalized, no-pressure service – truly a hallmark of their customer-centric ethos.
Enthusiasm for 365 Connect's Technological Advances:
As the conversation nears its end, Patrick Antrim applauds Kirby's forward-thinking vision in the creation of a lease signing experience that is not only seamless but a substantial addition to 365 Connect's already impressive array of technologies.
Equip your multifamily operation with the expert insights and groundbreaking tools of the digital age - because at Multifamily Innovation, we believe in crafting tomorrow's living experiences today, and with Kerry W. Kirby's guidance, the path has never been clearer.
Connect:
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® Summit: https://multifamilyinnovation.com/
Multifamily Women®: https://multifamilywomen.com/
The Future of Multifamily Asset Protection with Overwatch's Rhys AndersenMultifamily property management is setting sail into uncharted territories and at the helm is cutting-edge technology. We're thrilled to bring you the latest episode of the Multifamily Innovation® Podcast, where the fusion of drone wizardry and property management meets. Join host Patrick Antrim as he delves into a stimulating conversation with Rhys Andersen, the visionary founder of OvrWatch, a pioneer in deploying drones for property inspections, asset protection, and comprehensive data collection.
In this episode:
Seeing Beyond the Horizon: The Drone Revolution in Multifamily Management - Rhys unfolds the story of how OvrWatch is dramatically altering the landscape of property inspections. Here's a sneak peek into the wealth of insights this talk provides:
Inception of Innovation: Discover the spark that led Rhys to blend his expertise in inspections with drone technology, crafting a new level of efficiency and precision in the multifamily industry.
The Power of 3D Modeling: Engage with the prospects of 3D models in property management; how a high-resolution virtual view can transform maintenance, documentation, and dispute resolution.
Disaster Management: Learn about the role of drones in mitigating the aftereffects of natural disasters, paving the way for a frictionless claims process with insurers.
Professional Drone Services in Property Complexity: As technology leaps forward, Rhys underlines the continued significance of professional services and how the complexity of properties influences drone service efficacy.
Marketers’ New Best Friend: Witness the surprising impact that drones are having on real estate marketing and the collection of granular data for property analysis.
AI's Role in Raising the Bar: Contemplate AI's transformative potential in real estate inspections - a conversation that spotlights image recognition models and enhancing the efficiency of property management systems.
Empowering Through Education: The importance of personnel training and standardization across organizations for optimal utilization of new technology.
A Vision for End-to-End Visibility: Rhys and Patrick discuss the pivotal importance of comprehensive visibility and easy platform collaboration with stakeholders in property management.
AI & Financial Foresight: Lastly, Patrick Antrim shares his enthusiasm for Ovrwatch's role in revolutionizing the financial analysis territory in the multifamily sector.
Esteemed multifamily stakeholders and curious innovators, we cordially invite you to join us Visit https://multifamilyinnovation.com to listen to the full conversation and steer your property management capabilities toward a future replete with precision, efficiency, and groundbreaking advancements.
Episode Resources
Guest: Rhys Andersen, Founder at OvrWatch https://ovrwatch.com/
Connect and Enhance Your Multifamily Journey
Subscribe to the Multifamily Innovation® Podcast, where we bring you the trailblazers, the disruptors, and the luminaries shaping the mu
Connect:
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® Summit: https://multifamilyinnovation.com/
Multifamily Women®: https://multifamilywomen.com/
Welcome to the leading edge of multifamily industry insights with the Multifamily Innovation® Podcast. In this episode, we sit down with Brock MacLean, Executive Vice President and Chief Revenue Officer at LeaseHawk, to explore the transformative role AI is playing in shaping the future of multifamily leasing, management, and profitability.
Diving straight into the thick of innovation, Brock MacLean details LeaseHawk's strategic application of artificial intelligence that's reshaping what we thought possible for the multifamily industry. Moving beyond mere tools, AI is now entrenched as a vital cog in enhancing intricate leasing processes, amplifying human efforts, and forging a dynamic path towards investor yields.
Here's a glance at what we uncover in our discussion:
Ideation to ImplementationLearn how AI is bridging the gap from concept to reality in multifamily leasing. Explore LeaseHawk's integration of voice, text, chat, and lead nurturing solutions precisely crafted for the multifamily space.
Substance Over Show: Discover the essentiality of leveraging AI not just for its shimmer but for its core functionalities. Brock underlines the profound impact of AI in amplifying the essence of customer engagement and driving forward operational yields.
Customer-Centric Customization:Patrick and Brock discuss implementing tech that fits like a glove, accommodating diverse customer needs, and aligning with multifamily corporate culture.
Product Depth Versus Breadth:The conversation shifts towards a pivotal decision point - selecting a main product that offers a full suite of services or choosing specific point solutions. Brock presents a compelling argument for efficiency and cost savings that best-of-breed point solutions offer.
Tech's Multi-faceted Role in Property Management:As we delve deeper, the episode scales the broader vision of technology within asset management. Hear from Brock and Patrick as they prepare to share actionable insights at the upcoming Innovation Summit on leveraging tech to diminish risks and amplify positive experiences.
Fasten your seatbelts as we embrace the avant-garde. The podcast underscores AI's dominant footprint in contact centers - turning interactions swifter, driving up application rates, and markedly diminishing vacancy spans. Data speaks volumes, and prospects engaging with AI-tethered services exhibit a proclivity for transaction completion and application approvals.
In the face of inevitable challenges, Brock MacLean emphasizes the unassailable need to embrace change. AI isn't a mere adjunct feature—it is quickly becoming the cornerstone of value in multifamily properties. Investing in robust tech infrastructure pivots companies into vantage positions for sustained success.
The Multifamily Innovation® Podcast believes in the evolution that Brock MacLean and LeaseHawk epitomize—a tech-forward, efficiency-maximizing future rooted in data-driven, AI-enhanced experiences that residents and investors alike will find irresistible.
For more episodes imparting the pivotal role of technology and innovation in multifamily spaces, subscribe and tune into the Multifamily Innovation® Podcast or visit us at
Connect:
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® Summit: https://multifamilyinnovation.com/
Multifamily Women®: https://multifamilywomen.com/
In an industry often seduced by buzzwords and herd mentality, the latest episode of the Multifamily Innovation® Podcast with host Patrick Antrim offers a vital antidote. Featuring guest Moshe Crane, VP of Strategic Initiatives and Branding at Sage Ventures, this episode is an urgent call to action for every high-level executive who wants to stay ahead in the multifamily landscape.
Are you relying too much on conventional wisdom and the so-called 'best practices'? Moshe Crane urges you to think again. He shines a spotlight on the pitfalls of conforming to industry norms without critical evaluation, and elevates the discourse around what truly drives profitability—original thinking and proactive leadership.
This isn't just another conversation about being "innovative" or "thinking outside the box." Crane emphasizes that the key to sustained success and resilience, especially during economic turbulence, lies in the continuous pursuit of knowledge. Both he and Patrick advocate for a state of perpetual curiosity, which not only prevents professional burnout but also equips you with the insights needed to make data-driven decisions and seize untapped opportunities.
Are you merely a participant in the industry, or are you shaping its future? If you're content with the status quo, this episode might just disrupt your complacency. Crane brings to the table his unique pleasure in market analysis, revealing how looking at things from a different angle can uncover hidden gems and identify untapped revenue streams. It's not about following the crowd; it's about setting the pace.
If you aim to be more than just another name in the industry—if you want to be an influential leader driving change—then missing this episode is not an option. Go beyond the noise and tap into something transformational. It's time to stop following and start leading.
Don't let your competitors get this edge. Tune in now. #multifamilyinnovation
Connect with Moshe Crane: https://www.linkedin.com/in/moshecrane/
Connect:
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® Summit: https://multifamilyinnovation.com/
Multifamily Women®: https://multifamilywomen.com/
In this episode of the Multifamily Innovation® Podcast, host Patrick Antrim welcomes Briant Carcamo, co-CEO of Vizibly and a seasoned real estate professional. They discuss the importance of building financial expertise within employees and the role of technology in up-skilling and re-skilling individuals. Briant shares insights on how technology can help make employees smarter and improve the overall employee experience. Tune in to learn more about the cutting edge advancements in the multifamily real estate industry.
Apartment property managers can greatly benefit from the use of tools and technology, as they provide valuable data and insights to inform decision-making. This episode emphasizes the importance of translating data into actionable insights, which is the main purpose of implementing tools like business intelligence platforms or data analytics products. These tools enable property managers to analyze and understand various aspects of their business, including multifamily lead management, leasing funnels, and operational levers.
However, the multitude of tools available in the multifamily technology landscape can overwhelm multifamily property managers. With so many options, it can be challenging for them to determine which tools are most valuable and will yield the best results for their specific circumstances. This highlights the need for property managers to carefully evaluate their tech stack and prioritize the tools that truly make a difference for their organization.
Additionally, as multifamily owners face cashflow constraints, there may be tighter restrictions on technology spend. This further emphasizes the importance of property managers reevaluating their tech stack and focusing on tools that provide real value and contribute to the efficient and profitable operation of their properties.
Leveraging tools and technology empowers multifamily companies to make more informed decisions, anticipate potential issues, and take proactive measures to prevent problems. By utilizing data and predictive insights, apartment owners and operators can better manage day-to-day operations and optimize their business outcomes.
Timestamps:
[00:02:07] Property managers and data analytics.
[00:04:37] Staying competitive in property management.
[00:07:31] Being proactive in property management.
[00:10:11] Increasing Renewals for Properties.
[00:13:45] Streamlining communication and execution.
[00:17:50] How recommendations play out.
[00:19:34] Transparency in task management.
[00:23:04] Rethinking property management technology.
[00:27:30] AI developments in property operations.
[00:31:46] Increasing operational efficiency.
[00:34:17] Being property management system agnostic.
[00:38:06] Making property management more profitable.
[00:39:12] Tracking multifamily success.
Read: It is time to reimagine how to execute operating strategy in multifamilyConnect with Briant: https://www.linkedin.com/in/briantcarcamo/
Visit https://www.vizibly.io/
In this episode of the Multifamily Innovation® Podcast, host Patrick Antrim spends time with Marc Ness, founder of WeatherShield, who shares his expertise on protecting property investments during severe weather conditions.
Marc, who has over two decades of experience in construction, investment, and insurance, provides insights on how to prepare for and handle weather-related property damage claims. He emphasizes the importance of understanding property insurance policies and claims processes to ensure maximum coverage and quick recovery.
Marc stresses the importance of being proactive in addressing potential storm damage to minimize future insurance claims. He explains that by addressing and correcting storm damage immediately, property owners can prevent further damage and potentially avoid costly insurance claims. Also highlighted the importance of being aware of storm damage to avoid selling a multifamily property for less than its worth due to undisclosed damage. Being proactive and knowledgeable about storm damage can help multifamily investors make sound and smart decisions to minimize financial losses. Multifamily property owners have a duty to mitigate damage and should address any issues promptly to prevent further damage and ensure coverage by their insurance company.
Multifamily investors can leverage insurance scenarios to make capital improvements without spending their own money. Acquisition teams need to look for properties that have the potential for found money in them where damage has occurred. By leveraging the insurance scenario, investors can get some capital improvements accomplished without spending capital improvement dollars. However, it's important for apartment investors to be proactive in these matters rather than reactive, and to have knowledge and awareness of their options. Additionally, having a sound risk preparedness plan in place as part of an asset management strategy is important.
Hidden damages can be discovered by a trained eye, such as potential leaks, holes, cracks in vinyl siding, and broken windows. By being aware of these damages, apartment property managers can address and correct them immediately, preventing further damage and potentially reducing costs in the long run.
Additionally, being aware of storm damage can help property owners file insurance claims and potentially receive compensation for damages. The episode also highlights the financial impact of storm damage, which can lead to the devaluation of assets and loss of return on investment. Having foundational knowledge and being aware of storm damage is crucial in making sound and smart decisions to minimize risk and potential costs.
Timestamps:
[00:00:00] Severe hailstorm in North Texas.
[00:03:57] Severe storm damage.
[00:09:13] Apartment building vulnerabilities.
[00:12:14] Storm damage and multifamily property value.
[00:16:04] Independent evaluation for storm damage.
[00:20:41] Understanding deductibles in insurance for multifamily properties.
[00:23:00] Insurance premium misconceptions.
[00:29:36] Independent assessment for apartment property damage.
[00:31:37] Contractor vs Adjuster Perspective.
[00:36:24] Insurance claim mitigation in multifamily.
[00:38:47] Focus on one thing.
Connect:Marc Ness: https://www.linkedin.com/in/marc-ness-101bbb7a/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
In this episode of the Multifamily Innovation® Podcast, host Patrick Antrim provides an inside look at the most recent meeting of the Multifamily Innovation® Council. This Council is open to multifamily owners and operators with 1,500 units or more who are dedicated to driving innovation in the multifamily industry.
The episode delves into the significance of comprehending the financial impact of a multifamily business and utilizing that knowledge to enhance productivity and improve the business. Antrim highlights that with the advancements in AI, there has never been a better time to reimagine a business. Furthermore, the discussion emphasizes the importance of educating employees about the financial picture early on in their careers and motivating them to invest in themselves and their skills. The ultimate goal is to elevate both the multifamily company and its employees, leading to a more successful and productive business.
Antrim stresses the importance of defining success and understanding how it is perceived by different people in the company. Asking regional apartment managers, property managers, and other employees to define success and paying attention to whether it is activity-related, occupancy-related, or financial-related is an effective strategy.
The episode also highlights the opportunity to educate employees about the financial picture early on in their careers and incentivize them to invest in themselves and their skills. By clarifying who the multifamily company is managing for, such as investors who could be teachers, firefighters, or first responders, employees can better understand the financial impact of their decisions and expect more from their company and themselves. Overall, the episode underscores the importance of defining success and ensuring that everyone in the company is aligned and working towards the same goals.
Antrim also mentions the importance of incentivizing employees to learn financial skills and focusing on preventative measures for late rent payments in apartment communities to improve the business. One suggestion is moving the date for collection bonuses earlier in the timeline to encourage employees to be more proactive in addressing late payments. Antrim also emphasizes the importance of training multifamily employees on financial understanding at every level of the business and defining success based on financial metrics rather than just occupancy or activity.
Additionally, Antrim discusses the idea of offering incentives to apartment residents for timely rent payments and including provisions in leases that allow for one free waving of a late fee in case of financial hardship. A focus on financial education and preventative measures can lead to improved business outcomes for the multifamily industry.
Timestamps:
[00:00:36] Cashflow obstacles for apartment operators.
[00:06:33] Using negative energy in business.
[00:07:26] Lease incentives for financial accountability.
[00:11:28] Emotional collections during COVID.
[00:15:28] Financial understanding in a multifamily business.
[00:19:56] Car ownership and payments.
Resources:
Connect with Patrick: https://www.linkedin.com/in/patrickantrim/
Join the Multifamily Innovation® Council: https://multifamilyinnovation.com/multifamily-innovation-advisory-council/
Register for the Multifamily Innovation® Summit: https://multifamilyinnovation.com/
Today on the Multifamily Innovation® Show, Patrick Antrim discusses the importance of standardized and normalized data in the multifamily industry with Elizabeth Braman, Co-Founder and CEO of Revolution RE. Elizabeth's company provides tactical insights and reporting for peak apartment performance.
The episode also includes announcements for the Multifamily Innovation® Summit and the Multifamily Innovation® Council, which provides support and networking opportunities for owners and operators of 1,500 units or more.
Patrick and Elizabeth discuss how using data for benchmarking, resident experience analysis, and risk management can help improve apartment property performance and retention. This includes analyzing year-over-year performance, team productivity, performance metrics, online reviews, sentiment, and emails to determine the health of a particular multifamily property. Data can be used to identify opportunities or potential weaknesses in multifamily property performance for risk management purposes.
Other use cases for data include multifamily revenue growth, testing new technologies, and regulatory compliance. By having standardized data in the same environment and format, comparative analysis can be done to improve upon current practices and learn from the competitive set.
Additionally, today's episode delves into the benefits of offering apartment amenities and experiences to residents, which can enhance their overall experience and increase retention. One way to measure their impact is by analyzing online reviews, which are the primary means by which most people find housing these days, especially within the multifamily industry. Positive reviews can lead to increased traffic from online leads, while negative reviews can have the opposite effect. Although determining the value of these offerings can be difficult, it is crucial to consider their overall impact on resident experience and retention.
Elizabeth stresses the importance of having a structured and focused data strategy for multifamily companies to effectively use data and achieve results. She recommends starting by identifying which data sources to work with and setting achievable, measurable, and worthwhile goals. She also emphasizes the importance of involving everyone in executing the plan and committing to training and exploration.
Time Stamps:
[00:06:53] Clean data for AI applications.
[00:09:55] Thinking about data today in the apartment industry.
[00:13:01] Standardizing data for comparative analysis.
[00:19:40] Using data to prove the multifamily business model.
[00:28:47] Predictive analytics in real estate.
[00:33:25] Rental property data challenges.
[00:35:00] Small clients benefit from data.
[00:43:17] Building a consistent multifamily brand.
[00:44:09] Predictive models in property management.
[00:48:26] Increasing value of products.
[00:52:33] Responding to negative reviews.
Resources:
Revolution RE - https://revolutionre.com/
Elizabeth Braman - https://www.linkedin.com/in/elizabethbraman/
Patrick Antrim - https://www.linkedin.com/in/patrickantrim/
Multifamily Innovation® Summit - https://multifamilyinnovation.com/
Multifamily Innovation® Council - https://multifamilyinnovation.com/multifamily-innovation-advisory-cou
Welcome to the newest episode of The Multifamily Innovation® Podcast, your go-to platform for gaining an edge in the multifamily apartment industry. This episode is hosted by Patrick Antrim, the Founder, and CEO of Multifamily Leadership. In this episode, we are excited to share some key announcements and introduce our guest, Steve Jarvis, the CEO of CredHub.
We're delighted to announce that the planning for the Multifamily Innovation Summit is in full swing. This event is a gathering of multifamily investors, developers, operators, and third-party managers committed to driving innovation within the industry. Registration is now open, and you can register today at MultifamilyInnovation.com.
Among our exciting line-up of activities, we have the Multifamily Innovation Awards show, celebrating categories from the esteemed Best Places to Work Multifamily® to the Multifamily Innovation® Bootstrapper award. Our Innovation Showcase, exclusive talks with the Multifamily Innovation Council, and high-level networking events are also not to be missed.
If you're an owner or operator of 1,500 units or more, be sure to check out the Multifamily Innovation® Council. This initiative is not just about technology; it focuses on the processes, leadership, and innovation necessary to enhance business performance.
In this episode, we're thrilled to welcome Steve Jarvis, the CEO of CredHub. Steve has an impressive background in travel, having worked for Expedia and Alaska Airlines, always being on the cutting edge of technology. His present focus is on CredHub, a company dedicated to reducing rent delinquency and providing substantial value to residents.
Episode Highlights:
- Patrick and Steve delve into Steve's experience at Expedia and Alaska Airlines and his leadership role in digital transformations.
- They discuss the mission and benefits of CredHub and how it's reshaping the property management sector within the multifamily industry.
- Patrick and Steve examine the opportunities for the apartment industry to adapt to emerging technologies, referencing Steve's experiences in large legacy brands.
- Steve explores the challenges and solutions for catalyzing business innovation within established multifamily companies.
- The episode includes an in-depth Q&A with Steve, where we explore his journey from Alaska Airlines and Expedia to co-founding CredHub, discuss the challenges he faced while leading digital transformations, talk about his approach at CredHub, and probe his thoughts on how to encourage innovation in the multifamily industry.
Thank you for tuning in to The Multifamily Innovation® Podcast. We look forward to bringing you more insightful conversations and innovative insights in future episodes.
Connect:
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Steve Jarvis: https://www.linkedin.com/in/sbenjarvis/
CredHub: https://credhub.com/
Steve's Email: sjarvis@credhub.com
CredHub Phone: (833) 888 2733
In today's episode of the Multifamily Innovation® Podcast, we dive into the value of fitness programs inside your apartment community and how one company is catching momentum from some top brands in Multifamily.
Host, Patrick Antrim, talks with the Founder of Swyft Fitness, Will Gonzalez who is rethinking what is possible for fitness programs at multifamily properties across the nation.
Overview of the episode:
- Will shares the inspiration behind the company and the gap it fills in the multifamily market.
- Swyft Fitness is a boutique fitness concept that differs from traditional gym experiences. The emphasis on camaraderie and community is essential and plays a significant role in their fitness experiences.
- Gonzalez realized that group fitness centered around resident retention and residents being able to meet one another was definitely a new concept.
- Swyft Fitness collaborates with property managers and developers to integrate fitness programs into apartment communities and employs a strong network of fitness instructors in all of their markets to ensure the best possible experience for apartment residents.
- Gonzalez personalizes all of the fitness amenities and onsite experiences to accommodate the specific properties' needs. Whether it's virtual or onsite, team members are present and will help property managers get the most use out of the apartment community amenities, like the gym, pool, clubhouse, and outdoor areas.
- A core mission of Swyft Fitness is to educate and encourage property managers and owners to see their entire property, surrounding hiking trails, and even community events that are centered around lifestyle, health, and fitness as resident retention strategies.
- Swyft is integrated with all the third-party credentialing software companies out there to make a smooth transition and they cover all of the insurance and onboarding credentialing that's required for almost every property management.
- Swyft also handles all of the marketing materials and online booking. They do all of the heavy lifting so apartment property managers don't have to.
- Gonzalez offers advice to property managers, developers, and corporate HR professionals on the value of multifamily fitness amenities.
Connect:
Will Gonzalez: https://www.linkedin.com/in/will-gonzalez-swyftfitness/
Swyft Fitness: https://app.swyftfitness.com/apartment-fitness-classes
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Engage:
Register for the Multifamily Innovation® Summit now: https://multifamilyinnovation.com/
Apply to be a part of the Multifamily Innovation® Advisory Council: https://multifamilyinnovation.com/multifamily-innovation-advisory-council/
In this episode of The Multifamily Innovation® Podcast, host, Patrick Antrim, CEO of Multifamily Leadership, takes a deep dive into the Year-on-Year (YOY) trends among the Best Places to Work Multifamily®, and the key differentiators that set these companies apart.
What you'll learn in this episode:
- The increasing emphasis on Inclusion among the Best Places to Work Multifamily®, including a rise in seminars, workshops, and Inclusion Task Forces.
- The growth in Professional Development opportunities, with more companies reimbursing employees for certifications, business education, workshops, and tuition.
- The emerging trend of special services or accommodations for military families.
- The decline in companies providing workplace facilities for exercise and fitness, and the slight drop in remote working among Best Places to Work Multifamily® employees.
- A marginal dip in employee evaluations of their employers’ performance, with specific concerns around benefits packages, timely communication, and staffing levels.
Key differentiators of the Best Places to Work Multifamily®:
- Superior benefits programs, including retirement planning, life insurance coverage, disability benefits, and tuition reimbursement.
- A higher level of trust between employees and leadership, with leaders demonstrating genuine care for their employees' well-being.
- A safer environment for employees to express their honest opinions without fear of negative repercussions.
- Greater likelihood of offering paid time off for community service, reimbursement for certifications, business education, and tuition.
About the Multifamily Innovation® Summit:
Find out more about the Multifamily Innovation® Summit taking place in December, where the winners of the Best Places to Work Multifamily® program will be celebrated.
Visit MultifamilyInnovation.com/awards for more details on the Best Places to Work Multifamily® Program.
Visit MultifamilyLeadership.com to see all events, news, and insights in multifamily.
Enjoy the show, and don't forget to subscribe to stay updated on the latest trends and insights in the multifamily apartment industry.
In this episode of the Multifamily Innovation® Podcast, host Patrick Antrim delves into the power of stepping outside our comfort zones in order to spark innovation and success within the multifamily industry.
Show Notes:
Introduction: Patrick emphasizes the importance of taking action outside our comfort zones in order to foster innovation within multifamily organizations.
Challenges: Often, individuals may feel reluctant to take risks and try new things within their organizations, especially when their past experiences resulted in failure.
Multifamily Innovation® Summit: Patrick highlights the annual event, which brings together individuals making rent more valuable for customers, and showcases the Multifamily Innovation® Awards, including categories such as Best Places to Work and Bootstrapper Award.
Multifamily Innovation® Council: A platform for high-level networking among multifamily operators with 1500 or more units, providing a feedback loop and shaping the priorities and interests within the industry.
Importance of innovation: Patrick shares a personal story of investing in media and video equipment before the COVID-19 pandemic, which helped his business pivot and stay ahead of the curve during difficult times.
Learning from past decisions: Reflecting on decisions that were made by stepping outside comfort zones and recognizing that these actions have the potential to lead to significant growth.
Taking action: Encouragement to consider decisions that have been put off due to discomfort, and managing potential worst-case scenarios in order to grow in personal and professional lives.
Getting involved: Listeners are encouraged to follow the Multifamily Leadership brand, attend events, and get involved in industry discussions.
Closing: Share the episode with friends, subscribe, rate, and review the podcast to help increase its visibility and promote valuable content to other multifamily professionals.
Don't miss the next episode of the Multifamily Innovation® Podcast, where Patrick continues to explore innovation and growth in the multifamily industry. Subscribe and follow at multifamilyinnovation.com.
In this episode of the Multifamily Innovation® Show, Patrick Antrim talks with Mark Peters, the President of Zego.
Mark previously was the head of finance, payment operations, and business systems departments and has over 10 years of finance experience in the high-tech and payments space, resulting in an IPO and multiple positive exits.
Patrick and Mark discuss their thoughts on macro and micro economic factors that multifamily owners, operators, and investors are having to deal with today.
Topics covered:
- Trends in rent collections and various payment types at multifamily properties.
- Digital adoption in the multifamily industry, especially with regard to payment operations and business systems.
- Legal and economic challenges with multifamily rent payments.
- What you might not know about the most costly payment option and the risks associated with it.
- Digital-first experiences and paperless offices.
- Questions multifamily owners and operators should be asking partners like Zego.
- Much more!
Connect:
Mark Peters: https://www.linkedin.com/in/markdavidpeters/
Zego: https://www.gozego.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Get Involved:
Attend/Sponsor the Multifamily Innovation® Summit: https://multifamilyinnovation.com/
Join the Multifamily Innovation® Council: https://multifamilyinnovation.com/multifamily-innovation-advisory-council/
Submit for a Multifamily Innovation® Award: https://multifamilyinnovation.com/awards/
Attend/Sponsor the Multifamily Women® Summit: https://multifamilywomen.com/
The Multifamily Innovation® Show brings you the latest insights and strategies to help you succeed in the multifamily real estate industry.
Our guest for this episode is Briant Carcamo. He’s the Co-CEO of Vizibly and a seasoned real estate professional with an impressive track record in revenue management, budgeting, and business intelligence at some of the largest multifamily property management firms, including Steadfast and Greystar.
In this episode, Patrick and Briant discuss:
- How the collision Briant brings with Silicon Valley and an inside knowledge of the realities of putting deals together has helped him build Vizibly.
- What inspired Briant to create a decision intelligence platform for multifamily property owners.
- Who this product is for and how it impacts their productivity and efficiency.
- How Vizibly helps property owners manage their investments.
- The features, benefits, and unique attributes of Vizibly.
- What multifamily property owners are saying about Vizibly, how they're benefitting from the technology, and how they've been successful with implementation.
- What's in store for Vizibly in the future, challenges faced while developing the software, and Briant's advice for property owners looking for multifamily financial budgeting tools.
Connect:
Website: https://www.vizibly.io/
Email: briant@vizibly.io
Briant on LinkedIn: https://www.linkedin.com/in/briantcarcamo/
Patrick on LinkedIn: https://www.linkedin.com/in/patrickantrim/
Register:
For the Multifamily Innovation Summit: https://multifamilyinnovation.com/
In this episode of the Multifamily Innovation® Show, Patrick Antrim talks with Kyle Finney, Business Development Manager of Arize, to illustrate how smart tech can be leveraged affordably. And how, even in tight cost-cutting times, owners can fortify their portfolio by optimizing their operational efficiencies, maintaining strong retention and occupancy rates, and building more resilience into their assets. At the end of the day, Owners need to justify the expense and see the short-term and long-term value when cost-cutting.
Patrick and Kyle covered the following topics:
- The current climate in the multifamily industry.
- How and why proptech is the secret weapon to multifamily’s
economic resiliency. - How proptech addresses operational efficiencies in multifamily.
- What is centralized leasing and how it benefits owners and operators of multifamily assets.
- How to implement these solutions while staying within budget.
- Integrations and installations within existing multifamily properties.
Connect:
Kyle Finney - https://www.linkedin.com/in/kyle-finney/
Patrick Antrim - https://www.linkedin.com/in/patrickantrim/
Multifamily Innovation® - https://www.linkedin.com/company/multifamilyleadership/
Websites:
https://www.arizehub.com/
https://multifamilyinnovation.com/
Do you know the biggest threat to your multifamily investments? It's not a market crash or a natural disaster, it's something much closer to home.
In this episode, Patrick is joined by Marc Ness, Founder of WeatherShield. Marc is a construction expert with 20 years of experience in the insurance industry, who will reveal the hidden storm damage threat that could cost you your investments and the secret to protecting them.
Marc is a seasoned expert in the property insurance claims and construction industry, with a background that spans over two decades. He grew up in central Iowa where he developed a love for construction and worked in lumber yards and construction companies before starting his own construction company while in college.
After working for one of the top 5 insurance carriers for almost 20 years, Marc went on to oversee operations for a commercial roofing company, where he saw first-hand the challenges that multifamily and commercial real estate investors face in their investment and asset management strategies. Marc recognized a gap and created WeatherShield, a company that helps investors and property managers avoid making costly mistakes related to storm damage.
Here are some of the topics covered in this episode:
- Why multifamily investors and property managers seem lack awareness the resulting effects of storm damage.
- What things need to be considered if someone thinks they have storm damage and are considering filing a claim.
- The biggest opportunities being missed by multifamily investors.
- Common mistakes real estate investors and property managers make when it comes to managing storm damage risk.
- The importance for investors to have a thorough evaluation of their properties by someone trained in storm damage evaluations.
- Overview of WeatherShield and it's helping the industry, how to learn more and how to get in touch with Marc.
Make a Connection:Marc Ness: https://www.linkedin.com/in/marc-ness-101bbb7a/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Multifamily® Innovation: https://www.linkedin.com/company/multifamilyleadership/
Websites:
https://weathershieldpro.com/
https://multifamilyinnovation.com/
Multifamily Leadership, is an events, news, and media platform. It's where Multifamily Innovation, technology, Investments, and Leaders converge. As part of our Multifamily Innovation® Summit, we share time with innovative brands as part of our "Meet the Sponsors" series that showcases those brands that are supporting the platform to advance technology, innovation, leadership, and investments.
Be sure to register for the Multifamily Innovation® Summit at multifamilyinnovation.com
Today Patrick shares time with Mark Schmulen who is now the General Manager at RealPage SmartBuilding, but was the Co-Founder and CEO of Chirp Systems, a company acquired by RealPage.
In this episode, Patrick and Mark discuss:
- What is RealPage Smart Building and how is it making life better for apartment owners and operators?
- Mark shares how brands like Stratis, Chirp Systems, and RealPage come together while remaining focused on delivering great value to apartment property staff and management in a seamless manner.
- Mark discusses how he Co-Founded Chirp Systems and what the process was like for them as they worked closely with Camden Property Trust to develop the product, which ultimately led to the acquisition by RealPage.
- Patrick and Mark talk about how smart apartment homes and smart multifamily buildings are becoming less of an amenity and more of a necessity, and what RealPage Smart Building is doing to centralize building management and automation.
- Mark is excited about their apartment retrofit solutions and talks about the new innovations that are allowing operators to get more creative and find ways to realize cost savings, staff productivity, and operational efficiencies.
Connect with Mark on LinkedIn at: https://www.linkedin.com/in/markschmulen/
Connect with Patrick on LinkedIn at: https://www.linkedin.com/in/patrickantrim/
Register for the Multifamily Innovation® Summit: https://multifamilyinnovation.com/
Multifamily Leadership, is an events, news, and media platform. It's where Multifamily Innovation, technology, Investments, and Leaders converge. As part of our Multifamily Innovation® Summit, we share time with innovative brands as part of our "Meet the Sponsors" series that showcases those brands that are supporting the platform to advance technology, innovation, leadership, and investments.
Be sure to register for the Multifamily Innovation® Summit at multifamilyinnovation.com
Today Patrick shares time with Nishant Phadnis who Today Patrick shares time with Nishant Phadnis who is the Chief Product Officer at Rent. and has been with the company for over a decade. Nishant discusses the solutions Rent. is providing to the multifamily industry in innovative and creative ways.
Today's episode covers:
- How the Rent. rebrand is more than just a rebrand, it's a transformation and is making a difference in the multifamily industry.
- Nishant discusses how Rent. is a two-sided marketing and automation platform that simplifies the apartment renter experience by matching the right property with the right renter.
- According to Nishant, Rent. gets nearly 50 million unique monthly apartment home seekers each month coming to their network of sites.
- Rent. has launched two brand new products: RentSocial. for Snapchat and RentSocial. for TikTok.
- Attracting and Engaging are the two key pillars for Rent. with their work within the multifamily industry and how they interact with their clients.
- Rent. spends time talking with renters every day and is able to gather valuable feedback from them regarding what they want, what they need to know, and how to streamline the apartment rental process for them.
- Nishant says Rent. is obsessed with making sure their client experience, and even potential renter experience, is as delightful as possible while providing valuable solutions.
Connect with Nishant Phadnis on LinkedIn: https://www.linkedin.com/in/nishantphadnis/
Connect with Patrick Antrim on LinkedIn: https://www.linkedin.com/in/patrickantrim/
Register for the Multifamily Innovation® Summit: https://multifamilyinnovation.com/
Henson Orser founded Two Dots, a venture-backed technology company dedicated to solving the problem of apartment leasing fraud using some of silicon valley's most advanced AI, while bringing operational excellence to multifamily property managers along with it.
He started his career working in banking at Goldman Sachs in New York. After a successful trading career, Henson made the jump to working as one of the first employees at another VC-backed technology company helping apartment property managers increase ROI through digital marketing to their residents. After seeing up close what a time-consuming and expensive problem leasing fraud was for property managers, he realized there weren't any great companies solving the problem end-to-end and that’s how he founded Two Dots.
In this episode, we covered:
- What the Two Dots journey is all about.
- How is this tool different in giving results from other products in the multifamily market.
- How this tool can efficiently help apartment property managers in verifying income and employment, and fraud prevention.
- What problem is it solving in terms of apartment leasing processes.
- What are the exciting things Two Dots can bring to the future of multifamily.
Connect with Henson Orser on LinkedIn
Joe Curd is the Director of Multifamily National Accounts at Stealth Monitoring. Stealth protects assets for businesses with high quality video monitoring and surveillance.
In multifamily, there is a significant worry about security. One of the top reasons a resident does not renew their lease is that they feel unsafe and uncomfortable on a property.
We want residents to feel safe while on the property. Current systems are mostly used after a problem has occurred. Being able to tell residents “we caught it on camera and sent the footage to the police” is not comforting because the crime still happened.
Stealth Monitoring fixes this by using speakers to alert the problem-causer that they’re on camera, scaring them off before there is any real problem.
Also by using 24/7 eyewitness surveillance, self-guided tours become less risky since any damage would be caught on camera. Any attempt at theft would be stopped in its tracks. Many of the reasons that make collecting drivers licenses before touring necessary would be reduced.
In this episode, we covered:
- Why the current security systems on place in multifamily properties (such as closed circuit TV and patrols) are ineffective
- How a reputation for safety issues scares off ideal prospects, particularly for two or three bedroom apartment units
- What additional expenses occur in multifamily as a result of higher crime and safety issues
- What top multifamily investors are preparing for by putting a bigger focus on safety
- Why resident retention and amenity criteria surveys are inaccurate, and what to look for that doesn’t make those lists
- Where self-guided tours are going to be in 10 years
- How a proactive surveillance system fills the holes that a standard reactive system has
Connect with Joe Curd on LinkedIn
Nice healthcare gives residents access to cost-effective healthcare right in their apartment.
In this episode, we sit down with John Young who is the Senior Vice President of Growth at Nice Healthcare and Kelly Krasner the Vice President of Growth.
Why are we talking about healthcare for residence in a Multifamily Podcast? Because, smart investors focus on long term investments in “community” to support a positive brand.
As property owners, we’re providing so many essential services like running water, utilities, access to communications with internet, TV, Wi-Fi services. Right now we’re looking at better ways to provide these services - if that be solar or participation in revenue sharing for these services.
Our residents have purchasing power over these things. In other words, the money they’re not spending with us is going to these things. It’s good business to increase the purchasing power of your residents.
We want our residents to be successful, and healthy.
Just like our employees. We know that when we invest in health programs for our employees, we see that as an investment with great returns. It’s good for all.
4.5 million people quit their jobs in March alone. And that’s been going on for a while now. So where do people get access to healthcare if they’re no longer working?
Imagine you could offer at your apartment community comprehensive, on demand, in-home and virtual care that’s affordably priced and delivered by highly trained clinicians.
Our guests are redesigning comprehensive healthcare for Multifamily residents by utilizing a mix of technology and in-home care. They offer your residents in-home and virtual primary care, virtual mental health therapy, and virtual physical therapy services.
In this week’s episode, we covered:
- How to reach Alpha Returns that go beyond what other operators achieve
- Why removing the “middleman” can increase revenue for multifamily properties and improve the resident experience
- Where residents are spending their money and what the multifamily industry can do to help that process
- How healthcare access is a huge boon for residents and why it makes perfect sense for multifamily
- What current customers do to try to keep access to Nice Healthcare after moving because they love it so much
Curious if this would work in your apartment community? Talk to a Nice Healthcare expert.
Connect with John Young on LinkedIn
Senior VP of Growth at Nice Healthcare
Connect with Kelly Krasner on LinkedIn
VP of Growth at Nice Healthcare
Meeting Recap: Multifamily Innovation® Advisory Council
The Multifamily Innovation® Advisory Council now has over 1.5 million apartment units being represented. The council is on track to grow to north of 3 million units by end of year, with a focus of being the catalyst for innovation, through delivering insight to leaders across the industry.
This show is where we report back key trends and findings from within these meetings so that the industry can advance and build technologies that knock down problems or create bigger and better futures for Multifamily companies.
A Multifamily Companies ability to innovate is a key factor for sustained growth, economic viability, increased well-being, and the development of communities.
Kyle Finney is a Business Development Manager at Arize. He works with real estate professionals to attract residents. Kyle is responsible for spearheading high-return marketing and sales campaigns.
Arize is a smart home technology company that focuses on sensors and alarms. Their systems find minor issues and notify maintenance before they develop into serious problems (like water leaks). They also help with security, utility optimization, and enable self-guided tours after hours.
In this episode, we covered:
- Why partnering can lead to more benefits than just buying a product
- How smart home tech as an industry is changing and growing
- How Arize keeps its clients on the forefront of smart home technology instead of selling a product and being done
- What smart home technology does to affect NOI and daily expenses
- How Arize adapts to the specific situation their customers are in to provide tailored experiences
- Why it’s important to have smart home tech that is built specifically for multifamily properties instead of single family homes
- Why many properties claim they “can’t afford” smart home technology and hurt their NOI as a result
- How machine learning AI is being implemented to help make smart home technology even more effective
Kyle Finney
Business Development Manager at Arize
Join us for a recap of the Multifamily Innovation® Advisory Council meeting.
The Multifamily Innovation® Advisory Council announced today its formal launch with over 1.5 million apartment units being represented. The council is on track to grow to north of 3 million units by end of year, with a focus of being the catalyst for innovation, through delivering insight to
leaders across the industry.
This show is where we report back key trends and findings from within these meetings so that the industry can advance and build technologies that knock down problems or create bigger and better futures for Multifamily companies.
A Multifamily Companies ability to innovate is a key factor for sustained growth, economic viability, increased well-being, and the development of communities.
The innovation capabilities of the operations include the ability to understand and respond to changing…
Parag Goswami is the co-founder and CEO of clik.ai. He previously owned an underwriting company and saw the pain of the repetitive tasks being handed…
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The post The New Way to Tackle Multifamily Underwriting, Make More Deals, and Save Money appeared first on Multifamily Innovation®.
David Aaronson is the founder of Refuel Electric Vehicle Solutions (REVS). Having previously spent decades working within real estate, he now aims to help the…
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The post Adding Revenue Streams to Multifamily Properties with Electric Vehicle Charging appeared first on Multifamily Innovation®.
Kyle Burkett is the managing director of asset management at Nicol Investment Company. He helps define the company’s growth strategy and runs the operations and development programs of the organization. He started in real estate when he was 19 as a leasing consultant, and now has a focus in multifamily properties.
In This Episode
Patrick and Kyle discuss the following:
- How the post-COVID environment is affecting the real estate industry
- Why conventional hiring is no longer effective as employee desires change
- Why it was important to launch AI-powered tours and leasing for the entire company last year
- How Nicol Investment is using chatbots and virtual leasing agents to improve margins, customer experience, and employee satisfaction
- What sort of ROI an AI can bring on a monthly and annual basis
- What the costs of missed phone calls really are
- Exactly what AI powered leasing does for you, how it works, and why it’s beneficial for multifamily properties
- How AI can pair with agentless property tours to create a flexible leasing arrangement for potential residents with unusual schedules, such as nurses
Steve Jarvis is the CEO of CredHub, and has an incredible background in travel, working for Expedia and Alaska Airlines. He’s always been on the cutting edge of technology in his sector, helping Alaskan Airlines be the first domestic airline to sell tickets over the internet, and again first to do mobile check in.
Now he is at CredHub, a company focused on helping owners and operators reduce rent delinquency while also providing incredible value to the residents. They’re able to do this by reporting monthly rent payments to credit bureaus.
In This Episode
Patrick and Steve discuss the following:
- How reporting monthly payments to credit bureaus can reduce rent delinquency by 50% or more
- Why the 10% of “credit invisible” US adults can benefit even more from this (30% among low-income adults)
- How to increase rent’s priority among all of the resident’s monthly payments
- What Steve has learned and transferred from his successes in the travel industry
- Why you need to focus on the 90% of the customer base, not the remaining 10%
- How to keep the pressure off of operators who feel like they don’t have the time to report to credit bureaus
- Why investors AND potential customers want access to credit reporting
- Where credit reporting is going in regards to selecting prospective renters
Windell Mollenido is the Marketing Director for The REMM Group. He has nearly 20 years of experience working in marketing and website development for real estate companies. He has worked in-depth with using AI to help lease apartments online and alleviate staffing issues.
The REMM Group is a real estate management company based in southern California. They stay on the innovative edge of technology and use the company’s extensive experience to help grow the value of their properties.
In This Episode
Patrick and Windell discuss the following:
- How to roll out any new technology or innovation
- How AI is helping improve the leasing experience and is becoming a necessary standard across all aspects of the industry
- What AI can be used for in multifamily businesses
- Why AI isn’t something to be afraid of (it’s already all around us!)
- What the next step for AI working with the in-person team looks like
- Why “I’m afraid my robot will tell my customers the wrong information” isn’t a problem with the right preparation
- What the evolution of AI has looked like over the last several years
- How to find the right company to help you on your company’s journey
Today, Patrick Antrim interviews Demetri Themelis, the co-founder and CEO of Knock. Knock is a software platform to efficiently attract, convert, and retain customers for commercial multifamily owners & operators.
He has led Knock in massive growth and helped many multifamily operators become more profitable. As someone who enjoys competition, he’s looking to produce the best product on the market.
- How even if the market as a whole is making most properties perform well, there are a few that stand out above the rest
- How most operators are looking at their business and how they SHOULD be looking at their business
- Renting is one of the oldest subscription model businesses and what that changes about an operator’s multifamily business
- Why the disconnect between operators and other parts of the business is hurting the potential of multifamily properties
- How having the right technology improves how investors look at a deal, and are becoming critical to the deal
- What flexibility can do for your employees and employee retention rate
- Why you need to be able to measure the advantages you’re getting from new technology instead of blindly trusting your gut
- How Knock is evolving and changing to better meet the needs of its customers
- What Knock is doing to help disadvantaged potential renters
In this episode of the Multifamily Innovation Show, Patrick Antrim hosts Trevor Park, a specialist in multifamily and real estate development who now serves as the Head of Marketing for a software company called BetterBot. BetterBot is based out of Seattle. Park’s goal is to connect people and to provide them with strategic solutions through world-class support and good data. BetterBot is a sophisticated AI chatbot. It aims to give people their time back and create more freedom in when, where, and how people can access their information. The company views itself as customer-centric.
Key Topics (2:20) – Getting away from emails
“300 million emails are sent each day, and only 18% are opened,” says Antrim, turning things over to Park to explore why that is.
Park answers that the main problem is the sheer volume of emails sent out. BetterBot helps reduce the number of emails coming in, and ensures the emails that do arrive are better leads. That frees up lots of time for property management teams.
Park says BetterBot can also help with resident retention, explaining, “By freeing up the front end, it allows you to focus on that back door.”
(4:40) – The way people consume information is changing
People want things instantly these days. BetterBot gives them instant responses, leading to a massive improvement in rent conversion times. Conversions started happening in about 13 days rather than 45.
(6:30) – Lessening touchpoints
Since Betterbot handles a lot of the preliminary questions, you don’t need to have as much back-and-forth over email.
(7:40) – The Handoff
BetterBot doesn’t try to trick people into thinking they’re talking with a human; it’s very clear and upfront that it’s a chatbot. With email nurturing, they also offer things people can do online rather than needing to connect with a human.
Park believes the handoff between the automation and the human is one of the most important parts of the technology. AI doesn’t do things better, it’s just different, and Park wants to create a good interaction and workflow between technology and humanity.
(10:00) – Texting
People are already used to being on their cell phones constantly. That platform is similar to chatbots because you can send messages without having to worry about someone being active on the other side; you can even send automated messages. Some companies have AI guided text conversations to help people make purchases or get tech support.
(11:40) – Prospect interaction
Almost 60% of traffic is coming after hours, Park says. When things come in during working hours , the leasing agents can handle it, but it’s the late-night hours when direct interaction is most valuable. The company that responds right away is more likely to get that person’s business. Plus, it’s expected! People want instantaneous results.
(14:20) – Building a bot
It takes BetterBot 3 days or less to build a bot tailored to your apartment. Then, they can adapt that so you can have it across your entire portfolio.
“By having that level of data come through, you’re able to really evaluate where the trends are coming from, where are you seeing the best ROI from your marketing sources, where are you seeing the most traffic, what’s converting well? You can start to evaluate it on a much grander scale,” explained Park. “When you’re looking at isolated data points, you can really be blinded by initial results and skewed data.”
(16:30) – Why trust BetterBot?
It’s all in the data. They’re at almost 100 million greetings. That’s 100 million data points and prospects they’re directly influencing. From those, they’ve had close to 50,000 conversions, which is an enormous impact in the market.
They’re also very transparent about sharing data points, even when it shows disappointing news. Even bad news gives you insight into trends you can then remedy.
(18:00) – The evolution of BetterBot
The company was originally focused on natural language processing. They chose to go with guided conversations instead. Those conversations work like a choose your own story book. They built from there, integrating things like virtual tours. They also rolled out email nurturing bots recently. Now, they can map what best leads to good conversions.
They want to evolve more to the resident side of things moving forward. Now, you can learn more about the resident experience even while using the chat bot.
(23:30) – Why don’t more properties use BetterBot?
BetterBot focuses on the U.S. but does have some links in Canada. Park believes the only reason it hasn’t expanded even further is because of the cost. They don’t do per-unit cost, it’s by property.
“I would say if you take your total web traffic and take out 60%, that’s pretty much the miss you have right there,” said Park. “Not being able to answer questions for people who look at your website, that’s 60% of traffic that you’re losing. Then factor in the number of emails you’ve gotten and the ones you’re able to follow up with.”
By factoring in the number of leases most properties miss out on, Park believes BetterBot pays for itself. When people try out BetterBot’s demo, they see how efficient it is.
Keep in mind, not all leads are qualified; some people are just checking out a tour or looking at the units. They might not be a lead worth nurturing off the bat, so BetterBot helps weed those out rather than leasing agents wasting their time.
(28:00) – How does this work with email?
Chatbots are limited to marketing links and websites.
“Where email comes into play is pretty much everywhere else,” explains Park. That could include places like Zillow, where people might click a link to send an email. The property can’t always follow up, so BetterBot responds for them and instantly engages with the prospect, then driving the prospect to the chatbot to schedule a tour.
BetterBot has tracked how response time influences successful signing of leases. More often than not, the first property to respond is the one that got the lead.
(30:30) – The future of leasing
Park thinks virtual tours are going to dominate the digital space. As in, being able to see the 360 view of the space while online.
“Then, when we start getting into when they’re about to convert and they want that tangible piece, this is where I truly value having a leasing agent being able to show me through a property and give me their elevator pitch on why this community is awesome,” said Park. “But I see the benefit in self-guided tours. I see being able to take yourself on your time after hours, before the office is open, what have you, and being able to actually tour the property without having to be beholden to a leasing agent’s schedule. That was huge.”
Park predicts those two will fuse, so people will be able to choose the time and day and that will determine whether it’s self-guided or not. If someone is available to host the tour, they’ll be there; if not, you can do a self-guided one.
(33:40) – Emotional vs. Logical buyers
Antrim points out that not all sales people or leasing agents are good at everything; some are good at details in the property, some are good at building strong relationships.
Park worked at Greystar for a bit and knew people who were fantastic at building relationships. People would check in just to be friendly and chat, not simply engage for transactional purposes. A chatbot can’t do that.
(35:40) – What’s it like to work at BetterBot?
“It’s like a job I have yet to consider an actual job. I get to test out new things, I get to build things, I get to explore what works and doesn’t work,” said Park. He doesn’t have a fear of failure, because everything is a team effort.
BetterBot has two different stakeholders: they have to evaluate what the consumer needs from a quality experience; but they also have to factor in their client and how they engage with the onboarding experience, reports, and so on. Those factors always have to be top-of-mind.
(39:20) – Handling tough conversations
Park says being transparent and sharing data is the best way to communicate. That’s the best way to find solutions. Maybe the company’s website is outdated and isn’t a good platform for the chatbot; maybe the chatbot is sending good leads but the agents aren’t closing them. Better performance requires a better picture of what’s going on.
Antrim points out that the multifamily industry has tons of smart people but has historically fallen very behind in technological advancements. For those that have been avoiding new tech, they’ll need to jump on soon. It’s a good time to do it, since technology is becoming more affordable and there’s more evidence to prove how automation pays for itself.
Park points out that onboarding takes time and effort; by fixing the onboarding process early and understanding what it takes to do that gets the company over that hurdle.
(44:50) – Final thoughts
Be more open to new tech solutions. Adopt one that fits your company, not one that fits the exact immediate solution you need; that way, you can build on the tech moving forward.
This episode of the Multifamily Innovation Show with Patrick Antrim features Lisa Strauser, who works with CredHub. Antrim points out that rent is increasing at the same time that people are facing financial challenges through the pandemic. Meanwhile, property managers are looking for ways to keep their net operating income up.
CredHub associates rent payments with people’s credit scores. For people who pay on time, that’s a fantastic service because it allows them to benefit from their consistent payments. For those who are often delinquent, it helps to hold them accountable by creating new incentives to pay in full and on time.
Key Topics (3:30) – More on CredHub
The idea is to help with rent collections, without property managers having to do much extra legwork. That helps both the resident and the property manager.
“Companies can attract higher-quality residents and increase resident satisfaction,” explains Strauser. “These programs provide an opportunity for property management companies to create an additional revenue stream.”
(4:50) – Credit Scores
“How is what you are doing different from what’s in the marketplace?” prompts Antrim.
The answer is simple: CredHub reports both positive and negative feedback, giving property managers some leverage if a resident isn’t making their rent payment a priority. That being said, 99.5% of reporting will be positive, Strauser says.
Rent is most people’s largest monthly payment. If they pay on time at an apartment that uses CredHub, their rent payment will then increase their FICO score by 40 points on average within just the first few months. That can result in tens of thousands of dollars in savings through lower interest rates and better lending options.
There are different plans offered by CredHub. For instance, one comes with identity protection.
(8:10) – Marketing CredHub
Antrim points out that CredHub can be another draw for people who do pay on time. CredHub even helps property managers explain to residents how this helps them, by making monthly data reviews available. That only takes about 15 minutes a month.
(10:00) – Not an If, but a When
New legislation in California levels the playing field a bit between homeowners and renters. Now, government-subsidized properties will have the option to have their rent payments reported, so they benefit the same way people with a mortgage do.
(11:30) – Saving Time and Money
15 minutes a month to go through CredHub saves an enormous amount of time, as well as saving on collections. It saves on evictions, too, Strauser says. She says CredHub reduces delinquency by about 50%.
“Even in COVID, people have held pretty steady in the delinquency lane,” says Strauser. “They haven’t gone way over the top with this.”
Short of people selling properties or leaving the business, CredHub has not had cancellations.
(13:20) – Collections
“Even in a situation where you’re facing eviction, getting to the collection and the impact to move that potential past resident to paying – or at least securing payment – sooner than any eviction process I’ve ever seen,” says Antrim.
“It’s far more productive than chasing delinquencies,” replies Strauser. “When something shows on a credit report, ironically, people find a way to settle up their debt, because there’s a consequence.”
She says some of CredHub’s partners have been able to eliminate some of their collections programs, because CredHub has been enough motivation to get people to pay. That way, you can retain all of your money yourself instead of paying a portion to a collections agency. And, you can retain it sooner.
(16:10) – Oversight
An account manager is assigned to each client, and is responsible for downloading data and getting it into the client’s portal to help them see what’s going on at their apartments.
“The biggest question we get is, ‘Do I have to let my people know?’ and ‘Do I have to get anybody’s permission?’ That’s another no. There’s no permission required,” says Strauser. That being said, she explains CredHub believes in transparency and no one likes surprises, so they have plenty of material to help explain the program to residents and talk to them about how they can benefit.
(19:00) – Starting Out
CredHub gives clients a full year to run through lease renewal dates. That way, there aren’t a ton of upfront charges, because you roll it out as the charge is added to rent.
CredHub has a 24-hour customer service line so property managers can focus on their jobs rather than on the reporting process. Most of those calls they get are from people asking about the service after they see it on their credit report. CredHub itself does not see your personal credit report.
(22:50) – Pricing
CredHub partners with All State, which provides credit monitoring and dark web monitoring, along with a $1 million protection program. That ranges from about $10-$17 person if you bought it stand-alone. But because it’s packaged with credit reporting, you end up paying about half that amount on a per-person basis.
(24:40) – CredHub’s Focus
Antrim points out that property operators are not trained in collections. That’s one unique offering. On top of that, CredHub can go up to two years back to collect on previous tenant debt by going after their credit score. That’s money most property owners would have written off and assumed they would never see.
“This actually improves the industry as a whole so someone else isn’t taking on a resident with outstanding debt. They can’t actually go to another place and rent until they take care of their previous debt,” says Strauser.
(29:50) – Looking Ahead
CredHub hopes to help you roll out a new program for the New Year, aiming to make a difference in 2022.
Resources Antrim’s direct line is (480) 780-2611. Text the word “Credit” and Antrim will send you a report that will help outline more of what was discussed in this episode.
If you’re interested, you can fill out a form on CredHub.com to get more information.
You can also email LStrauser@CredHub.com or find Lisa Strauser on LinkedIn.
Today, we will explore a whole new set of questions for how we maximize leasing operations. Our guest today is Larry Gorman, Senior Technology Executive.
Larry has 25 years experience in the multifamily industry and currently serves as the President for LeaseHawk.
He builds and leads teams to drive business value through the innovative use of technology.
Prior to LeaseHawk, Larry served as Executive Vice President and Chief Technology Officer for Invitation Homes, the largest owner/operator of single-family homes for lease in the United States.
Larry led multiple technology initiatives as part of a $20 billion merger with Starwood Waypoint Homes, delivering a unified platform for managing the business-critical operations of an 80,000-property portfolio across 17 markets in the United States.
As the Chief Technology Officer of Starwood Waypoint Homes, Larry led the technology team that pioneered the use of smart home technology in the single-family residential space.
Prior to his role at Starwood Waypoint Homes, Larry served in multiple technology leadership roles at Choice Hotels International, one of the largest lodging franchisors in the world.
He led efforts to create the hospitality industry's first large-scale, cloud-based property management system used by thousands of hotels in North America, Europe, and Australia, and was instrumental in bringing this platform to the broader hospitality market as a co-founding leader of SkyTouch Technology.
Topics of Discussion:
- What you never thought about the future of leasing
- The evolution of the leasing role
- Exploring the parallels between the multifamily and hospitality industries
- The evolution of users completing everything online (travel plans, banking, finding a home, etc.)
- How a leasing agent’s biggest fear can actually be their greatest opportunity
- Why teams should embrace technology to gain efficiency in their operations
- Demystifying Artificial Intelligence (AI) and how it can be used to gain prospects
- How to lease 24/7 without depending on a human being
Today’s renter wants control over the leasing process and access to information wherever, whenever, but today’s leasing team simply can’t keep up. On this episode, Patrick Antrim and Robert Turnbull explore Multifamily’s most adopted digital leasing solution providing renters the information they want 24/7/365 anywhere on the Internet.
Robert Turnbull is the Founder, President and COO of BetterBot and will discuss the following topics:
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Where BetterBot is at in the leasing journey
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BetterBot for Leads, and how this tool helps fight lead fatigue and deliver qualified leads
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How renters can gain control over the leasing process
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Helping leasing teams keep up with the influx of prospects and get their time back
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Where we are going with the future of leasing for consumers and property owners
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The reasons why having too many leads can actually hurt your business
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How technology can be used to sort through ILS data keep track of lost contacts
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How to get consumers the information they want quickly
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What percentage of prospects are searching for an apartment after hours
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How BetterBot is single-product focused and different from other brands
Summary The multifamily industry is changing, and it’s important to change with it. To do that, you should keep an eye on the way society is changing as a whole, the differences between generations, and the types of things people are already interested in. Technology is a huge portion of that. Multifamily needs to trend toward automation, streamlined online interactions, and no-contact exchanges of information. Think long-term and prepare ahead of time so you don’t fall behind.
Key Topics (2:45) -- Demographics is the most under-utilized tool in multifamily. Figure out who your renters are to determine larger trends. Are they moving out of the area, are employment numbers okay? If not, you might not want to build in that area, or might want to rethink your plans at least.
(6:00) – The banking industry has changed to be completely digital, with automatic online payments, money transfers over PayPal and Venmo and the like. Even money is becoming digital, with things like cryptocurrency. Consumers have spoken, and they’re saying they want to move transactions online.
(7:55) – Consider the auto industry. It’s a physical product, like apartments. You’re both selling units, and the goal is to get people to the office to make the sale. But just about no one likes the experience of shopping for a car; multifamily needs to make sure the shopping experience is a pleasant one and not something people dread. Tesla has already renovated the supply chain to go directly to the consumer. They recognize they’re selling (or will be selling) to younger generations that don’t like interaction.
(14:35) –365 Connect has accumulated a lot of data in its nearly two decades in business. There’s a disconnect between what’s happening with the customer and what property managers expect. The in-between, unexpected things are what matter here.
(17:39) – People figure that if something ain’t broke, we shouldn’t fix it. But innovation is crucial! Re-thinking the industry to come out ahead is going to be important as Gen Z becomes the most common renter.
(20:00) – Companies have this misconception that they have to shove as much information out all at once as possible. But guess what? People have pop-up blockers, and they find information overload unappealing. It can be enough to push them away. It’s better to be clean, precise, and transparent.
(22:00) -- 365 Connect helps to figure out where there are gaps in communication. There are certain features that simply aren’t on the market that need to be built, but 365 is a huge help in the meantime.
(24:20) -- Automation is going to be huge. Kirby thinks we’re going to get to the point that multifamily is completely self-service. There’s a huge turnover of on-site staff. Those folks can be repurposed to more critical roles, rather than giving them jobs that robots could handle. Having automation will also expedite leasing.
(27:40) – When you’re building software, you’re never really done with the project. At first, you’ll run into bugs you didn’t know you had. It’s better to try something and fail and adjust. You learn from your mistakes. After that, you make adjustments and send out updates to make things better. Kirby compares it to Elon Musk purposely making cheaper rockets because he knows he’s going to blow them up in tests.
(31:10) -- Everything is technology-driven. If you don’t have the proper tools in place to bring a prospect in and quickly onboard them, you’ll fall behind.
(32:56) – Even if you have a senior property, and you think that person might not be interested in technology, you need to think about who will be in that property 10 years from now. Those people will be more interested, so you should make the adjustments and investments before they get there.
(34:41) – 365 Connect does predictive technology tests. They pick their own platform apart and huddle down to innovate.
Multifamily Innovation Advisory Council -- Text (480) 780-2611 to be part of it
Investments at Different Stages of the Apartment Lifecycle
Tom Spahn, Vice President of Camber Creek
Summary: Real estate is a unique industry that faces unique challenges. When you seek out new technology, you should be careful about the investment. Tom Spahn talks about what to look for in the investments and commitments you make, how to know whether that product will be a good fit for your company long-term, and how to spot a truly great team.
Key Topics: (2:00) – A lot of companies are being fueled by the new technologies that are out there. There’s new technology for every step of the way, including plans for already-existing tenants, technology to deal with supply, management of energy contracts, pet screening, and much more.
(5:40) -- Not all tech solutions are created equal. Additionally, not all technologies are perfect fits for each company.
(6:15) – It’s hard for small companies that don’t have the manpower to innovate. It’s hard for large companies because they’re set in their ways. It’s important to really consider what will work and what will be a good fit with that team.
(8:40) -- Things are starting to focus more on tenant engagement and on flexibility. Virtual tours, access control, no-contact delivery – things that emphasize comfort and safety are really big right now. You should balance real estate fundamentals and new technologies.
(12:00) -- In the past, real estate has lagged in the technology side. The pandemic sped up the willingness to change workflows and accept new technologies. Plus, more people are coming into the space who’ve grown up with technology all their lives.
(13:20) – Any change is always going to be hard. It takes work!
(14:30) – Think about sports teams. They don’t always focus entirely on the fan experience. Instead, they focus on acquisitions of new players and team members who will do well, and thus improve the fan experience. It’s an investment, not an expense.
(18:25) -- Still, you have to be cautious when you invest. Your reputation will be staked on their success.
(19:20) -- Almost all startups pivot at some point. That requires a good team that can pivot.
(21:30) – Avoid make-or-break companies and focus on companies with reasonable long-term plans. Analyze the downsides and weigh whether the company would survive market changes.
(23:30) – When building a team, focus on how people speak about their business. Seek transparency and honesty, especially about problems. You also need the team to be well-rounded – the founder can be great, but everyone else involved should be great too. Sometimes bringing people in from outside of the industry can be good.
(26:50) -- Understand who your customer is and what they need. The best founders understand having to justify changes in approach and budget.
(28:10) -- The industry is wide open! Spahn thinks data will become more important for driving decisions. Smart buildings are on the come-up. In the construction space, because costs are going up, that’ll change how things are built.
(31:30) – Opening the dialogue and having a running conversation is important. Maybe you run into a company when it’s too early in the planning stages, but they might later be a good fit. Bring operators into that conversation.
(33:00) – Right now, the larger players are dominating. They’re likely to acquire some of the smaller companies. But, there could be other competitors coming along and challenging that dominance a few years down the road.
(34:00) – Operators need to keep an open mind and be willing to try new products and new solutions. There are a lot of exciting developments right now. At least try to have the conversations and think critically about the technologies out there that could benefit your business.
(35:10) – Spahn wants to add value to his portfolio companies and help other investors to find new wins.
Have questions? Text Patrick Antrim @ (480) 780-2611
Multifamily has typically been a low-risk operating class, but multifamily operators are facing new challenges
(2:00) – Innovation occurs not in a breakthrough moment, but in thousands of iterations. It happens with tons of failures over time.
(2:40) – Shadow Ventures is a venture capital firm that invests exclusively in seed-stage real estate technologies that the rest of the market hasn’t found yet. They had to figure out new ways to market to people, so they took a step back and considered the shifts in their business.
(4:50) – What they’d been excited about investing in before the pandemic changed, because life changed. Everyone was in their apartment day in and day out for months. That created a whole host of new things to solve for. That being said, there wasn’t as much uncertainty in multifamily as in other industries, because people will always need somewhere to live.
(6:50) – In the pandemic, most technologies were adopted mainly out of necessity. Other things already existed, but were seized upon in the shutdown, like Zoom. And there were already video chat options available – Zoom was just better. You can apply that logic to other startups.
(11:20) – Even if you invest in a technology that turns out to be second-most preferred in the market, that’s still a pretty good outcome. For instance, Coke and Pepsi are both successful. But if the potential solution you’re considering adopting is not going to improve your life or your company by “10x” then it isn’t worth the price and the challenge of switching over.
(14:20) – There are some biases around social proof – if other people like it, you assume you’ll like it.
(15:45) – Commercial real estate success correlates with macroeconomic trends.
(17:20) -- If you aren’t getting returns at 20% or better, then you’ve lost money as an investor. If a technology can’t meet that rate and takes on a lot of risk, that needs to be evaluated and considered.
(19:30) – Multifamily has to worry about tings like rent delinquency due to loss of work in the pandemic, and urban flight thanks to more flexible work trends. Technology acts as a safe haven during uncertain periods, because it gives you leverage to curb inefficacies. It also lets you eliminate needless risk. And, of course, it lets you improve customer experience.
(24:50) – The hardest thing about adopting technology for real estate is that there are so many nuanced layers, because there are physical assets you have to integrate with. That might be why the industry has been so slow to adopt new tech. There are three layers: software, physical facilities, and human capital. If one of those layers is not incentivized to participate in what you’ve built, it creates problems with the other two.
(28:20) – At the end of the day, there’s a lot we don’t know. Don’t be afraid to ask for feedback from your community.
(29:15) – Consider a hierarchy of needs. Start with the base layer, building resident health. After that is to ensure brand loyalty and drive renewal by improving resident experience. Next in the priority tier is leasing and demand automation. The last piece is data science for site selection.
(33:30) – People are starting to question their gut instincts.
(35:20) – Rethink the way you do things. For instance, leases are all 12 months long. Why? Consider whether things should be altered, and who would benefit if they were. It’s the entrepreneur’s job to think about that.
(37:45) -- Durham thinks about things from a top-down perspective. He uses the asset lifecycle as an example – think about how the different phases shift. Data science is huge in that.
(39:50) -- Optimizing building management systems by using tech to put things like that on autopilot. One example is a system that notices when water usage is different from normal so you can detect leaks, even without wifi.
(43:20) -- Multifamily technology companies have a lot of barriers to entry. It’s hard to sell to large management companies, for instance. Multifamily is battling for margins.
(46:00) – If you’re open-minded about embracing technology and thinking outside of the box, you’ll be better at improving the status quo and operations and the ROI. Evaluate your own hierarchy of needs. You’ll find the solution is almost always through technology.
(49:30) -- If the market is telling you great things, that’s demonstrated by revenue and customer base.
(50:00) – There have been lots of acquisitions in multifamily even through the pandemic. As metrics go, look for growth in venture investments. If a company is not doing things at scale, that’s not a startup, that’s a small business.
Daryl Smith, Senior Vice President and Chief Marketing Officer of Kettler.
Summary: Right now, Daryl Smith is working to create a fully-integrated omni-channel marketing platform, while also growing the name for his multifamily development plan.
Key Topics: (2:10) – Kettler is reimagining the customer experience, namely figuring out how to best use the digital tools available. Smith is trying to eliminate friction as best as possible.
(3:30) - What does reimagining really mean? Multifamily has been lagging, compared to other industries. Sit down and be bold and think about how to enhance the consumer experience for tomorrow. That includes both improving the digital experience and giving consumers more choice. Offer them both online and in-person sales experiences, so they can choose what they prefer.
(7:45) – Be bold. For Kettler, they make decisions to figure out what tools best help enable leasing configuration and digital tools. Of course, those things come with price tags, and you have to take your budget into account.
(9:50) - Keep your brand connected to your consumer through personalization. Even if consumers prefer digital contact, they still want to be able to get in contact with a human if needed.
(12:00) – What is “omnichannel?” The basis is to reduce consumer friction when they engage with touchpoints. Kettler uses curated ads showing what the property can offer. They basically use a chatbox as a leasing agent. You have to reimagine what you can do and who you can be in the digital space.
(15:00) – Kettler’s platform experience has two levels: the enterprise, which goes over basic tools and solutions the owner would need to use the assets; and the discipline, including marketing.
(17:10) - Figure out what partners can solve for what and how you can create a frictionless experience.
(20:20) – Be careful about your decision-making. Figure out who can best fulfill what you’re trying to achieve. Create a picture of what you already have and what you’re missing. Interview your on-site teams to figure that out.
(23:00) - People don’t engage with platforms in the same way. That’s why you have to have choices available. One good example of tour technologies – people want different options, like in-person, live-virtual, pre-taped virtual, and so on.
(25:40) – Of course you have to address consumers’ needs, but make sure you’re still protecting your reputation and your brand.
(27:10) – Chatbots are conversational AI tools. Implementation of that into your strategy is what extends your availability to 24/7, which today is crucial. Consumers want immediate answers. Time is intrinsically linked to engagement.
(30:00) – Any partner you choose should also be bold and innovative. The product should be challenging itself to grow along with the consumers. Consumer data is attainable – you don’t have to guess what people want, just look at the data!
(34:40) - The goal is to create an experience that consumers never want to leave. But is that really attainable? Digital tools will help. Plus people are trending way from home ownership. People like having managed care, with maintenance and amenities available.
(40:00) - Some multifamily companies are bringing services to them to make things all-encompassing. Some companies are playing with that new model. Think of Google: it remembers what you searched for and then brings new services to you, curated to your previous searches.
(42:00) - Figure out what’s broken and start fresh before you figure out what tools you want. Also figure out what exactly your consumers want. You’ll also need to consider cost and timing. Digital doesn’t just give you the opportunity to relax – it also allows you to boost engagement every hour of every day.
(45:30) - Covid changed everything. It positioned multifamily forward much faster than people could have anticipated. That isn’t necessarily a bad thing. It pushed people forward to engage better with their consumers.
(47:40) - Someone has to drive expectations. That’s true for accounting, asset management, acquisitions, and all other aspects of the industry.
(49:00) - Delta Airlines is a good example of a company that’s doing things differently. Other airlines focus on revenue building and how they can boost profits through shortcuts; Delta’s new CEO focuses on the consumer experience to impact revenue that way.
(51:00) - How do you convince your team to take on new products or ideas? Get a good team and build your relationships with one another. You all have to be in sync and work in partnership for the bottom line. Having clear lines as to who is responsible for what roles and then later combining your ideas to be in sync with a coordinated solution will help.
(54:50) - The agent experience is the frontline sales experience. Next is the employee experience, which relies on changing and enriching as cultures change. Bring in people who truly want to be part of your team and who want to be part of the digital space. Kettler is starting to measure all that.
(57:10) - Kettler is going to start focusing more on sales opportunities. There are expectations there, but they might need reimagining. Figure out what your sales-centered standards are and what your consumer-centered standards are and develop strategies based on that. Pricing is another consideration.
(59:00) - Challenge yourself to think about what’s next for the industry.
Resources: Have questions? Want to be part of the Innovation Advisory Council? Text 480-760-2811
Rachel Kish has been busy through the pandemic. She says she’s working on growing her team while focusing on acquisitions for Asset Living, all on top of dealing with things like evictions. Kish joined the Shelton Residential team in 2017, and Asset Living acquired that company in 2020.
“The joining of those two families has been a huge success for everybody,” said Kish. “Watching two different worlds collide and watching all of the success that comes out of that has been really fun to be a part of.”Kish says she’s proud of how Multifamily has responded to the pandemic. Companies made adjustments and tested new ideas extremely rapidly, and were largely successful.
“I think the pandemic emboldened us to take risks and actions that we just – we wouldn’t have tip-toed around prior to that. And I think moving forward, as we come to a post-pandemic era, we can continue with that same boldness.”Kish says it’s important to analyze the priorities for each client and see where there’s overlap so you can work efficiently.
“I feel like the most success comes in hiring great teams. Just this morning, I was texting with my managers, and I just thanked them, saying, ‘I couldn’t do what I do without you and the way that you pour into your people on-site.’ When you can find the right leaders, the execs at each of those sites, you can grow properties, you can grow portfolios. For me, that’s the biggest challenge and the great reward, also.”For a while, Kish was working on ways to try to be open, rather than figure out ways to work through closure. The response was focused on keeping people safe and keeping the virus from spreading. Now, Kish thinks people should shift the focus to making sure things stay open in a safe way.
“We have to be very nimble in the way that we create policy in that environment. Really, it’s just, how do we be open, how do we do it really well, make people feel safe and also create the community that our people really desire,” said Kish.Kish says face-to-face interaction doesn’t have to be prioritized in the same way it is now. For instance, self-guided and virtual tours have been extremely successful. However, that’s not to say face-to-face interaction is no longer important.
“Moving forward, we should continue to engage the technology to the degree that we have and look for new ways to utilize that platform. I also think we need to reevaluate how we deploy resources. In the COVID environment, we all had money set aside for social activities and then social activities got nixed. So how can we take that funding and re-deploy it so that we can still create community or be open on some level and just repurpose that money?”At one property, Asset Living used the money it saved by not having community events to hire someone to oversee the fitness center, making sure it’s regularly sanitized, and that people wear their masks. At another property, the site had an on-site housekeeper; she was repurposed to focus on amenities, and the property brought in another third-party company to take on her old role.
Kish says there are some ways she thinks people’s decision-making and habits may forever be changed. For instance, she thinks people will always keep hand sanitizer in their cars. However, when it comes to residents, people still want the same things for the most part. Properties still have to deliver on those expectations. Communication and even over-communication encouraging people that they should get out and be active, but they need to do so safely has also been important. Choosing the right staff can help with that messaging.
“You need the CDC guidance, you need the person who’s highly driven and motivated by all the rules and dotting every I and crossing every T. You need that person in the conversation. But you also need site-level people, because they’re operating within the constraints that some high-level office is feeding down to them. How practically is that working? If we don’t involve those people in the conversations, I think we run the risk of making policy for the sake of policy, which for me, doesn’t work in real life.”The client should also be a part of that conversation. Some property owners might feel differently about how to handle things than others. Remember, everyone is just trying to get through this.
Kish also believes it’s important to make things as simple as possible, especially for property owners and managers.
“‘What are my priorities? What do I value, first and foremost – not just as a business but as a person? What do I truly value?’ And then let that inform some of the policy. You have to remain energized. A lot of it is just your mindset. If we look at this challenge as an opportunity to find success in new ways, we’re going to find success in new ways. But if we understand the challenge to just be a barrier to success, I don’t think we pursue solutions with the same energy or vigor,” said Kish.Things like that are lessons you learn over time. For Kish, she remembers learning it as a young kid telling herself, “I can do this!” when she was faced with a difficult task.
Kish also thinks sometimes it’s important to be stubborn.
“Maybe I buck the system by bucking the challenge and finding ways around it. But what keeps me going is just remembering to look back. When I find myself somewhat road-blocked or stalled, I can think to myself, ‘Okay, Rachael, what other disasters have you come through and what wins did you find in those opportunities?’ And I just let those prior victories, big and small, some of them no one else would recognize or even know about, but I draw them as experiences to fuel me through the next challenge.”Kish became a Regional Portfolio Director right at the start of the pandemic, and obviously, she faced a lot of challenges. She says that amassing small victories helped other challenges to seem less daunting.
When it comes to evictions, Kish says talking to legal experts early and often has been crucial.
“As far as evictions go, they are really very necessary. And I don’t want to sound like a big, bad, evil landlord, because that’s certainly the reputation we’re getting. But the right eviction can save a lot of people and can make people safe. In a 300+ unit building or even a 100-unit building, one bad resident who’s behaving like a criminal, treating people poorly, making a lot of noise, making the property unstable – by removing that individual from that environment, we’ve made a lot of other households far more comfortable and probably more safe. So I think we need to remember what the eviction tool does for Multifamily and for the households that remain on the property after that eviction is complete.”When it comes to evictions in the pandemic, Kish says it’s important to be stubborn. You have to protect the asset, the staff, and the residents. But this isn’t about evicting people willy-nilly.
“Don’t just think that because there’s a CDC moratorium that your hands are tied, because they’re certainly not tied. If you feel like they are, get an attorney – or get a better one,” said Kish.Kish says a lot of these issues come down to whether you’re comfortable having hard conversations. Some of those conversations can be friendly but are still difficult. For instance, talking with someone who lost their job and now owes $10,000 in rent can be challenging, but doesn’t have to be adversarial; just discuss with people what’s about to happen. Offer up some ways to help or talk about potential solutions. Keep engaging people in conversation. That helps lower delinquency, because people will pay what they can, even if it isn’t the whole amount.
When you’ve hired good managers and leasing agents, that takes care of a lot of problems.
Communicate with your staff and figure out what sorts of conversations people are having repeatedly, then write a script for how to deal with that conversation in the future. Once you practice it a few times, it becomes effortless.
Kish says the Phoenix market is exploding. People are buying up properties left and right. A lot of people are coming in from out of state, too.
“The growth is very exciting, it’s very encouraging. It tells me that the growth we’re in is going to be sustainable, it’s not crazy-growth, it’s exciting. There’s a lot happening.”Kish has about 2,000 units in her portfolio currently and expects that to go up by the hundreds soon.She says she loves site teams and thinks having a great team can make an enormous difference. The more buildings she works with, the more teams she’s able to develop.
When your investor or asset manager isn’t local, it’s important to communicate often. Kish recommends taking videos rather than pictures. For instance, she might send a video of a manager or leasing agent talking about their successes and send that to the client, so they feel like they’re part of that environment.
“It’s not just about the performance metric, it’s about the people getting the job done and bringing those groups together from very far places.”The operators are juggling both the emotional and technical side. The investor should be made aware of challenges those operators face, and staff should be made aware of investor priorities.
“When we link arms and we make our industry more whole and more strong, we can fight the very real battles that we face. With the change in administration, certainly the dynamics in Arizona are changing very quickly with the rent control issue in Arizona that we’ve had some success in abating, but again, is resurrecting. We have to stay sharp, we have to stay connected, and it has to be bigger than our individual management companies,” said Kish. “Make your friends. Stay connected to others, get involved in the AMA or your local association. Look up from your portfolio, look up from the technical side of what you do and really identify, ‘How can I add some value to the industry so that I can leave a legacy, so that our work is sustainable, moving into the future?’ Because if we don’t, we’re going to take some hits, and they’re going to be big ones.”
Patrick Antrim, CEO and Founder of Multifamily Leadership, prompts Jamin Harkness to talk about what he went through transitioning his business to remote work. Harkness is the Executive Vice President of The Management Group (TMG), a company that’s ranked three times on the Best Places to Work Multifamily® list.
“It was a very uncertain time for our team. We decided to close our offices,” said Harkness.He says the teams have now started communicating weekly using Microsoft Teams, and he hopes to have the offices open again by sometime in April.
Harkness worked for the same family-owned company for 20 years.
“This family is very persistent and consistent in one thing: they set up meetings. They have a legal meeting every Monday, a maintenance meeting every Friday, and they just are clockwork with it. Even on vacations. They taught me consistency.”Harkness says he took that model to The Management Group. They have three meetings a week: one for leasing and assistant manager teams, one for maintenance teams, and one for all of the corporate department heads and managers. He says people enjoy that consistent communication and the ability to meet people from other teams that they might not interact with otherwise.
That decision to ditch the office in the first place came from meetings between leaders within the Multifamily business. They discussed things like how to run the offices, how to respond if someone doesn’t pay their rent, what will they do about service requests that will keep the maintenance people safe? Those discussions are still going on monthly.
“Unspoken expectations are the breeding ground for resentment,” Harkness says.They send out weekly questions to help keep everyone on the same page and activity reports. That form would ask simple questions, like how the respondent is feeling that day, and communicate what the organization is expecting that day. They don’t want to micromanage every minute of every day, but they want to express what the goals are. That form can be submitted at the end of the day to keep track of how well those goals are being met.
For instance, they’ll ask the maintenance staff how many work orders they’re getting and whether they have sufficient PPE. They’ll ask the leasing team what its occupancy is and how many renewals they have coming up. If the managers don’t have the numbers, they’re asked to go find them. At the end of the week, everyone reports on those answers, creating a friendly competition and a better understanding of how the company is functioning.
TMG committed to two goals before the pandemic.
“We could have easily shelved those initiatives,” said Harkness. “But we decided to lean into them.”The first goal was to create a women’s leadership group within the company.
“I needed to create a space for the females. I didn’t want to be in their meetings but I wanted to be their number one hype guy, I wanted to help set it up, support it, fund it. I wanted to bring in some of our industry leaders that I know – and some that I don’t know – and ask them to come share their advice. How can they connect? How can this group hold our company accountable?”Harkness says that’s been a tremendous success so far. The second goal was a D.E.N.I. Initiative.
Harkness says the company will occasionally shut down for a day to go on a trip or at- tend something together and discuss. This year, with the pandemic, the staff watched a documentary about a Georgia congressman and civil rights leader called John Lewis: Big Trouble. Before, the whole company went to a civil rights museum. The company remains committed to those initiatives.
“The title of what we’re talking about is winning on culture,” said Antrim. “How would you shape up the word ‘winning?’”“From the very top of our company, all the way down,” answered Harkness, “we understand that winning on culture is – ‘I want to everyday try to create an organization where our team members want to work. That’s the way we look at it.”To do that, Harkness tries to reward his team’s efforts often. He also tries to express that he supports and believes in people.
“Some days, we don’t always win. Some days, we don’t always do the best. But I try everyday to engage with the person I’m with, to be present.”Harkness says he goes to his office once or twice a week, and otherwise spends time at the properties and with the people managing those properties.
Harkness has participated in the Best Places to Work in Multifamily® program for years. That’s when he learned that it’s vital to listen carefully and to treat the team members as the asset they are.
For instance, TMG would provide lunch for the maintenance team every week and a $500 bonus each month, because they weren’t able to work from home. The entire team got UberEats gift cards, cookies, t-shirts with fun designs, TMG branded sweatshirts and sweatpants, and more. They also do a monthly employee gift program. It costs about $45 a year per employee and takes one hour to plan, but it results in monthly gifts from the company showing TMG cares and respects its employees.
He also says he’s leaning more into technology like self-guided tours. Those aren’t that common yet in the suburbs. Leasing agents were also hesitant about self-guided tours because they were worried they wouldn’t get their commission. Getting infographics, explainer videos, pop-ups, and more into the mix to educate people about the availability of those tours was important. He says they’re here to stay.
Structuring all that comes down to the property operations level.
Typically, the first person who gives a tour gets the commission. Now, TMG has people make a video ten or fifteen seconds long to send to people before their self-guided tour, welcoming them and reminding them of their appointment time. That’s how leasing agents “claim” the client now for commissions.
“Every company has a version of a CRM system,” said Harkness. “We really explored all the tools, all the triggers, what makes sense, what doesn’t make sense, what’s overly burdensome, and we really focused on what we could do with our CRM system that was already there. It helped us work remotely.”The company made other transitions, too. For instance, all the computers they purchase are laptops. They got free apps that let them link their office desk phones to their cell phones. Harkness also says that when people work from home, they don’t have any of the distractions that they might run into the office. Harkness says he had to learn to treat people like adults who respect their positions, not like they’re trying to steal from the company.
“When we return back to work, we’re very adamant that because our customer service has gone up so much with work order call backs and extra retention on renewals, we think we’re going to have somebody working from home every day.”Right now, retention and reviews are high for TMG’s apartments. He says that renewal rate might be because fewer people are moving during the pandemic, but he thinks it also comes down to customer service.
“What are some things you think operators are missing?” asked Antrim.Harkness answered by explaining that team members don’t expect their bosses to know the future, but they do expect them to be present. Those team members are scared about what’s going to happen to their positions, so trying their best to provide consistent updates and answers when possible makes a big difference.
He also makes a big point to make sure employees’ first days are pleasant and memorable. They’re greeted with a welcome box of different goodie-box style items, mixed with information they could need that first day. Harkness says that first impression is extremely important, but it’s also important to continue listening and making sure that first impression carries through and stays positive.
Pete Kelly is the CEO of Apartment Life, a faith-based nonprofit serving the Multifamily industry for over two decades. That company helped with the Loneliness Epidemic.
“About a year ago, the insurance company Cigna came out with a study that found that 60% of Americans would describe themselves as being lonely. If you’re an apartment owner or apartment operator, that’s a problem, because if your residents are lonely, that means they don’t have any roots in that community. And if they don’t have any roots in that community, they’re just as likely to move to the community down the street if they’re offering a good enough deal.”Apartment Life has a program that helps with that. Coordinators do wellness checks to see what residents need. In some cases, they might pick up groceries for those that can’t afford it, or pick up prescriptions for elderly people struggling.
“It’s not only the right thing – it’s good for people – it’s also good for the bottom line.”Kelly says on average, you can save up to $188,000 a year in marketing and overhead costs if you have a program to help with loneliness.
“Obviously, we had to pivot a little bit. A lot of what we did pre-pandemic were faith-based events. The pivot was really caring for our neighbors.”Apartment Life has a couple different models for its program.
The first uses two people who are living in the community as an ambassador for the manager. They’ll bring a proposal to property managers showing off potential event ideas and coordinating on marketing for that.
They act as a welcome wagon, throwing parties and events, greeting new residents as they move in, and keeping on the lookout for ways to help people. About 3 months before a resident is set to leave, that ambassador will go over and talk with the resident about staying. That gives people a neighborly experience that makes them want to stay. It also gives managers time to potentially change people’s minds, or find out what they did wrong that they should address.
“What’s different is, they’re not just setting up the event, they’re also playing host. And that’s a really key differentiator. If your goal is to put food on a table, you probably don’t need apartment life to do that. But if you want something to help your residents get to know each other, having somebody be really thoughtful about the event can help,” said Kelly.There’s also an off-site model, where the ambassadors are not literal neighbors, but they check in with residents to create that same feel. One coordinator is paid an hourly wage, rather than living in the community. That person looks for ways to create a sense of connectedness in the community.
Kelly says he loves technology and social media, but that technology is not meeting the core need of connection. Social media has made the country more divided and lonelier than ever before, Kelly says.
“We help residents to make friends, we help them get to know their neighbors. There’s a personalness to it that a chat bot could never replace. Even if we had the most advanced artificial intelligence that could anticipate people’s needs, there’s something about knowing there’s an actual person on the other side of that communication that makes a big difference.”Having those particular people fill that role is crucial. People simply can’t be friends with their apartment managers, because that relationship is transactional. And people don’t always extend friendship to their neighbors naturally. So those on-site neighborly ambassadors serve as the push people need.
In some lower-income communities, those ambassadors can also help meet some of the social, physical, and economic needs, Kelly says. That might mean connecting people who lost their jobs with resources that can help them pay rent and get groceries.
The visit before people renew is a situation where properties can make a real impact.
Kelly tells a story of a single mother named Kathy in Houston. The coordinator for that community went by to do a renewal visit, and learned Kathy had recently put a deposit somewhere else. She explained, she had a spider infestation that the management team hadn’t been able to solve. The coordinators expressed how sad they were to see her go and how much they’d enjoyed getting to know her. That night, Kathy emailed the team, saying she realized that she wants to raise her daughter in a community like the one she’s in, with great personal relationships with the people on site. Kelly says Kathy let go of her deposit, losing the money, and decided to stay.
“That takes a human element. I don’t know that an AI chatbot would ever be able to accomplish the same thing as an interaction like that.”Kelly says it’s hard to decide on a single event that’s been the most impactful. But he did bring up the example of Texas losing power.
“The problem with apartment owners in Texas right now is, a lot of those pipes have burst and it has created chaos. There’s a lot of people having to move out of their apartments, or their furniture has been damaged, and it’s been a really stressful time. So one ‘event’ that comes to mind is we were able to partner with somebody and raise some money for some food trucks and just say ‘Hey, we know it’s been a hard week. We just want to treat y’all to a free meal.’”Apartment Life is still working through its pivot to try to be there for people in the communities they serve. In some situations, that just meant doing wellness checks.
“But as we go into 2021 and the pandemic winds down, there’s been increasing demand from a couple different sectors. We’ve had owners of affordable communities that have reached out and said, ‘Hey, we need help with the wraparound services, and we need a solution.”Kelly says that’s been a growing arm of the business, along with senior communities. Senior communities experience a lot of loneliness. Student communities are also an area of growth, Kelly adds.
“I haven’t met anyone that works in property management that doesn’t want to create a sticky community. I haven’t met anyone that’s like, ‘I don’t like my residents,’' joked Kelly. “Generally, these are things they want to do but don’t have time to do, or don’t have time to do consistently. Or if you’re a leasing agent or a property manager, assistant property manager, and the event is scheduled for 8:00, you want to be home with your family! So it’s nice to know that the event is going to be taken care of, there’s somebody who actually lives there who cares about the atmosphere and the environment that’s working on your behalf to create that sticky community.”The Apartment Life team is also helpful in transitions to new management, since they maintain a level of consistency.
Some of this takes a bit of trial and error, where you learn what individual communities or people would be interested in. Some of that you solve by having a variety of different creative events. People will always respond to food, but you have to tap into their personal relationships too.
Apartment Life does extensive training for its coordinators. They have to be okay with a flexible, part-time schedule; they have to have administrative experience; and they have to be social. They also have coordinators form a network of other teams from different communities and cities to discuss what worked for them and what didn’t.
“I see the direction the industry is going is increasing automation. I see the use of technology to run these communities as lean as possible, so that they’re as profitable as possible, using technology to replace the transactional relationships,” said Kelly. Still though, management companies are bringing up questions about how automation might affect the feel of a community."In newer markets, Apartment Life can establish a team within about three months; in markets where the company has already set up shop, it only takes about a month.
Brady Nolan says his company is here to build something special and transformative, that can be innovative and solve big problems.
“We are really playing around the rent payments experience. In the United States, rent is a $700 billion payments industry. It’s the largest single payments industry in the world. So on a macro level, I’m excited, because we have a huge opportunity ahead of us to build a really big and special business.” said Nolan. “There’s $50 billion of late rent paid every year. $5 billion of late fees paid every year. We’ve got a big opportunity to help lots of people.”
Till’s core platform is called “Flexible Rent.”
“The idea is, rent and the policies that have been created around rent have been incredibly inflexible since kind of the dawn of time. We have introduced a platform that sits on this incredibly advanced technology and data analytics platform, really deeply understanding each individual renter sitting in every one of the communities in which we operate.”
Till has a few goals: It wants to improve the rent payment experience; it wants to solve problems around payment timing; and based on thousands of renters’ testimonies, Till believes one of the biggest challenges is how inflexible rent is.
Nolan points out that rent is due at the first of the month, which is the point when the average American has the least amount of money in their account.
“I say as a joke often – but it’s not really a joke,” said Nolan, “we’ve tried to make it as hard as possible for our renters to pay us.”
Till helps people who normally pay their rent on time budget for how to pay for rent. It supports them if they run into a short-term pitfall. It also helps design schedules that are tailored to each renter. From there, it supports people on-site. It’s also as straightforward and easy to use as possible.
“In every community where Till is offered, we’d like to see 100% of rent collected on the first of the month. And we can do that by having a platform of tools which meets each renter when they come to work with Till. It meets them where they are. It helps them stay ahead if they’re ahead; it helps them catch up if they’re behind. And there’s tools like credit boosts to help catch them up or fill any short-term gaps,” said Nolan.
He says that can’t be done with a one-size-fits all system. But when Till works with individuals, renters’ payment success rates are 97%+ in just the first month, and 100% by the third month of enrollment. Understanding your cash planning and your expenses proves very helpful.
These challenges existed before the pandemic, and still will after it passes. 60% of Americans have less than $400 in savings, and the average American experiences income volatility with at a quarter of their earnings. 50% of their post-tax income goes to rent. That makes budgeting and saving to be extremely challenging.
Right now, properties are not set up to manage different types of renters. But it starts with understanding the individual.
“Today, the way we work with renters is, we manage their collections through things like late fees, things like eviction filings, which are designed to be sticks to get renters to pay on time. But when they don’t work, when the renter misses that payment, they often just exacerbate the chance that that renter falls behind,” said Nolan.
Having a tool designed to support your teams on-site and give the renter something that is positive and designed specifically for them has been extremely helpful. These systems are proactive, rather than reactive, asking ahead of time if they might need a payment plan.
Nolan says Till was the first company to create a rental loan, where it would front money for renters who qualify. From there, they’d have a set amount of time to pay it back. A bunch of people used the product as a tool for flexibility.
“The fact is, renters that can be very predictable, very reliable on-time payers shouldn’t have credit as their tool to get them a little bit more flexibility. It should be more diligence, more balance, and committed savings. Renters that are too far behind will never qualify for that product.”
At the end of the day, this helps the money come in on the first of the month.
“When we really boil it down and share the data and walk you through, there really isn’t anything else that can compare,” said Nolan.
There’s another new facet of income and rent payments: “The idea that the W-2 is the sole source of income is just not true anymore,” said Nolan.
Because of that, the screening for renter risk needs to evolve. A glance at a pay stub when the person first signs a lease and then a hope the person renews isn’t enough.
“We only ever know what’s going on in our customer’s financial life once up at the beginning of that relationship. That affects how we set them up in the home, how we work with them, how we risk-manage, how we service. It’s all reactive.”
Integration with the customer’s bank accounts and real-time analytics shows that payroll income is a meaningful percentage but is really only 60 or 70 percent of income these days. Timing within the month also matters, because freelance gigs might not line up with when they’re getting paid from their main employer.
“We work with renters to make sure that the timing of their payments is in the most optimal state to keep rent the priority expense. What I mean by that is, as soon as income hits the account, the money for rent should be coming out and paid to the property or prioritized to the property before it goes somewhere else. That’s how we ensure payment success.”
Till believes it has two masters: the owner/operator and the renter.
On the owner/operator side, it only takes about 9 days to set Till up. The set-up period has to integrate with the property and with the renters. The communication with renters should be as automated as possible. Enrollment is optional. But Till can only help the property if renters are enrolled, so communication about it has to be effective. From there, Till’s team trains up the on-site team for the property.
Till has found that property managers spend 1-3 hours per week per late renter trying to collect payment. Till saves between 50 and 90% of that time.
“Nobody got into that business to be a debt collector. They got into that business because it’s a people business. They want to create really positive relationships with their renters, and that’s what the residents want. So we spend that training time and post-launch time with a full team that really manages their on-site relationships to make sure we are empowering them with time to go create those relationships with renters.”
Nolan says they get feedback from residents frequently. One complaint is that people who pay on time say they never hear from their property managers; on the opposite side, people who often pay late feel like they only hear from the staff when they’re demanding money. This helps alleviate that tension.
Nolan says he always asks how people are doing and what’s been going on recently. At first, people say they’re doing surprisingly well; but then, they’ll go on to say delinquency has increased. Nolan points out, that doesn’t mean things are good, it just means your expectations were low.
Through the pandemic, optimism had waxed and waned. How well a multifamily community is doing also depends on location and the jobs that are most commonly found in each area. Some properties in the middle tier have done quite well, as people move from more expensive properties and seek out a lower price point. In contrast, urban areas have struggled quite a bit.
Multifamily is resilient, but innovation can help.
Nolan says this is a very exciting time for this industry. Innovating businesses are starting to grow.
“We generally really believe that the rising tide raises all boats,” said Nolan. “You guys, as operators, should be utilizing technology platforms in your properties. We believe wholeheartedly that the relationship between the renter and – I try to avoid the term ‘landlord’ as much as possible – the operator has been kind of combative for a long time. It’s kind of been that the power is in the hands of the operator. One of the North Stars here at Till is, everything we do has to be positive for the renter. Probably 99% of things that fall into that bucket are a net positive for the property.”
Nolan says that by setting residents up to succeed, the property will make more money and the staff will be happier in their jobs. The experience should improve holistically.
365 Connect has been exclusively serving the Multifamily industry since 2003, with marketing, leasing, digital applications, portals, payments, and an array of related products.
“We pride ourselves as innovators in the space,” said Kirby.
Kirby says there’s been a gradual change in demographics in the workforce. Generation Z, people born (between 1997 and 2012) is starting to have a big impact on the rental market, now accounting for about 23% of rentals. Millennials are still the largest rental group right now, taking up about 47% of the rental space this year; but that number is down about 6% from just a couple years ago. Gen Z is catching up and has already passed up Gen X as the most active renter.
“This is our incoming workforce. It’s not just affecting the apartment market, it’s going to affect our team members and our employment base,” said Kirby.
The oldest people in Gen Z are now turning 24 years old. That means they’re recent college graduates who are now entering the job markets. They’re big advocates of remote work, listing that as one of the primary things they seek out in a job, and they felt that way even prior to 2020.
“The oldest Gen Z’ers identify themselves as ‘Z-lennials,’” said Kirby. “It’s kind of strange; it’s part of what’s called a ‘Generation Battle.’ It’s basically, the older Gen Z’ers that kind of sit on the line feel they’ve grown up as the digital revolution has evolved, whereas the younger Gen Z’ers who are there, and they just expect more and more things and more and more features to happen.”
Anywhere Operations is an IT-based operating model that’s been around for a while but is starting to evolve and come to light more these days. It supports customer service so you can deploy products from anywhere, regardless of your physical location.
Kirby says 82% of companies plan to let team members work remotely at least part of the time. They might create hybrid workspaces and change up office spaces. Since companies want their teams to be as efficient and productive in remote work as they would be in the office.
Things like Zoom and Microsoft Teams are great for communication, but Anywhere Operations does something more: data security.
“This is an entire system that is being orchestrated out there to make remote work more secure, more possible, more integrated into what we’re doing,” said Kirby.
Most offices have a secure firewall. That might not extend outside those walls. If someone logs into a company’s system from residential internet, they’re inherently going to be at risk.
Anywhere Operations is a cloud-service style service powered by firewalls. It lets people gain access to a network computer system, which lives in the cloud.
“It all lives in what’s called a ‘security mesh system,’” said Kirby. “It builds a more modular approach to security, and this is critical in our industry, where we hold a lot of sensitive information.”
Kirby says there’s a mix of people who want to go back to the way things were, and those who want to continue with remote work.
“The problem with the way things were is, trending behind us is a huge demographic that doesn’t like to talk and would rather text. They don’t like encountering people. These are your next clients, what do you do?”
Eventually, Kirby says, even ‘touchless’ won’t be a thing anymore. That’s why he says we should focus on Predictive Projects.
“It’s a project that we had in motion long before stay-at-home mandates and mask-wearing was a thing,” said Kirby. “We’ve been building technology, knowing what’s coming into the market. We know that market turns over. We know that the next generation winner is coming in, and just as we started off the year, is going to be that prominent and dominant renter in the market, so that’s what we’re looking at building technology for.”
Kirby says the coronavirus helped speed technological advancement. But there were things being built before the virus, based on predictive technology geared toward Gen Z. That means going paperless, texting rather than calling, and making things as un-complicated as possible.
Kirby says he calls this the “Uber Generation,” saying the functionality of the Uber app is reflective of the generation today. You press a few buttons, you get in a car, you get where you need to go, and no words have to be exchanged the entire time.
With today’s technology in the Multifamily industry, you can do a lot online, but at some point, you do have to interact with someone. Kirby believes the industry needs to make it so someone can apply for an apartment, get approved, sign a lease, all within a matter of minutes at any time of day or night.
Right now, AI aids about 90% of the workforce in some form or fashion. It automates something that makes the job easier. Multifamily includes a lot of AI, but application approval and lease generation – two things that have lots of special conditions – still need an actual person to look over. There are a lot of manual pieces involved. Kirby thinks those are the things that need to change to become automated, touchless, and much faster.
“I call it Search to Sofa,” said Kirby. “How can I get it search to sofa and not have to involve a staff member? That’s the question we should be asking ourselves.”
Applications for apartments have a lot of questions. Some of them go into great detail, hoping to auto-populate in the lease if the person does get approved. But a lot of that information isn’t necessary at that stage. For instance, applications will ask for vehicle information and license plate numbers? What do you do with that information if the person isn’t approved? Nothing!
Kirby says you really only need four or five things for the application. People should be approved quickly.
“I don’t think we’re ever going to get to 100% pure touchless automation on the application and lease process, because there’s always some piece. But I think we can get in the 90% range,” said Kirby. “And I think the – I call them ‘off-cases’ – can get set to the side, and there’s someone to deal with them. Would you rather deal with 100% or 7 or 8 percent? I’d rather deal with 7 or 8 percent.”
Kirby says he thinks there is enough AI out there to make this process better. People should be asked simple questions before their approval, then once they’re approved they can go through the more complex questions.
“I looked up some research on what people call ‘response.’ 90% of customers wanted an immediate response. What do you call an immediate response? It was in the study. 10 minutes or less. They want to know something right away.”
Leases have a lot of moving parts. Between AI, advanced analytics, automated processes, and more, most of those things can be automated these days.
“I think we can use hyper-automation to get there, to get 90+ percent of this done without a human touch.”
Kirby admits this might not work for every property type.
People in Multifamily are used to talking with customers. Everyone has their different processes, but a lot of people are holding on to processes that are outdated and no longer viable. The younger renters and workforce that will come into the market are not going to put up with old leasing strategies. The new generation will dictate those processes, and corporate America doesn’t have a choice in that.
Kirby recommends that leaders shouldn’t spend too much time looking backwards. Don’t revert back to pre-2020, when there was a pandemic, a record hurricane season, and wild- fires torching the West. Look forward, focusing on what might be next. Think outside the box, keep innovating, and keep trying to figure out how to make things better. Then, pay attention to how that affects your team members and your bottom line. Keep in mind, turnover costs money.
Another good idea is to pair up with tech companies, sharing some of the information you’ve gathered and walking through other potential processes. Collaboration could be key to moving forward.
“We listen to the problems people have and see if they work at scale. A couple things we’ve adopted recently is, when COVID came, a lot of people were doing what I call, ‘paper’ and said, ‘Wow, we’ve got to go digital,” said Kirby. “We tore apart what we were doing, rebuilt some things. Some of the cool things we’ve been able to do is, if somebody’s applying for something online – on an application line – typically, on the other end, that unit is still available. We’ve built some technology that says, ‘this is reserved at the moment,’ and it won’t allow you to apply at the moment. We can set timers on it.”
Kirby wants to scale things down and make things more flexible and easier. Those services should be available anywhere.
“That’s what excites us. We’re starting to create some things. And as we’re creating them, we’re starting to create some really advanced analytics,” said Kirby. Those analytics will be for big-picture data points, which can be drilled down to get more finite.”
Kirby calls those “Actionable Analytics.”
He also thinks the industry should take a look at the things it is doing well, like at automat- ed marketing, online service requests, and digital rent payments. All this could use some other pieces, but it’s going pretty well so far. But he says the onboarding process between the application and the actual move-in date has a problematic and fragmented grey area that can be vastly improved.
As far as team members, more companies are getting excited about being rated as a “Best Place to Work Multifamily®.” Vying for that title has made Multifamily better at communicating about staff’s wants and needs.
“I think we are all moving in the right direction,” said Kirby. “I think it’s about collaborating, innovating, and not thinking that – ‘Oh man, there’s some things I want to know, but I don’t want to call this company because I don’t want to get sold anything.’ Our philosophy is, we don’t want to sell you anything you don’t want. To me, collaboration is more valuable than making the sale. If we can build the right things as partners in the industry, then move things forward for everyone, then that’s the thing to do. I would encourage more collaboration between property operators and industry providers,” said Kirby.
ADHD in the Workplace Jessica Fern says she wants to start her discussion by talking about Attention Deficit Hyperactivity Disorder (ADHD) and another less-well known term called Highly Sensitive Person (HSP).
“I think when you say ADHD, you automatically have a picture in your head of what that looks like, which is probably a random bee buzzing all over the place, but one of the things I absolutely love about ADHD is chemically wired,” said Fern.
ADD (Attention Deficit Disorder) and ADHD have been combined into the same term.
“ADHD is a chemical neurotransmitter disorder that affects the way your brain processes information,” explained Fern. “It’s not necessarily that some folks can think too much like myself – it’s not that I can’t pay attention; everything gets a lot of attention at the same time. It affects different executive functioning corners of your brain. If you don’t have access to certain chemicals or do have access to too many chemicals, it can cause what’s essentially a misfire. So when you think about being impulsive, your brain might walk you through Step A, B, C, and D. My brain just goes to D, which is great because it’s one of the reasons why I firmly believe that Multifamily needs more ADHD.”
Fern says not over-thinking consequences leads people with ADHD to be fearless. She views it as a superpower. But it’s important to know how to leverage that.
Of course, ADHD shows up differently in different people. For some people the “H” – the hyperactivity portion – shows up more than it does in others. Fern says for example, her daughter is less hyperactive, but is extremely disorganized, a symptom more associated with ADD than ADHD.
Fern says HSP is related. “Being a Highly Sensitive Person does not mean that you are sitting in the dark crying after a hard day. A lot of it is just the reaction to your senses. Maybe your sense of taste, smell, hearing. For me, it’s intuition. It’s energy and how you’re impacted by things around you,” explained Fern.
Fern says she had an epiphany in the past year when coronavirus hit and a lot of the stimulus she would normally experience in her career with Multifamily came to a halt.
“I have a Ferrari brain with bicycle brakes and eat chaos for breakfast,” Fern jokes. “But when you take away all of that stimulus and you are very much stripped down to, ‘Okay, I’m just here in my office and I’m doing the same thing, and while we’re at a high level and we’re functioning at a high level, there is still removal from the external elements that can sometimes mask the struggles and the challenges. Because when you don’t have that high urgency and you don’t have that sense of – almost stress, thriving under stress, you are like, ‘Okay, well, now what do I do?’”
Fern says it took her a while to take things seriously and accept that ADHD was a part of her life, 24/7. She had to come to understand what that meant for her and her children, who she sees struggle.
Fern says her son has been a distraction in class his whole life and has been punished by being sent to the back of the classroom. She realized recently that different does not necessarily mean difficult.
“COVID has forced a lot of us out of our comfort zones to actually ask for what we need. Whether you are learning, or whether you are a leader, it is extremely important to lead and teach the way that others follow or learn and to meet individuals where they’re at.”
Identify Different Ways People Can Learn Fern says her company is working on identifying different ways people can learn. That might include anything from focusing on the pace at which you’re speaking, to ensuring the colors on your presentation slides are easily seen even by people with partial color blindness. Providing material ahead of a meeting is also extremely helpful.
“Little changes or shifts like that can make a world of difference,” said Fern. “I was almost upset with myself when I realized I had not done that for our own employees, and those are things I had just fought for and implemented in my own home. But we all have those epiphany moments, and I think it’s really important to figure out how humans are working.”
She says things aren’t the same as they used to be. For instance, we all know more about each other because of social media. So, you should support how others learn, feel, and grow on their terms, not just your own.
Authentic Leadership As far as new leadership is concerned, Fern says people should be authentic. She believes COVID separated managers and leaders, because it’s harder to lead by authority when you aren’t physically in the room with someone. It makes people’s choices become clearer.
“I think I get really spoiled because I work for an organization that really celebrates individuality and celebrates inclusion. I always feel like myself when I show up for work. I am fiercely organized, and I was showing the director my project tracker and was telling her, ‘This is just the way my brain needs to function, and all my spreadsheets talk to each other, and I have to have it this way because of my own struggles,’and she just paused and said, ‘Thank God, you have ADHD.’ For someone who feels different and operates to a different owner’s manual, those were wonderful things to hear.”
Living With Einstein Patrick Antrim, the CEO of Multifamily Leadership, mentions a new podcast Fern is producing. He says the podcast had him and his wife in tears, listening to the heavy message surrounding children’s experience during the pandemic.
Fern says it was hard to start talking about things on the pandemic, but she wants to allow others to feel okay being human. She felt compelled to share her story, and originally wanted to write a book, but felt that would be difficult for her. Instead, she started the podcast, called Living with Einstein.
“My fiancé is the one who gave it the name, because I had posted something on Facebook about [my son] Jackson getting his diagnosis at 13. And while ADHD is something that I’m very comfortable with, still, as a parent, to not only go through the process of getting a diagnosis, but then to weigh the option of medication, because it’s not really – it’s definitely a choice you can take back, it’s still really difficult,” explained Fern.
She says her fiancé joked that he nearly commented back on that Facebook post to say that living with Fern and their children is like living with Einstein, because their brains all function at a very high level.
“It’s not really until somebody else comes into our environment that we think something is different, because all three of us have it – it’s not just me, it’s me and both of our kids.”
Fern says she’s always loved Einstein.
He has a quote that says, “If you judge a fish by its ability to climb a tree, it will spend its whole life believing that it’s stupid.”
Fern feels that quote plays into how we’re missing the mark with leadership, development, relationships and more. She reiterates that you have to meet people where they are.
“We are sending people to training, expecting them to be the expert. We are saying one thing and expecting understanding. I think we have a responsibility to confirm in another person what it is we want to have been heard. I feel like we’re focusing more on what we want to say instead of what we want others to hear.”
Redefine a New Era Fern says leaders should use this pandemic and this new era to redefine what they stand for.
“If you are not authentic, or competent, or confident, you’re a distraction. People know. People know when they’re following a leader that’s not authentic. That’s why not everybody is good at everything! Pick what you’re good at and run with it.”
Leaders should be looking for ways to amplify individuals’ gifts and talents, rather than trying to fit everyone into a mold.
Fern also touches on the phrase, “Leadership of self.”
“In order to be successful, whether you are managing ADHD or managing another – I like to call them abilities, because they really are strengths, they really are gifts. Whether it is you are managing those abilities or managing people or whatever, you have to be honest with yourself.”
That includes seeing what you’re good at, what you aren’t, how you can get better, and navigating your own fears. It’s also important to have the ability to ask for what you need.
“I think a lot of times we get really in our own way with failing and fears of failing. I know I do a lot of work around fearless failure – that’s the most recent podcast episode is foundation work around failing fearlessly. But acknowledging where we are able to grow in that fear, and not self-inflict and get in our own way.”
That means that as you walk into a task and get nervous, for instance ahead of a presentation, spend some time to mull over why you’re feeling that way. Think about what’s at stake and why, and how much is just a feeling rather than an actual fact. It’s important to figure out ways to break your own patterns.
Score Culture Fern says we grow up in a “score” culture where we’re told we always need to achieve at the highest level, and we’re always compared to everyone else.
“It’s so one-size-fits-all. We really have an opportunity as leaders to create some individuality with how we move people from being willing to, to wanting to, then able to.”
Fern says some strategic ways to do that could include asking people where they need support or finding out how they learn and communicate best.
“Nobody likes an email that says, ‘Hey, can we talk?’” Fern pointed out. A lot of people will run through scenarios right away upon seeing that, thinking they’re about to be fired. A lot of people need to be communicated with in a different way.
“Really identifying what you need and what others need from you – I know it sounds so basic, but we have to go back to the basics right now,” said Fern.
The payoff will be people taking chances and sharing their ideas. Don’t create an environment where people are ridiculed for sharing ideas. Make people comfortable enough to innovate.
Fern also notes that there are many situations where people don’t know what to do with the information they’ve been given.
“I really did not come to terms with the fact that I’m someone who’s struggling with rejection for a long time. I worked with a counselor, I have almost a whole team of people that helped me work and do cognitive things and really work through some of these emotions. Number one, I was just at a point where I was just tired of feeling like I was holding my breath. And I don’t know any change that doesn’t start with somebody being tired of their own BS.”
Fern says that’s a major problem. People need to acknowledge the things that are getting in their own way, self-reflect, ask for feedback, and be willing to do something with the information you’re given about yourself.
“I try not to focus on being a leader. I try to focus on being an example, and let the leadership follow,” said Fern.
Fear of Failure Fern says that if you’re scared to ask for what you need, think about why. A lot of it will come down to fear of failure. For people with ADHD, the thought process is, you don’t know that it won’t happen, so focus on the fact that it could.
Fern has three simple steps for how to fail at things as though you have ADHD.
The first step is to think about why you’re nervous and try to care less. Usually you’re nervous because you think you have something to lose, such as friends or family or your reputation.
“What’s at stake? Usually, that is directly related to a value – family, health, wellness, knowledge, competence – if something you care about is at risk of loss, you probably won’t try to do the thing that risks that loss because it’s too great of a thought,” said Fern. “But I challenge you to always ask yourself whether or not there’s any truth behind it, or are these stories that you have told yourself.”
If you are actually at risk of losing something, talk to the person about what your worries are.
“All we’re asking you to do to manage fear is to manage the unfamiliar.”
Secondly, get to know your fear. That’s another way to manage the unfamiliar, and thus manage your fear.
“Same thing with value loss,” said Fern. “If I value competence, and I’m scared to raise my hand in a room full of people because I’m scared of how they’re going to think of me and that could violate my competence, how do I manage that loss? How do I internally say, ‘What’s going to happen if I do? What’s going to happen if I don’t?”
Build failure into part of your plan. Fern says no one is bad at anything – they’re just out of practice or haven’t had practice in the first place. If you’re trying something new, don’t expect it to be perfect.
Step three is to remove unnecessary limits.
“I hear people say all the time, ‘Oh, I’m not that person, I could never do that.’ The word ‘capability’ by definition means you don’t know what’s going to happen yet. It means you could, but you’re not going to know until you actually try. So by definition, capability is inherently limitless. Because we don’t know what we’re capable of until we actually try, so why would we put a ceiling on what should be the floor? By telling yourself you can’t, you automatically take yourself out of the game. Because what if you could! What is that space of ‘what if’? That’s where you can leverage things.”
Antrim asks how Fern works through people’s limitations with them to help them overcome them.
“It’s really working through and talking out loud what the fears are,” Fern says.
As an example, if someone is thinking about making a position change. If the person is scared, consider what’s at stake that they aren’t willing to risk losing, which is holding you back. If someone honestly considers what’s at stake, it’s simply that people don’t want to get promoted and then fail. Fern says to remember that no one is ever great at anything when they first start out.
So, now you’ve identified your fear: it’s that you aren’t ready. So, go out of your way to get more ready ahead of time. If you’re worried about upsetting or disappointing someone, talk with them ahead of time about the possibility of failure, how you’re feeling, and how you should move forward if you do fail.
“The real kicker is a ladder of inference -it’s how we make assumptions based on our own morals and ethics and things we’ve grown up with. It’s basically a path to assumption and not a lot of fact is needed to get from Point A to Point B. You can completely fabricate a story, and that’s what I like to call self-inflicted failure.”
Instead, focus on the facts that support the fear. If Fern is working with someone who’s very afraid, she makes sure to spend a lot of time exploring why that is.
Fern also likes to make sure to involve people who are being quiet. She wants to make people feel comfortable enough to share their own feedback.
Another famous quote Fern loves is, “Your story could be someone else’s survival guide.” That’s what she’s hoping for in discussing her own vulnerabilities.
Sheri Druckman, the Vice President of SRG Residential, says it’s an exciting time for Multifamily in legislation. People are going to congress, trying to promote housing initiatives. The main ones are rental assistance, eviction moratorium, and housing affordability, which are part of the American Rescue Plan.
At the start of the pandemic, California put an eviction moratorium in place; all but 6 states followed suites.
“As an industry, we really had to scramble to figure out, how do we help our residents who were impacted by COVID? What do we need to do to help support their rent deferrals and provide resources for them? That was a big, big issue for all of us as operators.”Right now, the CDC’s eviction moratorium is set to expire March 31st, but it’s likely to extend that.
Druckman says the national debt has also grown by tens of billions of dollars, which is another issue.
SRG has been helping residents with their rent deferrals and tracking rental assistance. They’re monitoring how people are applying for it and checking in to see how that affects collections and renewals.
“Over the five states that we operate in, we have so many different ways the states and cities are implementing the programs, so we really have to stay on top of it.”President Biden recently signed the $1.9 trillion American Rescue Plan, which provides $25 billion in rental and utilities, plus another $10 billion in mortgage aid and $5 billion to tackle homelessness. It gives out $300 in job aid supplement, which was going to expire, but the plan extends those unemployment benefits. It also sent $1,400 stimulus checks to anyone making under $75,000 a year.
“The mounting rental debt is up to $60 billion right now, so even with this $25 billion in rental assistance, it’s not enough for what we need. So what will happen now with this rental assistance, in how it’s being distributed is something we’re watching very closely. The intent for the relief is for housing providers to apply on behalf of the residents, to create that broad recipient eligibility. But what’s happening is, the assistance is going to be distributed by the Treasury to the state and local agencies. It’ll funnel through cities and counties, but there’s a lot of variation in how it’s being administered.”The problem is, not all states and agencies are allowing the housing providers to apply on the residents’ behalf, as the plan intended. The money is meant to go to the people who need it the most. The prioritization is first to go people who make below 50% of AMI and have been employed for 90 days. There’s also a higher threshold for people earning up to 80% of AMI.
Druckman says property managers should figure out how that money is being distributed in their individual communities and get on the registration list.
“These agencies – some are more equipped than others to handle this type of an influx,” said Druckman. The best plan is to elect one person to represent your entire region, who can deal with the state and put in a mass request for funds. That should help expedite the process.
If the funds aren’t used, they go to waste.
Druckman says through the pandemic, tons of different property management companies have come together. NAA and NMHC are an example of that.
“They historically have partnered up on initiatives, housing initiatives, and strategies for consistent messaging,” said Druckman. “NAA spearheads the advocacy efforts through Advocate, but it’s all one global housing message. When we’re speaking with members of congress and our senators and our legislators, we definitely use the guidance from both of our leaders in housing.”Druckman previously served as past president of Washington Multifamily Housing and brings that experience to her new role with SRG.
“It’s really about the passion for our industry. I think sometimes what we do is, we sometimes lose focus of why we’re even in this industry to begin with. It’s to improve housing for all. For all income types. My takeaway is to get involved, to have a voice, and to make a difference,” said Druckman.Getting involved with different organizations can help you to do that.
“We’re in a position to change housing, as housing providers. That’s a real privilege, and that’s where the reward is, is when you take those steps and team up with others in the industry to make a difference.”Druckman says in her early career, she wanted nothing to do with legislation. But when she started learning about how much lawmakers count on being educated by the people involved in the industry, she jumped onboard.
“We are facing a severe housing affordability crisis. Before, if you were to tell me ‘housing affordability’ I would only think about a HUD property or a low-income site. And that’s not the case,” said Druckman, who points out that the pandemic has put a spotlight on the issue. “This has been a crisis for years and years, but now it’s exponentially worse because of COVID.”The challenges vary by state. For example, Washington State needs 10,000 new units each year; in New York, that number is 9,000; in Arizona, its 17,000; California needs 47,000 new units each year.
“There’s so many barriers to housing that we need to overcome and work on. It’s a severe crisis,” said Druckman.New advancements are making a difference. In other counties, big housing sites are going up in days. Tiny homes might be a game-changer.
But Druckman says it isn’t just about building quicker, the materials we use also have to change. Lumbar has skyrocketed in costs. Druckman also says we need start building denser.
Right now, she’s speaking with legislators about zoning reform. The “YIMBY” Act (Yes In My Back Yard) is in the works.
“Over the years, we’ve really had to combat NIMBYism – ‘Not in my backyard.’ So part of this bill would require participants of a grant called the CDBG – the Community Development Block Grant – so it would require them to do reporting annually on how they’re working on improving density, to allow more high-density and extend the zoning for Multifamily. If you think about it, we’re not living in the 50s any longer with a one-and-a-half-acre lot sizes. We just have to think differently. We need to create more middle housing.”Druckman brings up something called hyper-local zoning. The idea is, state and local governments’ streets and blocks would be given the ability to decide how much more density they’d want in individual neighborhoods.
It’s important to create more accessible dwelling units, too. Beyond that, it would need legislation to support that.
Druckman urges people to get involved.
“There’s one great thing from COVID that’s impacted legislation: the ability for you to be able to speak on behalf of our industry virtually. Before, we’d go to the Hill and meet in person. Now you can do that virtually. There’s also what’s called Voter Voice. Your local affiliate will have a government affairs director or program that can help guide you, but there’s no reason why we can’t all get involved. The more volume we have on any given topic, the more power and more persuasive that becomes. So get involved, and educate yourself so you can educate your clients and your local senators and representatives.”In 2019, there were only about 300 people going to the Hill to talk about Multifamily. Now that that’s gone virtual, the number in 2020 was 900.
Demetrios Barnes, the Co-Founder of SmartRent, says in the future, every element of a home needs to be connected online. That means from the front gate to the operational tasks, everything should be online and have corresponding software connecting those things. SmartRent serves over 2,000 customers and was recently recognized as one of the Best Places to Work Multifamily®.
The components of a truly connected community start with “smart access” – that means making sure people can get in the gates, the common areas, and the units themselves. Energy saving and energy monitoring is important too, including connected thermostats and tracking of water usage. Also, having sensors around the community will help inform people.
SmartRent has a general protocol for in-unit connection and others for elsewhere in the community. Some rely on WIFI, some use cellular data or things like Bluetooth.
Barnes says to consider whether the problem you’re solving would benefit from use of a hub.
“For us, we can go both ways. But the value of a hub really allows data to be collected and drive action in the presence of not having WIFI or not having cellular. So you still have the ability to have a network that’s running, the devices are communicating with each other. And that’s device-to-device communication, rather than sending data out to the cloud and inflicting change,” explained Barnes.For Barnes, community-wide WIFI is crucial, and residents should be able to benefit from that WIFI. When it comes to devices, he wants a hub and he wants Z-Wave so devices talk to each other on their own network.
“In a general scenario where you are buying devices that solely rely on WIFI, there’s a really good chance that that’s a consumer device, so you don’t have the ability to have a management level of control over these various devices, because those devices require a login.”As a manager, you don’t want to have to manage 100 different logins around your community. Z-Wave removes that over-arching credentialing system and allows the devices to talk. The software provider handles the ownership.
Barnes provides the example that without managers having access, if it’s up to the resident, the resident may (accidentally or not) sign the manager out of the account so he/she no longer has any control over a certain device.
Barnes recommends contracting with a specific tech team or company. Trying to do it yourself is nearly impossible, or at the very least won’t be as good. The other problem is, tech is constantly changing.
“That being said, we are a provider that wants to help companies who believe they want to take that burden on themselves. For us, if we find a partner that says, ‘I’ve got my own website, I’ve got my own tech team, I’ve built some key things, maybe we have our own property managing software that you leverage.’ We’re a company that’s got a full suit of APIs through all of our various products. We’ve got large national and global clients that have their own system. And for us, we want to be the hardware/software experts when you’re thinking about connected communities. So if you’re working with a partner like us that can divide you a simple set of APIs, it re- ally keeps your development costs down, keeps your research down, and it gives you that security of knowing this is someone who’s done this across the globe now, which is going to cut your development down.”Barnes says when you do form a partnership with a company, be it SmartRent or any other, that company should walk you through what it’s doing and encountering every step of the way, even if they run into some bumps.
A lot of companies are making the switch to use tech for tours. That isn’t just going on a virtual tour where something is pre-filmed or you video chat a leasing agent who walks you through the unit in real-time; it includes self-guided tours. That means prospects show up to the property and take a look around themselves, without a leasing agent present. Many companies, such as Mark-Taylor, are trying this out through a pilot program to see how they like it. Barnes says most end up considering it a success.
Of course, that requires working on access. Once you’ve set up a system for access, you can expand it to include many other aspects of your community.
Barnes provides parking as an example. Managers can install technology so they can assign parking spots and see when the wrong person has parked there. They can monetize guest parking, which SmartRent is already working on. The options are endless.
“How many times have you had to go find the little kiosk station and that’s how you pay? You’re seeing this all over the country, and Multifamily is behind,” said Barnes.Barnes says there are two options right now for that parking program. The first is to pro- vide decals for residents’ cars and put signs up with QR codes.
“In both scenarios, residents get a sticker that goes with their car, and through readers and sensors around the community, we know where you car should be, where they’re at, and we can notify the resident if they’re in the wrong spot – or the manager if they’ve been in the wrong spot for too long.”Another option is to put QR codes on signs so people could scan and choose to pay to check in for however long they’d like for a particular spot. The entry for this is fairly low- cost; sensors can get a little pricier. The setup starts with a site survey; software, resident notification, and all other aspects can be taken care of in just a couple weeks.
Leak sensors have been a big deal for Barnes’ clients. He says what they save in insurance usually pays for the sensors. Residents are more comfortable knowing they don’t have to be home but will still be protected. SmartRent has installed about 500,000 around the country.
“Maybe you just have a running toilet. Well, times that by 100 runny toilets, and the cost goes up. Let’s say there’s a leak that’s happening; not only did we tell you about it, we also turn off the main water to the building.”In some cases, they may notice something irregular and catch leaks before they even hit the sensor.
SmartRent is also working with other partners, like electric companies. SmartRent can shift energy load to save the residents and management companies money. Some companies will even pay for SmartRent if you sign up for their energy saving program because it helps those energy companies manage their electric grids better. That helps avoid things like the tragedy in Texas when its electric grids got overloaded.
Barnes says return on investment is difficult to pinpoint right now for the leak sensors.
“Generally, what we see is about a 10-13% saving in various utility costs. Then there’s that hidden ROI when the catastrophe happens. We’re decreasing that response time.”Barnes says 90% of the units they’ve worked on are retrofitted. That requires working with the leaders and making sure they understand how everything works. SmartRent doesn’t want people installing or deploying things just to do it.
“The good news is, the way that we deploy our tech, there’s nothing overly proprietary about the hardware when we’re thinking about locks and thermostats,” said Barnes. They work with brands the customer is already familiar with, which makes the transition smoother.”Right now, SmartRent is working on a new product called Fusion Hub. One of the company’s larger clients already purchased 25,000 of them to go across predominantly B-style communities.
“That’s a touch screen device – 8-inch LCD,” said Barnes. “What exciting about that is, the Fusion Hub not only is the hub for the devices, it also acts as a thermostat, so now we’re combing combing devices, keeping that cost down. It also now is going to act as the gateway, the portal – whether that’s our brand, our client’s brand – it now acts again as that communication device.”Barnes says there are still people out there without smart phones or other tech. So when people move in and see that device already installed to help you control your home and engage with your property manager, it’s extremely helpful.
Another partnership they’re excited about is the one they have set up with Ring. They’re the only Multifamily partnership with the company.
“These are products that are exciting to me because it helps the infrastructure of the community. Look at Ring, they’ve got the neighborhood app where folks are talking to each other,” said Barnes. “You’re really just taking it to the next level, is where I see it going very quickly."SmartRent’s portfolio includes over 189,000 units total.To anyone on the fence, Barnes says do not miss out on making money.
“90-95% of the time, a prospect chooses a smart home over the dumb home,” Barnes laughed. “And it typically comes with a rent premium. So when you look at that alone, and I look across the other vendors in this space, we’re all moving very aggressively in the conquest of making this industry extremely smart. So why leave money on the table?”Barnes also says smart technology can make your team much more efficient. For instance, in the pandemic, virtual and self-guided tours were crucial in the pandemic.
“Lastly, we’re working with 24 of the top 25. We’ve got 169 logos under our belt just within the last year. So do you really want to show up late to the game?”
Fatima Dicko, Founder and CEO of Sugar Summary: Having a vibrant community means having connectivity among your residents. The company Sugar was named on the concept of borrowing a cup of sugar – something that involves friendly interaction, a conversation and building of trust that can bring you closer, and a shared moment that enhances friendships. Nothing will make people renew a lease like feeling part of a community.
So how do we achieve that? What tools can we use to help us get there? How might a sense of engagement change in the future, and how can we adapt and keep up?
Key Topics (3:00) Dicko’s focus is to turn mere buildings into communities. That’s done through micro-interactions and residential engagement. Isolation can be devastating.
(5:40) The convergence of old ideas can lead to great new ideas. Being first isn’t necessary if you’re different or better.
(8:00) Product adoption needs to combine utility and community engagement. The app has to have a reason to be in the app every day and be excited about it. They have to be able to hold the user’s attention too. All of this leads to product stickiness.
(11:55) The apps we use are going to switch from focusing on productivity to connectivity. They need to go beyond the bare necessities.
(16:30) Research and data can help with lease renewal. Studies show that if residents know at least two people within the community, they’re much more likely to renew their lease. You can use analytics to track how often people are using certain amenities, so you know what’s hitting best.
(19:50) Sugar is trying to understand the difference between features and benefits. Engagement features are only as good as the amount of time people spend in the app. Understand the biggest problems and figure out how to fix them. Use what people are writing on Yelp and Google to do that.
(26:40) When people contribute to the wellbeing of a space, they’re more invested in it. They take greater pride in the community and feel more connected.
(27:40) If you get a bad review, respond to it quickly! That shows engagement from management and displays that they’re willing to address a problem or intervene to fix it.
(32:10) Apps should integrate with other technologies. It’s important to figure out what your residents are happy about experiencing.
(35:20) The market is evolving, and the future is unknown. Use data to lead your marketing.
(39:11) A micro-community involves a self-sustainability component. That means removing the barriers of making things difficult to share. Sharing both relies on and builds trust.
(42:40) What are things that are going to change over time, versus things that will stay the same? What will apartments look like ten years from now, and how will people interact? The need to connect will always exist.
(45:20) Keep in mind that everything you do needs to somehow loop back to a return on investment.
(46:40) The pandemic has given the multifamily industry a good opportunity to reflect, rethink, and reimagine connection.
A bold multifamily development is setting a new benchmark for urban elegant living in the Southwest. Dale Phillips, President and Founder of Stellar Residential, the management company for One Camelback is leading one of the most ambitious construction transformations ever undertaken in Phoenix. This boutique, Class A development will deliver a vibrant use of residential space, with soaring and dramatic floor-to-ceiling views of Central Phoenix, modern and functional floor plans, upscale amenities and first-class services – all under one 11-story roof, while aesthetically adding some more glamour and elegance to the Phoenix skyline. We will share the stage with Dale as we take you through the progress updates on One Camelback and talk about the multifamily technology making it all happen.
In May of 2018, Stellar Residential was invited to participate in a project. Initially, that was intended for their contributions in property management, but that changed. They started getting involved with the selection process with the architect and design team, then the general contractors. Dale Phillips created a comprehensive marketing plan with a “Vision Session” where the team brainstormed ideas.
“We decided to make this the most memorable development in all of our careers,” said Phillips. “So, with the support of ownership, we went down a path that included a theme. I’ve always been of thematic builds, where we make commitments in the very beginning that all of the partners, from design, architecture, they all are tied to one thinking. Because this is a 1985, very iconic structure, the commitment is to the building itself.”That way, any time they’re faced with a challenging decision, they reflect back on the central theme of the building.
“Even though everyone involved in this project, to their credit, deserves to be part of it, based on their experience, the most critical component is the ability to work together and solve problems.”Phillips says this could have been a merchant-minded project, where the intent of the investment was to redevelop and then sell. Instead, they decided to make this a legacy project.
“When a tough decision is necessary, you just have to think about the fact that there’s 120,000 cars that drive by that project every day, and he wants to be proud. That’s the perfect scenario for someone like me, who’s in the twilight of his career and wants to apply my experience and feel proud as well, because Arizona is my home.”Phillips is focused on an adaptive re-use of the land. Stellar is still brand new, comparatively, but Phillips has had a long career where he’s worked with other adaptations and restorations that have prepared him for this new project.
“With our second architect, we’re well on our way to producing what probably will be the most exciting for-rent product that Arizona has ever seen.”Phillips has also been inspired by things he’s seen in his travels. For instance, he’s adding a fitness boutique rather than just a basic fitness center, based on something he saw in Milan, Italy.
Stellar Residential’s role is unique this time around.
“Anybody that’s in property management that has participated in a lease-up, typically what we are tasked with is, the developer says, ‘I just built 300 apartments, now go find 300 customers’ and you have no influence on anything at that point – the ship’s sailed in terms of any form of alterations in the size of the apartments, the configuration, the amenities.”Phillips says what normally makes things even blander from there, is that you just look up the demographics for who is most likely to live in your community, and you go after that subset of people.
“We worked it completely the other way around, where we identified 6 personas, such as single male/single female professional, married couple, empty-nester single, empty-nester family – we identified 6 critical personas that we believe would appreciate and could afford this project. And then I created a questionnaire of 25 questions surrounding expectations in the common area, preference in the floor plans, kitchen island over table. ‘If you have a kitchen island, would you like a cook top or a sink?’”Phillips says he surveyed 6 people in each of the 6 personas and wrote up summaries on their responses. Then, he pushed that over to the architect to show what would work well for their customers. Everything is being built specifically for the people they’re being built for, not what the architect thinks might be best.
Phillips gives the example of the draw of the Peloton bike. People can hop right on the bike and get a workout from home with a beautiful view overlooking mountains right from their home window. That’s a better option than going a to a gym and staring at other equipment.
“Early on, the idea was to create spaces where people could have some level of flex space. If they chose to work out in their room, we’re going to provide them with a piece of cardio equipment, no charge. If that’s what makes your lifestyle great there, I’ll give it to you.”They also did a feasibility report. Safety was the major concern, followed by size and price, but third was to see whether there’s enough space for storage. Because of that, he’s going above-and-beyond.
“So I have five stories or five floors of basement for parking. I’m over-parked. And I am going to build the largest storage containers in a basement that I think have ever been built, which is going to allow people to move a piano in. I’m going to have underground garages for your Ferrari and your Lamborghini. It’s going to be a building of convenience.”Stellar has started getting engaged in social media, sending out little teasers. But it’s on a major road and with so many people passing it every day, wondering what the project is, Phillips isn’t particularly worried about whether people have heard about it. Right now, though, it isn’t obvious that the building will be a luxury apartment.
Phillips says they’re also starting to get information about the building out, like rental rates, which will be the highest in Phoenix.
There’s also some information about the floor plans, but the overall shape of the building isn’t revealed online. The building is offering lots of different floor plans, of varying sizes. It also has a penthouse option with windows extending all the way around.
Soon, they’ll start thinking more seriously about applicants.
The building is located in Uptown Phoenix – not Downtown, a distinction that’s very important to Phillips, though he says he still loves Downtown areas. Why does the difference matter?
“It’s the best of all worlds. You’ve got an insulation from the hustle and bustle and the traffic congestion. Anybody that knows Downtown – specifically Roosevelt Row – it’s vibrant, but it’s challenging to navigate if you’re trying to get in and out quickly, and you’re subject to a true Downtown living environment of noise and disruption and what have you. Uptown is upscale, it’s sophisticated.”Stellar Residential leased an office space in a high-end plaza right across from the project, intending to do pre-leasing. They planned to print and hang up pictures of the floor plans for the apartments for people to view. But one of Phillips’ friends passed away, leaving behind a robust art collection. He hung that collection up instead, and found he generated more foot-traffic from people viewing the art than he would have from people looking at floor plans.
“It was not part of my marketing plan. It generated a good 200-250 leads that I may not have ever had. So I guess if there’s something to learn, it’s: as you’re crafting your path to success, keep some options open. Because if you’re open to new thinking, there’s always going to be an opportunity to explore,” said Phillips.In a video of Philipps giving a tour to Patrick Antrim, the CEO of Multifamily Leadership, Philipps tells Antrim, “The story is all about the building first, the intersection second, the design third, then the floor plans and the views. Every challenging decision has to tie back to our theme. It is about the building, the integrity of the building – a 1985 build. It’s going to be here for the next 5 decades, so we have to get it right. We just don’t get knocked down when someone is tired of it. It’s going to be here forever. That’s our commitment. That’s what makes our decision-making somewhat easier – not always cheap, but I think we come away with the right decisions on what to do in this build.”Phillips has been doing a lot of those tours, but not for potential renters yet. He’s just showing it off to people who are interested in the project. He says the building itself is his billboard right now.
“One of my favorite stories is when the first architecture firm would send over their draft of the floor plans. I think at one time, we were at 220 units. The average size was 20% smaller than what they are today. We had some very interesting shapes.So I challenged them, because there was a heavy New York influence here. In the 25 years I’ve been working in Arizona, I’ve learned, we’re not New York. We can learn from there, but we can’t expect our customers to be New Yorkers. Yeah, we’ll get 10% of New Yorkers living there, but we have to compete with Arizona product, which is a larger product and they like fresh air,” said Phillips.
He started marking the floor plans and sending them back with notes.
“There was one particular studio that never changed. I kept re-writing it, crossing this out, re-directing the floor path, and it was based on – in my opinion, one of the best studios exists in the Optima Signature in Chicago. I’ve been in it, and it rocks. So, I kept sending the changes back, and it just kept coming back the same. So I read it, and beat my head against this. I thought, ‘Well, there’s one way to prove this. We aren’t going to go down to Chicago, but I’m going to go to Home Depot and I’m going to fill up my truck with two-by-fours.”Phillips framed up the studio, building it from the specs. He got a refrigerator box and an oven box as placeholders for the studio so you could feel it. He walked the owners through it to show them that the design simply didn’t work. There wasn’t enough room.
“Yes, singles tend to be single occupants, but at the same time, they like company. They like to be able to cook a dinner, or whatever. It’s got to function. So the big suc- cess story there is, don’t give up in what you believe in. I didn’t want to have excuses for why 20 of the units didn’t rent. I didn’t want to say, ‘I told you so.’ I wanted to exhaust every option I had to convince someone to think differently.”Philipps had retired before starting Stellar Residential, but he realized he had more fuel in the tank and he had more ideas. He tries to learn from all he can and hopes to impart a piece of himself that can have a lasting effect.
“You touched a little bit on the amenities throughout the building. It’s a very, very challenging building in terms of common area. We cannot compete with a new build. We’re working within some very strict restraints.”During part of his demographic analysis, he found 40% of responses were dedicated to common areas and space. For instance, people said having a fitness center was absolutely crucial in the building, even for people who said they wouldn’t use it. That means it isn’t going to be packed in that center, so they might as well limit the space and fill it with a few nice things, rather than wasting space that will go unused.
The basement space will be catered to the services that make life easier. For instance, they can have on-site car detailing.
Antrim points out, people tend to ask solely about square footage and pricing, but that may not just be because those are the only things they care about; they might not know what else to ask.
“I’ve always been a student of consumer behavior, and even more so, specific to the renter’s behavior and what motivates them to make a decision to come live in one of my communities and pay me rent every month,” said Phillips. “There’s a word I like to use, which is, the ‘reveal.’ The reveal is, when you’re walking into a space that has impact. Most communities, it’s walking up to the clubhouse, going past the pool, into the model, and those are the points of reveal. Our point of reveal is, imagine you’re standing in the bottom floor of the building, the center of the atrium, and there’s a 7-story art sculpture dropping down over your head. You’re not thinking about square footage and rent anymore.”Phillips says the appeal of wanting to show that off to their friends is a big draw, even for everyday life. Because of that, it’s his team’s job to make sure to give people time to talk about what they see as the building is first being shown off.
“I almost envisioned that, with my team gaining a little confidence, if they follow my lead, if they trust me, to say, ‘Please bring someone right here and just have them stand here and let them look around. The first thing you should think about saying is: It’s not for everyone.’”Phillips says when he started Stellar, he thought he’d build a third-party management company off his experience and the relationships he’s built.
“While that is in play, and it’s growing – it’s a growing part of our company... I’ve looked at more site plans and floor plans and blueprints in the last 3 years than I did in the first 25 years.”Stellar also just built 150 apartments in Prescott, setting records in rent. Phillips is proud of that.
“When somebody asks me, ‘What does Stellar do?’ I say, ‘There’s nothing that we don’t do, as it relates to apartments.’ We’re building, we’re managing, we’re buying, we’re involved in all aspects of it, and it feels good.”Phillips says his second piece of business with Stellar was the Empire Group. They felt they could be a competitor in the single-family for-rent market, which is quite popular in Arizona. That’s an average square footage of 670-1200 square feet, with no one living above, below, or beside you, with small yards. It’s been extremely successful so far.
Stellar stabilized 180 units in 6 months and it’s now going to market.
“I don’t think you can build enough of that product. There’s a lot coming, don’t get me wrong. But the net migration numbers for Arizona are staggering.”Phillips expects population numbers are going to continue trending upwards. If four out of ten people need apartments, the city is under-developed.
“If COVID has had a positive affect on any asset class, it’s the single-for-rent product. Because they’re easy living, and now that you don’t have to commute in and out of the city, they’re located out in the periphery, where the land is more affordable.”To manage them, Phillips says, all you have to do is get out of the way.
“Our branded tagline is Living Simplified,” said Phillips. “We stepped back from every aspect of finding an apartment, touring an apartment, renting an apartment, and living in one to determine if there was anything we could do. We found a handful of items that would make it easy on someone to support our tagline, because I didn’t want to have an empty promise.”That tagline extended into the design of the apartments. They include specific furnishings that are extremely efficient, helping to make use of a small space.
As for Stellar’s lightbulb logo? “What’s it mean to you?” says Phillips.
Antrim guesses innovation and ideas.
Phillips jokes that the light is out in the logo. He links that back to their hands-off approach: The lights are out!
Really, he says, it’s just a thought-provoking image.
“We have a little commitment amongst ourselves that every milestone we hit, we’re going to create our new logo. That’s our second – that’s 2.0. 3.0 is in the workings. We just don’t take ourselves too seriously, as you can tell.”
Audra Lamoon and Scott Sheppard joined the conference from the United Kingdom to discuss emotional intelligence.
Sheppard has worked in customer service, the airline industry, and the cruise industry, and the hotel industry. He says he’s traveled to five dozen different countries through his work in the travel industry, learning about how different cultures and communities experience things differently.
“Recently it dawned on me that everyone was saying, you’ve got to say please, say
thank you – the niceties of customer service, but no one ever really spoke about how
our emotions affect our feelings, how our emotions affect our day-to-day lives. What
goes on in our mind isn’t always exposed on your face,” said Sheppard.
He says even things like the weather can impact your mood. If the weather is bad, create
the weather in your mind! Imagine somewhere with beautiful weather and tell yourself
you’ll be there one day.
Sheppard started reading books by the researcher and publisher Daniel Goleman, who
writes about emotional and social intelligence. He combined what he learned with his own
experience to create training materials to help people navigate their own feelings and deal
with personal relationships.
“I always try to explain to people, can you remember the first time you had an emotion or the first time you had a feeling? A lot of people will say around the age of 5 or 6. Who shows us those emotions? The most influential people in our lives show us the way – and that’s our parents, our friends, our siblings, our teachers. We always think at that particular time, from the age of 5, up to adolescence, up to now, we think when we do things, it’s the right thing because we were shown by our parents, siblings, teachers, that that was the right way. But sometimes it’s not, sometimes we have to change our outlook, and we have to regress back to those times for emotional healing. Sometimes we get stuck in a rut, we do the same thing again and again and we make the same mistakes again and again. But people need to understand, emotional intelligence, we’ve all got that.”
Sheppard said it’s important to check in with yourself and analyze how you’re feeling and how your emotions might impact the rest of your day. Sometimes you have to differentiate between emotions and feelings and think about how to manage both.
“On average, an adult will go through and feel 22,000 different types of feelings,” said Sheppard. “What we need to understand is where that emotion stems from.”
So what is an emotion and what is a feeling? Sheppard brings up something called the Wheel of Emotion.
In the center are seven key emotions: Happy, Surprised, Bad, Fearful, Angry, Disgusted, and Sad.
Looking at the Happy category for instance, you might feel trusting, optimistic, peaceful, playful, or accepted. What leads to those feelings could be that you’re feeling valued, thankful, or courageous. The emotion associated with those feelings is happiness. Under the Angry category, the middle ring of the wheel lists things like let down, humiliated, mad, or frustrated. In the outermost ring, you’ll find things like betrayed, disrespected, jealous, annoyed, and withdrawn.
Realizing what feeling is leading to your emotions, and what happened in the first place to make you feel that way, can help you overcome what you’re experiencing.
Sheppard suggests keeping a journal where you write the things making you feel positive on the front, and all the negative things on the back. Then, glue the back page down so you don’t dig it back up. Instead, focus on the good things. Sheppard says doing that is proven to help people sleep better and reduce stress. Meditation can also help.
From a young age, children are educated by their own emotions with the videos and movies they watch. For instance, the Pixar movie “Inside Out” breaks emotions down and shows people how your memories can evoke certain feelings. Even sad movies like Bambi make kids reflect on their own emotions.
Often, people who are very intelligent and have a high IQ have comparatively low emotional intelligence. Sheppard says the good news is, you can improve upon that.
Emotional intelligence is abbreviated “EI” or “EQ” for emotional quotient.
“It is regarded as more important than IQ – than intelligence quotient in attaining success in people’s lives, in your careers, and as individuals,” said Sheppard. “Our success of our professions today – especially since COVID – depend on our ability to be able to read people’s signals – this is what it’s about, and how you react to them appropriately.”
There are ways to strengthen EQ. You can reduce negative emotions by stepping back and appreciating someone else’s point of view; stay cool and manage stress by reflecting on how you can handle something; be assertive and express your emotions when it’s necessary, even if doing that is difficult; stay proactive rather than reactive when dealing with a person you find challenging; bounce back from adversity by being totally honest about where you failed and try to figure out what you could do better; and express your intimate emotions in your close, personal relationships.
Audra Lamoon, the Chief Happiness Officer with Livewire Performance Consultants, says she got involved with multifamily by happenstance. She was working with retail and hotels, and while working with a developer in Atlanta, she made connections that brought her into the multifamily industry.
Lamoon and Sheppard have a presentation on emotional intelligence.
Sheppard says there are five elements of emotional intelligence: self-awareness, empathy, motivation, self-regulation, and social skills.
Self-awareness is the ability to recognize an emotion in yourself. It’s the key to emotional intelligence. That includes recognizing your own emotions and understanding how they might affect other people.
“If you evaluate your emotions, you can manage them,” said Sheppard.
Sheppard recommends talking to yourself about your emotions aloud. Doing that out loud gives you the chance to hear yourself.
“You don’t always wake up in the best of moods,” said Sheppard. “But if you’re aware of it, you can start to alleviate some of these problems that might’ve gotten you to that feeling in the first place.”
Next comes empathy. Sheppard says some people confuse this with sympathy, but the two are not the same.
“The more skillful you are at discerning the feeling behind other people’s signals, the better you can control the signals that you sent out.”
Lamoon asks the audience or reader to reflect on whether you really know the difference between empathy and sympathy.
Brené Brown, a researcher professor who studies courage, vulnerability, shame, and empathy has her own definition for those terms. Lamoon plays a video of that distinction:
“Empathy fuels connection. Sympathy drives disconnection,” says Brown in the video. She breaks down empathy into four qualities: the ability to take the perspective of another person or recognize their perspective is their truth; staying out of judgement; recognizing emotion in other people, and then communicate that.
“Empathy is feeling with people,” Brown says. “Empathy is a choice, and it’s a vulnerable choice, because in order to connect with you, I have to connect with something in myself that knows that feeling. Rarely, if ever, does an empathic response begin with, ‘At least.’”
She explains, you don’t always have to find the silver lining in things or try to make things better.
Brown gives examples like, if someone tells you they had a miscarriage, the appropriate response is not, “At least you know you can get pregnant.” Or if someone says, “One of my kids just got kicked out of school,” you shouldn’t respond, “At least your other kid is an A student.”
The response you give will almost never make someone truly better. What will help is the connection you form. It’s okay to simply tell someone that you don’t know what to say. Just be there for people without trying to fix things.
“I think the dictatorial, autocratic leadership is going, going gone,” said Lamoon. “And I hope to God that these generations – these new generations rising through the ranks are going to understand empathy more than any other generation.”
Sheppard says schools in the UK are starting to incorporate emotional intelligence into their curriculum.
Lamoon shows a quote on screen attributed to President Theodore Roosevelt: “If you could kick the person in the pants responsible for most of your trouble, you wouldn’t sit for a month.”
The next key to emotional intelligence is to motivate yourself to have a positive attitude. You need motivators other than just money. Yes, money is important, but you need other targets. Not just the targets your boss gives you, but your own smart targets for yourself.
Self-Regulation, the next tool to EQ, is when you have a little control over something.
“I’m sure we’ve all been in a situation where people are pushing our buttons and keep pushing and pushing, because they want a reaction from us. Sometimes, we break. Sometimes we crumble, we let into that. Signs of bullying, signs of people being a pushover come in. But if you can understand what that is, and how to deal with it, when to say the right thing, when to walk off is key to this self-regulation,” said Sheppard.
This, like the other steps in this process, requires conscientious thinking.
Sheppard says it’s important to reflect on your conscious and subconscious mind. Sheppard says we only use about 5% of our conscious mind each day. The subconscious mind deals with the constant autopilot we put ourselves in every day. The subconscious doesn’t evaluate thoughts, memories, and feelings. The capacity for memories in your subconscious is virtually unlimited, but you have to bring those memories back up to your consciousness.
Do you remember the first time you fell in love?
“Imagine you’re going on your first date with this person,” said Sheppard. “How long would it have taken you to get ready instead of normal?” Lamoon answers it would have taken her twice or three times as long because she’d want to look good. That’s a conscious effort you make, hoping to impress. You might be more conscious about how you ate or how you acted – things that are normally subconscious/autopilot acts. Eventually, as you’re with that person longer, you fall back into autopilot.
“Don’t keep pressing play,” said Sheppard.
Sheppard says there are tools you can use to control how long an emotion lasts.
Mull over how you’re feeling. Use that emotion to facilitate cognitive process and consider whether the situation might have a different explanation than you originally thought. Understand how your emotions are linked to your relationships and consider what you’d like to do about those feelings. Then manage those emotions to promote personal growth by using your self-awareness of the situation to help cope.
Lamoon shows a December 2017 tweet from Elon Musk where he says, “Wanted again to send a note of deep gratitude to Tesla owners WW for taking a chance on a new company that all experts said would fail. So much blood, sweat & tears from the Tesla team went into creating cars that you’d truly love. I hope you do. How can we improve further?”
Lamoon says, regardless of whether you personally like Elon Musk or not, he has a high level of EQ. Lamoon says he’s shown that with his employees multiple times, for instance meeting personally with anyone who was injured while working for his company.
Another good example is the CEO of Pepsi, who went back to India to visit her family and lots of people came to see “her.” But everyone who visited didn’t talk to her; instead, they went to her parents and congratulated them for raising such a successful child. She took that idea and rolled with it, writing to her employees’ parents to tell them that they should be proud.
Sheppard says that once you make a difference in yourself, people will see that change in you.
Finally, the last portion of your EQ: recognize that your social skills matter. You may have lost some of those during the pandemic, since you haven’t been exercising those interpersonal muscles. But your people skills are paramount to success in your personal life.
Acknowledge how other people are feeling. Differentiate feelings from emotions. Accept and appreciate those emotions, then reflect on them and consider how to handle them.
Also, try to accept and handle other people’s emotions.
Patrick Antrim, the CEO of Multifamily Leadership, asks about how to “press stop” on the autopilot we live in.
Sheppard says it’s hard to take yourself out of your comfort zone, but doing so can be a good thing because it gives you a reality check. You’ll think differently. You might react differently to the same situation depending on whether you’re in or out of your comfort zone. Lamoon says changing tiny things are a good way to do that. Tiny, incremental changes are best. She gives examples like having tea instead of coffee, or reaching out to different people than the ones you talk to every day.
Sheppard says getting feedback from all parties in a group can be beneficial. He calls this 360 feedback. It helps you to learn what motivates people as well as yourself.
Lamoon recommends writing up a list of favorites and keeping it at work. That way, if you’re having a bad day and a coworker notices, they can look at your list of favorites and go get something to surprise you with to lift your spirits.
List of Audra & Scott’s Book Recommendations:
– The Chimp Paradox – Professor Steve Peters
– Emotional Intelligence – Daniel Goleman
– Working with Emotional Intelligence – Daniel Goleman
– Primal Leadership – Daniel Goleman – Dare to lead – Brene Brown
Apartment searching as we know it has changed dramatically. The current pandemic has significantly shifted the means in which apartments are being marketed and leased.
The pandemic prompted a much-needed advancement in how we work with potential renters wherein advanced technology is matched with well-trained leasing professionals. We explore the future of leasing and what you can do to prepare.
A high-level conversation to explore the pivot in communication with corporate and onsite teams in a fast and changing environment. While communities and corporate teams remain operational we will talk through what Mark-Taylor does to continue to serve valued community members and associates.
You know that feeling right after an argument? You feel kind of sick to your stomach, your head is buzzing, and you're zoned out. You regret what you said or how you said it, and you're hurt by their actions as well. Almost like a food or alcohol hangover, right?
Aaron and Jocelyn Freeman, your new favorite relationship mentors, call this "the argument hangover. The Freemans explain what an argument hangover is, what causes it, and how to clearly communicate your needs to feel understood, without having to change each other.
Today’s renter wants control over the leasing process and access to information wherever, whenever, but today’s leasing team simply can’t keep up. We will explore Multifamily’s most adopted digital leasing solution providing renters the information they want 24/7/365 anywhere on the Internet.
Welcome in, how are you? Very good. Great to be with you today. I'm excited to spend some time. This has been a hot topic. Obviously our audience is really wanting to, you know, excited to have you show up for this, this conversation. And I thought I would take a moment to just kind of give the background on what you've been working on for all these years.
You've been impacting multifamily in so many great ways. I know you've apartment guide to rentals.com. I've got a, a long list or real estate.com rent, Wiki, live person. And now you're doing something really exciting with better Basel. So tell me what that journey's been like. Yeah. Wow. I, I feel old all of a sudden hearing it,
hearing all of that. And by the way, let me just give a quick shout out. I love your format. I love it. I love what you guys are doing. The content is great. I've known Dale for a long time, and I really enjoyed listening to your sessions today. It's been, it's been great. So, so, nice work.
Yeah. So I did a, I've done a lot of that over the years. I won't say exactly how many, you know, it's interesting though. I learned, I've learned a lot in doing this as over the last, you know, 20 years that what you start out doing is not often what you end up doing. You have kind of an initial game plan,
but it changes over time. And so you gotta be flexing, flexible and willing to change. As time goes on. As we have with our product, we started with NLP and current resident. Now we're kind of doing prospective resident guided conversation. So it has been a, it's been a journey and a learning experience for sure. Well, the great news is we recognize all those brands.
Now it's time to make sure all brands use the products you're talking about. So tell me what, what are you building? Who's it for? How's it helping people? Yeah, so really it's the, the best way I can put it as better as conversational leasing. We built it for the goal of getting rid of 80% of the repetitive, low value menial tasks that leasing teams are so often bogged down doing today.
That's the number one complaint that properties have and why we have such a high attrition rate in multifamily is because they feel overwhelmed with the property. So, so today we're the most adopted bought in multi-family. That's great, but we certainly, we don't want attendance stopping there. We we've launched Lisa bought a student housing, bought affordable housing that actually has wait lists and does pre-qualifications in addition to our conventional,
but you know, it's interesting, there's so much more you can do with bot technology. We intend to, and not just being on a property website, distributing it to other social channels, but even email, like responding to emails and, and missed calls and texts. So the bot technology, there's, there's a big tomorrow coming down the pipe with automation technologies.
Can we talk a little bit about that? I know maybe by the way that the viewers have learned about it, maybe it came from a marketing conversation, maybe a technical conversation, or, or maybe it's just a consumer that's renting and they're like, I can do all these things and these other industries very well. So what's, what's the w what's really different about what you guys are building versus maybe some of the other things that are available,
I guess. So, you know, let me put it this way. So the kind of maybe answered it a slightly different way. So four years ago, our intent was to be the absolute best chat bot property websites that we could build. What we, we didn't realize that the automated technology could be repurposed. As I, as I just mentioned,
we had some aha moments in 2020 after conducting about 4 million conversations, was that, you know, wow, this bot actually really, really does work after hours. It really does save property management time and facilitates. Lisa's. What was interesting after 4 million conversations last year, we realized that 60% of the conversation happening on the bot were happening after hours. So after a 6:00 PM and before 8:00 AM,
and it saves about an eight 80 hours of time for, at the property and facilitates an average of about four leases a month. So, so we had this thesis for what we believe the bot would do for people in the industry over time. But now we've got a lot of hard data to kind of, to back that up. Does that answer your question?
Yeah. Yeah. And I, I, I'm really curious about through that data there, there's always been conversations around, you know, how to show up and prove the leasing journey and you know, all of this like that, but what, what is it truly that a renter wants, discovered anything about it? Yeah. You know what I think,
and most anyone listening will agree. They want real time accurate conversations. They want information 24, seven, three 65, and they want control of the leasing process. I mean, if you think about it, you've got, so I can, I can book a flight, pick my seat. I can upgrade my hotel. I can have pretty much any food now ordered and sent to my house.
So we are, we're basically realizing we have control over so many processes and things today. It's really not that different with, with the leasing process. They want control and they want the information when they want it. Here's what the renters don't want. They don't want lead forms. I think, and look, I've built, some sites have lots of lead forms.
So I lived a diet on the lead form, but they don't want to do that nowadays. They just want a simple, easy access to information they want when they want it. They want it 24, seven, three 65. Yeah. And, and a lot of, I would imagine mobile is driving a lot of that, especially on the fly know the,
just the tapping versus, you know, completing the long forms. I know, I know when we even do our events and things, we'll get a bounced email because, you know, they typed in the information and accurately because, you know, they, they forgot they did a dot con instead of.com. You know, like there's some kind of a typo.
And so I imagine if you could take some of those elements away from the customer and make it easy on them, that end, except with better, better. Okay. Yeah, it went, okay. So it's funny we use the term tenderized. So our F if we think about it today, especially with mobile cars, so 65% of the people using it are actually using it on mobile.
And it's a great user experience. What people don't want to do on mobile is they want to have type stuff in, right. They want to touch and swipe, swipe left swipe. Right, right. But Tinder. So, so what we realized, and one of the reasons we ended up going over to guided conversations, because you could swipe and tap.
And that's just a great user experience, especially with the mobile. And you, you eliminate some of the complexities of trying to figure out what people are saying by doing the tenderized approach of touch and swipe. Yeah. So tell me about the conversations you're having with executives today. Obviously, you know, sometimes we're talking about leasing journey, it's, it's passed on to marketing departments,
or, you know, other business leaders within the business unit, but a CEO today, it has to think about how to design a business so that it's very easy for people to become customers. Right. That would be a great thing. If you can keep the revenue going, chances are, you could reinvest in the business. And so is this a conversation you're seeing that it's,
it's taken on more of a, a global, you know, executive role in terms of, of, of caring about how to build these, these things into our business? Well, certainly when you look at operational efficiencies, when you look at the fact that my folks are going home at, you know, six, six 30 at night, well,
who's mining the Ford and having a digital agent available to answer these questions after hours becomes very effective. When you realized that I'm hiring a group of people to really, and let's, let's talk about leasing professionals, they're, they're there to provide empathy. They're having conversations. They connect with humans, the bots never going to do that. It's just giving them information.
But what's happening is we're, we're kind of putting our leasing team in almost this scenario where they have to be bots reply to email, reply, to text reply, to, and rather than doing what they do best, which is conversations with people. So when you look at operational efficiencies, let 80% of the repetitive menial, low reward stuff, be automated,
let a bot and handle, let the humans then be freed up to do what humans do best and have conversations and the thighs with the renters and provide great customer support. So every CEO and operational person should absolutely be looking at it for those metrics. Yeah. I always, I would probably only ask you this question, but I'm curious, you know,
back, even in the early days of launching some of the earlier brands that you've worked on, there's always been that moment where we've got to sell the future or, or paint the picture of a bigger and better future using this new way. You know, are you seeing any parallels by going through those transitions? I remember back in the days when we had to sell people on,
you need a website, you know, so they're coming from different areas. Are you seeing any kind of parallels to, you know, adopting this type of technology? Am I seeing parallels relative to like in the early days clients? Oh yeah. So it's funny you say that. So I think of back when we started apartment guide.com in 1999, Hey,
put in your pricing because the people that want to put in their pricing, please call for pricing. What we noticed was consumers had skipped right past it, and they went to the properties that pricing. So if you have pricing, you got 10 times the results. And so finally people figured out, well, I probably should put pricing in here because it's,
it's helping my Results. And it's really the same thing that we're seeing now. I mean, when you look at some of the, you know, is the, it does really work. Just some of the questions we get asked is this thing really going to help me? What are the pushbacks? And, and that's what we get asked. It looks cool.
It looks kind of fun, but it isn't gonna make a difference. And the reality is that it absolutely does. Again, we talked about the after hours on day 30, when we launched them, bought for property and they distributed, we do a 30 take 32 day review. And that is where you really start to see the fun because they were thinking,
my gosh, this thing is really working. Like it's working after hours, it's setting up appointments. We just got two leases as Results of the conversations. And so you have the shiny toys and look, I've been part of that. And in 2002, I was speaking in San Antonio and a guy said to me, you know, the internet, when I was running apartment guy.com,
just like the CB radio, the seventies, it's just a passing fad. I always wonder where that guy is today. But clearly the ILS is, became very much an intrinsic part of the marketing outlook and bosses are going to be very much the same way and automation technology. Yeah. And, you know, historically real estate operators, we tend to want to build our own stuff.
Let's just, you know, and, and I'm seeing a, more of a trend in partnering with real experts. And in my opening remarks, I talked about where the automotive industry we talked about, you know, I, I grew up when you had cars that had really crappy radios and, and, and because the were trying to build them and,
and I don't know, we need a radio. Let's, let's just manufacture one. And finally, they, you know, Bose gets in there and JBL gets in, there were like, these guys do sound really, really, really well. Well, and they're like, Hey, you know, there's value in partnering and people that focus on one thing and make sure that it's continually evolving,
continually developing. Are you, are you seeing any trend like that? Is this something, anybody can build themselves? Oh, wow. Loaded question. Can they possibly, but you meant to build out your own bot. We've had people try and they come back and like, this is way harder than we thought. Right. Right. And so suddenly all the resources and we're like,
look, don't, don't worry about that. We're the experts in this. If you ever see the movie city slickers with Jack plants and Billy crystal. Yeah. I think I may be dating myself, but that can be like the late eighties and early nineties Jack in his, you know, ruffian cowboy says, if you figure out, just figure the secret to life is one thing.
If you figure out that one thing, just do that. And, and for us, we, aren't doing three other things. One of the 20 products, we're kind of an afterthought, you know, we focus entirely on nothing but just bots and bot technology. And that's why we're, we're kind of ahead of the other folks. But look, if you're a property management company,
you could hire a team of 15 people for a year and it'll, it'll take a half, a million dollars to go out and do this, go with somebody that specializes in multi-family technology. And look, we're not the only game in town. I get that there were other bot solutions as well, but let the people who are experts in that manage that for you.
It's a tough technology to build and build, right? Yeah, absolutely. And to get access to all those conversations, what is influencing these conversions to appointments? Is it the way that we're messaging them? Is it the ease of it? What's what's the, what moves the needle there? I guess It's it's so, okay. When we look at,
when people come in, sometimes people come in and they want to look at, find a home. They're looking at availability, maybe it's specials. The point being is you've got to give them the information they want, but the moment that they want it. So if I wonder what your specials and your amenities are, give it to them in a second.
And once you give that to them or want to look at a Matterport video. So I want to take a look at the tours and videos. Well, what we do is we put right below that schedule appointment. And so we know that where they're going to leak to likely from after looking at a video to schedule appointment, they're going to, they're going to do that.
So the, the magic sauce, if you will, is really just giving them the information that they're looking for, the moment they're looking for it and letting them kind of guide their own path down the search, when they're ready and they have the information, they will then schedule that appointment and come into the property. And so it's just having an information.
And honestly, it's a three o'clock in the morning. It's 11:00 PM. It's at 1:00 AM. And so you have to have that information readily available. Exactly what they're looking for when they're looking for it, wherever they're looking for, it could be on the Yelp. It could be on Google. My business could be on Facebook. So tell me a little bit about,
you know, once you have this in place, how does it, how does it get into my portfolio? What's that look like? The next steps onboarding? Or is this like months as a days? Is it, Well, it depends on the product. It could be months. So the typical I can speak for ourselves that the typical process is.
And that really is the question. It's funny. We we've toyed around with doing this commercial around the, Hey is your onboarding experience band. And then we have like a 50 tons of bricks just falling on someone's head. And that's what people feel like when they think, Oh my gosh, I got to launch this new product. Oh, I got to train everybody.
It's daunting. I get it. As some of these products are very intensive, great products with us. We basically say, Hey, look, it's very simple. Give us your property name and your hydro website address. We'll build it two days. We're going to send you a link, upload it with your website provider. You're live, literally. That's all you have to do.
And when they realize how easy it is and the process and the customer support that you provide, and then they see the data, it really becomes a bit of a no-brainer because they're like, wow, this is quite simple. I didn't have to do that much. I didn't really have to train my people because while the bot does everything, so let's start deploying more.
So that's typically the path we see when we, when we introduce the bot to somebody we'll test a few properties, they see the data, the ease of implementation, and then they kind of go down the path and yeah. Yeah, absolutely. And so I'm also curious, and maybe, you know, this off the, off the cuff is, you know,
testing the assumption. Sometimes people, you know, don't engage, they don't get on the call with you because they have a presupposition about, Oh, I don't have time for this or all those things. Was there anything that you've discovered or learned that a prospective client or client had about what, how things would go, but then after they became a client,
they're like, wow, that was just a lot easier. Or that just went a little smoother than I expected. I more like testing our assumptions. Sure. Yeah, absolutely. And the assumption is this is new technology. I mean, Boston new technology, it looks cool. Hey, look, I've been around 22 years in multifamily. I've seen some shiny,
totally has come and go. I get it. And some of them were just that shiny toys. They, they look cool. But at the end of the day, they just really did. Didn't do that much. So one of the big questions we always get us, what is it doing? Where, and how does it work? Is this just another shiny toy or is this actually going to have a significant impact on my business?
And so that's the question and it's a valid one that we're getting. And it's the same question. I'd be asking as an operator. And that's why I always say the proof's in the data. The proof is absolutely in the data. When you look at what it's doing, what it's setting up, how it's facilitating leases, how it's working after hours,
and you have hard data to support that you begin to realize, wow, I'm getting a few less emails. I'm getting more appointments. I'm getting a few less phone calls, but I'm getting great conversations through the bot. And this data supports the fact that this is a digital agent working 24 seven. It is affecting my bottom line. Yeah. And that,
that data continues to grow as you enroll and enroll more clients. I imagine just getting better at knowing what those compelling points are in, in, in the technology. Are you, do you see a roadmap for a future for this? Cause I, I imagine that bots, even though they've been around, they've come a long way and there's some excitement and you mentioned senior house,
there's other aspects of what you're doing at the wait lists and these types of things. What do you see the future for them? So that's interesting. So three years ago, four years ago, but really three years ago, we thought this'll be cool. A chat bot. What we did not see to be honest with you was, and what we've learned is there are so many other issues and other channels,
whether it be missed calls, whether it be text, email, current resident, all the places that consumers can find you in all the digital landscape. And so we realized that the bot and, or more importantly, more accurately stated automation technology can solve a lot of these issues. And again, give people time back the, the proliferation or the ability for consumers to find content in.
So many places is a good thing and a bad thing because now you have to be present and available and all of these channels that's impossible. And you can't do that 24 seven. So we're a technology has kind of created this problem of you can be everywhere 24, seven. You can't really be everywhere. So let's let technology solve the problem by using some automation technologies.
And that's where we're going to be going with with all sorts of other channels, as well as tracking sources. And look, this'll be fun this time. Next year, we'll be talking about the renter's journey and multitouch action. You should, the bot offers a three-dimensional view into where the renter has been. Did they engage if they did engage? How valuable was that engagement?
And so now you can start to track the value of your marketing sources, how, how valuable they were. Did it send you an email? Was it an engagement and conversation? And then you can really put the power back in the marketing team. Folks who say, I know where my traffic's coming from. I know who's engaging based on that traffic.
And they have a much better window into decision-making moving forward. Yeah. We've, we've got a question here from Paul. He's asking, you know, are there, can you tell us about who's using the product, maybe some leading clients. I'm not sure if you can share that or not, but I think I know which Paul you're talking about too.
So yeah, we have about 120 property management companies today that are using us. We, again, last year we did over 4 million conversations. We have all of the five top largest management companies that the big five, if you will, we have a number of companies that have partnered with us. So they're re they're actually building their bot solution on top of our bot.
And so many big companies in our industry, they realized we can't build this thing. This is just impossible to manage. So you guys have the only enterprise grade solution that is scalable, that we can build on top of. And so we have some partners that we have put in place that, that are also building on top of her bot. So,
so there you go. We've got about 120 management companies, but we're going very quickly. And quite frankly, we've only been actively selling for over two years. So it has taken off very quickly. Yeah. Actually I was at an innovation summit in Atlanta and I met, I think your, your partner there. So I was let go. Yeah,
yeah, yeah. So I'm the mouthpiece, but he's the brains behind it, all the toughest. I'm asking you all these, I'm asking you all these technology questions and, and it's, it's awesome to see a leader that understands all aspects of the business, you know, and, and you have a good understanding of what these clients need. I mean,
it's like, I, I think about like you got to build a great team, you know, you mentioned the technology and how it's evolving. I mean, you're talking about like software engineers, you know, just that, but you have to build something that the customer wants the client, but also you're creating a victory for their resident, which is the win for them.
And it's, you just need to be bring all those pieces together. So it's been fun actually seeing that journey. It has. And you know, it's funny, I'll tell people I I'm a mentor for startup businesses and companies over the years. And I always say, pick your partners very wisely. They will make or break you. And I was very lucky to meet slot,
go through a friend of a friend Z had the other side of the coin. So yes, I have the industry background and knowledge and I get technology, but he got this to a whole other level in his subject matter expertise made such a difference in the decision making. And I'll be really all air, some dirty laundry. I'll tell you, I,
I loved natural language processing. I thought it was cool. And this is what we need to do. And he just said, it's not there yet. It is not there yet. And I said, well, hold on. That's the wow factor. And he goes, it made me the wow factor, but it's not working. We have the largest multi multi-family proprietary NLP engine and all of multi-family.
And so he said, look, we got to move to guided conversation and I fought him on it, but he was right. And the, and the data proved out. So picking your partners is such an important thing. And he has made such a contribution to our technology. Yeah, that's, that's awesome. I think about, you know,
w our brand brings together, it's one thing to have information about products and services, but how do you take that and bring it into the business? Who is it that helps identify those things? And I know as, as the, the, the partner team that you guys have been getting a lot of momentum and, and you're sort of scaling and growing those S aspects.
So I think it's important that investors and operators know that too, that you're, you know, you're sort of in this for the long run, and it's something that people can count on. I think through the journey, you're not going to be forced to switch Great. We're going to do a fire sale tomorrow. Yes, we did actually get a,
we self-funded for awhile. We did some investment capital. We've got a wonderful partner and our investors and we've, and they've got a lot of background in, in our, in our industry. So no, we're not going anywhere anytime soon, we're doing quite well. And there's a lot of problems that we intend on solving over these next, over these next couple of years.
So we're not going anywhere. And we want to continue to expand our product offering and look partner with as many companies that we call it, the ubiquitous bot, because the bots in so many middle of so many conversations, we realized that we need to have this integrate with self guided tour companies, which is another big thing is coming in our industry. It needs to be integrated with content appointment types.
And so we've done a ton of integration so that we can actually have the bot work in any platform with anybody at any time and, and provide that the conversation from one point to another. So that's where I come into being able to understand what some of those relationships are Slack go in his team were fantastic at building out those integrations. That's great. And are you helping brands with that?
I mean, I know like Google my business and the move to even Google themselves, understand the power of the messaging component, even, you know, ranking other companies and brands higher in search results, because they have the ability to, it's a message. I mean, that's a component too. I don't know if brands are thinking about that or you're seeing anything there.
Well, well, they are, and I'll tell you right now, Google, my business is killing it GMB. So because our bot is able to launch onto, you know, we can put it on Google, my business, Facebook, Yelp, Instagram, Twitter. So you, your name ILS is so our bot doesn't just live on a property website.
It actually can go on all of these channels. So it actually sees how well these other channels are working. And let me tell you, GMB is absolutely killing it with, with conversations. So I always tell people, they say often get asked, well, where should we put it? Well, the first is run your property website. The next is Google my business because we're seeing so many people start a conversation on GMB.
The question we get asked sometimes is, well, why wouldn't I have it just come to the website? Well, the answer is because they're probably looking for a very specific set of information. And if you have a digital agent pop-up right off GMB, then they're going to go right to where they want versus a website, which is fine, and websites are good,
but you kind of begin the whole process. You know, a bot is a user interface that, that actually allows you to get exactly what you want within a second or two. And so I say, put it on GMB nexus, probably Facebook, then Yelp, then maybe Instagram and a few others. But those are where we're seeing a ton of pickup and Google my business being one of them.
Yeah. That's amazing fun stuff there. And I've got a question here from Josh. She's asking automation technology gives the front office time, their time back. Of course, that's, that's a great aspect. Would love to know how many property management companies are using automated technology. I think kind of addressed that a little bit, but is this in automation giving time back?
Well, so there are other kinds of automation technology. There's ours. Ours is really on the front end. So today it's very much in any it's on their property websites on the front end of the consumer funnel. You do have other automation, other automation technologies that actually can respond to your text messages and your emails that are post to guests card, maybe manage more of the consumer,
the perspective, excuse me, the current resident. And so look, here's the, I think a friend of mine Jennifer's to joke is I've known for many years, said at NAA last year, or whenever the last Nia, we look automation, AI bot technology are coming and they're staying. So they're not going anywhere. Pick your technologies and the ones that solving your biggest pain points today and start engaging them and optimizing.
So, so yes, there's other automation technologies. I think we're probably at about 40% of the active marketplace and adopting this. So we've got a long ways to go there, different kinds of technologies you can deploy. That's great. And are, do you see an aspect, like at what point does it interact with the leasing agent? Is there any human takeover aspect or a,
to really that conversation, I guess, that you focused on? Yeah. So before I came here, I was at a company was the largest tech company in the world. And so my job is to deploy chat worldwide. Like it was kind of a big footprint. What I realized going into multifamily here in the U S is that chat was there's challenged because in multi-family the people,
as we said are so busy, they really don't have the ability to sit there and wait for a chat. So getting someone on the other end to answer was actually very difficult. You can deploy that to a chat center or a call center and, and there's some good ones out there. They're never going to entirely know the property as well is that property agents is going to know that.
So, so what we learned is chat was difficult. There is a tech, there is a concept where, Hey, if the bot gets in trouble, then let's put a hot transfer to human, which sounds great. That sounds like, Oh, well, that makes sense. The problem is the, the it's very clunky. It's not easy to do.
You're waiting for a human people, get frustrated. Then the human has to review all of the contents, see what the conversation was. And they just went from a one-second response and a bot to now a 38 seconds up to 45 second response. So what we call human transfer of bot to human transfer sounds cool, but it actually really does not work that well in practice,
the C-SAT scores or customer satisfaction scores for that are below 35%. That's not a good customer satisfaction score. So we actually take a different tactic. We encapsulate the conversation, get that off via an email or into the lead center. And we put what the conversation is, but the property can see, wow, this is a really interesting conversation. They have a lot of great questions.
Okay. Here's what I need to do and they can respond. So that's how we handle it on our side. And I would just be very careful of the, what we call it, the hot transfer to human. It doesn't always work so well. Yeah. I mean, it feels like we're always trying to get new traffic, new leads, new rentals.
And it sounds like even on the website aspect, I mean, there's found money here just in capturing people that, you know, they don't want to do a contact us. They don't want to submit an application or even a form, as you said, but right there you're, you're capture them in that conversation. It's pretty interesting. Yeah. We actually saw about a 20% what we call lead or appointment lift because so many people do come to property websites.
They don't want to pick up the phone and they really don't want to fill out a lead form, but they do see this little widget down here and they click on it. Oh. And so what happens is it becomes a third point of contact. So when you add a bot to a typical property website, you actually see 20, as much as 40% incremental lead and appointment lift when adding it.
So it doesn't really, and the value of what you're getting as much higher because it's a conversation, not just a whip. So we do see some lead lift coming in from bots being added to websites. And you guys are taking more of that, that conversational approach anyway. Right. I think I saw that in your messaging, in terms of, it's not really,
even about leads, it's really about having that effective. So I have a, I think our industry has what we call lead fatigue. I'm, I'm, I'm, I'm partially responsible. So I built out some ILSs and our goal was to drive as many leads as we possibly can. And to the point now where properties feel overwhelmed, they're like, we just can't handle all these leads.
And so what we have is this, again, the lead fatigue, our goal is to not drive more leads, though. We do see incremental lift at times is to drive more conversations. It's a very different thing. When you say, Hey, what do you see? Standards, something come through and it's you see it? 55 times in a web lead is very different than when a property and a leasing team says a hundred tire conversation.
And all they really want to know now is, do you have any covered parking spots left? Well, that's a high value conversation. They know what they've been looking for. They've narrowed it down. They just have one question that maybe the bot just can't answer because the bot doesn't know, now you have a much higher value conversation, which has a much higher proclivity becoming an appointment.
And ultimately at least, Yeah, you get all those other things out of the way. I mean, that's a buying signal right there. I mean, they're already thinking about where they're going to be parking that's Right. That's a good point. I didn't think about the, a great, yeah. You know, back in, you know, you want them thinking about where's the furniture going when they're inside the unit.
But if there are parking has been that, that challenge that a lot of communities have struggled with and who knows maybe the customer's coming from another scenario. And so that leasing agent, now isn't dealing with all that other thing, you know, capturing the leads and all that stuff, they then can be effective in a more relationship way. And this, this journey that people are on,
do you find that the more, the more conversations that we have, the more rapport that's being built, the more emotional connection that's happening, even though it's a chat conversation. Oh. So if I'm being really honest and that's what I was saying in the beginning, bots are not good at empathy. They are not good. They're never going to connect with you on my sister had something happen.
And so therefore I'm this bot doesn't care. It's there to give you information. And if you're just looking for gracious, wonderful. That would be like that. You know, that they've already had an engagement on a website, a little chat, little question, or a response, I guess, to the, to the, to the tool, the technology,
and then they're invested in this sort of process, or they have confidence. I can come back. I only had an hour at lunch. I'm just, I'm here. I need quickly information. Do you find that when they come back and revisit the site that there's more stickiness, I guess is probably my rephrase my question as to the conversion. Yeah.
So the bot knows if you come back, what's interesting. I think the best way to answer that question is if I call a property and the property is having a kind of, so what are you looking forward to bedroom? What are you looking to move to? Right? It's almost become very automated. The leasing team. What if the leasing team actually had all of that information knew exactly when they're moving new,
the floor plans knew the, the budget got all their information and all they wanted to know is that they had a parking spot. So now the properties proactively calling the consumer, Hey John, great. Hey, just want to let you know. Yes, we do have that covered parking spot. We'd love to have you come on in what fantastic consumer experience that was,
that they've run through all this. So I'm not going through a checklist. I'm actually having a conversation and they have the answer. That to me is a fantastic customer. Yeah. So here's an example of a technology that's changing the way we may lease, but it's activating and empowering the leasing agent that's in place to do to be more effective and maybe more money in their pocket if they're,
if they're committed. Right. Right. Well, so we've noticed what we call w w w we've been calling the Pavlovian effect. You get leads, come through leads, come through PR leasing teams. Seeing this a thousand times, I have a 100,000 chance of this actually becoming a lease. Then you see a conversational note come through and you can see the whole conversation and exactly what they're interested in.
Exactly what it was, what we started to notice as those leads are responded to so much faster, because the person knows that that's most likely going to convert to appointment into a lease. And a, and so it's changing a little bit of the behavior on the property side. All of this can be summarized on both sides of the equation by expediting and speeding up the leasing cycle because the property is getting information specific that they can answer.
And now the residents getting what they want. And so rather than all starting from mountain here, they're starting right here. And so it is speeding up the leasing cycle and that's what conversational leasing is really benefiting. Wow. That's great. Would you share any sort of do's and don'ts that you may think would be valuable, I guess, for, for the viewers?
Yeah. I could get in trouble on this one, but I'm gonna go ahead and do it maybe subs in general. So we'll start with the dues. I may have a couple of don'ts, but yeah, if you're out, if you're looking at bot technology, automation technology, the first thing I'd say is personalize, whatever that is, customize it,
let it be your brand, build your brand. So make sure that whatever that widget is on your site, wherever it is, it's reflecting new brand, put your bot everywhere, make sure that you can put it on Facebook and Google my business and all of these channels, 24 seven, not just your property website. So that's a very important thing.
And then make sure you have all of your appointment types scheduled. So if you have in-person self-guided because since COVID, it used to be everyone who would show up at a certain appointment time in person, but now it's self guided live video phone, and all of that. So make sure that you have all of your appointment types engaged and, and made it made available to your,
to your prospective manner. Some of the don'ts I have a challenge when people say, Hey, we'll help you train the bot. That's, that's hard. That's very hard to, it's very labor intensive and it's not very scalable. So if someone says you can help us train the bot, or we can help you train the bot that that's, that's a red flag,
but do not put endless widgets on your website. It's turning into Las Vegas. Some of our websites, you've got nudge camp, you've got this, you've got that coming in. And so our sites are looking like Las Vegas. And the last thing I'll say is, look, I can't wait to have natural language processing, be where it needs to be and handle 95% of the conversations with only 5% breakage.
That is because we have the largest NLP engine in all multifamily. The problem is it's just not there yet. The average natural language processing bot breaks 35% of the time. So that may not sound a lot, but that means three and a half times, or having a bad experience. So NLP is not ready for prime time. Hopefully it will be in a year or two and we'll be ready for that.
But it's not quite there yet. Yeah. Listen, this has been awesome. I just think about some of the time we could share. We could spend all day talking about This, but I, I, I really appreciate you showing up for our audience. I know these are some things that they have questions about. Tell us a little bit about where they can get information from you,
and then we can probably even link it in the comments below, but again, just being a thought leader for this topic, appreciate what you're doing and thank you for showing up. Absolutely. Yeah. And they're welcome to go to a better bot.com. They can reach me@robertandbetterabout.com and happy to answer any questions as you, as you mentioned, I could talk about this all day,
so I'm happy to answer any questions they have. And we've got a fantastic team of people who provide outstanding customer support and service. So any one of them can help anytime too. So, yeah. Thank you for having me on. I really enjoyed this. Yeah, that's awesome. And we'll be tracking your success. So we'll see you in the next show.
Sounds like a plan. Appreciate it. Thank you, Robert. Appreciate it.
Jon joined WRH Realty Services in 2018 and serves as Chief Financial Officer for WRH Income Properties.
As CFO Jon is in charge of all accounting, finance, human resources, risk management and technology for the holding company and its subsidiaries.
He has more than 25 years of experience in the financial industry.
Prior to WRH, he served in financial and operational leadership roles with leading companies including GE Capital, Franchise Finance Corporation of America, and EMF Broadcasting, in addition to MC Companies, and global private equity firms.
He’s balancing the “Head thinking” with our “Heart thinking”
We will look back on the challenges of 2020 and see the growth opportunity.
We will forever live with the positive and negative changes from this disruption, and we will create new patterns of behavior until the next major disruption event occurs.
The strategy of embracing cloud technology and remote workforce efficiency & effectiveness technology in concert with their commitment to Excellence Through People gave WRH a great foundation to build on in the face of the Pandemic.
WRH reached another record revenue year, they delivered on their budgets
Their trust and communication metrics showed a significant rise reaching an all-time high
Their team member engagement and satisfaction are at an all-time high
They have successfully navigated COVID through their team’s and resident’s perspective.
The pandemic lead the industry to evaluate the way they adapt. Not only did operators need to pivot their strategies to accommodate for social distancing and health and safety precautions, but they had to adapt new technologies, processes and procedures. The most successful operators have adapted while making the consumer the point of focus. From various technologies to creating future leasing strategies in an unpredictable market, operators have to shift quickly to accommodate for new and changing conditions and sometimes fake it till they make it. This episode will cover the various levels of adaption among operators, how operations will continue to evolve and discuss specific strategies for success.
Sean Miller on understanding that the technology is here and that it can help us, making sure to evolve with the needs of the customers, and knowing how to derive more value from the platform.
Sean Miller is the President of PointCentral, provider of the leading IOT platform for residential property managers to improve their profitability through increased operational efficiencies, asset protection, and resident amenities. He has almost 10 years of professional experience with B2B and B2C IOT/home automation technology.
In This Episode
Patrick and Sean talk about the following:
- What people should be thinking about when it comes to smart home platforms and IOT devices.
- How property owners and operators, third-party managers, and investors impact the decisions of developers of smart home platforms and products.
- What it is like working with PointCentral based on the experience of property managers and owners of the Cedars District community.
- The opportunities available for B and C properties in terms of ROI, cost savings, efficiencies, and other operational aspects.
- The different people and departments that work together to market and deploy PointCentral’s smart home solutions.
- What makes people more comfortable and confident in making sure it is the right decision to use PointCentral’s smart home platform.
- What happens after having a smart home platform in place and what platform support and updates are available.
- How smart home platforms are evolving from reactive to proactive.
- Collecting not just the right data points but turning that into useful information.
- What Sean is excited about right now.
- The conversations happening today when it comes to using smart home platforms and where people are getting stuck in terms of adopting these solutions.
- What’s next for PointCentral and alarm.com.
- Sean’s advice to growing and innovative management companies that are looking to move forward in all aspects of the business.
- How management companies can build better teams so these types of partnerships can be successful.
- The Innovation Showcase in November.
- The best way for people to work with the sales team and development team of PointCentral.
Find Sean Miller Online
- Sean Miller on LinkedIn
- PointCentral
Larry Gorman on what it takes to build a leadership team to bring on innovations into your business and what executives need to know about what’s next around smart home, smart cities, and IOT.
Larry Gorman is the Chief Operating Officer for LeaseHawk, a provider of software and services powered by artificial intelligence for the apartment industry to track prospects, optimize marketing activities, and close leases faster. He is a senior technology executive with more than 20 years of experience building and leading teams to deliver business value through the innovative use of technology.
In This Episode
Patrick and Larry talk about the following:
- The disruptive things that LeaseHawk is doing, particularly leveraging voice to solve some pervasive problems in the multifamily space.
- A project in the 90s that Larry was able to work on in the hospitality company he was with.
- How to leverage technology to solve specific problems in the multifamily and single-family space.
- The use of smart locks to easily manage and control home access.
- How executives can build teams and make decisions when they want to innovate and do something that has never been done before.
- How operators can pick the right vendor and partner.
- Recognizing that some operators are not not strong on technology in real estate and how it led them to build a great partnership with PointCentral.
- Larry’s background in guest experience in the hospitality industry and how it translates well to resident experience in apartments and homes.
- Driving customer satisfaction for a resident.
- The different compelling innovations in voice technology.
- Introducing voice-enabled virtual assistants to help with the processes of leasing an apartment.
- The calls and data recorded by LeaseHawk and its value in training the AI models to understand what a caller trying to do when they’re calling.
- Getting better analytics from the technology available to help you understand what’s driving the traffic and how well your marketing functions are working.
- How Larry got excited to join LeaseHawk.
- Larry’s tips for executives on building leadership teams.
- What Larry looks for when hiring someone.
- The importance of encouraging people in a team to be innovators.
- Larry’s final thoughts on innovation.
Find Larry Gorman Online
- Larry Gorman on LinkedIn
- LeaseHawk
Demetrios Barnes on empowering owners and managers to make wise decisions and give the residents what they want and what they’re looking for.
Demetrios Barnes is the Chief Operating Officer of SmartRent, an enterprise home automation company developing software and hardware to help owners, property managers, and renters in multifamily communities. Before overseeing operations and business development at SmartRent, Demetrios led the internationalization of property management of Colony Starwood Homes across 12 states as its Vice President of Technology and Operations. He was also Director of Property Management and Technology with Beazer Pre-Owned Rental Homes and a Regional Manager for several multifamily companies.
In This Episode
Patrick and Demetrios talk about the following:
- How Demetrios evaluates new technology, vendors, platforms, apps, and solutions as they enter the field of real estate property management.
- The usual questions that Demetrios gets when meeting with various people and stakeholders in multifamily communities.
- SmartRent’s specific product and offering such as the hub base and the way the product comes to the market.
- The collaboration among the multifamily industry to bring value to the communities.
- The general ROI for property managers in adapting SmartRent’s tech solutions.
- How the tech solutions are empowering ownerships and management companies to rethink their processes.
- The difficulty with using WiFi-only technologies in managing multifamily properties.
- Demetrios’ suggestion or advice for organizations running real estate companies and are looking to get better in their business and innovate.
- The challenges of hiring technologists and getting them up to speed and helping them understand the business.
- The onboarding process and how the SmartRent team makes sure the products don’t run flat.
- Demetrios’ final message to those who are looking into bringing tech to their property management business.
Find Demetrios Barnes Online
- Demetrios Barnes on LinkedIn
- SmartRent
Brian Donnelly and Andrew Jones of Urban Complex on What Drives Their Efficiency and Creating MapAp
Brian Donnelly
Brian is the co-founder and Director of Construction for Urban Complex. He started his career in the construction industry in 1997 and obtained his first general contractor's license in 2003. He has owned several businesses in the industry, including roofing, electrical, flooring, and cabinets.
With more than 25 years of construction experience, he’s been involved in hundreds of residential home and multifamily renovations, as well as new construction. He’s a leader in the industry and known for his innovative processes on how to turn over quality renovations in 11 to 15 business days and do occupied units turns in eight hours.
Brian leads the company with his sense of urgency and commitment to always meeting and exceeding their clients’ expectations.
Andrew Jones
Andrew is the co-founder and Director of Business for Urban Complex. He studied both mechanical engineering and business administration and holds a degree in business management from the School of Business and Economics from Western Washington University.
Andrew holds several patents in the medical space and has developed, matured, and sold several businesses in the high-tech and medical device sectors. He leads the office financial administration and professional management teams.
Andrew is consistently looking to improve efficiencies throughout the organization in a never-ending effort to improve quality and pricing for their partners in multifamily.
MapAp
MapAp is an app developed and used by Urban Complex to be more efficient in their turns. This tool gives them an advantage by being able to direct their crews and subcontractors to the units directly in a matter of minutes without confusion on where to go.
In This Episode
Patrick talks about the following with Brian and Andrew:
- Exciting things about multifamily repositions.
- What Urban Complex is doing differently to bring better teams to multifamily repositions.
- How Urban Complex is getting units done in 11 to 15 days.
- How Urban Complex makes use of electronic calendars to manage their projects.
- The process and value engineering that Urban Complex brings to their projects.
- What the culture in Urban Complex is like and the importance of trust in the relationships they build.
- Urban Complex’s leadership approach that’s driving the efficiency in their outcomes.
- How Urban Complex is hiring from outside the industry and training them with the necessary skills.
- The importance of communication in Urban Complex’s success.
- What led Urban Complex to create MapAp and how they are using it to be more efficient.
- How MapAp can be used in other industries.
- What’s next for MapAp.
Find Urban Complex Online
- Urban Complex Website
- MapAp Website
K.P. Reddy on Collaboration and Having a Startup Mindset When Building Communities and Implementing Ideas
About
K.P. Reddy, Founder of Shadow Ventures, a globally-recognized authority in the built environment and a civil engineer from the Georgia Institute of Technology. For more than 25 years, he has been a technologist, subject matter expert, founder, CEO, and investor.
K.P. has had many roles, including selling three large built-tech companies. He has been featured in The Wall Street Journal, The Huffington Post, Fox News, TechCrunch, and so many more.
In This Episode
Patrick and K.P. discuss the following in this podcast:
- What K.P. is into.
- P.’s thoughts on productivity and taking time off.
- What K.P. thinks of the multifamily space and where it’s heading.
- Lessons and ideas from startups that can be applied or used in multifamily.
- How to sell and market an idea to millennials.
- How to start something so that ideas lead to great results.
- What K.P. thinks of using new technology and innovations to transform an organization.
- P.’s opinion on how to attract talent and bring teams in for innovation in the multifamily industry.
Find K.P. Online
- P. Reddy on LinkedIn
- P. Reddy’s website
Scott Pechersky on Bringing in New Technology and Innovation to Move a Business Forward
Scott Pechersky is the Senior Vice President of Technology for Alliance Residential Company. He is responsible for Alliance’s corporate infrastructure which includes developing and implementing new technologies across their portfolio and providing support and training to property associates for the latest in IT initiatives. Scott also oversees Alliance’s property management software solutions, its business intelligence division, online leasing platforms, resident portals, and additional third-party programs for communities.
In This Episode
Patrick and Scott talk about the following:
- What Scott is excited about in the multifamily industry today.
- Scott’s thoughts on the next level of employees and their new essential skills.
- How Scott deals with employee fears of technology and how it is changing the industry.
- The importance of employees buying into a newly introduced technology.
- How Alliance regularly puts their different teams together to make sure everyone is on the same page.
- Scott’s opinion on the best way a company can integrate new technology.
- How an executive of a company can bring in innovation and position the company.
- How to have customer focus in designing and deciding on technology to bring into the business.
- Rolling out home automation tools and systems and creating smart homes.
- What makes Alliance different and how they are gathering, making use, and analyzing of data.
- How Scott and Alliance convince someone who is already enjoying success to take risks in trying out new technologies.
- Scott on identifying when a new technology is not working out and shelving it for a different time.
- What Scott looks for in a chief innovation officer/chief technology.
- Scott on leveraging the net worth work environment where everyone has a voice, not just the executive team.
Find Scott Pechersky Online
- Scott Pechersky on LinkedIn
- Alliance Residential
Kerry W. Kirby on Generation Z, Millennials, Digital Technologies, and How They are Affecting the Multifamily Industry
Kerry Kirby is an entrepreneur, speaker, and technology innovator. He’s the founder and CEO of 365 Connect, a leading provider of award-winning marketing, leasing, and resident technology platforms for the multifamily housing industry. Kerry has propelled his 365 Connect brand from a scrappy boot-strapped startup to an internationally known and recognized company. He has been a guest lecturer, featured speaker, and panellist at numerous universities, national conferences, and events. He’s been featured on BBC Digital Planet program, NPR News, and various other media outlets. He’s written the foreword to a nationally published book on real estate and technology and co-hosted over 100 industry webcasts reaching over one million listeners. He’s often quoted as an expert on technology.
In This Episode
Patrick and Kerry discuss the following:
- What the 365 Connect story is, how it started, and where it is going.
- Kerry’s thoughts on web-based technologies and using these platforms in property management.
- The other brands that Kerry has developed – MultifamilyBiz.com and uCribs.com.
- What Kerry thinks is driving the change in user experience today.
- Kerry’s take on Generation Z and millennials and how these groups are emerging in the multifamily industry.
- Kerry’s thoughts on the future of acquisitions and development from a financial and investment standpoint with the impact to the autonomous driving vehicle.
- What’s different in the behaviour of Gen Z and millennials.
- The expectations of Gen Z and millennials and the kind of user experience and services that will appeal to them.
- The different technologies that can be used and are being used in the multifamily industry.
- What the multifamily industry needs to be aware of when it comes to data and how to deal with the data being collected.
- The way people are interacting with buildings now.
Find Kerry W. Kirby Online
- Kerry W. Kirby on LinkedIn
- 365 Connect Website
- MultifamilyBiz
- Ucribs.com
Bozzuto’s Kristen Reese on Aligning People Strategy with Business Strategy in a Multifamily Organization.
Kristen Reese is Vice President of Talent and Culture at the Bozzuto Group. She joined Bozzuto in 2011 and currently leads the strategic execution of all programs and initiatives under the umbrella of employer branding, recruitment, marketing, talent acquisition, and diversity and inclusion. Aligning people strategy with business strategy, she has a proven track record of building progressive, ‘best in class’, award-winning, employer branding, candidate experience, and employee engagement programs that deliver exceptional experiences and business outcomes.
Kristen is a seasoned executive coach in future-focused workplace experience designer. She began her career in hospitality management after graduating from Penn State University. Seven years later, she transitioned to staffing and executive search until moving into corporate human resources in 2006.
Bozzuto is a privately-held real estate services company that specializes in Property Management, Construction, Development and Home Building. Their vision of creating extraordinary experiences for all who touch their brand is inspired by the award-winning, empowered execution of their more than 2500 talented team members.
In This Episode
Patrick and Kristen talk about the following in this podcast:
- What Kristen is excited about in multifamily and Bozzuto today.
- How Bozzuto is fostering constant learning as an organization and exploring consumer experience through people.
- How Bozzuto communicates their values internally and protects these values over time so their legacy and vision stay in place.
- The different things on the path towards reaching a revenue objective.
- Implementing change, adopting new technology and practices, overcoming challenges, and keeping people connected in a multifamily organization.
- How to attract new people and encourage employee retention.
- Identifying winning elements in the organization that lead to becoming better for the customer and business unit and driving higher business returns.
- Kristen’s advice on change and innovation.
Find Kristen and Bozzuto Online
- Kristen Reese on LinkedIn
- Bozzuto website
Joshua Shokoor: [00:00:01] We're seeing this problem happen a lot in our metropolitan areas. You know that's where the jobs are. That's where college grads tend to go and they are some of the most highest cost of living areas in the country. You want a good salary you want to be able to pay off your college debt. You want a job. You want a career. You know it seems like you have to bite the bullet and live in areas that have high costs of living and high rents.
Patrick Antrim: [00:00:26] That's Joshua Shakoor. He's an affordable housing advocate dedicated to elevating organizational efficiency and promoting effective communication to strengthen public and private relationships. He's devoted the last two years to furthering an understanding of how communities in the 21st century organize themselves and how residents interact with the institutions they construct. Since the fall of 2017 Joshua has worked full time as a data and communications analyst at the NHP Foundation. In late 2018, Joshua will graduate from George Mason University with a master's degree in urban policy and development concentrating on the role Science and Technology will play in the future design and social function of our cities.
Patrick Antrim: [00:02:20] So housing intersects with every aspect of our live. Our social lives, our communities. And for the last two years or maybe even perhaps more I know you've done some deep research on this but you've devoted a lot of time in your own personal resources and professional to understand how communities organize themselves and how residents interact with the institutions that they construct. Can you tell us a little bit more about this?
Joshua Shokoor: [00:02:50] So my main thing is looking at you know local governments municipalities and how people inhabit those areas and how their relationships are with you know the different levels of government whether it goes to county state and federal. But yeah I mean mainly how people set up their neighborhoods. I grew up in a very nice neighborhood. City of Falls Church it's actually ranked as the number one household median income in this country. And also it's just rated the healthiest and it's a strange case because it's a 2.2 square mile city. You can look at it now and you can say it's growing. How did it get to where it is? And you know there was a lot of community involvement, resident involvement and engagement. You know so many meetings there's so many people attending but you can if you look at the history of it. It got its independence and its own municipality that 2.2 square miles based on redlining. So you know we can look at the history and how things were organized whether through know homeowner's association or local governments to where they are now and it's just trying to get that full scope to understand how city got to where it is and where it's going. And why you know certain areas are so different socioeconomically wise diversity was than others.
Patrick Antrim: [00:04:27] In order to have an all encompassing program to develop even affordable housing in a community I mean you've have bankers involved, you've got builders, you have private public partnerships, cities, state issues, local issues, attorneys, accountants, and all these types of programs that come into play. Do we need more expertise in affordable housing or are we just not collecting the right data?
Joshua Shokoor: [00:04:57] So when it comes to housing specifically I would say that it's not necessarily all these expertise and these individuals with certain titles playing their roles and you know creating affordable housing more so it's the data sharing between developers and local governments and developers at one another. Academics. Medical facilities different hospitals. The these industries all intersect with one another and have to sort of work together to see what local areas need in comparison to others but to create more affordable housing. The problem that we're having there is you know you could say mainly for federal government certain programs. You know we have not been funding affordable housing like we used to. Definitely creating less affordable housing than we used to. And again that could be a number of reasons but it would mean that on the road. The subsidies the incentives provided by the federal government and local governments going back to what I was discussing earlier about you know my area where I grew up in. You can see those other areas too. Alexandria City, they're looking at a crisis where all their affordable housing their covenants are running out. So the years that they were designed like OK this is going to be affordable housing for 20 years for 30 years. All their covenants are running out. So what they're doing now is they're having to be innovative and create a meals tax and they created a you know very small meals tax in order to preserve the affordable housing. That was about to run out. So it's it's a lot of ingenuity because to create a lot of affordable housing the past but we're seeing a lot of those now being able to be preserved. And also the new construction is a problem. Whether it's you know construction prices but you know we're seeing high or stagnant construction prices then we have to figure out another way to offset those costs. And that comes for tax abatements through through local government or different subsidies like LIHTC through the federal government.
Patrick Antrim: [00:07:23] Should we be thinking differently about affordable housing? I know that you mentioned new development. I think we brought on a lot of supply. Probably one of the peak levels even last year and so most of those developments are because of like you said those construction costs and those performers have to support higher rents. And so but there's still a demand for affordable housing in these communities. And so what should we be doing to think differently about this?
Joshua Shokoor: [00:07:57] There's going to continue to be a demand for affordable housing. If we just look at our seniors you know if we want to say one in four Americans require affordable housing you know 10,000 seniors hit retirement age every day and they're going to be the most hardest hit by this affordable housing crisis. Most of them relies solely on SSI for their income. So it's understanding how big the problem is. Which I don't think we always do. We kind of you know isolate certain areas you know or you know again we start to think about public housing and relate that to affordable housing. But I think we should talk about and look at you know where it's going to be in the future and then try to work together whether it's you know private industries working with one another and taking government out of it or at least the federal government or having the federal government more involved or having different local governments work together municipalities to understand that you know this is getting externalities come from this. And so it for one municipality to another and that all of these municipalities are facing this problem.
Joshua Shokoor: [00:09:17] I would also like to say that you know going back to the public housing that you know this huge problem that we're seeing here are slowly being corrected. That was creating affordable housing and low opportunity areas. So consolidating low income people in low income, low opportunity areas. Meaning we all know that an area code. And I think it's pretty given fact that an area code can often determine the opportunities you have in life. I mean zip code. And so, if you know if we create more affordable housing opportunity areas I think we're going to get of this stereotype of what we how we see affordable housing. It's going to be more palatable for different residents and localities especially when we have NIMBY's you know those people who were like (not in my backyard). But if we look for housing notes, 83 percent of affordable housing is created in those low opportunity areas. So if we can start trying to build affordable housing in high opportunity areas I think that will also help fix this problem.
Patrick Antrim: [00:10:30] Talk to me about your low opportunity areas and these high opportunity areas. Are you looking at this when you said public housing is that sort of the market rate multifamily development where you've got your submarkets of class A or you have your submarkets suburban and urban areas but also different A,B,C classes that are un-unrestricted and rent growth is climbing based off of demographics and yields in those marketplaces?
Joshua Shokoor: [00:11:02] We're talking about public housing, I think most for the layman is thinking Section 8 and thinking problems with Section 8. And they know what they see either in their neighborhoods or what they've heard from other people what they see in the media or they have seen on TV they always just think that poor areas with public housing has high crime and they don't want that. And so that is what they've associated affordable housing.
Patrick Antrim: [00:11:35] So the general public's view on this affordable housing story. Can we change that story? Number two, tell me more specifically about the differences between these areas what drives investments in those areas the low opportunities is it just in place scenarios in those communities?
Joshua Shokoor: [00:11:57] We can go back to housing itself is a huge determinant. So you know just having housing is a big deal but low opportunity. You know we usually are going to associate that with you know not that great of education. High crime, not great job opportunities, difficult access to grocery stores, medical clinics, as we would say food deserts. I mean now we're starting to see it as medical deserts. So if we start moving away from that and putting creating more affordable housing areas that have great good education low crime quality job opportunities access to grocery stores and medical clinics then we will see a change in perception. But I think first you know when it comes to affordable housing you know it's going to have to come. Either we're going to work through a public policy landscape and through that we're going to have to educate constituents on what a formal housing means and why it should relate to them. Or you know we're going to have to take another route and it's going to have to be a lot of the private sector leading the way. And that's again where we went away from what was a good thing of moving away from strictly problem housing publicly funded developments. Now we've got private organizations and they're just like my organization NHP Foundation who are preserving or creating new construction for housing with different mechanisms and an ability then you know the public sector really has. And again we're seeing that right now different affordable housing organizations and us the NHP Foundation are we're looking at working with hospitals to you know create affordable housing or provide housing and low income for individuals who need it most. Each hospital will see that either homeless or those people who are not in stable housing - they are the highest users of hospital care and that a prescription to prevent that is just stable housing. That's where we're seeing the medical industry is finding incentives to work with affordable housing industry currently.
Patrick Antrim: [00:14:26] You mentioned schools and hospitals in these city platforms and even in these low level opportunities. Is this where your conversation about data. We're all sharing that data. You're providing better education, better informed decisions around growth in these areas. Are the cities at the core of all of this?
Joshua Shokoor: [00:14:49] I think that they have the best assets to be able to collect that data. Whether it's human services, certain housing authorities, even law enforcement. Affordable housing developers or hospitals to be able to collect that data, you're going to have an opportunity to see where they are currently and how well you can produce certain numbers. If local governments are financially burdened because of you know high crime or in-stable housing and homelessness. You can see those numbers currently as they are. And what happens to those numbers once an affordable housing development comes in. Especially if they work hand in hand with say a hospital. But everyone sharing that data and then be able to evaluate over time over a period of three to four years to see what occurs. This could definitely change the conversation when it comes to affordable housing showing that it could be the prescription to a lot of ills.
Patrick Antrim: [00:16:08] Are there any other reference points to see how this has played out already? I mean either in education or anybody testing out these models? You mentioned the Falls Church Community being the ideal or in the scenario where it's ideal in terms of an attractive quality of life.
Joshua Shokoor: [00:16:28] The city I'm from is not creating a lot of affordable housing. So I'm part of their affordable housing policy Workgroup. We're trying to change the language we've been educating in the local newspaper our wrote an article discussing over the last 10 years of what housing looked like and how there's not not been any affordable housing and changing the language from affordable housing to affordable living and it's actually starting to move the needle when it comes to residents on board and the City Council. So yeah right now currently my company is the only company really you know there's only two affordable housing areas one for seniors which you know NHP Foundation runs and then another one but to look at maybe workforce or another way to create affordable housing in that area is going to be difficult but we're trying.
Patrick Antrim: [00:17:32] Let's go back into a little bit more about NHP Foundation and what you guys do because you're aligned as developers too right? But you're also carrying this message forward. Tell me a little bit about the mission there and what you guys are really trying to accomplish?
Joshua Shokoor: [00:17:46] So I would say that we're a not for profit organization with a mission to preserve and increase service enriched affordable housing for low income individuals, families and seniors. And I think the key word is that there are two words or service enriched. We don't just build and we don't just preserve our development or project and walk away and just you know asset manage the assets. We have resident service coordinators on the ground at pretty much every one of our properties. And what these individuals do they can provide financial literacy, employment assistance, afterschool programs, so anything to help create a more stable and a higher opportunity environment for these individuals who might not actually live while the community might actually be placed in a high opportunity area. So again we can it going back to that sharing data. You know if we work with our resident service coordinators to have a better understanding with local government who are the people we are serving and I think we can do a lot better work. And I think that is the message I'm trying to come when it comes to data. We have to have a lie and indicators of outcomes and the benefits of all that has to be sort of universal between all different sectors of branches.
Patrick Antrim: [00:19:18] I think of the word appreciation both in the economics of value. I mean a property appreciating and then sort of that gratitude sense like "Hey I appreciate you." I mean you're increasing in value to me. I'm thankful. I'm appreciating and so is this affordable housing goes beyond just keeping rents at a price point. It's really about taking that community in and working together with others in that community to essentially lift up in other ways you're talking about financial literacy and these other opportunities. I mean is this the view public house home affordable housing?
Joshua Shokoor: [00:20:01] No. You know I could tell people when I first started working for NHP Foundation and I'll tell you that that was that surprised me. I didn't know about the resident service coordinators and the service or housing. And so that you know maybe stepped back and made me like an awe. I was really excited to be a part of this organization and I think telling certain friends or you know past colleagues about this day you know didn't really understand it didn't know that that's what came with affordable housing a lot of times in this 21st century. But that's something that we do and again at pretty much every single one of our properties and you know we keep our own data sets on them or the people we serve you know whether it's the amount of people we serve how much money saved. Who might have got a job, who was able to save up and buy a home. So we're able to collect our own data and see how we are truly affecting the community that we're serving.
Patrick Antrim: [00:21:05] Going back to my earlier thoughts on how do you reference this are connect it. Are there other industries or other scenarios that are bumping up into this challenge. Think about education with charter schools, and public education, and now a lot of resources going into education. A lot of challenges. Technology is playing a part. You've got companies like Google and other companies trying to look forward into the future of our future or our next generation. So is there anything that we can reference in terms of similar scenarios that can play a part of that dataset?
Joshua Shokoor: [00:21:46] Well if you want to talk education for one. Yeah. I think when we look at education problems which in those areas where charter schools are taking hold them you know these are coming. These are people who are you know being having to go out of their own like zip code to go to another school because their education is not that great where they're at. And at the same point if, you want to fight diversity in schools you want to create more diversity whether it's racial or socio economic, we have to have diverse housing. And again I would go back to my point earlier about the city I grew up in and how that was created by redlining. And again I took an education policy class not too long ago and one of the big things is creating diversity is we're seeing more segregation happening in schools. Whether again it's racial or socioeconomic that you know you have to have diverse housing opportunities for individuals to really provide and educate full scope education for all the people you're trying to serve.
Patrick Antrim: [00:23:12] That's powerful. I look at the growth even in our economy it seems as though it most of the economic growth favors higher income. And you know you can look at that and a lot of different ways but you're seeing just the demand overall for housing and in communities is so strong with not a lifestyle choice but these these social and local impacts to how people decide where to live and where you're talking about going to different areas of the community just for education. It's interesting. How how do we actually communicate to these policymakers. What role would someone in the industry take to really move forward with this? I mean your company is you know dedicated to this challenge but what is somebody that's it's part of their program...We're trying to solve these things as an industry. But what would what do you suggest the next steps?
Joshua Shokoor: [00:24:21] I think one thing policymakers want to see. You can come with the saddest story and they'll listen but they won't take action. Because they want to see data of how things are going to be improved. And they also want to see dollars and cents. I want to know this is a good investment for our government. Whether it's local, state, or federal. And so again I think we have to go back to what I'm saying is housing first policy as a you know as a short social determinant for the rest of certain issues that may occur or are problems that we know people face in society. And if you're able to provide housing then again as I just discussed about hospitals they save money. HHS housing human services are going to save money. You're going to have less crime. And so if you can show that money's being saved by these local governments because we are able to provide housing and that the overall burden on society is now being lessened. Especially with services enriched we're talking about employment assistance that could be potentially that you have less people on Medicaid. There's a lot of different things that go into that. But if we can actually have full on studies that show that determine how much money is being saved by local and federal governments through creating more housing then that's going to help push the policymakers in the direction of funding more. I mean as we are seeing there's been massive cuts to HUD through this administration. But yeah that's that's probably what I lean towards. First is creating that study to show the dollars and cents that are being saved through investment of government but also education. As I said before, you know you have to educate the constituents and then those constituents have to make those phone calls and you know really push the representatives to address this issue and this issue is not just affecting one generation or one group of people. As I said, it's affecting seniors. It's going to it's going to affect them greatly and it's affecting my generation. Millennials are very cost burdened when it comes to rents. We're paying over 30 percent of our income for housing every month. But even you know many people my age are paying over 50 percent of their income. So not only you know through stagnant wages and the economy they're able to save money and they probably also have college debt. So you know they're living month to month paycheck to paycheck. Are they ever going to be able to purchase a home? Get that American dream. It's going to be difficult if they are so cost burden every month. I think it's going to be education of our constituents and them calling our policy makers and then also being able to produce good studies that show the dollars and cents that local, federal, and state governments save through funding housing.
Patrick Antrim: [00:27:47] Obviously this is a long term strategy. Do you see companies innovating this process? I would just think if you're trying to get that data the data helps you educate those those policymakers. And so where do you get the data? Who's measuring the data right now? I mean you mentioned you guys are doing some stuff but who's really measuring anything right now?
Joshua Shokoor: [00:28:09] I think that goes with the siloization of data where people are not unwilling to share their data or they're measuring different things. And so the data isn't really aligned nationally even statewide. But this will be going through various affordable housing industries working together with safe think tank organization to create a study, this research that really shows the savings over time. And I think that's probably where we're going gonna be going here soon because of the lack of funding that we're receiving to create affordable housing through the various levels of government. You know even the normal fundraising through philanthropy we're seeing a reduction in that across all nonprofits because of donor advised funds that have begun became so popular. Or you know the corporate tax cut from 35 percent to 21 percent with no sunset. It lowers the tax credits that developers rely on through low income housing tax credit.
Patrick Antrim: [00:29:29] Interesting. And you mentioned earlier about looking at millennials paying as much as 30 percent and probably as much as 50 percent on housing. And it obviously depends on where they are. Do you see this as an issue in certain areas of certain segments of the country or the industry or do you see this as not which I mean you can't build a "B" property today. Right? And the demand for that housing is is as high as it's ever been and what you're talking about it's going to continue with that story of owning a home. Is that happening higher debt education costs or just meeting your own needs each month. I mean saving up for that down payment, plus interest rates rising, that cost growing over time. But it also looks like the units that we're building were not really building affordable units. They are north of 14, 1,500 dollars a month to to make these proformas work. It just it's interesting. what do you see? Is this an issue with all companies or just affordable housing operators? I mean obviously this is a national issue but I mean who can really make the biggest impact and in what markets do you think? Is there some that are leading others?
Joshua Shokoor: [00:31:00] I would say that what we're seeing more so especially to local governments is the building of the new developments that are mixed use. So retail at the bottom, market rate housing at the top with certain set percentage "set asides" affordable with like a 20 year covenant. And so that's what we're seeing pretty much the new creation of affordable housing. That's being that's happening throughout the country. Set asides that have covenants for about 20 30 years.
Patrick Antrim: [00:31:38] Some of those are maturing you're saying that too. And at the same time it also gets us into those high opportunity areas right? That's that's a good trend?
Joshua Shokoor: [00:31:50] So again I keep on taking it back to the local government from Fall Church. I'm a part of the affordable housing policy work group and you know right now are our suggestion for every new development is 6 percent set aside at about I think 60 percent of AMI (Area Medium Income). AMI in our area is about a $115,000 household area median income. So I would say that you know if we you know we've been telling them we told them we want eight to 10 percent with the covenants to be in perpetuity. So the life of the building so that these will never disappear. They will remain affordable. And we will get a higher percentage. So that's our suggestion of a new development in the future. We're seeing that happen in other localities but again it's not a permanent fix and it's you know it's a very small amount of housing for each new development is definitely not going to equal to the amount of housing that's needed. Low income housing that's needed for individuals. But I think the main we're seeing this problem happen a lot in our metropolitan areas. You know that's where the jobs are. That's where college grads tend to go where the jobs are and they are some of the most you know highest cost of living areas in the country. But you know if you want to you want a good salary you want to be able to pay off your college debt. You want a job you want you know a career. You know it seems like you have to bite the bullet a lot of these times and you know live in areas that have high cost of living and high rents. So that's I think the trend as we're seeing it currently. We've also seen some things that you know people are moving to areas where housing is yet more affordable. I think Atlanta is one of those areas. But you know it's growing but I think it's mainly happening in those metropolitan areas right now.
Patrick Antrim: [00:33:56] Right. And you mention biting the bullet for chasing that opportunity that you're choosing a career, building career for yourself, and those rents over time or increasing far faster than the wages are correct?
Patrick Antrim: [00:34:16] Tell me more about the Affordable Housing Workgroup. I mean is this something that you hold together or you joined up or. Tell me is that a solution that leaders can get involved in?
Joshua Shokoor: [00:34:29] No I think that's you know it's a form of a housing policy workgroups every five years we have to update and rewrite the affordable housing policy in our city. I mean I think that goes back to you know high city engagement with the residents living there. Again that's something that we think every local government should take away is that they should know incentivize and motivate people to be more involved in the city, and the government how things are developed and organized. I was asked to join. And I'm I'm representing my organization. Being a young millennial who works for a nonprofit you know have my say in the way my city designs affordable housing in the future. So that's how I got involved.
Patrick Antrim: [00:35:22] It sounds forward thinking. I don't know if there's a leader out there that wants to make impact and create a difference with what they do. I mean you know their expertise in this whole process can be leveraged. Just have to know where to connect and who can be the leader in that. And so much of the developers and the multifamily operators I mean I think are trying to you know constantly maintain client relationships increase results for owners and many of those strategies come from growing rents. Increasing revenues and keeping investors happy through better yields and management accounts through keeping more of the money that's being earned. And so this conversation ultimately though the story of the city improves. All real estate if we can get all these people together.
Patrick Antrim: [00:36:27] Talk to me about innovation. Is there anybody that you know or you see or even in technology that's pointed in the direction of investment towards affordable housing. There's been a lot of new innovations around innovating the leasing experience or smart home technology these types of things but are there things that you see technology playing a part in creating either that data or is there a story there?
Joshua Shokoor: [00:36:59] I would say a policy point I would say innovation could be like zoning. Everything that we should work on our zoning especially in cities technology. And there's a lot of interesting things going on with technology and how they'll sell them more mold together with the future development of our cities. If you look at 3D printing and the potential for lower construction costs by being able to 3D print certain pieces of construction at a relatively cheap a rate. I think people are becoming more ingenuitive with constructing a home whether you went from those the cargo crates other things of that nature. I think that you know one thing that people are missing out realizing is you know autonomous vehicles and how these vehicles are really going to change landscape for our cities. Our cities are designed for cars to drive around them. Strip malls are designed for cars to drive and parking in them. Huge parking lots spaces you know underground garages were all designed for cars to get around. But you know as you know autonomous vehicles start to get rolled out and the next you know 20 years or so we could start seeing no need for parking lots anymore. So with that being said, you're also having a lot more land available to create housing. So I think that technology is going to work its way we're probably going to be a much more dense cities but it's going to also allow for the creation of more housing. If it's done correctly. So we have to have policy makers in place who are thinking that forward and understanding you know what might be coming around the bend that you know we need to keep our eye on with any new development that we do.
Patrick Antrim: [00:39:11] That's great. I know the autonomous vehicle conversation we explored last year at our summit and we'll be watching that closely because when we look at the city's real estate 30% of it is the roads and the cars and all that parking and and you know if you look at just even the restrictions on space to have turnarounds and things like that is all driven off of that the data around what's required for fire truck to come in and out and all those types of things and so that's pretty facinating. And developers, the major cost is that parking and the impact to that on construction in the layout of all the buildings. And if you think about the automotive industry even the vehicle itself. Just rethink the affordable housing discussion in new ways. Get the conversation going so we can think differently about it to tell a better story. Maybe bring some innovations, some technology into it to where it can really truly facilitate conversations with others. Maybe the data is the one point that brings it together. And almost like what Google did where they went out and mapped the streets and it allowed so many other things to happen because of that data. And once you had that data then you could do other things and solve some other bigger challenges. I'm sure there's people that have saved lives because of certain aspects of that. Faster routes to places things like that. So we just don't have that story to tell. But when you think about the vehicle the car even as you drive home you get behind the wheel if you're driving to work every day and you understand that that vehicle there's probably about 3,000 people to come together to make that car. And the the amount of innovation that's in a vehicle today versus 30 years ago is fascinating. It's unbelievable. I got a new vehicle recently with the backup camera. It takes some adjustment to learn. You're used to looking over your shoulder to back up. But now with the tech I don't even look I mean I'm better off not looking back looking at the camera then actually beeps and tells me everything. But you think about the vehicle and you compare that to real estate. And you look at those cars all the cars even the carts were drive today are engineered and designed for the driver. But now with Uber and all these other things. Maybe the AC buttons and all that stuff should be in the back because it's a passenger economy. How does that change productivity and do people need to commute into those cities and pay higher prices for things because you know jobs have adjusted? So it's really interesting. I love the conversation I want to you know continue to advance the discussion so that's you know we continue to deliver on all aspects of what's required to really solve the affordable housing challenge. I don't have any answers but hopefully those that are listening in that have innovation have investment and want to take on a challenge like that that can reach out to someone like you or you or get thought leadership around this topic and really solve. Because I think it's going to come from innovation. It's going to come from somebody inspired by a purpose and to take on the challenge and to get them to think totally different about it. But when you play out things like autonomous vehicles, innovation, bring in healthcare, education, developers, cities and the public together enough in one mission there are some really interesting things that can happen.
Joshua Shokoor: [00:43:14] Yes. You have to start on the ground.
Patrick Antrim: [00:43:16] Absolutely. I love what you're doing. I'm inspired by your work. We're coming up here to the end of our segment but I wanted to give you the opportunity to share any final thoughts with our listeners. Anything that you might have to share?
Joshua Shokoor: [00:43:31] I would just go back and understand the community you live in more. I think you should look at affordable housing that way. Understand that people who might be related to you, might be your children, might be your parents, grandparents, are burdened by these housing costs and trying to figure out how do we fix this problem together. Whether that is contacting your policymakers, educating other people on these issues, or just getting involved locally and the government level. I think that's important and that should be the key takeaway because it's going to be a problem that we are all currently facing and are going to continue to have to face in this country.
Patrick Antrim: [00:44:20] Wonderful thoughts Joshua thank you for sharing the time and we appreciate you coming on the show.
Joshua Shokoor: [00:44:24] Thank you.
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Multifamily Leadership Summit and the Best Places to Work Multifamily will bring you success strategies for Multifamily Professionals, CEOs, executive leaders and aspiring leaders that want to drive high performance results for their portfolio.
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Ivan Barratt: [00:00:00] Stakeholders and projects are asking the management company how are you achieving the customer centric mentality in your in your management culture
Patrick Antrim: [00:00:09] That's Ivan Barratt. He's a multifamily owner and syndicator who specializes in FHA and agency finance multifamily projects since 2015, Ivan has raised nearly 30 million in equity acquired over 2000 units and has grown BAM - his company and firm to a best in class management [00:00:30] company. Today, Ivan focuses his time on equity finance, acquisitions, and company strategy. Currently his companies managed well over 150 million in assets just north of 3000 units.
Patrick Antrim: [00:01:44] All [00:01:30] right so Ivan I want to learn a little bit more about how your investment journey began. Can you tell us a little bit about that?
Ivan Barratt: [00:01:54] Sure. Patrick first and foremost thank you for having me on the show. It's an honor to be here and speak to your audience [00:02:00] and I'm excited to have a conversation with you. For me I am lucky at a very early age. I got a taste for real estate. My father is an attorney. Owned a couple of dozen rental properties growing up I had an uncle that owned a couple of small apartment complexes and another uncle who even though he didn't graduate sophomore year of high school let alone my school managed to grow a business and [00:02:30] has known a lot of commercial real estate as well. So by the time I got to college I thought Gosh why would anybody want to get a real job. Why wouldn't you just own lots and lots of apartments and just watched the the proverbial rent checks roll in. Right?
Ivan Barratt: [00:02:46] Well turns out as you know Patrick is it is a real job. But but I do enjoy it out of the gate I worked for a developer for about eight years and as a [00:03:00] small boutique shop here in Indianapolis. And so I was able to wear a lot of different hats learn a lot of different aspects of real estate investment and management and also see from a front row seat to the Great Recession the Great Crash which actually ended up being probably one of the top three gifts in my life.
Patrick Antrim: [00:03:25] Right.
Ivan Barratt: [00:03:28] We're learning that at a young age [00:03:30] and that's really what allowed me to sort of hit the reset button so to speak on how I wanted to approach real estate. And that's when I started my own company in my spare bedroom in 2010 doing it all myself because I knew that if I could just get momentum and learn how to scale and grow and and fail small that when it got to the big stuff that I would be [00:04:00] well equipped to succeed. So I said I started it in 2010 in my spare bedroom doing whatever I could get my hands on. And fast forward to today or we're approaching 150 million in assets under management. The bulk of our our portfolio are syndicated deals and by that simply my partner and I have found the opportunities raised the capital up of the stack [00:04:30] debt and equity acquired these apartment communities and executed our business plan.
Patrick Antrim: [00:04:36] There's just a lot of people right now that's excited about multifamily and there's also a lot of people jumping in the game that in some cases perhaps they might think well we can operate better than this company or that company or perhaps we can just get this done. It seems pretty simple. What are some early lessons that you earn you learn. I guess going through the process as you began your investment career.
Ivan Barratt: [00:05:01] Oh [00:05:00] sure and I'm glad I learned them early. And on smaller projects but I learned lack of discipline can really really hurt deals performance. I learned a lot about as you know apartment communities are not just larger extensions of single family or one to four family homes which I've sort of arrogantly thought early my career when I moved from [00:05:30] two and four family units to start started buying small apartment complexes. You know I thought oh gosh 30 units in one location sixty units in one location should be just like managing a duplex with just more units in one spot. And it will all be great. Right. And so really got hit in the face and learned the hard way about resident relations pest control between units.
Ivan Barratt: [00:05:57] All the little things when you've got more people living [00:06:00] in a confined space of course the financing. I notice very quickly that the shelf life of an apartment lead someone who who hits a Web site is looking to rent something is about half that of a fruit fly.
Ivan Barratt: [00:06:17] That was that was a game a game or eye opening experience for me learning some of those things the hard way. But that's what I knew would happen by taking risk [00:06:30] starting small failing small that I would take those lessons and remember them as we got into larger assets site managed communities that we that we go after today.
Patrick Antrim: [00:06:42] Yeah you're looking at real estate and all the yields that come through it but you don't realize you're building a sales organization.
Ivan Barratt: [00:06:49] Correct. Yeah I'm currently running a business right now.
Patrick Antrim: [00:06:52] True story. And you know that innovation is changing I mean what do you think the customer where is the customer [00:07:00] journey going? I mean do you see that changing much? I know that applies to different assets.
Ivan Barratt: [00:07:05] But it certainly does it certainly does. However I think overall a lot more aspects of multifamily will mirror hospitality. And I think the resident experience the customer service approach because everything is so so [00:07:30] much more transparent now.
Ivan Barratt: [00:07:32] I sort of laugh when I run across relationships where folks are still looking at it from a landlord tenant mentality and now you're much more customer centric residence intracet that it's ever been. And I don't see that going away anytime soon. I'm one of the owners that excited for a market correction because the market is so hot and everything is going so [00:08:00] well. But one thing that will be mission critical when that day happens not if when is nailing that customer centric resident first piece of the business because they'll be stiffer competition to attract those residents here community.
Patrick Antrim: [00:08:19] Right and you're an owner and you're thinking about these things because you're obviously you know raising the capital and having those conversations. But are the lenders having that conversation are they still just looking at the real estate [00:08:30] and the expenses and are they looking at positioning and minimizing risk through through initiatives like that?
Ivan Barratt: [00:08:38] I don't see it on the debt side. We talk a lot about it about it from a risk management standpoint but not not from the lenders yet. You might argue or one might argue that HUDs a little bit more sensitive to that sort of thing. But but overall I think I think for the underlying debt and probably just being a product of the fact that they're in the first [00:09:00] lien position and if the proverbial you know what hits the fan and most care in most areas they can get their capital back. I think they're probably the last to wake up to this trend. But gosh just the other day one of my all of my my limited partners my equity investors asked me about are our tenant retention program how we how we handle residents get togethers and events to [00:09:30] promote more community feel. And it doesn't happen often but it's starting to occur more where folks that are that are stakeholders in projects are asking hey is is the management company how are you achieving a customer centric mentality in your in your management culture. I can sit here with you Patrick can talk about it all day but if we don't executed at the property level it's really just hot air.
Patrick Antrim: [00:09:57] Right. And I know we have conversations [00:10:00] with developers and operators that are in markets where the customers requesting it. It's not even about you know innovating the business. Just to differentiate and to get business new residents and such. And so you look at you know come outside the industry like transportation or even retail and now even pharmacy I mean you're looking at big companies that were in great positions looking strong and thought you know they had their market share and they you know [00:10:30] they were too big to fail all that kind of stuff. And you're looking at what like an Amazon or even like the Uber did detect transportation companies and now with you know Jeff Bezos with Amazon and Warren Buffett getting together on pharmacy. You're looking at that customer experience. You know really explosion happening with that innovation there to try and make sure that there's no slack in that process and there's no frustration in time you're going to improve that customer experience [00:11:00] there's some really great things happening and the reason I ask you is because you know we also have market operators that might not it might not be there a priority maybe it's their priority. How do you create a renting experience that you know is of today's technology in today's world. And does that play into your approach when you're looking at performers. The obvious value ads are you know your your [00:11:30] flooring your kitchens and your improvements that drive rents have done that for for times. But do you look further and beyond just traditional value stuff.
Ivan Barratt: [00:11:40] Well so if you keep this between you and me. So I'm a huge proponent of technology in in the sense that it's a great tool and if you can find those great tools for your [00:12:00] people that make their lives easier make them more efficient allow them to to deliver a better experience and that's what we need to see. So for me as the CEO early on I was really good at finding those sorts of things.
Ivan Barratt: [00:12:15] Now I have to leverage the brainpower of everyone at every level of the company and we actually have a contest with prize money this year for who can find that next great catalyst of technology not necessarily [00:12:30] resident experience but just anything within the organization at any level that can be an inflection point of of change for the better whether it be our culture how we operate how we communicate with each other for us in 2014 we were one of the first management companies to incorporate slack internally.
Ivan Barratt: [00:12:55] So we virtually eliminated internal e-mail and we've really flattened [00:13:00] our leadership structure as such to where we're all communicating in real time now there are some downsides because the advantages you can communicate in real time that can also be a disadvantage if everybody feels like they're in an all day meeting. However it's been a game changer for us in the way we do things and how managers and peers at all levels communicate and share information and help each other. So we're looking [00:13:30] for something that changes that again. And I think so. I think it will be on the on the resident experience side. We're still picking sort of a wait and see approach on IoT the Internet of Things and really looking for some platform to sort of become head and shoulders above the other two. Google and Amazon and Apple and everything else who's going to talk to who and what's going to what's going to work cross operating [00:14:00] systems. I think there's still a lot of play there and maybe that's just because it at 40 years old I'm thinking VHS and Betamax right.
Patrick Antrim: [00:14:11] Right.
Ivan Barratt: [00:14:12] And so I know I don't want to necessarily hitch our wagon to the wrong technology.
Ivan Barratt: [00:14:18] However there are some things right now we're looking at on the resident experience especially when it comes to reporting issues on how they're handled in real time the responsiveness of it whether it's Sunday [00:14:30] at 9:00 a.m. or Monday at 9:00 a.m. we're going to be testing some maintenance related technology and servicing solutions on some of our projects or communities as a pilot project and I'm at this point I'm not ready to speak to specifically to it but I'm cautiously optimistic.
Patrick Antrim: [00:14:51] Yeah that's great. And so you know as you approach all these things. Tell me more about your team because you did mention that you're at a scale [00:15:00] point now where you're focusing on you know growing and being strategic about the business.
Patrick Antrim: [00:15:04] Tell me a little bit more about how your team approaches daily operations because we talked early on about the operators being effective through management and it's all about execution. So tell me tell me more about your team and how you guys manage.
Ivan Barratt: [00:15:23] What's really been a catalyst for growth for us without failure [00:15:30] at the margin. And what I mean by that is being able to grow quickly but still execute. It's really been empowering the right people. And so it's been more of my greatest challenges personally with is transitioning from that. Do it yourself founder entrepreneur that they can do it at least in his own mind everything better than anyone to shipping and saying okay if I'm really going to grow this thing I have [00:16:00] to let little bad things happen. Meaning I have to let people make their own mistakes from their own decisions and learn right. And I have to I have to put people in positions of responsibility but not just in title but in reality. So hiring decisions firing decisions. Operational changes. All these things have to be handed to other [00:16:30] folks on the team.
Ivan Barratt: [00:16:31] And so what I've done and I suspect most of the audience is in the same boat is we have site managed projects communities and then we've got the mothership we've got headquarters we've got where you've got Asset Management, Accounting, Compliance, construction maintenance management, and obviously of course senior management overseeing property level managers.
Ivan Barratt: [00:16:55] So what we've done here is we've given those folks at the top a lot [00:17:00] of leeway in their decision making and how they do things. We've got our directions we've got our our boundaries our bumpers if you will. But as far as who they put underneath them how they manage those folks the policies they're putting in place we're really pushing on them to make those decisions themselves and figure it out and not get in the way of that and that's cost me a lot of money and [00:17:30] it's cost me some sleepless nights and it's creating some headaches.
Ivan Barratt: [00:17:33] But this beautiful thing has happened is that these folks are becoming great leaders of their own and they're they're developing projects they're coming up with great ideas to cultivate our culture their dealing with crisis without skipping a beat. I don't think we'd have that if if we didn't allow them to fail in their own in their own [00:18:00] right sometimes. And so what I still have to remind myself is if my executives can make 10 decisions a day and be right on seven or eight of them we're going to win big.
Patrick Antrim: [00:18:15] You spent a lot of time early in your career. You mentioned we're kind of rolling up his sleeves learning all aspects of the business and it might not be for you but for many the maintenance the service side of the business [00:18:30] seems to be a challenge you know to find the right people either the just the demand of new construction in the area that type of thing or perhaps getting people excited to work in the apartment industry maybe they see it as something that they don't see it as an investment vehicle. But you know sounds like to me that's your family invested in you early getting you into the mix and it allowed you to sort of come into this approach thinking like an owner already [00:19:00] through the management operations and so are you training or do you lead either by the development of your own culture with your executive team and even or your entire team with that sort of owner's mindset or how do you get that naturally in an organization?
Ivan Barratt: [00:19:18] It doesn't come easy it doesn't come easy and hiring retention major hurdles right now. Got a low low employment low unemployment [00:19:30] economy lots of construction going on. Everything's firing on all cylinders which can make it difficult to to find great people.
Ivan Barratt: [00:19:41] So again between you and me I learned this little secret sauce that I've asked you not share. Pay people well give, them great benefits, and you get better people that typically do a better job and stick around longer. And [00:20:00] that's really been the cornerstone of it. Beyond that I got to give a lot of credit to my maintenance and construction. Excuse me, my director of maintenance and construction management. Finding him. I feel more lucky than smart. We just happened to connect and I knew I needed to make a change. We had a great conversation I told him my vision for the company and recognize [00:20:30] very early on in this that the maintenance team should be treated like gold. They should be cultivated and they should be empowered. I think oftentimes I've seen in other companies they're sort of an afterthought. Maybe that's finally changing now out of necessity but that's one thing we've gotten right in in that very little credit of mine is I was lucky [00:21:00] to find the right person that was the perfect mix of blue and white collar and a great leader and was able to basically reset the entire organization from a a maintenance and construction standpoint and build out the team in his and his vision. And we've supported him in doing that. And what's occurred is we've been able to acquire or attract I should say and retain great great guys in it that are a dying breed.
Patrick Antrim: [00:21:31] People [00:21:30] want to work on winning teams. It's sounds like some great things.
Ivan Barratt: [00:21:35] Well and some of it's simple you know we we've got to just about as many holidays as a bank or government agency. We try to be on the forefront of benefits and options for our folks. And we have company outings. I'm lucky I'm in Indianapolis so we had a great outing at the track this year. Gosh just about everybody drove in to [00:22:00] be at the Indy 500 for a day and hang out in one of the suites there doing those little things to build that culture is maybe not always going to be the answer. But I think it helps people pause when somebody comes along says Hey I'll pay 50 cents more an hour to come work for me you know.
Patrick Antrim: [00:22:22] And as a CEO, you know we can get trapped you know focused on the transaction relationships of the Investor [00:22:30] Relations you're raising capital. Sometimes you know the nature of the growth. You know we're transactionally focused on transactions but you know it's important to stop and share that vision because like you said right. I mean they go somewhere else. But as a maintenance professional with the kind of work you do it seems to me that you're training them how to be investors. I mean do the repositioning the property right right before them if they pay attention. [00:23:00] Do you do any coaching in terms of helping people become investors themselves or is that just sort of you know of their own intuition for that?
Ivan Barratt: [00:23:11] Well again more credit to the executive team because they do a fantastic job of educating their staff on why we look at certain things the way we look at and whether it comes from cap ex projects maintenance and [00:23:30] repairs why we're doing the things we're doing right because if we're not delivering to the investor this whole thing doesn't doesn't last very long.
Patrick Antrim: [00:23:39] Right. Right. And so.
Ivan Barratt: [00:23:41] So trying to get a little bit of that down at the granule granular level is certainly mission critical as well don't have any employees to become investors yet but I hope that that changes somewhere down the road.
Patrick Antrim: [00:23:54] Right. All right so let me ask you how do you really look at a deal. What is [00:24:00] the ideal perfect acquisition look like for you if that's the case what has to be true?
Ivan Barratt: [00:24:07] Sure. So for us you know we were were chasing that rental band here in the Midwest call it $600 to about $1,200 dollars a month in rent. We're really focused on high end of C middle to low end of the workforce housing. We look at it as a private equity play.
Ivan Barratt: [00:24:28] And what I mean by [00:24:30] that is that we look at every deal like it's a business and we are in the business of acquiring reasonably well run businesses already.
Ivan Barratt: [00:24:42] So we're looking for light value add taking advantage of some perhaps some management efficiencies running it a little bit more effectively to help the NOI. But at this point in the cycle we question a [00:25:00] true value add project being that if it's not working and it needs you know it's suffering and it needs a lot of problem solved at this point in the cycle. Could it be something more intrinsically broken that it's not fixable?
Patrick Antrim: [00:25:18] With the demand for rentals. A lot has to go wrong for stuff to go wrong.
Ivan Barratt: [00:25:25] Right
Patrick Antrim: [00:25:26] I imagine as we move forward any [00:25:30] kind of correction really isn't going to come from really over leveraging these projects I imagine because it seems to me that the lenders have been pretty cautious about things. I mean you have some deep experience in that you want to expand on that at all?
Ivan Barratt: [00:25:49] Yes. So just to cap off the last question we're looking for real strong income out of the gate where we can deliver anywhere from a 6 to [00:26:00] 10 percent cash yield or cash on cash return out of the gate depending on how it's financed. And we were pretty specific on on the market variables that we would like to see a high score in as far as financing. I think probably one of the potential black swans out there is just maturity risk and what I mean by that is operators that are primarily using [00:26:30] bank financing might run up to a point where the capital markets froze up. They have to roll over the debt. They took short term five year commercial loans and they're only able to roll over that debt forced to sell. So there are a couple of the other operators down the street. And that's when you might see some pricing softness for us and a lot of the players in this space agency debt is about the short term debt we want. So short of getting some bridge financing [00:27:00] for some specific projects. We're typically looking at agency loans with 10 to 15 year maturities and we're also using quite a bit of HUD FHA financed project stacks of capital stacks because we like mitigating risk and we like taking that maturity risk almost completely off the table interest rate risk at that point locked for 35 years. You're essentially taking your interest [00:27:30] rate risk to virtually zero as well. And that that's firmly implanted in my DNA because again having a front row seat to the Great Recession I saw a lot of developers and operators lose perfectly good assets
Ivan Barratt: [00:27:49] Lose businesses and sometimes marriages and families were lost to because of that maturity risk right.
Ivan Barratt: [00:27:58] And so my [00:28:00] goal was and is and frankly always will be. How do I grow a business. How do I grow a team a culture a management machine. That will do better in a recession. Not worse.
Patrick Antrim: [00:28:19] Right. And it helps to operate from strength I imagine
Ivan Barratt: [00:28:22] Absolutely, absolutely and without the management piece of it. Like a lot of developers [00:28:30] out there that are merchant builders you know unfortunately they've got to keep doing deals better keep building things and selling assets in order to meet payroll obligations in order to keep those people. A management company. If I do zero more deals this year, we don't miss payroll and we don't fire anybody. It wasn't the year we wanted it to be but we will survive to the next year.
Patrick Antrim: [00:28:55] Right.
Ivan Barratt: [00:28:55] Because we have that we have that setup.
Patrick Antrim: [00:28:59] And that gives you [00:29:00] an opportunity to tell that story to the equity partner correct that you know it's best service sometimes you provide is saying no to a deal.
Ivan Barratt: [00:29:10] We trumpet that a lot. We've got a lot of equity right now a lot of capital relationships. Of course we're always looking for more but our equity is continuing to ask you to say wins the next opportunity. And the answer hasn't changed is what we think we'll do this this year. However, if we don't get to use a baseball analogy [00:29:30] we have a very tight strike zone and if we don't get our pitch we will sit there and let the ball go by 200 400 times because the maintenance of that discipline the strict adherence to the acquisition criteria may not be sexy in today's market. But it's what every large owner operator has it done. If you if you look [00:30:00] at across the market all the big ones that have been through multiple business cycles have similar strategies.
Patrick Antrim: [00:30:07] Right. Do you do any third party management or is it just management of your own assets that you acquire?
Ivan Barratt: [00:30:14] No we do. We do. We we've started to grow that again for a long time. Third party management was always larger than that than the deal that we acquired ourselves. And we knew we were able to go in a little bit of an acquisition tear we got some great deals in our pipeline have grown [00:30:30] significantly on the ownership side. If I were to draw an arbitrary rule we'd like to continue to be about 50/50 fee manager 2 to owner as we as we expand.
Patrick Antrim: [00:30:44] Yeah. And how do you if you know you're looking at pitching to the client but having that discussion about a third party client relationship what does that conversation look like and [00:31:00] how do you as a company differentiate yourself amongst all the options that are available today? Without giving the the secret sauce.
Ivan Barratt: [00:31:12] Hahaha. Theres not a lot of secret sauce to it.
Ivan Barratt: [00:31:13] Well you know there's not a lot of secret sauce to it. We just we just work harder. We work really hard at our culture and our people and our in our way of doing things so oftentimes I think in this environment we're a little bit more on the expensive side and that's okay and so [00:31:30] we get a lot of people that calling us from management services that go nowhere because they are either looking for the cheapest operator or they want they want the biggest one. So for us right now you know I think we're a Goldilocks operator and that we're not so small that we don't know what we're doing and can't execute or don't have the right technology but we're not so big to where if you're a new client you're just a number and we don't care if or go at this point where were our [00:32:00] clients are very important to us. The other thing is I'm lucky in that being an owner and having an owner mentality makes me a better fee manager right and I've pair that with my management company doesn't have a high profit margin motive. My goal is as a management company is to grow a fantastic machine. A [00:32:30] fantastic culture. Don't get me wrong it is a company pays me and my partner well and we pay our people well but we spend a lot of money on technology there's just not a lot left after that. But what that allows us to do is it allows us to fill our own long term wealth goal aspirations right.
Patrick Antrim: [00:32:51] Right.
Ivan Barratt: [00:32:53] By acquiring assets, managing them extremely well, to [00:33:00] where my financial freedom, my family's financial freedom, my future is intact, and the management company is the critical piece to keep that all going. Sure I can eek out another five or 10 percent profit margin if we started really being focused on costs and pennies. I'd much rather grow just a great company that does a great job and watch my my [00:33:30] assets perform well over time.
Patrick Antrim: [00:33:32] Right. So a lot a lot of people individual investors are looking at different opportunities in multifamily right now some of these coming from funds many different portfolios across different locations different yields or things like that. And what are you what do you say to somebody as they evaluate that process as becoming that passive investor. That would probably come in as your investor what should they be asking of groups [00:34:00] as they take care of their real estate?
Ivan Barratt: [00:34:04] Wow. I write about that a lot. One of my little life hacks that I try to pass on to passive investors that ask that question I get it a lot.
Ivan Barratt: [00:34:17] I think one of the best things you can do before putting your money in anything is underwrite 100 opportunities look at a hundred different funds or 100 different private placements. Read the offering [00:34:30] memorandum and you will get through osmosis and repetition. This visceral gut reaction some people call it a fingertip feel for what a good deal looks like. And as an investor you'll start to recognize more importantly what's not in the offering memorandum. An attorney friend of mine used to always say it's not what's in a contract. Any fool can read a contract. It's [00:35:00] what's missing from the contract. And I think that if you look at enough of these opportunities you'll get a better idea of what it what a good opportunity looks like. Also I think your show probably does so well is that is your attention to risk management. You know right now everything is doing well but there is potentially a lot of issues on the horizon with industrial with office with retail and with several [00:35:30] sectors of apartments. I have I would have a hard time recommending anybody get into a class A new development right now but I know there's operators out there that are doing a great job. So I would just say that a lot of caution should be taken because most of those deals your your returns are predicated on predicting what's going to happen in three years after lease construction lease up and in a sale.
Patrick Antrim: [00:35:59] Right. Right. [00:36:00] And then whatever comes along because when you're an A property probably in an urban area right or it's in a well I guess it could be anywhere but you do have that supply risk.
Ivan Barratt: [00:36:16] Yeah, I'd say I'd say get references, call those references. Don't just you know look at a couple of blurbs, get their track record, make sure they align with your deals.
Ivan Barratt: [00:36:28] We turn a lot of capital down. We've [00:36:30] got some great conversations with some funds but a lot of funds right now are looking to do three to five year exits. And I haven't really seen a whole lot of deals that match up well to a 3 to 5 year exit because again you're you're essentially having to take some sort of short term financing that has a lot of interest rate risk to it versus a longer term 10 plus year hold. You know with real estate if you can stretch out that maturity and you can hold long [00:37:00] term you can you can write out just about any economic storm.
Patrick Antrim: [00:37:03] Right. And I mean is that three to five years fee driven? Depending how those those deals are structured.
Ivan Barratt: [00:37:11] Yeah. Absolutely.
Ivan Barratt: [00:37:14] I think people should be less focused on IRR right now and more focused on cash flow.
Ivan Barratt: [00:37:19] I think investors should be more focused on a flight to quality and then higher return asset class or location? [00:37:30]
Patrick Antrim: [00:37:30] Yes,yes.
Ivan Barratt: [00:37:33] We would be hard pressed to do a C asset right now unless I was in A location. So we like the B properties and I think I think investors and sponsors or developers that are chasing cap rates right now are going to lose because if you if you're drawing a line in the sand and saying oh I need in a cap and it's got to be this cash flow cash return you're going to be looking at some very poor quality assets and you're probably missing [00:38:00] something anyway.
Ivan Barratt: [00:38:02] So I'd I'd much rather put put capital to work at a slightly lower return in this environment. But in an asset that I know has virtually zero downside risk. So for example I'm closing today excuse me tomorrow or the next day on a 2004 built product I called an A minus B plus path of growth location checks all the boxes were assuming underlying [00:38:30] HUD debt and rents are about half of what Class A plus plus suburban urban assets are renting for. And so our capital stack. We're putting a little bit more leverage in there with them some really great mezzanine financing through the through our partnership. And that deal I would make a strong argument that there's virtually [00:39:00] zero risk now of course there's no guarantees. I could never say something is 100 percent guaranteed. There's always risks but to buy that sort of asset right now in a class that we're in in one of the best suburb suburban areas of Indianapolis by going in cash on cash is going to be 7 percent. Right. And two years ago I might have said it needs to be a 9 but I'd much rather I'd much rather be working at 7 or 8 percent for [00:39:30] very low downside for very little downside potential.
Patrick Antrim: [00:39:36] And it's important to have alignment with those investors right?
Ivan Barratt: [00:39:41] Not everybody wants that. I get calls all the time folks a one two, three, four year, turnaround and they want to make you know 20 plus percent IRR and some of those deals are going to still pan out. But I think at some point just beyond the horizon where we were we can predict [00:40:00] a lot of those projects are going to go poof at least from an equity standpoint. The banks will be ok. The banks will get out mostly whole. But the equity will evaporate.
Patrick Antrim: [00:40:10] Right. Right. Well anytime you rush a process it's never good for it.
Ivan Barratt: [00:40:16] And there seems to be a lot of that going on right now. Patrick.
Patrick Antrim: [00:40:19] What do you see as an investment company if you look at your operation as as a manufacturing company? [00:40:30] like what are the raw materials that are necessary going in. If that be the alignment of the investor objectives, right capital structures, all of these things. It's because we're in the smartest time you can be with smart people doing these things and the process like your manufacturing process. What has to happen for it to come out ideal in the business?
Patrick Antrim: [00:41:00] Yeah [00:41:00] that's a great question. I love the manufacturing analogy because you're right a lot of little parts have to go in in just the right combination to.
Ivan Barratt: [00:41:24] Yes for us or for our manufacturing or for you know we're almost a little bit defensive in what we [00:41:30] buy right now we want to we want patient capital we want well heeled capital to where we're only 10 or 15 percent of their portfolio. Accredited investors. Yes, but we also want them to have a certain level of experience and education typically. And we want them to be in it for the long haul, and we're we're out there pairing that with deals that we'll likely do better in a correction. But at the same [00:42:00] time if rents go flat and expenses continue to rise. You know 2 3 percent a year we're not going to make the returns we wanted to but we're still going to deliver a return.
Patrick Antrim: [00:42:10] Right.
Ivan Barratt: [00:42:12] And that's really what we want. I think humans often fail to fully understand downside risk. Right. That old adage of You know worst case scenario typically ends up being a lot a lot worse [00:42:30] than somebody thought it was going to be. And I can speak to that in my development days working for another developer when everything fell off a cliff. You know we thought the worst correction our business will be cut in half and it got cut to zero. I mean everything just fell off a cliff. And and seeing that that trauma again was one of the greatest gifts I've been given right. And I'm afraid it maybe [00:43:00] didn't answer your question.
Patrick Antrim: [00:43:01] No no no. I mean there are details that go through that but I was just curious and you gave me those key points as key materials. I mean it's interesting you're real careful about who has the opportunity to work with you.
Ivan Barratt: [00:43:16] Yes. So yes of the way you said it there. I think that that helps me particularly this in that. And I hope your audience hears this too. The world is a wash in money. Capital is everywhere. [00:43:30] Money is sloshing around the every economy all over the globe looking for a good home. So you would be silly or very shortsighted not to not to be very honest and forthright with the types of deals you do with your potential new partners. Right. Because if it's not a fit for them. So what. There's plenty of other capital that does that does align perfectly with your mission.
Patrick Antrim: [00:43:59] Right. [00:44:00] Yeah absolutely. So let's let's talk about market now and what markets are you operating in now?
Ivan Barratt: [00:44:08] We're all over the state of Indiana Indianapolis and then several tertiary cities around the Indianapolis solar system. We're in Evansville Indiana which is the very southern end of Indiana more in the Louisville [00:44:30] southern Indiana solar system. We acquired our first out of state deal in Ohio earlier this year we're underwriting more projects in Ohio getting close on some things in Kentucky and we are looking for ways to efficiently and effectively continue to hub and spoke out from there. We certainly are more attracted to those tertiary [00:45:00] markets right now. That might be passed over by your larger institutional capital that's getting pushed out of say coastal markets by global capital. Love college towns with big university hospital systems seats of government. We're not renting to the students who were renting to the employment the workforce that that that lives in those in those cities [00:45:30] are deal in Ohio is between Cincinnati and Dayton and we like that area.
Ivan Barratt: [00:45:37] And we're continuing to look for basically business friendly climate, diverse employment, great transportation, infrastructure and we get pretty picky on schools.
Ivan Barratt: [00:45:53] In workforce housing, we want to be the community where the single parent households are [00:46:00] are coming to us not running the other direction. So for instance we don't have currently any workforce housing in Indianapolis Public Schools. There are still just too much turmoil there and there's not there's a few great ones now and then the rest are not so great. So we certainly like those those suburban school districts more.
Ivan Barratt: [00:46:26] We want to we want to be in desirable locations. Being [00:46:30] near malls and being near retail doesn't frighten me. I think a lot of retail is going to look very different in the next decade or two. But it's still good real estate intrinsically.
Patrick Antrim: [00:46:46] You're not afraid of those tertiary markets. Why? I mean obviously the larger institutional groups are looking for certain population and you know just their model like you mentioned before like I've got their investment criteria and are sticking [00:47:00] to it because it says it in their investment criteria. I mean are we are they sticking to old ways or are you seeing things change? I mean even with we talked on another podcast about the autonomous driving vehicle I mean the way that we look at market surveys and radius is I mean that's just why have we done it that way. Well somebody did it you know years back but the world is changing. And so there's things that are happening in the world around us.
Ivan Barratt: [00:47:26] And so you said a couple of things there. First [00:47:30] thing, you know tertiary markets. You've got an economic mote in that it's very difficult if not economically impossible to acquire in title zone build new product. And if it does come online it's going to be way more expensive price per pound than what I'm renting for or buying existing products in that tertiary city.
Ivan Barratt: [00:47:57] So for me and for my development days [00:48:00] barriers to entry is always a high box on my my checklist. What are the barriers to entry for competition. And if they do enter what's my value proposition? Namely what am I charging for rent versus where they're at and do I have enough spread there?
Ivan Barratt: [00:48:18] And I love what you said about you know doing the radials and how how dad did it or granddad did it. You know there's going to continue to be a lot of disruption in this market and there's going to [00:48:30] be a lot of cruise ships that they can't necessarily change direction. And then you've got you've got us and other operators like us and we're on wave runners and speedboats and we're pivoting we're pivoting whenever we need to where we're looking at some ways of evaluating markets. There are some some some guys I know that are really talented in the consulting space for governments, for entrepreneurs, for real estate companies. And together [00:49:00] we're looking at some really ways of seeing things. I'll give you one anecdote. Like you said if you put a point on a map and you do a radial. You're going to get one set of economic data. But what if what if the property is right on the wrong side of the zip code. Right. Right. It's on the wrong side of the railroad track and you're pulling all you're pulling all this information from from the you know from the nice neighborhood pulling up your data or conversely the property [00:49:30] is well located but the radial is being pulled down from the other side of the railroad tracks right. And I'm acquiring a project in McCordsville Indianapolis excuse me McCordsville Indiana population 15,000 people but it is a small moon orbiting Saturn in the [00:50:00] Indianapolis Carmel MSA and there is growth occurring all around it. And three major hospital systems within ten minutes major highway with tons of service related jobs and in medical industrial there's there's education financial services all kinds of employment great phenomenal metrics right. But if you were looking at it through a telescope [00:50:30] and you just pulled up census data you'd say oh this market is way too small. So I guess is it just all a long winded way of saying that the way we look at the world really has to has to change versus how we used to look at it. If you're going to find value.
Patrick Antrim: [00:50:49] Right. Right.
Ivan Barratt: [00:50:50] Because it's not easy to find value you right now as you know I know.
Patrick Antrim: [00:50:53] Yes.
Patrick Antrim: [00:50:54] And it helps to be able to create it once you have it. But those are some really wonderful things to share. And [00:51:00] look, we appreciate you sharing the time with us today. We're coming up on the end of our segment here. But I wanted to give you an opportunity to talk about anything you want to leave our listeners with or any kind of final thoughts.
Ivan Barratt: [00:51:14] Oh it's been really fun day on this show. I like diving into the details and we got to do it more here with you than I usually get to do. Anybody has any questions in the space or anybody wants to talk I'm very accessible. 317-762-2625. [00:51:30] That goes to my assistant and she'll put you on my on my schedule and I'd love to chat about any of this subject matter just your listeners will have to remember to tell me when to shut up because I can go on all day about this stuff.
Ivan Barratt: [00:51:50] Thank you again Patrick. It's been really fun Having a chat. Thank you for listening. We hope you enjoyed the Multifamily leadership podcast [00:52:00] for show notes and other resources. Visit multifamily leadership.com.
In this interview, Patrick Antrim, CEO of Multifamily Leadership shares time with Sean Miller who is the President of PointCentral an Alarm.com subsidiary, and a leading developer of enterprise scale smart-home solutions for short and long-term property managers.
In this episode, we discuss:
- Opening remarks: What is PointCentral?
- Technology is transforming the way we are working in Multifamily. An inside look at meeting with Multifamily Executives.
- Home automation is not just resident enhancing. How PointCentral help property managers do their jobs more efficiently.
- Clip from Marco Vartanian Senior Vice President of Invitation Homes at the 2017 Multifamily Leadership Summit.
- The future of the Leasing Agent in Multifamily. What does the future look like in our roles in the future?
- PointCentral to provide platorm and enable companies to innovate.
- Unattended showings with keyless locks to improve security and remove the cost to maintain a key system
- Capture data - who long they were there looking at the apartment. Provide new prospective residents the opportunity to tour an apartment without the leasing agent.
- Innovations are happening quicker than before.
- PointCentral working together with companies so they can transform.
Based on how a leader serves their residents and owners, they need to have people in the organization that understand what technology can do today and have a vision of what technology can do in the future.
- Leaders can roll out new services like self-show tours, HVAC, water monitoring/etc. Take a look at new and unique ways to deploy services with sensors.
- PointCentral wants to partner with property managers to understand how you want to manage your property, who are you serving, what do you want to do. Once they know this they can begin with one pain point to get started adding value.
- Once you implement, you will explore more opportunities to evolve.
- How does PointCentral make sure everything is used in the right way. How they support companies in the process. The property manager needs buy in from executive to field and align with the right partner. Need right training with the right teams at the right time. The partner must have the resources to deploy this system with you.
- What is the risk of making the wrong decision for those who want to do smart home technology on their own? Hardware is not very technically risky. What can we do to help to make sure the right data gets to the property manager at the right time vs. flooding them with information.
- The consumer is driving the experience. The millennial experience.
- Can we be a 24-hour leasing? Millenials enjoy being in more control. 1/3 of US household have some automation tech. For renters, it's been a confusing topic.
- Clip from Marco Vartanian Senior Vice President Innovation Homes.
PointCentral's job is to provide a platform that is reliable and that's why we use cellular connections. We have roboust data security and data privacy policies. We get the data to and from the house reliably. Then our job is to get the information to the management company in a way that is useful. We take a very flexible approach to make sure that data flows.
- What are the risks? Now that awareness is growing people are tempted to just buy smart home technology on Amazon or local retailer. They are not thinking throught how to control the devices and how they are protecting the data.
- The ability to get rid of keys, key management systems with work order integration. This is a significant ROI on the platform.
- What are the trends in adoption of multifamily smart home automation tech?
- The PointCentral support system and team-
- What can we expect with business interruption deploying a smart home technology?
- Sean Miller's final thoughts.
Get in Touch:
Sean Miller on Linkedin
PointCentral
In this interview, Patrick Antrim, CEO of Multifamily Leadership shares time with David Draper the Manager of Recruiting & Employment at the Lewis Group of Companies, one of the nation’s largest privately-held real estate developers. As the company’s Talent Acquisition leader, David fosters strategies that drive talent acquisition planning, recruitment marketing, and employee engagement/retention initiatives.
David attended California State University Northridge and has his Human Resources Management Certification from UC Riverside. He began his recruiting career over twenty years ago with Robert Half International and The Cambridge Group, opening the Inland Empire and Orange County California divisions of each. Prior to recruiting, David placed a different type of candidate as a Talent Agent in Beverly Hills placing actors in major film, television, and theatre productions.
In this episode, we discuss:
- Your candidate is your customer and your customer is your candidate
- Talent Acquisition market has changed. 2008 recession changed the game. Candidates were plentiful, the recession came and candidates were plentiful. Employers had their choices.
- The candidate experience is extremely important
The experience a candiate wants in looking for a job is very much like the experience of a consumer.
- Candidates are looking for: Personalized, technology, apply quickly, preferably on mobile, authentic and a good grasp of the culture. The company has a social footprint.
A candidate for your company is looking at your company the same way they look at a product.
- Recruitment is marketing. Recruiters should have a strong grasp of what they are doing for the organization. The recruiting team front facing to the public for the organization.
- The supply and demand in the job market. Look at the job market like we look at the rental market.
- How to get buy-in from executive leadership. Recruiting and talent acquisition is moving at light speed. Show data to the executive leadership on the quality of candidates and the reduction of job placement costs.
- Create a community brand and funnel the public to content on corporate site.
- The touch points of the consumer experience.
- MultifamilyScout.com - Helping brands build a strong employer brand position.
- Tracking data on content and the complete picture of the candidate experience.
- My first 6 months as a Lewis Leasing Consultant.
- Need to be transparent. Need to be honest...this is what the job will do, this is how much it will pay, our strong performers have these attributes, here is why you will do it. You will be a huge reason people will rent at these beautiful communities.
- Job fair results
- Partnering with the executive leadership team on a new approach to find talent. Recruiting must be able to show data, the value, what problem do you have? What solution do you want to try?
- Everyone is a recruiter. A referred employee is a quality hire.
- People who are referred go straight to the application vs internet-wide search and review.
- How we handle the relationship to those we don't hire.
Make the application process simple.
Offer the ability to apply for a job in under 5 minutes, on your phone. This is extremely attractive to candidates. Just like buying something on Amazon.
- You have to love people if you want to be in this business. We make communities.
If you keep your people happy, the customer service and sales will take care of itself.
Connect with Lewis Group of Companies:
Career Website:
Corporate Website:
Lewis Group of Companies Instagram
Lewis Group of Companies Twitter
Lewis Group of Companies Facebook
Connect with David Draper
In this interview, Patrick Antrim, CEO of Multifamily Leadership shares time with Tanner B. Bickelhaupt who is the founding Principal of The tanbic Company with more than 13 years of real estate, finance and management experience. Tanner’s investment track record includes successfully investing in multiple asset classes, in multiple markets and through different economic cycles. Tanner guides the firms overall strategic direction, including developing investment strategies, sourcing suitable investments for acquisition, developing relationships with high quality operating partners and sourcing and maintaining capital partner and lender relationships.
Prior to forming The Tanbic Company, Tanner was the Director of Real Estate for Black Rock Development, a real estate development company representing more than 44 entities with a real estate portfolio valued at over $550M. In 2011, Tanner joined a full-service real estate investment and management company that acquired, developed, built and managed over 9,000 units in multifamily communities in the west and mid-western states. Since 2011, Tanner has raised over $150M of private equity through high-net worth accredited investors which resulted in over $350M of asset purchases throughout the United States.
In this episode, we discuss:
Tanner shares his journey to becoming a Multifamily Property Owner and Investor. Tanner planned and took the steps 2 years before he launched his Multifamily Private Equity Firm.
Tanner stays positive before the day begins to allow him to focus and face the challenges in the business.
As an owner, how Tanner interacts with his management teams.
Results with brand and unique marketing to increase value.
Senior living focus
In todays world, we have the smartest equity, smartest debt, smartest buyers and smartest sellers. To make a real return, you have to buy a property, run it perfectly.
People that are turning 72 years and older is growing by 2.1%. In 2019-2025 it grows by 28%. Demand is not the issue. The problem is, how do you staff it?
Technology and Senior Living
The demand for capital on Tanbic Investment Programs.
The Tanbic philosophy and leveraging 3rd party management.
What does a management company need to do to understand owners needs?
The value of the investment in people.
A seasoned mentorship can get a deal done.
Selecting a Multifamily Third Party Management Company
In this interview, Patrick Antrim, CEO of Multifamily Leadership shares time with Marcus Strom, founder of Autonomous Driving Research, a non-profit organization on autonomous driving to evaluate, challenge, inform, and propose solutions for vehicles, drivers, operators, and infrastructure agencies for the successful integration of Autonomous Driving Vehicles (ADV) with current traffic systems. This organization is independent of any manufacturer, supplier, agency, brand, or solution. Marcus maintained self-driving vehicle fleets through install, diagnostics, calibration, qualifying, maintaining, troubleshooting, and operating advanced self-driving autonomous vehicle hardware and software systems and OEM platform systems. He also launched initial technical operations and tech support in this industry.
There are almost 260 million vehicles on the road today, 2 billion parking spaces, and 125 thousand gas stations. Your car is parked 95% of the time. The utilization of a vehicle is no where near what it could be.
If it doesn't help save us time or money, at the end of the day, why use it? - Marcus Strom
In this episode, we discuss:
- Research centered around the vehicle, sensors, and underlying safety
- Increasing utilization of the vehicle
- How the use of autonomous vehicles can and will increase productivity
- How people define where they really want to live when commuting is not an issue
- Changing behaviors
- Google's influence on this industry
- Looking 360 degrees around the vehicle at all times - software, knowledge base, sensors, weather conditions
- Worldwide solutions and real-world environments
- Understanding traffic patters, societal trust of "red light, green light"
- Behavioral acceptance and integration - education is key
- Exponential growth of technology and integration
Having been in and out of the driver's seat of one of these vehicles, and experienced it day in and day out, it is pretty fascinating. It is something that if we don't do it now, you could be left behind. That's opportunity for someone else. - Marcus Strom
- Best approach for acceptance and understanding
- Lidar - Light Detection and Ranging
- Using laser light to send signals 360 degrees to see at night and radar to search for motion
- Autonomous vehicle safety - much more sensitive than human perception
- Interior and exterior appearance of vehicles
- How the autonomous vehicle and ride sharing can impact apartment communities
- Real estate development and city planning
- A to B transportation - city busses and trains becoming autonomous
- Disruption of industry
- Adoption rate of autonomous vehicles
- Changing roles of vehicle ownership
When is it coming and when can I buy one? are the wrong questions. The right question is, when can I experience it?
- Fostering relationships and partnerships between properties and companies
- Opportunity for management companies and developers
- Parking and density
- On-demand service
- Artificial intelligence learning and execution
- Alexa, Google, Siri voice recognition and searching
CONNECT with Marcus:
Web: https://autonomousdrivingresearch.org/
Mike Lindstrom is an Author, Keynote Speaker and Communication Expert who was trained early in life by Tony Robbins on Psychology of Influence. Under the Robbins organization, Mike worked as an Executive Coach for Fortune 500 Companies across North America becoming on of the youngest Executive Coaches in the Robbins Results Coaching Company.
He’s a straight shooting, passionate leader who went out on his own after seeing the client base swell to more than 5,000 professionals. His impressive client base reads like a “Who’s Who in Corporate America” with a list of corporate executives, professional athletes, celebrities and even teenagers seeking that next level. Michael focuses on results and accountability. He appears on national and local media outlets like Fox News, CNN, Headline News to comment on topical issues.
In this show we discuss:
- How people learn and adopt new technologies and the process they take
- Quality of questions equals the quality of your life.
- Most people don't ask good questions of self. If you ask bad questions, you get bad answers.
- We talk to ourselves at 1,000 words per minute
- Learning takes practice and repitition
- Learning is about being exposed to certain things initially and then doing it consistently over time. Much like learning a language.
- Issue Rule Analysis Conclusion in how to approach solving problems.
- We have to unlearn some things. Mike's approach from shifting from logical legal approach to emotional learning and development.
- Introduction, body, conclusion. Tell me what you're going to tell me, tell me, tell me what you told me. The principles of learning
- Understand the level of fluency in the person you are working with and make sure they are aware of your fluency. Go back to the basics of communication.
- Most people don't immerse themselves into what they need to know. Most are not committed to mastery.
- Pattern recognition is very important to know how to issue spot, what to apply and develop solutions.
- The repetition aspect of pattern recognition is important. Begin putting yourself in fail safe situations that allow you to develop pattern recognition.
- Put yourself out of your comfort zone 10 times a week. Most people don't get the repetition that they need to develop pattern recognition. If you don't work for a leader that is placing you in these situations, do it yourself.
- How you encourage self awareness.
- The Awareness Model- Four steps
- Unconsciously Incompetent- You don't know that you don't know. If we become curious, we graduate to second level.
- Consciously Incompetent- You know that you don't know. Go study, do you homework and now you will know what you know.
- Consciously Competent- I know what I know.
- Unconsciously Incompetent - When you become fluent in your work and your pattern recognition is very high. You've immersed yourself in study.
- As a Multifamily Executive or leaders, we often apply our values to other leaders. We need to understand how people view their role. Creating intrinsic results. Ask questions. What ever you believe you're right. When you get people articulation in their own language patterns. We can't see our own blind spots. When people articulate their own self beliefs it's much better than imparting that on other people.
- People have success and it's challenging to require change if we have a high level of success. Great leaders are always innovation. Themselves, the culture of the company and the business.
- Innovation and change- great leaders are always looking in the mirror. Great leaders are always confronting the brutal facts of the situation. If you are not growing, you're dying.
- Use objective tools for leaders to measure behavior.
- How do you make decisions? Do you filter through fairness, right or wrong, money?
- Our natural instincts are a default without objective tools. The problem is we rely on what our parents taught us, mentors or other leaders. This means we rely on old school strategies. These can work but we have very effective tools available to us today.
- Invest in your company to understand what people think. Get objective Multifamily third party research
- Implementing change- some change we want to keep. It's usually not about change itself.
- Test assumptions with people when working with objective tools. Dive deeper with people and use objective tools as a framework for good questions and conversation.
If you want to see if someone is effective, look at how people have trained themselves to create awareness and adapt to different types of people.
- Pattern interrupts- The easiest analysis one can give. Identify one area of self where you are not doing well. Put a microscope on it. Ask why the results are not there. Brainstorm with the team. Then ask the million dollar question. What are we going to do about it?
- If we are going to innovate, do what great leaders do. Confront the brutal facts and make change.
- Most leaders don't want to look at deficiencies. Get a survey to better understand how people work together. Bring in a trusted resource.
- Leaders will push back when dealing with tough and often times known issues. They know they should, but don't want to confront facts. It's a tough thing to do. But success is on the other side of this fear.
- It might sting, but that is where you really grow as a person and company.
- We want to avoid pain. When we feel pain at looking at brutal facts it can be difficult. When you are committed to the journey of personal development big results follow for you and your company.
Connecting with Mike:
Twitter: @MikeLindstrom
Web: Mike Lindstrom
In this interview, Patrick Antrim, CEO of Multifamily Leadership shares time with Dennis Ford who is the Founder and President of Quantum Leap Productions, an innovative and wildly creative corporate messaging company. With over 25 years experience crafting unique corporate messages, creating entertaining and relevant videos, and producing myriad original Team Building experiences for over 500,000 corporate employees and Senior Management, he realized there was a common denominator that every leader, in every company, talked about but, literally, not one addressed effectively.
So, after digging into the guts of many Fortune 100 and 500 companies it became his quest to actually solve a problem that every company faces…how to conceive, create, implement, and nurture a truly positive, effective, and joyful corporate culture. And even more important, how to create a truly profitable culture, one that contributes greatly to both productivity and bottom line revenues…at no cost to the company.
Dennis has written a book about creating a positive, and profitable culture, called “Monetize Your Culture: How to Create a Passionate, Caring, and Committed Workforce That Actually Increases Your Bottom Line…and Costs You Nothing”. The book is due to be released on September 10th, 2017.
In his first career, Dennis spent nearly 14 years with CB Richard Ellis, the largest commercial real estate brokerage in the world. After 7 years in sales, he became manager of the Phoenix, AZ office, leading it to #1 status among all CB Richard Ellis offices nationwide, 5 out of 7 years (at the time it was CB Commercial). He was named Senior Vice President, and was the #1 rated sales and negotiating trainer, company wide.
In this episode, we discuss:
- How most corporate meetings run to understand what employees need to hear, understand, and act upon.
- The challenge corporate trainers face in team meetings keeping audience members engaged.
- Quantum Leap productions takes the same message and places the information into a medium that is compelling and memorable.
- What do we go out of our way to see? We visit films, plays, love stories etc. Very few of us seek out speakers.
- Most of the time corporate messages are too detailed.
- Question to the Multifamily Executive - What is it you want people to do differently tomorrow that they did yesterday? What do you want them to think, feel, what do you want them to do that's different?
- The storyline is not about the marketing plan. The storyline is about the people in the room.
If it's about me, you have my attention
- Get people laughing about the very thing that might anger them.
You cannot be angry and laughing at the same time
- It's about the lives of the people in the room. Management's message become the solution in the context of the story.
- Management's message needs to become real, relevant, memorable and compelling.
- The genesis of what became Quantum Leap Productions
- People are talking about the meeting- If they are talking about it means they are present for the meeting which means they remember it and also means "Mission Accomplished"
Our brains don't selectively decide what we remember
- Don't change the curriculum, wildly change the delivery.
- Multifamily employee engagement research on corporate culture and communications.
- The Monetize your culture book.
- People talk about culture and don't understand what it really is. Some miss the power of the relevance to the financial results.
- The Multifamily Executive is the culture
Never in the history of ever has a sales plan or marketing plan had anything to do with culture
- Some executives at the highest level have little idea of what their culture is. Many miss the opportunity and relevance to the bottom line.
- Studies show that people that are happy, joyful, respected will place more into every single day that they work by double digits compared to the people that are disrespected, irrelevant, not appreciated in any way. Sometimes 15%-35% increase in effort. What would that do for your business?
- Culture starts at the top.
Never in the history as ever, has the culture of a company, sports team, organization, started at the bottom. Cultures start at the top and work their way down in a series of expectations, feelings and behaviors.
- People will stay at your company longer because they don't want to leave a known happy culture.
- Managers should not have ownership over employees.
- The Office Space story
- Every employee in every company has a choice everyday. What is my level of output going to be? What's the difference between above and beyond and I won't get fired today? What would happen if all of your employees gave you 15% more effort because they wanted to?
Work to create an intentional culture because it's good for the bottom line
- How did your culture become your culture? Take a series of steps to create an intentional culture. Start by taking it all in to understand what your current culture is. This is where we start. Then, what do we want to be? Define it. Then over a series of months, you create the culture you want. Open and passionate. Be patient with this process.
- Get rid of behaviors that are producing unfavorable outcomes. Stay committed to the process and protect the new culture from people that't don't buy in.
- The Southwest Airlines culture story
If you want to know if it's a great place to work in Multifamily, you ask the people that work there.
- The story- Everything I learned about business, I learned from waiting tables.
CONNECT with Dennis For
Linkedin: Dennis Ford
On the web: Quantum Leap Productions
In this interview, Patrick Antrim, CEO of Multifamily Leadership shares time with Linda H. Yates who is a highly sought international Keynote Speaker, Executive Coach, Author and Corporate Trainer. Linda has produced over 250 educational seminars on helping individuals and businesses uncover, realize and accomplish their goals.
She has motivated over 10,000 individuals representing Fortune 500 companies throughout North America including Tyco, Wells Fargo, Microsoft, Fannie Mae, and Century 21 on their internal processes and corporate initiatives. She is also an adjunct instructor at Florida Atlantic University.
In this show we discuss:
- Men and women compare themselves all the time.
- Confidence and reaching your potential. Moving away from pain or desire for more.
- Self image, take time to check in with ourselves. How letting boundaries we place on ourself limit our potential.
- How men and women process and compare themselves to each other.
- How our self perceptions impact our potential and hold us bask. We take less risks as a result.
- Stepping out and trying new things.
- Everyday is an opportunity for daily improvisation and making impressions.
- Public speaking is part of our life everyday. Push through the internal barriers.
- Inside communication -Jessica's Affirmations. Getting rid of self doubts and touching back to that younger you.
People that are happy are successful. We think we have to be successful before we can be happy. It's the other way around. Once we are happy and we choose to embrace whatever it is in our life, mind, heart and circumstance, we find the happy there. We then will attract the success.
- I am statements are important. Begin with at least 3 everyday, write them down, look at them a couple times a day. Look in the mirror and say them. No one else can say for you "I am" but you.
Sometimes we take life as it comes and let life happen to us instead of making life happing for us.
- Thinking quickly and on our feet is important because we may not get another opportunity.
- If you hesitate instead of taking that risk. We miss out. There is confidence in that risk.
- Life is always on the outside of the barriers. This is how we all began life.
- Professionalism and how we operate today. Professionalism is our word, integrity. Being in the moment and present. As to clothes, not too tight, not too loose. The fit needs to be right and in good shape.
The higher the hem line, the higher the neck line, the fuller the bottom line. The more skin that is covered, the more successful. The messenger is the most important person. Our clothes are always broadcasting. People look at the clothes instead of the person.
- Understand your brand and what you are known for. A jacket is key. When people put on a jacket, there is a psychological boost internally that raises your game. I'm here to work.
Once you take off your jacket you lose 50% of your perceived authority.
- Stepping up your wardrobe delivers a positive first impression. If you are meeting someone new for the first time, wear a jacket and go for the first impression. You may not need to wear the jacket all the time depending on how the relationship develops and what your why is.
- The online impression. It's the clothing you put on. What clothes makes you feel the most creative or productive? Need to understand the ability to fit in too. When big clients appeared, people improved their dress and productivity increased that day. Casual environments are okay in certain circumstances. You can still step up your professional broadcast. It will show that you are serious about your career and you're here to do business and can be trusted.
- Bring your best self to every experience. Drink a lot of water. Keep your energy up. Working out, natural light. Cutting people out of your life that suck your energy. It's about setting boundaries and understanding the people that are drawing the positive energy out of you.
We broadcast out. Whatever we put out comes back to us and generates what we put back out. It's a never ending cycle.
We are what we focus on. If you want to change something in your world, change your focus. Get rid of the negative self talk, embrace who you are and step to your strengths.
CONNECT with Linda H. Yates
Learn about the 15 different areas we broadcast to others. Get her Book: Beyond the Clothes: Image & Presence
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Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Best Places to Work Multifamily will bring you success strategies for Multifamily Professionals, CEOs, executive leaders and aspiring leaders that want to drive high performance results for their portfolio. This show will help you influence results with people, driving more revenue and a better resident experience for your Multifamily Property or Portfolio.
In this interview, Patrick Antrim, CEO of Multifamily Leadership sits down in the Multifamiliy Leadership studio with Mike Mueller.
Mike is the CEO of LeaseHawk and is no stranger to results or technology innovation. More than 20 years ago he envisioned leveraging the telephone by calling 258-RENT to access apartment information.
The idea quickly morphed into AllApartments.com one of the industry's first Apartment Listing Services (ILS) which is now under Move.com, a subsidiary of News Corp., a public company. That led to the creation of VaultWare, the industry’s first online apartment reservation system, which was acquired by MRI.
All of these ground-breaking innovations helped move the industry forward to where it is today.
The original vision came full circle in 2012 when Mueller acquired a telephony platform from CallSource with the idea of creating a better customer experience by offering the cutting edge solutions found in other industries.
The LeaseHawk communications platform, which launched in May of 2015, is truly a game changer by melding telephony and customer relationship management into a mobile application. What makes it innovative is it’s fine tuned specifically for the apartment industry to measure, refine and improve the effectiveness of your marketing and your people.
Once again, Mueller’s vision combined with his seasoned management team will change the way you think about your business!
Show Notes:
- Mike shares where he sees the industry today in the state of technology.
- The leasing process and how people adapt to technology.
- Change can be uncomfortable and the people driving the leasing process
- Looking at change in other industries and how those changes will become reality in Multifamily
- The shared economy and the next generation of renters
- The mobile device and the trends on consumer behavior for the mobile strategy
- What inspires Mike do innovate and his passion to utilize technology to solve industry problems
- Backstory of ACE
- The way renters want to communicate.
- Capture prospect leads and answer quickly and efficiently as possible.
- A conversational assistant is introduced - ACE “Answers Calls Everytime”
- Consumers want consistency and experience with “Tap to Talk”
- The 10 things renters call about
- Leasing apartments compared to banking, airlines, hotel industries
- First mover and the timing of the market
- Key to understand on how to create an experience
- Live call to Leasehawk’s ACE conversational voice assistant
- ACE tells a joke!!!
- Launching a product in Multifamily is about getting the adoption as change is resisted
- Early adopters are the tough clients to find.
- Mike shares his team success, how they are solving client pain points, and the real customer “the renter”
- The Multifamily industry should invite trial and error
- People are more patient on the phone after hours.
- Brands that invest marketing efforts and offer compelling messages will need to do less convincing at the point of sale which leads to efficient conversion.
- The Apple consistency of experience. Why are the renters any different?
- How larger brands help people adapt to new technology. And like any product they evolve overtime.
- Mike’s early beginning with RentFax and the evolution of how he cataloged rental listings across the web. How he got the band back together to build an online reservation system for Multifamily called “Check Availability” which is now “Tap to Call”
- Mike sells Vaultware and uses the voice interface to help Multifamily companies improve the leasing experience with a conversational assistant.
- The timing has been good but Mike made a lot of assumptions
- The Multifamily Industry should reduce friction of renters doing business with companies.
- Timing is everything and finding the right people is important
- Technology looking for solutions and how platforms opened up opportunities
- What Mike looks for when building a team
- Mike’s early inspiring moments of vision and collapsing the gap of the current realities
- How Mike overcomes resistance to new innovative technology
- The disadvantage of Multifamily Success and it’s impact on innovation
- How you manage the relationship with the resident and the lifecycle, resident journey
- Artificial Intelligence, machine learning to score conversations with the ability to predict demand side of the business elevating the priority of leads
- Combining everything people say and do with information that is available online
- How Mike thought about things when he was growing up
- Mindset and where to get inspiration for leading in the future.
- The possibility that leasing agents could be a thing of the past
- The experience for owning and leasing apartments will change
- Autonomous driving cars and how it impacts the Multifamily Industry
- How we could potentially revalue multifamily apartments in the future with the repurpose of parking areas
- How Mike gets inspired outside the industry.
- Amazon, the purchase of Whole Foods and how it will impact the grocery industry
- A business needs to reduce the friction for doing business. Faster and easier with the least amount of clicks to get to what you want.
- Timing is everything. Sometimes it takes a leader like Amazon to change the way we think about things like grocery delivery
- We need more big thinkers in Multifamily to envision what the leasing experience could be
- HawkEye is a Business Intelligence tool that is the last piece of the communication platform
- An BI tool or Business Intelligence tool should allow you to easily get to the information that is actionable.
- A large amount of property phone calls being tracked are not true leads.
- How Multifamily Asset Managers, Investors and Owners can use the BI tool to get to the right information fast
- The HawkEye product demo video
- How to foster innovation in the Multifamily Apartment Industry
- The consolidation of brands in the Multifamily Apartment Industry
- The data the entrepreneur needs to create a new service is behind the property management system walls. Owners need to think about the impact on innovation
- The Salesforce software company and Apple comparison of a platform model that has inspired significant innovation
- The Autonomous vehicle vision and other possibilities to rethink the value of Multifamily properties
- The trust factor and how that impacts adoption of innovation
CONNECT with LeaseHawk
Get your FREE Telephone Performance Analysis
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#Apartment leasing #Multifamily #Leadership #Technology #Tech #CRM #Investor #Entrepreneur #LeaseHawk #HawkEye #ApartmentInnovation #Innovation #ILS #VaultWare #Leader #Success #Startup #Startups #VentureCapital #MultifamilyCapital #TechInvestor #GameChanger #Vision #LeasingAgent #CoversationalAssistant #ArtificialIntelligence #Business #Intelligence #BI #BusinessIntelligence #Results #AssetManagement #MultifamilyManagement #MultifamilyInvestors #NextGeneration #FutureofWork #MFLSummit #MFLpodcast #WorkMultifamily #inMultifamily
Nick Raithel is on a mission to help leaders finally get the recognition they deserve. He’s combined advanced time management strategies with his own experiences in publishing and marketing. The result was the 7-Hour Book, a service that’s been delighting clients and empowering their story.
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Mike Lindstrom is an Author, Keynote Speaker and Communication Expert who was trained early in life by Tony Robbins on Psychology of Influence. Under the Robbins organization, Mike worked as an Executive Coach for Fortune 500 Companies across North America becoming on of the youngest Executive Coaches in the Robbins Results Coaching Company.
He’s a straight shooting, passionate leader who went out on his own after seeing the client base swell to more than 5,000 professionals. His impressive client base reads like a “Who’s Who in Corporate America” with a list of corporate executives, professional athletes, celebrities and even teenagers seeking that next level. Michael focuses on results and accountability. He appears on national and local media outlets like Fox News, CNN, Headline News to comment on topical issues.
In this show we discuss……
- How to be happy at work
- CNN survey poll if you had the opportunity to leave your current job...would you yes or no?
- The mindset in the top percentage of income earners.
- Be part of something bigger than you to do interesting things to support your growth and happiness. If you have the ability to grow outside of your daily work, big benefits are available to you.
- How a school teacher who is passionate about Yoga has faced a big life decision on being happy, healthy and on point.
- How to win where you are in your current job even without knowing your “passion” and how the quality of your life is directly tied to the questions you ask yourself.
- What am I Excited about?
- What do I love to do?
- When am I most happy?
- What brings me happiness?
- When do I smile the most?
- Explore something that makes you happy. Get involved with non profits, write that book.
- What is the thing that gives you the most gratitude or makes you happy? Be accountable to yourself and ask the question...what makes you smile?
- Make 20 bullet points of things you have done that make you happy. Who in your life do you have good positive experiences with? Spend more time with them.
- The happy study- The Happy Movie which was a study that studied cultures on varying levels of happiness around the world.
- 50% of levels of happiness is genetic
- 40% Conscience choice or what you choose
- 10% General life circumstance, environment
- We all come back to our genetic set point. Our ability to recover from setbacks is strong when we have a high set point. But we have a 40% choice to still improve the experience.
- How our personal happiness impacts others and then returns an experience to us. How to move through challenging situations and careers.
- Mike’s story about his Wife’s shift to a happy life and how her happy level has shifted upward.
- If you are in sales and your environment you choose is not happy then you need to bring a different energy to the group so you show up completely different. This impact you and others and ultimately the business.
- Work life balance discussion and some simple tips to create space in your life to increase levels of happiness.
- Be honest with yourself. Don’t be someone you are not. Talk positively to yourself.
- Develop common interests with people. We like the connection as one of the human needs.
- Keep your mind occupied and active. Be honest with the activities that historically have put you in a positive mood.
- The corporate executive who is committed and highly engaged on getting better professionally and how a sudden change can impact people and their needs.
- How loss can impact people and their human needs.
- Life events that are dramatic to people at work and how this impacts their need to be identified and connected.
- The 6 human needs around work and the sudden change of job changes.
- How sports organizations transition people out of professional sports.
- When change happens quickly, the mind is not prepared for it.
- The mind and body are one. Mind equals body. You can have a great attitude with low physical response.
- When the mind and body disconnect. Find out what can I do for my mind? What can I do for my body? How do I engage. Your happiness levels will shift, you’ll be more fun to be around and sets the tone with those you interact.
- Remind yourself as a conscience choice. Self talk is very important with 1,000 words per minute coming to you automatically. Get around good people, put your smartphone down. It’s not delivering positive news.
- Team supervision as a Manager- People on the team that have life events or perhaps not engaged or low levels of happiness.
- People need to motivate themselves
- Ask people the right questions
- Intrinsic questions should be asked getting them to see themselves past the current issues.
- Encourage people to reach out to someone in their life. Don’t let the problem persist.
- Mentors can help navigate issues or phases throughout life.
- Encourage employees when they are going through something. Encourage them to reach out to someone in their life.
- People believe they should keep work and life separate. Employees are Mom’s, Dad’s and contribute to your business. It’s neglecting to leave that alone.
- The New York Yankees approach to mentor athletes and connect to other leaders.
- Mentors spend the time with younger leaders
- Invest with their teams
- Get teams aligned
- The Clete Boyer story of personal instruction to Patrick to keep things simple
- The Nick Johnson story and the great hitting coaches with the New York Yankees
- As a leader, you don’t need big pearls of wisdom or complex instruction
- When was the last time you contributed to your staff to show appreciation?
- It makes people happy when you contribute to others
- The Mark Cuban and Dallas Mavericks story on meeting team needs.
- People that are happy perform better financially and create a better resident and customer experience.
- We talk about performance and preparing leaders for ultimate success.
- Patrick shares story of his son’s upcoming speech. How he prepared him to be recognized by his peers.
- The next level. How Mike helps people identify the gap to achieve the next level for high top leaders. High level leaders are good at what they do. Sometimes they don’t see the gap so we can help them visualize for best results.
#happinessatwork #leadership #leadershipsuccess #success #engagedemployees #workplacehappiness #improve #work #productivity #podcast #motivate #employees #HR #best #practices #develop #leaders #train #leaders #communication #work #balance #life #skills #results with #teams #happy #employees #happy #research
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Best Places to Work Multifamily will bring you success strategies for Multifamily Professionals, CEOs, executive leaders and aspiring leaders that want to drive high performance results for their portfolio. This show will help you influence results with people, driving more revenue and a better resident experience for your Multifamily Property or Portfolio.
All companies are a nothing more than a collection of people. You will learn proven strategies to attract the best teams, get people working effectively together, and renting more. Learn how to dissolve toxic teams, work with difficult people, and create results for you and your Multifamily property or portfolio.
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Best Places to Work Multifamily will bring you success strategies for Multifamily Professionals, CEOs, executive leaders and aspiring leaders that want to drive high performance results for their portfolio. This show will help you influence results with people, driving more revenue and a better resident experience for your Multifamily Property or Portfolio.
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Best Places to Work Multifamily will bring you success strategies for Multifamily Professionals, CEOs, executive leaders and aspiring leaders that want to drive high performance results for their portfolio. This show will help you influence results with people, driving more revenue and a better resident experience for your Multifamily Property or Portfolio.
All companies are a nothing more than a collection of people. You will learn proven strategies to attract the best teams, get people working effectively together, and renting more. Learn how to dissolve toxic teams, work with difficult people, and create results for you and your Multifamily property or portfolio.
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Best Places to Work Multifamily will bring you success strategies for Multifamily Professionals, CEOs, executive leaders and aspiring leaders that want to drive high performance results for their portfolio. This show will help you influence results with people, driving more revenue and a better resident experience for your Multifamily Property or Portfolio.
All companies are a nothing more than a collection of people. You will learn proven strategies to attract the best teams, get people working effectively together, and renting more. Learn how to dissolve toxic teams, work with difficult people, and create results for you and your Multifamily property or portfolio.
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Best Places to Work Multifamily will bring you success strategies for Multifamily Professionals, CEOs, executive leaders and aspiring leaders that want to drive high performance results for their portfolio. This show will help you influence results with people, driving more revenue and a better resident experience for your Multifamily Property or Portfolio.
All companies are a nothing more than a collection of people. You will learn proven strategies to attract the best teams, get people working effectively together, and renting more. Learn how to dissolve toxic teams, work with difficult people, and create results for you and your Multifamily property or portfolio.
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Best Places to Work Multifamily will bring you success strategies for Multifamily Professionals, CEOs, executive leaders and aspiring leaders that want to drive high performance results for their portfolio. This show will help you influence results with people, driving more revenue and a better resident experience for your Multifamily Property or Portfolio.
All companies are a nothing more than a collection of people. You will learn proven strategies to attract the best teams, get people working effectively together, and renting more. Learn how to dissolve toxic teams, work with difficult people, and create results for you and your Multifamily property or portfolio.
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Best Places to Work Multifamily will bring you success strategies for Multifamily Professionals, CEOs, executive leaders and aspiring leaders that want to drive high performance results for their portfolio. This show will help you influence results with people, driving more revenue and a better resident experience for your Multifamily Property or Portfolio.
All companies are a nothing more than a collection of people. You will learn proven strategies to attract the best teams, get people working effectively together, and renting more. Learn how to dissolve toxic teams, work with difficult people, and create results for you and your Multifamily property or portfolio.
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Best Places to Work Multifamily will bring you success strategies for Multifamily Professionals, CEOs, executive leaders and aspiring leaders that want to drive high performance results for their portfolio. This show will help you influence results with people, driving more revenue and a better resident experience for your Multifamily Property or Portfolio.
All companies are a nothing more than a collection of people. You will learn proven strategies to attract the best teams, get people working effectively together, and renting more. Learn how to dissolve toxic teams, work with difficult people, and create results for you and your Multifamily property or portfolio.
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Best Places to Work Multifamily will bring you success strategies for Multifamily Professionals, CEOs, executive leaders and aspiring leaders that want to drive high performance results for their portfolio. This show will help you influence results with people, driving more revenue and a better resident experience for your Multifamily Property or Portfolio.
All companies are a nothing more than a collection of people. You will learn proven strategies to attract the best teams, get people working effectively together, and renting more. Learn how to dissolve toxic teams, work with difficult people, and create results for you and your Multifamily property or portfolio.
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Best Places to Work Multifamily will bring you success strategies for Multifamily Professionals, CEOs, executive leaders and aspiring leaders that want to drive high performance results for their portfolio. This show will help you influence results with people, driving more revenue and a better resident experience for your Multifamily Property or Portfolio.
All companies are a nothing more than a collection of people. You will learn proven strategies to attract the best teams, get people working effectively together, and renting more. Learn how to dissolve toxic teams, work with difficult people, and create results for you and your Multifamily property or portfolio.
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Best Places to Work Multifamily will bring you success strategies for Multifamily Professionals, CEOs, executive leaders and aspiring leaders that want to drive high performance results for their portfolio. This show will help you influence results with people, driving more revenue and a better resident experience for your Multifamily Property or Portfolio.
All companies are a nothing more than a collection of people. You will learn proven strategies to attract the best teams, get people working effectively together, and renting more. Learn how to dissolve toxic teams, work with difficult people, and create results for you and your Multifamily property or portfolio.
In this interview, Patrick Antrim, CEO of Multifamily Leadership shares time with Dennis Ford who is the Founder and President of Quantum Leap Productions, an…
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