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.
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.”
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.
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 THEMULTIFAMILY 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
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
On today’s episode, Patrick spends time with Kerry W. Kirby, Founder and CEO of 365 Connect, an award-winning technology company providing marketing, leasing, and resident service platforms for the multifamily housing industry.
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.
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!
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.
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.
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.
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.
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.
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.
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.
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.
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.
