Multifamily Innovation_Council_6

Multifamily Innovation® Advisory Council Recognizes PropTech Entrepreneur Kerry W. Kirby with Inaugural Bootstrapper Award

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PHOENIX, Dec. 13, 2022 — Patrick Antrim, Founder and CEO of Multifamily Leadership and Chairman of the Multifamily Innovation® Advisory Council, introduced a new award at the 2022 Multifamily Innovation® Summit held in Phoenix, Arizona on December 7-8, 2022. The first recipient of the Multifamily Innovation® Bootstrapper Award is Kerry W. Kirby, Founder and CEO of 365 Connect, a leading PropTech firm exclusively serving the multifamily housing industry.

two men in suits standing on a red carpet holding a crystal award
Kerry W. Kirby and Patrick Antrim on the red carpet at the Multifamily Innovation® Summit in Phoenix, Arizona

The Multifamily Innovation® Bootstrapper Award recognizes entrepreneurs who have built successful businesses without raising rounds of venture capital or relying on funding from external sources. The award celebrates those who have focused on creating great products and services that serve the needs of multifamily owners and operators, while providing ongoing support to their clients.

Prior to founding 365 Connect in 2003, Kerry developed and invested in apartment communities across the Southern United States. It was through his work as a developer that he saw the need to provide technology services that would bridge the gap between properties, prospects, and residents. A technologist at heart, Kerry holds 97 technology awards, founded the largest media site in the multifamily industry, and is the co-host of the longest running podcast series in our space. He serves on the Board of Advisors of Rainbow, a national nonprofit organization in the affordable housing industry and as Chair of Technology Initiatives for the Multifamily Innovation® Advisory Council. Kerry, and his wife Melinda, are fixtures in the philanthropic community, where they support several initiatives focused on educational, healthcare, and equality programs through their charitable foundation.

“We are thrilled to recognize Kerry for his contributions to the multifamily industry through his innovative achievements in technology,” said Patrick Antrim. “Kerry’s passion for technology and his dedication to improving the lives of renters through his work make him a deserving recipient of the first-ever Multifamily Innovation® Bootstrapper Award. This award celebrates the hard work and dedication of visionary entrepreneurs who build thriving businesses without relying on venture capital, and we are proud to recognize Kerry as a leader in this category.”

Kerry W. Kirby stated, “What an honor to receive this highly prestigious inaugural award from an organization that truly focuses on innovation in our industry. With over 43 million Americans calling a rental apartment their home, we have remained focused on reimagining workflows that will better serve renters and eliminate redundant tasks, while not being distracted by outside funding. I am proud to be an integral part of our industry and humbled to be recognized by my industry peers.”

To learn more about the Multifamily Innovation® Summit and the Multifamily Innovation® Bootstrapper Award, visit MultifamilyInnovation.com.

ABOUT THE MULTIFAMILY INNOVATION® SUMMIT: The Multifamily Innovation® Summit is a premier industry event with notable, thought-provoking speakers, informal peer-to-peer discussions, and unparalleled educational content. The two-day summit focuses on managing the apartment of the future, shifting paradigms in digital leasing, and the power of leveraging people as a competitive advantage. For more information visit MultifamilyInnovation.com

MEDIA CONTACTS
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SOURCE Multifamily Leadership

Multifamily Innovation_Council_7

National Best Places to Work Multifamily®: 2023 Official Ranking Announced

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Multifamily Leadership has announced the official ranking for the National Best Places to Work Multifamily® for 2023

SCOTTSDALE, Ariz., Dec. 9, 2022 /PRNewswire/ — Multifamily Leadership announced the official ranking for the 2023 Best Places to Work Multifamily® Program. Listmakers found out how they ranked at the Multifamily Innovation® Summit in Phoenix, AZ featuring the Multifamily Innovation® Showcase, remarks from top CEOs and Executives, red carpet photos, high-energy music, and an incredible evening of celebration.

In addition to attendees from the ranking top multifamily companies, there were hundreds of multifamily owners and operators who attended to better understand what these organizations are doing in order to have received this honored designation.

The Multifamily Industry, serving apartments and their residents, contributes more than $3.4 trillion to the economy annually, supporting more than 17.5 million jobs. Not only do apartment homes drive jobs that strengthen local communities, individuals and families also realize the value of renting as a smart choice in today’s economy.

As CEOs and executive teams create culture and innovation around the resident experience, employee engagement is seen as a key driver to meet multiple challenges. The Best Places to Work Multifamily® program recognizes those companies that have established and consistently fostered outstanding workplace environments often acknowledging that employees can be a company’s strongest and most valuable asset.

The rigorous assessment process evaluated each company’s employee policies and procedures as well as responses from the company’s employees. The program is part of a long-term initiative to encourage growth and excellence throughout the Multifamily Apartment Industry and to attract new leaders to the industry.

Patrick Antrim, Founder and CEO of Multifamily Leadership says, “If you want to know if it’s a great place to work, you ask the people who work there. Next-generation leaders want to know their company is making a positive impact on the world. They want to know the vision and mission of the organization and that the leaders of the organization are going to drive that mission and vision.”

The program also helps companies who want to improve their business. Whether or not they make the list, an “Insights Report” is presented to each participating company. This report summarizes employee engagement and satisfaction data, the “Multifamily Leadership Benchmark Report,” and the transcript of employee written comments. It is then used by many organizations to make significant improvements in their workplace culture.

The business environment of the 21st century is characterized not just by competition and ever-increasing technologies, but also by a heightened appreciation for the quality of the workplace. In a world of continuously shrinking margins and challenges attracting a next-generation workforce, a progressive leadership strategy is critical to creating and sustaining a competitive advantage. One measure of such strategies is the quality of the workplace experience. Indeed, the enhanced awareness of the importance of creating great workplaces is evidenced by the growing body of literature regarding workplace excellence.

Nationally Ranked 2023 Best Places to Work Multifamily®, in order by category:

Management/Owners Under 5,000 Units

  1. NorthPoint Management
  2. Frankforter Group
  3. FCI Residential
  4. Redwood Property Investors, LLC
  5. Stoa Group
  6. Luves Management LLC DBA City Heights Asset Management LLC
  7. Baron Properties
  8. The Garrett Companies
  9. Hankin Apartments
  10. The RADCO Companies
  11. StoneRiver Company
  12. Croatan Investments
  13. Confluence Communities
  14. Apartment Dynamics
  15. Zocalo Community Development
  16. Perennial Properties
  17. CHARLESGATE
  18. Marquis Asset Management
  19. The Prime Company
  20. Peg Property Management Group
  21. Ginsburg Development Companies
  22. O’Brien Realty Group
  23. Lawson
  24. Keener Management

Management/Owners 5,000 – 20,000 Units

  1. Scully Company
  2. RealSource Properties
  3. The Bascom Group
  4. Eenhoorn, LLC
  5. Picerne Real Estate Group
  6. The Franklin Johnston Group
  7. Continental Properties
  8. Weller Management
  9. The REMM Group
  10. PLK Communities
  11. GoldOller Real Estate Investments
  12. ITEX
  13. Presidium
  14. Passco Companies
  15. Peak Properties
  16. Indus Communities
  17. IMT Residential
  18. JVM Realty
  19. The Life Properties
  20. Alco Management, Inc.
  21. Chestnut Hill Realty
  22. BSR REIT
  23. SYNC Residential
  24. Berger Rental Communities
  25. The Westover Companies
  26. Carter-Haston Real Estate Services, Inc.
  27. Lantower Residential
  28. Laramar Group
  29. LURIN Property Management
  30. Decron Properties
  31. DASMEN Residential
  32. GrayCo Properties, LLC
  33. Portico Property Management
  34. WRH Realty Services, Inc.
  35. ResProp Management
  36. Ashford Communities
  37. Avanti Residential

Management/Owners 20,000+ Units

  1. Fogelman Properties
  2. Gables Residential
  3. Mission Rock Residential, LLC
  4. Valiant Residential
  5. Northland Investment Corporation
  6. Morgan Properties
  7. Security Properties Residential

Suppliers/Vendors

  1. ApartmentGeofencing.com
  2. Poole & Poole Architecture, LLC
  3. Leonardo247, Inc.
  4. Knock CRM
  5. The KSC Group
  6. RentDebt Automated Collections
  7. Respage
  8. REPLI
  9. Domuso
  10. Rently
  11. LoanBoss
  12. Apartment SEO, LLC
  13. Zego
  14. MRI Software
  15. WeDoTrash

For more information about, and to register for, the Best Places to Work Multifamily® program, go to www.multifamilyleadership.com

Media Contact:
Patrick Antrim
contact@muiltifamilyleadership.com
480-719-4409

Multifamily Innovation_Council_8

Multifamily Leadership Announces Finalists for the 2023 Best Places to Work Multifamily®

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Scottsdale, AZ (October 21, 2022) – The national finalists for the official Best Places to Work Multifamily® will be honored during the upcoming Multifamily Innovation® Summit on December 7-8, 2022 in Phoenix, Arizona.

At the Summit, each company will learn how they ranked nationally amongst the other participants and will be recognized on stage for their incredible achievement. 

An exciting new development with the awards this year is the addition of categories.

68 of the finalists are Multifamily Management/Owners. 24 of those finalists were ranked in the 1- 4,999 units category. 37 were ranked in the 5,000 – 19,999 units category and 7 were ranked in the 20,000+ units category.

As a separate category, 15 Multifamily Suppliers/Vendor finalists will learn how they rank nationally. 

And finally, 58 of the finalists will find out how they rank on the Best Places to Work Multifamily® for Women list.

In its 8th year, the Best Places to Work Multifamily® program continues to fulfill its mission to advance leadership and innovation for multifamily professionals by recognizing those organizations who own, manage, and support apartment communities nationwide and who are making an impact in the world through employee engagement.

“This is our opportunity to showcase the hard work, loyalty, and dedication of everyone who helps make the multifamily industry what it is today. We love recognizing the people within these incredible companies every year and showcasing what they’re doing in order to receive this honored distinction within the multifamily industry. These are the best of the best building healthy organizations from the ground up,” stated Carrie Antrim, CO-Founder of Multifamily Women®.

Patrick Antrim, CEO of Multifamily Leadership explained, “Next generation leaders want to know their company is making a positive impact in the world. Companies have been measuring resident satisfaction for years and the leading indicator for organizational success is the link between employee engagement and the resident experience. Employees are presented with hundreds of opportunities each day to be their best, but it’s the behavior that drives a successful organization, not satisfaction or size. The Best Places to Work Multifamily® companies have stepped up to play that role and will have a much bigger voice in the future.”

The national research and benchmarking program demonstrates the industry’s focus on people, while illustrating its overall potential— as it annually contributes more than 3.4 trillion-dollars to the U.S. economy and supports more than 17.5 million jobs. 

Leaders who are looking to drive their teams forward are encouraged to register and attend the upcoming Multifamily Innovation® Summit on December 7-8, 2022 in Phoenix, Arizona, regardless if they’re participating in the Best Places to Work Multifamily® Program. 

Sponsorship opportunities are available and can be secured here as well for those who want to get their brands in front of these top CEOs and decision-makers not only at the Summit but across all of Multifamily Leadership’s social media platforms, broadcast emails, and website. 

So, without further ado, the 2023 Best Places to Work Multifamily® finalists arranged alphabetically are:

Alco Management, Inc.
Apartment Dynamics, LLC
APARTMENT SEO, LLC
ApartmentGeofencing.com
Ashford Communities
Avanti Residential
Baron Properties
Berger Rental Communities
BSR REIT
Carter-Haston Real Estate Services, Inc.
CHARLESGATE
Chestnut Hill Realty
City Heights Asset Management LLC
Confluence Communities
Continental Properties
Croatan Investments
DASMEN Residential
Decron Properties
Domuso
Eenhoorn, LLC
FCI Residential
Fogelman Properties
Frankforter Group
Gables Residential
Ginsburg Development Companies, LLC
GoldOller Real Estate Investments
GrayCo Properties, LLC
Hankin Apartments
IMT Residential
Indus Communities
ITEX
JVM Realty
Keener Management
Knock CRM
Lantower Residential
Laramar Group
Lawson
Leonardo247, Inc.
LoanBoss
LURIN Property Management
Marquis Asset Management
Mission Rock Residential, LLC
Morgan Properties
MRI Software
Northland Investment Corporation
NorthPoint Management
O’Brien Realty Group
Passco Companies
Peak Properties
Peg Property Management Group
Perennial Properties
Picerne Real Estate Group
PLK Communities
Poole & Poole Architecture, LLC
Portico Property Management
Presidium
RealSource Properties
Redwood Property Investors, LLC
RentDebt Automated Collections
Rently
REPLI
Respage
ResProp Management
Scully Company
Security Properties Residential LLC
Stoa Group
StoneRiver Company
SYNC Residential
The Bascom Group
The Franklin Johnston Group
The Garrett Companies
The KSC Group
The Life Properties
The Prime Company
The RADCO Companies
The REMM Group
The Westover Companies
Valiant Residential
WeDoTrash
Weller Management
WRH REALTY SERVICES, INC.
Zego
Zocalo Community Development

PRESS CONTACT:
Patrick Antrim
patrick@multifamilyleadership.com
480-719-4409 x101
multifamilyleadership.com

Multifamily Innovation® Announces 2022 Summit Schedule

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Topics range from centralized leasing for multifamily portfolios, the state of multifamily technology integrations, pilot programs and new technology integrations, leasing automations, flexible rentals, and more.

SCOTTSDALE, Ariz., Sept. 21, 2022 /PRNewswire/ — Multifamily Innovation® announces their 2022 Summit schedule, covering the most requested and most crucial topics for operating winning, successful multifamily organizations in today’s climate.

Register today for the Multifamily Innovation® Summit.

At the Summit, you will gain access to the perspectives from the Multifamily Innovation® Advisory Council members so you can avoid pitfalls and gain new perspectives for your business. You will have access to people and companies that are implementing new products, working through pilot programs, and designing their business with people that are thinking deeply about making their Multifamily business better.

This event also recognizes the official Best Places to Work Multifamily® companies nationwide. You don’t have to be involved in the awards program to attend this event. Top executives and CEOs from these companies being recognized will be in attendance to receive their award and make remarks from the stage.

Attendees will learn to bring together their technology initiatives with strong, internal-proven Multifamily leadership processes.

The Multifamily Leadership platform has spent the last 8 years producing high level events centered around technology, leadership, innovation, and Multifamily Investments. The company also conducts research on what it takes to run a successful multifamily company through the official Best Places to Work Multifamily® program.

Through their podcasts, live broadcasts, award programs, in-person summits, articles, social media channels, and streaming platform, Multifamily Leadership reaches a global audience of millions of viewers and listeners.

On December 7-8, 2022, you will have the opportunity to experience the Multifamily Innovation® Summit in Phoenix, Arizona. This event is open to everyone in multifamily and the content is built specifically for the challenges this industry is facing running apartment portfolios, delivered by experts who have been through it all, boots on the ground, paving the way for what’s next.

“I’m spending time every week with top Executives in the Multifamily Innovation® Council, and productivity remains the top priority for these organizations. Forward thinking executives will need to focus on increased productivity and efficiency so investors get to their yields without depending on rent increases. Innovation goes beyond technology, it’s about making a business better,” states Patrick Antrim, CEO of Multifamily Leadership and Chairman of the Multifamily Innovation® Advisory Council.

Content for the 2022 Multifamily Innovation® Summit is as follows:

  • Multifamily Innovation® Showcase – a curated group of expert discussions so top executives can stay on top of current innovations and the most impactful technologies on the market.
  • Multifamily Awards Show – Announcing the top-ranking companies in the National Best Places to Work Multifamily®
  • Centralized Leasing for Multifamily Portfolios
  • The State of Multifamily Technology Integrations
  • Pilot Programs and New Technology Integrations
  • Leasing Automation That Will Eliminate Unnecessary Tasks, and Help Retain Onsite Teams
  • What You Might Not Know About the Flexible Rental Surge

The most unique thing about every event produced by Multifamily Leadership is the care taken to address every aspect of the individual. Work life and personal life are no longer mutually exclusive and it is equally important to treat the individual for personal growth as it is for professional growth. This is why the in-person events include unique experiences to foster mindset shifts, deeper relationships, and easier networking for industry professionals. From hiking to yoga to helicopter rides, you just never know what is in store!

For more details and descriptions of specific content, please visit multifamilyinnovation.com and be sure to get registered today before ticket prices increase.

There are a few sponsorship opportunities remaining, so to get involved now, please visit multifamilyinnovation.com/sponsors/.

Media Contact:
Patrick Antrim (480) 719-4409
contact@multifamilyleadership.com

SOURCE Multifamily Leadership

Multifamily Innovation

Why Your Properties are Unprepared for EV Charging

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Multifamily-Insights-Header

Do you think your properties are ready for EVs? Maybe you think you’re ahead of the curve because you’ve added a charging station or two to your property. That’s where you’re mistaken.

Some estimates show that by 2030, over half your lot could be full with electric vehicles. 

Consider that many properties have outdated electrical grids that can’t support charging stations, or only one or two. That could be an unexpected and expensive construction project to upgrade when you need more chargers.

When a property adds EV charging stations, they normally go to a manufacturer, order a station or two, pay someone to install it, then ignore it. The station is supposedly an amenity that’s doing its job by existing, like a swimming pool or tennis court. There are clear issues with this implementation strategy. 

multifamily-innovation-insights-evcharging

Bringing EV Charging to a Property

Multifamily properties are racing to implement charging stations for electric vehicles to meet the increased demand. They’re running into issues with vendors who don’t understand multifamily, onsite staff who have never handled EV charging, and often aren’t preparing for a growing future with more and more electric vehicles. 

When planning to service the property with a manufacturer, the representative for the property is often the property manager, who is also unlikely to be familiar with electric vehicle charging and the best practices for managing it. That puts the property manager in the expert’s seat.

Here’s a few questions that the property manager will need to answer: 

  • Which types of chargers should be used?
  • Should the property own & manage the equipment themselves or hire a 3rd party?
  • Should the property charge for the electricity or offer it as a free amenity?
  • If charging is free, what are the predicted additional expenses for free charging?
  • Where would be the best place(s) to add charging stations?

The answers to each of these questions can make or break the NOI gained from adding charging stations. Since every property has a distinct history, there is no “one-size-fits-all” solution. If the property manager isn’t prepared to answer these questions, the non-expert manufacturer will answer the questions for them.

multifamily-innovation-insights-evcharging

Properties should have an expert multifamily EV charging consultant to prepare for the installation and future management of any chargers. They’re able to take industry knowledge from both sides and use that to make properties more profitable. 


Thinking Long Term

As ESG laws and guidelines develop, as electric vehicles become more popular, what properties need to be equipped with will continue to change. Some state and local governments are developing requirements for a minimum number of charging stations on properties.

When these factors hit, one station with two plugs might not be enough for your property.

By thinking longer term, you can future-proof your property and improve your NOI. Will you have enough chargers for the next 5-10 years? Should you own and manage the chargers or hire a 3rd party? How can you encourage residents to use them?

Like with any product, it’s important to talk to an expert on how it will work in multifamily.

Our client, Refuel EV Solutions, helps properties get electric vehicle charging set up on multifamily properties effectively. They know the ins and outs of EV charging for apartments, from the technology to the installation.

Most property managers aren’t prepared to handle EV charging alone. Make sure they have the right partner to work with.

Patrick Antrim is the CEO of Multifamily Leadership, Chairman of the Multifamily Innovation® Advisory Council Multifamily and Strategic Multifamily Advisor.

Want to learn more? Download the report on Why Every Multifamily Property Needs EV Charging Before Their Next Sale or Acquisition

Download the Report
Multifamily Innovation

5 Hallmarks of a Great Multifamily Smart Tech Supplier

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multifamily innovation article

There is a large demand from residents for smart home tech in apartments. In fact, 57% of renters are willing to pay an extra $38 per month for access to smart technology.

Smart tech isn’t hard to implement into a multifamily property – IF you partner with the right provider, that is. It’s possible to install smart apartment technology across an entire multifamily property in as little as two weeks or less.

That’s within weeks – and no onsite staff will have to lift a finger.

Investors who are looking to buy will prioritize properties equipped with smart home devices, since it’s an easy way to modernize their portfolio. Do you really want to be left with an outdated property that can’t draw residents?

Smart home tech is no longer an optional investment – it's a must in today’s competitive housing market. The question now is which smart technology provider you should partner with.

Let’s explore 5 pivotal factors to consider when choosing a multifamily smart home provider.

Their Devices Are Designed for Multifamily

Multifamily smart homes are vastly different from the single-family homes that most smart tech companies aim to serve. Rather than purchasing a dozen smart light bulbs and some switches off Amazon, multifamily communities require hundreds of devices.

In multifamily communities, each apartment’s devices must communicate with each other while still functioning within a broader property ecosystem. This means single-family home devices repurposed for the multifamily space won’t cut it.

Smart-Home-for-Multifamily

Smart tech preferences also differ between residents and property managers/owners. Residents want to control their devices from their phone like a single-family home user, while owners and operators need dashboard access to monitor device statuses across all apartments on property. To accomplish this, managers need unique software built to solve multifamily challenges.

A right provider will supply the devices a community needs along with the infrastructure to manage those devices, and those needs can’t be met with single-family smart home products.

They Use the Best Connection Technology

There are many aspects to the technology behind smart homes, but perhaps the most underrated aspect to consider when choosing a provider is which connectivity protocol they use. Z-Wave, Zigbee, and Wi-Fi are the current major protocols that allow smart devices to communicate with one another.

Although many smart devices can now connect directly to Wi-Fi, this isn’t practical when considering that owners and operators manage hundreds of devices that would all have to share limited bandwidth.

Top-Connection-Types

Both Zigbee and Z-Wave can connect easily and reliably with devices of the same type, which is a significant advantage over Wi-Fi devices. For example, this allows Zigbee devices to extend your network's range as long as they are within proximity of each other.

Between the two, Zigbee has the largest selection of compatible devices of the three and is faster than Z-Wave with a longer range. Meanwhile, Z-Wave is more flexible in terms of third-party compatibility. Z-Wave recently released a new version (LR) of their protocol to catch up with Zigbee, but it still has a very limited number of compatible devices.

If a supplier uses multiple connection types to weave together all of their devices, it gets complicated quickly. A great smart home provider will use the best technology available and stay consistent with one connection protocol.

They Offer Transparent and Flexible Pricing

There are two main costs owners must pay when investing in multifamily smart tech: upfront costs for hardware and subscription fees for device management software.

Most providers will charge reduced amounts upfront but make their money by charging higher monthly fees for software. This continuously eats away at ROI. It’s the same scheme used with printers and ink: the printer is cheap, but the ink is expensive.

Beyond individual device and software costs, every property is unique and will require different smart devices and pricing structures based on size, revenue, class, location and more. A 150-unit property will have vastly different planning and budgeting than a 3,000-unit portfolio.

The right supplier will offer pricing options that are flexible and can mold to fit different owners’ budget and property constraints. They should offer monthly installments, upfront purchases, or resident funding programs.

A mediocre smart tech provider will try to upsell you devices that make little sense for your community and exceed your intended budget. Instead of having to fight for every penny, find a supplier that’s willing to get the best results within your budget.

They’re Your Partner Into the Future

Multifamily communities face a different set of challenges that single-family homes rarely encounter. For example, smart smoke alarms/CO listeners and water leak detectors are not very popular smart devices in single-family homes, but they make more sense for multifamily apartments, since preventing expensive property damage can help residents avoid insurance premiums and spare owners/operators in renovation costs with asset protection.

Trusted multifamily smart home providers know what products make the most sense for multifamily properties. They will partner with owners to prioritize the type of devices that are most valuable for their property as a whole. 

The-Differences-in-Branding-and-Marketing-Blog-Graphic-Header

After setup, a partner-provider will advise you as the multifamily landscape changes. It’s no longer “You bought our product, goodbye!” and you never hear from them again. They will answer any technical questions your onsite staff might have, as well as advise you with device selection as your needs change and as technology evolves over time.

Some will even customize their product offerings based on your needs. The best providers are always on the cutting edge of the smart tech industry, discovering problems that are arising and tackling them head-on. Ultimately, a provider that best understands the short and long term needs of the property will give the best service.

They Don’t Create More Work for Staff or Owners

Installing smart devices can be cumbersome, confusing, and time-consuming. If your property includes thousands of apartments, this process can drag on for a while.

Regular onsite staff don’t have the time or bandwidth to install hundreds of devices. Leasing agents and office staff are busy servicing leasing prospects, and maintenance has its hands full responding to incoming tickets.

Hands-off installation handled by the provider is your best option. It doesn’t overload onsite staff or maintenance, doesn’t involve the owners, and minimizes errors during installation. When done correctly, you can round out this process in as little as two weeks.

Once installed, smart home tech simplifies work for onsite staff. For instance, these devices catch maintenance issues – water leaks, carbon monoxide, smoke, etc. instantly. Smart locks also enable self-guided touring by sending prospective renters a one-time passcode so they can view your property on their own time.

These automations decrease operational strain and reduce the need to hire more employees, which cuts payroll expenses and boosts revenue.

Finally, when investing in a smart device package, make sure the provider won’t abandon the company they sold to. Both the apartment operator and the resident will need support whenever technical issues arise, so choose a provider equipped to handle any troubleshooting claims that come their way.

Who Should You Pick?

5-Essentials-in-a-Smart-Tech-Provider

The right pricing, technology, partnership, and devices are important. Yet the #1 issue we hear most often is that owners and managers don’t want more work or stress. Technology isn’t very helpful if it only creates more work. Find a provider that will be your partner, and will help guide your smart apartment portfolio so that it’s easy and useful for everyone involved.

Our client, Arize, is a multifamily smart apartment technology provider that takes the time to understand your property management business and the challenges you face, then pairs you with the solutions that will streamline your operations and maximize your revenue and occupancy/retention rates.

They’re a business built for multifamily that adapts to owner and property needs. Arize uses quality Zigbee connections that make it easy to manage your devices, and they work within your budget. Finally, Arize handles device installation for you, and they even pair you with a dedicated service representative to contact whenever you need technical assistance.

Multifamily owners need the right smart apartment technology for their properties. However, it's not just about the sustainability of your assets or about optimizing your portfolio's short-term returns.

The secret to long-term success is finding a strategic partner, like Arize, who will address your challenges with fitting smart solutions -- both today and tomorrow, as your needs change and your portfolio continues to scale.

Ready to bring smart tech to your property?

Talk to Arize
Multifamily Innovation

What To Do About the New Multifamily Cable Changes Before 9/26

by ArticleSponsored
multifamily innovation article

Note: The analysis of the FCC ruling in this article is for informational purposes and should not be considered legal advice. Readers are encouraged to consult with legal counsel before taking any actions based on the analysis in this article.

This article was written to accompany the What Multifamily Leaders Need to Know About the FCC Broadband Ruling event. It is available to watch for free with the rest of our on-demand multifamily events tackling industry problems through our Events page..

The Federal Communication Commission (FCC) made a ruling on February 15, 2022 that changes the landscape of how telecom agreements are arranged with multifamily apartments. The FCC made this decision with the goal of increasing competition in multifamily units for residents. These begin enforcement on September 26th, 2022.

It’s worth remembering that not all of these are new laws. Some are updated interpretations of existing regulations. As a result, these will affect past and future agreements instead of only newly made agreements.

These are based around changes regarding exclusive marketing agreements, tiered revenue shares, and the “Sale and Leaseback” components of some agreements.

multifamily-innovation-fcc-ruling

Exclusive Marketing Disclosures

Although the FCC does not straight-out ban exclusive marketing agreements, the service provider is now required to notify all current and prospective residents of any such agreement.

Service providers have discretion on how to communicate the details of what this means, but the notices will be included on all marketing materials. Building owners lose any opportunity to influence this if exclusive marketing is part of the agreement.

This does not require immediate action from the property owner or operator, but it is still in the best interest of the owner to rework these agreements as soon as possible into non-exclusive marketing. Very few residents are likely to be happy to hear about any exclusive marketing agreements.

However, not all providers are concerned about how this affects the building owners’ relationships with the residents. The building owners’ relationship with the service provider is the critical reason why service providers may want to renegotiate these agreements to remove this risk from the building owner.

Tiered Revenue Shares

Since the FCC rulings in 2007, multifamily properties have not been able to enter into telecom agreements that include a restriction that prevents other providers from entering a property, previously referred to as “exclusive access” agreements.

With the new 2022 ruling, the FCC found that the “tiered revenue share” model had a very similar effect to the no-longer-permissible “exclusive access” agreements.

Also known as “penetration-based” models, this is when the revenue share paid to owners will change based on the percentage of available residents that service provider has as subscribers. That percentage is known as the “penetration rate”.

Properties should attempt to renegotiate these tiered revenue share models immediately. Service providers are already making decisions regarding if they will pay any revenue share at all, or if they will offer a flat percentage of revenue share regardless of penetration rates on a property-by-property basis.

Waiting for each service provider to tell the building owner what they will pay is not a great idea because the owner does not have any opportunity to argue for better terms. According to the FCC, the provider has no obligation to pay any future tiered revenue share after the changes.

There are strategies that the top telecom negotiators use to encourage renegotiation from reluctant providers. Some of these are difficult to utilize, so it’s highly recommended to talk to an expert to get a better deal.

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This directly affects the property owner. Any agreements that include this style of revenue share will need to be reworked or else the property may no longer receive this revenue.

Sale and Leaseback

“Sale and leaseback” arrangements were not permitted under the 2007 FCC rulings. Unfortunately, there is significant debate within the FCC legal community regarding if this restatement of the FCC’s 2007 ruling will have any significant impact.

It is similar to a parent telling a child, “I told you to clean your room. Please do it!” This will probably only be determined as a result of future court cases, so don’t be that owner.

Like the decision on tiered revenue share agreements, this will directly affect the property owner. Any agreements that include this type of stipulation will need to be reworked promptly. Fortunately, most agreements done since 2007 with any major national service provider are unlikely to be a major threat.

Even so, check with a specialist who understands the wiring infrastructure in the exact building. This is a bad time to presume knowledge without a specialist reviewing the agreement and the wiring.

Moving Forward

The deadline to take action on the ruling is September 26th, 2022. That’s only a short time to get critical changes done to important contracts. It’s worth noting that these rulings currently only affect television and telephone contracts, though it’s likely that similar changes will target internet service providers in the future.

As of the writing of this article, service providers nationwide have already been sending change proposals or notices of stopping revenue share payments. Likewise, building owners should expect to see letters to residents in August and September if they have an exclusive marketing agreement so that providers can claim compliance by delivering notices prior to the September 26, 2022 deadline.

The easy way to deal with this is to let the telecom companies contact you and then accept whatever changes they send your way, perhaps with some slight bargaining.

In the end, this route could be leaving tens or hundreds of thousands of dollars on the table and have your residents believe the building’s ownership didn’t care about the services available to residents. This makes now the perfect time to completely renegotiate your contract terms. 

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For any questions, watch the FCC Changes Q&A meeting we hosted with Mark Weaver, as well as our What Multifamily Leaders Need to Know About the FCC Broadband Ruling on-demand event.

Discussed questions include how the ruling affects bulk services, how to add new providers, how to negotiate high-quality contracts with small properties, and many more.

Have the Experts Negotiate for You

Our client, the Cable Contract Negotiation Group (CCNG), negotiates the best of internet, cable, and telecom agreements. They’re led by Mark Weaver, a telecom industry insider who knows exactly how far providers are willing to go and capitalizes on it in the best way possible for multifamily owners and operators.

Standard real estate lawyers are out of their element in this. They don’t handle this every day. Expert telecom negotiators are the best option for multifamily properties who want to take advantage of these changes, getting better terms compared to even the top 20 national multifamily companies.

Reach your NOI goals and provide better services for your residents.

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Multifamily Innovation

What to do About the Data Behind the Multifamily Staffing Shortage

by ArticleSponsored
multifamily innovation article

Note: This article is written to accompany the How to Tackle Multifamily Labor Shortages event. It is available to watch for free with the rest of our on-demand multifamily events on our Events page. This article reveals the data we collected as part of our research leading up to the event.

In March alone, 3% of the workforce quit. That’s 4.5 million people walking away from their jobs.

Finding high quality employees has always been a struggle, and it’s gotten even harder in the last two years. Employees that have stayed for years are leaving. It’s often referred to as “The Great Resignation.”

Most employers weren’t ready for this. The work environment changed with COVID moving workers to their homes. Now these companies aren’t fully prepared to handle their workers quitting.

Our research revealed that only 50% of multifamily properties expect to be able to handle all their incoming calls, and 65% think they would benefit from having another leasing agent. 

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There are not enough leasing agents on staff for many properties. What’s going to happen when no leasing agents are available and a prospect comes looking?

They will go to another property.

Most large properties are spending tens of thousands of dollars on marketing. Every prospective resident turned away is marketing dollars being wasted.

Yet even hiring more leasing agents (if they can find them) might not be enough. A majority expect that prospects prefer to interact with the property after office hours. We found that 32% use a call center to allow for more after-hours interactions, but it can’t cover the rest of the leasing journey. 

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The multifamily leasing environment is changing. Everyone wants instant access and convenience. If a future resident can’t get it from one property, they’ll get it from the next.

In the past several years, we’ve seen a shift towards technology-enabled leasing. Tech can fill holes effectively where hiring wouldn’t be able to.

Websites with basic information aren’t enough anymore. The future of leasing is technology, and properties need to take advantage of the opportunities it provides. 

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Those opportunities are already here. Properties need to adopt them. Ease of access is critical in today’s world, and more staff won’t always achieve it.

Properties need to enable touring in convenient ways. Online 3D tours that can be experienced in virtual reality (VR), letting leasing agents Facetime or Zoom with prospects to show them the apartment, or self-guided tours after hours with smart locks.

Although in-person tours are still an option, there are now more ways to tour. Properties need to take advantage of that.

But touring is only half of the equation. What is the process of getting a future resident to the point of touring?

We found that right now, 93.3% of multifamily executives expect technology to change the way we lease apartments. Over half picked artificial intelligence (AI), guided conversation, or voice assistants to make a change to how we lease apartments.

It makes sense. Staffing is a massive issue for all industries right now, not just multifamily. Artificial intelligence can do the same work that properties would need to hire more workers to complete.

A prospective resident can get the same information from an AI as it could from a leasing agent. Instead of them coming to see a leasing agent, the leasing agent comes to them.

Our data found that only 72% of apartments have a way for prospects to find availability, ask questions, schedule a tour, or lease, without talking to a person. Well over half think an apartment can be leased without a leasing agent.

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Automation is growing, but it’s not finished. The entire leasing process has been automated in pieces, and properties need to make the jump, or they will continue to lose leads through the cracks.

There’s an obvious solution to staffing problems, and it’s not hiring more people.

Our client, LeaseHawk, helps multifamily properties lease faster by using an AI leasing assistant that handles phone calls, text messages, and online chats, at the same time. Prospects can ask questions and get information just like a normal conversation. This supplements employees and allows them to focus on more important tasks.

Don’t let staffing problems hurt your business. Let AI pick up the work.

Your Guide to AI and the Apartment Industry

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Multifamily Innovation_Council_9

Multifamily Innovation® Advisory Council Turns Industry Blind Spots into Breakthrough Innovations Through Collaboration

by Article

SCOTTSDALE, AZ – The Multifamily Innovation® Advisory Council announced today its formal launch with approximately 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.

The Multifamily Innovation® Advisory Council is led by Chairman Patrick Antrim, Founder and CEO of Multifamily Leadership, a media and events platform providing streaming content around technology, innovation, leadership, and investing. Antrim is an industry professional and producer of the highest-level events in the multifamily apartment industry, through their podcast network, conferences, and annual summits. 

Serving as Chair of Technology Initiatives for the Multifamily Innovation® Advisory Council is technologist Kerry W. Kirby, Founder and CEO of 365 Connect®, a leading provider of automated marketing, leasing, and engagement platforms for the multifamily housing industry. Kirby is an accomplished entrepreneur, innovator, and industry influencer. He holds 95 technology awards, has presented in over 150 webcast reaching over one-million listeners from around the world, and is changing the way we think about the convergence of technology in the rental housing market. 

Antrim and Kirby have built their careers collaborating with leaders in the multifamily space, and have been extracting the perspectives from investors, developers, and operators or more than 20 years. They have been meeting in individual and small group gatherings over that past two years to discuss a variety of topics, from shifting consumer expectations, reimagining the role of our workforce, and analyzing the way next-generation renters can be accommodated.

Daryl Smith, Chief Marketing Officer for Kettler stated, “The Multifamily Innovation® Council is a diverse group of intra-disciplinary professionals obsessed with a vision for innovation that will inspire the next generation of multifamily operations and leaders. I am extremely excited to participate, the discussions are timely and strategic, while inspiring me to imagine the calculus of innovation and its impact on our consumers and operations.” 

Members of the Multifamily Innovation® Advisory Council gain access to a diverse group of high-level multifamily owners and operators, where ideas are exchanged about deploying and using different types of technology, without investing valuable resources into a venture capital fund. Working together to identify opportunities and navigate obstacles, members openly share their experience in finding solutions that are the proper fit for their operations. 

Mike Brewer, Chief Operating Officer at RADCO Residential added, “The Multifamily Innovation® Council allows me to see the signal in the noise. Gone are the days when I must sit through endless sales pitches without understanding which technologies truly meet the needs of my business. The council takes the hard work out of making informed business decisions.”

The private invitation only group of council members attend weekly meetings to openly discuss real-world experiences related to utilizing technology across their communities. The members are void of any vendor influences and sales pitches to allow them to freely think through challenges they had or are having in deploying technology, as well as finding quality solutions for their operations. Council members also meet in-person annually at the Multifamily Innovation® Summit to join panel discussions, as well as celebrate the Best Places to Work Multifamily®.

Kim Boland, Director of Digital Marketing at Morgan Properties stated, “The Multifamily Innovation® Council allows me to not feel alone when evaluating and implementing new programs. They help me realize that other people are having similar experiences. Listening to feedback from other operators and seeing how they have planned, tackled, and succeeded in rolling out technology programs allows me to know that challenges are normal, and success is possible.” 

Membership to the Multifamily Innovation® Council is by application only. Those applying must be with a firm that owns or manages a minimum of 1,500 apartment units. To learn about membership opportunities, visit MultifamilyInnovation.com

ABOUT MULTIFAMILY INNOVATION® COUNCIL: The Multifamily Innovation® Council is a private, members only group focused on assisting owners and operators of multifamily communities by reducing risks associated with vetting new technologies and implementations. Through leveraging the knowledge and creativity of people within the organization, emerging digital transformation can be explored and accelerated. For more information visit MultifamilyInnovation.com

Multifamily Innovation

The New Standard for Multifamily Underwriting is Turning 4 Hours into 4 Minutes

by ArticleSponsored
multifamily innovation article

Underwriting is all about assessing risks. That means a lot of paperwork.

Companies hire MBAs and other professionals to do multifamily underwriting. It’s expensive. It’s slow. And it’s worked for decades. 

Technology is getting more powerful, and jobs that have always been done by humans are being done by computers. More and more companies are realizing that these innovative technologies can take hours of work and finish it in minutes. 

Ten years ago, no one would have thought you could underwrite a deal in four minutes. Entire companies exist to help with underwriting so employees can focus on more important work. 

One of our clients, Parag Goswami led a company with dozens of analysts doing the same basic tasks every day. He realized that more analysts was the wrong answer.

The industry is changing, and billions of dollars of real estate deals are underwritten by artificial intelligence every year. Companies are starting to recognize that.

clik ai info

Clik.ai was an early software company that did the underwriting for deals. Parag Goswami, the owner of Clik.ai, had to teach companies what AI could do for them. It was new. No one was used to it.

That was five years ago. The environment has changed. When he talks with clients, they are often already aware of the benefits of the technology. 

Finishing deals faster and getting onto the next one. Enabling workers to focus on more important work. Being fast enough to get that one breakthrough deal.

Automatic underwriting is becoming the industry standard. Seventy years ago, “computers” were people who did simple math for a living. (They “computed” math.) It was basic labor. Computers were the standard then and are the standard now, but instead of a person it’s a device. A calculator.

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Are your underwriters people, or an AI? The people doing your underwriting are professionals with degrees. They are spending their time doing work a computer could be doing instead. 

“Computers” did math by hand for decades. It worked. Businesses did underwriting by hand for decades. It worked. Now the industry is changing. AI is able to assess deals faster. Fewer deals are slipping through the cracks.

Clik.ai automates over $50 billion in real estate underwriting every year. That number is growing. The industry is changing. Are you?

Underwriting is Being Completed by AI

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