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Innovation®
Summit 2022
In Person Event Phoenix, Arizona | December 7-8, 2022
2022-12-07 09:00:00
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Multifamily Investments

06/302022

Eyewitness Surveillance for Your Self Guided Tours

Podcast multifamilypodcast, multifamilyleadership, Multifamily Investments, Multifamily, multifamilyinnovation, multifamilyoperations

Joe Curd is the Director of Multifamily National Accounts at Stealth Monitoring. Stealth protects assets for businesses with high quality video monitoring and surveillance.

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01/032022

How Rent Delinquency is Affecting Profitability and Beyond

Article, Sponsored Multifamily Operations, Multifamily Investments, Multifamily, Multifamily Investing
multifamily innovation article

Rent delinquency is increasing and as we all know, resident priorities are shifting as well. This is causing the multifamily industry a lot of uncertainty during a time of already rapid change. Due to these changes in wants and expectations, multifamily companies must start strategizing for the future to ensure profitability and continue to create places that residents want to live.

It is always important to listen to the customer, which is something that is often overlooked in this industry. Yet it is also important to make sure that they are following their agreements by paying rent on time and that they have the ability to do so. Everyone is looking to raise rents to meet certain revenue goals; however, there are other issues going on beyond the scope of rent increases.

We invited one of our clients, Lisa Strauser from CredHub to speak on what they are doing to alleviate some of these stressors.

CredHub is a service that companies in the multifamily industry incorporate to help reduce multifamily rent delinquency. It works by associating rent payments to tenants’ credit reporting agencies. For most tenants, that’s a great thing – it allows them to use their largest expense as a way to improve their credit scores, just as mortgages do for homeowners. For others, it’s the extra incentive they need to pay their rent on time, so their credit score isn’t brought down by a late or missed payment. 

Lisa Strauser is the Sales Director for CredHub. In this recent interview, she discussed some of the ways the multifamily industry is struggling, as well as how it can improve.

Strauser says the way to make sure properties aren’t bleeding out revenue to delinquent payments is to make sure their residents are truly held accountable for their rent. If they aren’t held accountable, there’s no incentive to make their rent payment a priority among their list of bills.

By implementing resident credit reporting, Strauser says that the accountability factor is put in place immediately. In fact, she says properties that implement CredHub’s technology see the delinquency rate lower within a period of just 60-90 days.

credhub-delinquency-rate (1)

“The delinquency rate naturally reduces when there is finally a consequence for not doing what one is supposed to be doing,” explained Strauser. 

CredHub also goes above and beyond by impacting credit scores for previous residents who still have an outstanding balance with the property.

“Impacting their credit for balances owed has a way of motivating people to pay outstanding expenses to remove it from their credit report,” said Strauser.

She says that although CredHub aims to ensure rules are followed, the company’s work isn’t about punishment – on the contrary, it’s about helping boost those who are paying on time, typically boosting FICO scores by 42 points. It levels the playing field between renters and those with mortgages who see improvements for on-time payments on their living space. Some people are credit invisible and can use this as a way to leave their mark. 

“For those with established credit profiles, the increase in FICO scores leads to an offering of better interest rates on credit cards and higher credit limits,” said Strauser. “For those without social security numbers, in assisted properties, or lacking social security numbers, it establishes for the first time a credit identity by rewarding them for their timely rental payments.”

Strauser also argues that CredHub can, in some instances, be the final deciding factor in where someone wants to live. It should be included as an amenity, just like a pool or gym, since it’s something intended to improve the residents’ lives. If a potential renter knows they’ll pay on time, they would see an enormous benefit in renting from a property that offers CredHub. Likewise, the usage of that technology would discourage those who know they may not pay on time, meaning the property gets a higher quality resident.

By using services like CredHub, multifamily properties can incentivize residents to pay on-time, increase resident retention and create a competitive advantage for their property. Services like these are paving the way for residents to get credit for one of their most costly expenses and to hold others accountable who may have fallen behind.

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Text "Credit" to 480-780-2611 for a free report with more information.

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07/082021

Investments at Different Stages of the Apartment Lifecycle

Technology, Leadership, Multifamily Investing, Podcast, Featured Multifamily Innovation, Multifamily Leadership, Multifamily Operations, Multifamily Investments, Multifamily
Real estate is a unique industry that faces unique challenges. When you seek out new technology, you should be careful about the investment. Tom Spahn talks about what to look for in the investments and commitments you make, how to know whether that product will be a good fit for your company long-term, and how to spot a truly great team.
 

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06/162021

The State of Multifamily Tech

Multifamily Investing, Podcast, Featured, Technology, Leadership Multifamily Innovation, multifamily technology, multifamily smart home, Multifamily IOT, Multifamily Operations, Multifamily Investments, Multifamily
Multifamily has typically been a low-risk operating class, but multifamily operators are facing new challenges.
 

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06/112021

Create an Experience Residents Never Want to Leave

Podcast, Featured, Technology, Leadership, Multifamily Investing Multifamily Innovation, Multifamily Leadership, multifamily technology, Multifamily Operations, Multifamily Investments, Multifamily

Right now, Daryl Smith is working to create a fully-integrated omni-channel marketing platform, while also growing the name for his multifamily development plan. He is reimagining the Multifamily consumer experience.

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06/022021

Stabilizing Multifamily Cash Balances featuring Brady Nolan

Podcast, Featured, Technology, Leadership, Multifamily Investing Multifamily Leadership, multifamily technology, Multifamily Operations, Multifamily Investments, Multifamily, Multifamily Innovation
Brady Nolan says his company is here to build something special and transformative, that can be innovative and solve big problems.
 

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05/312021

Interacting and Transacting with Anywhere Operations featuring Kerry Kirby

Featured, Technology, Leadership, Multifamily Investing, Podcast Multifamily IOT, Multifamily Operations, Multifamily Investments, Multifamily, Multifamily Innovation, multifamily technology
365 Connect has been exclusively serving the Multifamily industry since 2003, with marketing, leasing, digital applications, portals, payments, and an array of related products.
 

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04/272021

Developing Emotional Intelligence – Navigating Your Emotions

Featured, Podcast ei, empathy, Multifamily Innovation, simpathy, Multifamily Leadership, multifamily technology, Multifamily Operations, Multifamily Investments, emotional intelligence, navigate your emotions, eq
Audra Lamoon and Scott Sheppard joined the conference from the United Kingdom to discuss emotional intelligence.

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04/222021

How Covid Has Forever Changed the Multifamily Leasing Industry

Featured, Podcast Multifamily Innovation, Multifamily Leadership, multifamily technology, Multifamily Operations, Multifamily Investments, Pandemic, Industry
John Carlson is celebrating his 20th year working at Mark-Taylor. He was an out-of-work engineer when he started with them in 2001 and has never looked back.

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03/222021

The Chatbot Technology that is Making Life Easier for People

Featured, Technology, Leadership, Podcast Multifamily Innovation, Multifamily Leadership, multifamily technology, Multifamily Operations, Multifamily Investments
Today’s renter wants control over the leasing process and access to information wherever, whenever, but today’s leasing team simply can’t keep up. We will explore Multifamily’s most adopted digital leasing solution providing renters the information they want 24/7/365 anywhere on the Internet.

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The Multifamily Innovation® Podcast
  • Eyewitness Surveillance for Your Self Guided Tours
  • Leverage Your Multifamily Business Model to Improve a Resident’s Life
  • Introducing New Products in a World of Rising Costs
  • A Multifamily Smart Home Advisor Can Support You Today and Into the Future
  • Multifamily Innovation® Advisory Council Turns Industry Blind Spots into Breakthrough Innovations Through Collaboration
  • Multifamily Innovation® Advisory Council Recap – Formal Launch
  • The New Way to Tackle Multifamily Underwriting, Make More Deals, and Save Money
  • Adding Revenue Streams to Multifamily Properties with Electric Vehicle Charging
  • Tylenol for the Multifamily Staffing Headache
  • From Innovating Airline Ticketing to Solving Multifamily Rent Delinquency
  • What You Might Not Know If You Lease The Old Way, Leasing Trends Never Seen Before
  • The New Standard for Multifamily Underwriting is Turning 4 Hours into 4 Minutes
  • What You May Not Know About Driving Better Apartment Unit Economics

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