Discover the latest trends disrupting the multifamily industry. Explore cutting-edge technology innovations such as smart home solutions and AI-powered leasing that will shape the future of apartments in 2022.
The Emergence of AI-Powered Virtual Assistants: Revolutionizing Technology Interaction
Discover the transformative power of AI-powered virtual assistants in our latest blog post. From Siri to Alexa, we explore their rising popularity and game-changing capabilities within the world of technology.
The Biggest Obstacles to Healthy Apartment Cash Flow
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/
Standardized and Normalized Data in the Multifamily Industry
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-council/
Multifamily Innovation® Advisory Council Welcomes Clay Llewellyn
May 19, 2023 – SCOTTSDALE, AZ – Multifamily Leadership announced that Clay Llewellyn, Chief Operating Officer at Income Property Specialists, has joined the Multifamily Innovation® Council. The Multifamily Innovation® Advisory Council is a community of multifamily investors, developers, operators, and third-party managers dedicated to driving innovation in the industry.
Llewellyn brings over 10 years of multifamily experience in operations to the council. His expertise in organizational development and effectiveness will be valuable assets to the council as it works to identify pain points and explore solutions within the multifamily industry.
“Participating in the Multifamily Innovation® Council meetings has been incredibly valuable. The primary emphasis of our discussions has been problem-solving and finding effective solutions, in contrast to my previous experiences with similar groups that tended to prioritize self-promotion. It is reassuring to discover that the challenges our business faces are shared among other organizations, providing a sense of comfort and support,” said Llewellyn.
Clay Llewellyn has been with Income Property Specialists for over 8 years and prior to that, he was with Laramar Group. His Certified Apartment Manager designation and prior experience as a property manager, allows Llewellyn to bring a wealth of knowledge to the Council regarding on-site roles and responsibilities as well as executive-level insight. Having received his undergraduate degree from Arizona State University, he went on to receive his Master’s Degree in Industrial and Organizational Psychology from Grand Canyon University.
“We are thrilled to see such tremendous growth in our community,” stated Patrick Antrim, the council’s Chairman. “Our mission is to support the growth and development of multifamily businesses, and we are committed to providing our members with the resources and opportunities they need to succeed. We believe that innovation is key to driving progress in the industry, and we are dedicated to using our proprietary framework to identify pain points and explore solutions.”
Council members enjoy access to weekly meetings, a private community, and an annual in-person summit, as well as the opportunity to share insights and learn from a diverse group of successful multifamily owners and operators. Membership is open to those who own or manage a minimum of 1,500 units multifamily apartments.
Kerry W. Kirby, Chair of Technology Initiatives for the Multifamily Innovation® Council, added, “Clay is a great addition to the council, and we are excited to have him join our group. His expertise and industry experience will be a valuable addition to our members.”
Antrim concluded, “While technology is important, it’s not the only aspect to consider. To improve our businesses, we need to focus on processes, leadership, and innovation. We are committed to supporting our members as they grow and expand their operations, and we invite others to join us in driving innovation across the industry.”
For more information about the Multifamily Innovation® Council, please visit multifamilyinnovation.com/council
Media Contact:
Patrick Antrim
480-719-4409
patrick@multifamilyleadership.com
Source: Multifamily Leadership
Taking Action Outside Your Comfort Zone in Multifamily
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.
Beyond Excel: Unlocking the Power of Decision Intelligence in Multifamily Property Management
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 multifamily 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/tickets
Lloyd Companies VP, Ashley Lipp, Joins Industry-Leading Multifamily Innovation® Advisory Council
March 8, 2023 – Scottsdale, AZ — Multifamily Leadership is pleased to announce Ashley Lipp, Vice President of Residential Property Operations at Lloyd Companies, has joined the Multifamily Innovation® Advisory Council. This esteemed council is made up of industry leaders and innovators who come together to share their expertise and insights on the multifamily industry.
Lipp states, “I’m excited to join this group of multifamily professionals which has already proven to offer invaluable insight on the opportunities and challenges our industry faces. I have connected with several new colleagues and believe the networking opportunities this group offers will greatly benefit both my professional growth and Lloyd Companies as a whole.”
As a member of the council, Lipp will provide valuable insight and expertise in the multifamily industry, bringing her wealth of experience and knowledge to the table. Lipp leads the Residential Property Management team at Lloyd Companies, overseeing more than 8,500 multi-family units in the portfolio.
“Ashley is already a vital member of our Council, and we are thrilled to have her expertise and contributions to the industry,” said Chairman, Patrick Antrim. “We have no doubt that she will bring valuable insights and ideas to the Multifamily Innovation® Advisory Council.”
Lipp is passionate about helping others achieve their professional goals and development, and is dedicated to empowering her team at Lloyd Companies. In her role as Vice President, she guides the Residential Property Management team in all of their functions and leads the vision, operations, and training for the division.
In addition to her professional pursuits, Lipp is dedicated to her personal interests and enjoys spending time with family and friends, as well as playing competitive sports. She received her education from the University of South Dakota, where she studied Contemporary Media & Journalism.
Council members enjoy access to weekly meetings, a private community, and an annual in-person summit, as well as the opportunity to share insights and learn from a diverse group of successful multifamily owners and operators. Membership is open to those who own or manage multifamily apartments with 1,500+ units under management.
“It’s not just about technology,” said Antrim. “It’s about the processes, leadership, and innovation required to make the business better. We are excited to continue supporting our members as they build and scale their businesses, and we welcome new members to join us in driving innovation in the multifamily industry.”
For more information about the Multifamily Innovation® Advisory Council, please visit https://multifamilyinnovation.com/multifamily-innovation-advisory-council/.
Media Contact:
Patrick Antrim
480-719-4409
patrick@multifamilyleadership.com
Source: Multifamily Leadership
Multifamily Innovation® Advisory Council Recognizes PropTech Entrepreneur Kerry W. Kirby with Inaugural Bootstrapper Award
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.
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
Media Relations
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480-780-2611
SOURCE Multifamily Leadership
National Best Places to Work Multifamily®: 2023 Official Ranking Announced
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
- NorthPoint Management
- Frankforter Group
- FCI Residential
- Redwood Property Investors, LLC
- Stoa Group
- Luves Management LLC DBA City Heights Asset Management LLC
- Baron Properties
- The Garrett Companies
- Hankin Apartments
- The RADCO Companies
- StoneRiver Company
- Croatan Investments
- Confluence Communities
- Apartment Dynamics
- Zocalo Community Development
- Perennial Properties
- CHARLESGATE
- Marquis Asset Management
- The Prime Company
- Peg Property Management Group
- Ginsburg Development Companies
- O’Brien Realty Group
- Lawson
- Keener Management
Management/Owners 5,000 – 20,000 Units
- Scully Company
- RealSource Properties
- The Bascom Group
- Eenhoorn, LLC
- Picerne Real Estate Group
- The Franklin Johnston Group
- Continental Properties
- Weller Management
- The REMM Group
- PLK Communities
- GoldOller Real Estate Investments
- ITEX
- Presidium
- Passco Companies
- Peak Properties
- Indus Communities
- IMT Residential
- JVM Realty
- The Life Properties
- Alco Management, Inc.
- Chestnut Hill Realty
- BSR REIT
- SYNC Residential
- Berger Rental Communities
- The Westover Companies
- Carter-Haston Real Estate Services, Inc.
- Lantower Residential
- Laramar Group
- LURIN Property Management
- Decron Properties
- DASMEN Residential
- GrayCo Properties, LLC
- Portico Property Management
- WRH Realty Services, Inc.
- ResProp Management
- Ashford Communities
- Avanti Residential
Management/Owners 20,000+ Units
- Fogelman Properties
- Gables Residential
- Mission Rock Residential, LLC
- Valiant Residential
- Northland Investment Corporation
- Morgan Properties
- Security Properties Residential
Suppliers/Vendors
- ApartmentGeofencing.com
- Poole & Poole Architecture, LLC
- Leonardo247, Inc.
- Knock CRM
- The KSC Group
- RentDebt Automated Collections
- Respage
- REPLI
- Domuso
- Rently
- LoanBoss
- Apartment SEO, LLC
- Zego
- MRI Software
- 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