Surviving the Storm: Navigating Hail Damage in Texas – A Guide for Multifamily Property Owners

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In this episode of the Multifamily Innovation® Podcast, host Patrick Antrim spends time with Marc Ness, founder of WeatherShield, who shares his expertise on protecting property investments during severe weather conditions.

Marc, who has over two decades of experience in construction, investment, and insurance, provides insights on how to prepare for and handle weather-related property damage claims. He emphasizes the importance of understanding property insurance policies and claims processes to ensure maximum coverage and quick recovery.

Marc stresses the importance of being proactive in addressing potential storm damage to minimize future insurance claims. He explains that by addressing and correcting storm damage immediately, property owners can prevent further damage and potentially avoid costly insurance claims. Also highlighted the importance of being aware of storm damage to avoid selling a multifamily property for less than its worth due to undisclosed damage. Being proactive and knowledgeable about storm damage can help multifamily investors make sound and smart decisions to minimize financial losses. Multifamily property owners have a duty to mitigate damage and should address any issues promptly to prevent further damage and ensure coverage by their insurance company.

Multifamily investors can leverage insurance scenarios to make capital improvements without spending their own money. Acquisition teams need to look for properties that have the potential for found money in them where damage has occurred. By leveraging the insurance scenario, investors can get some capital improvements accomplished without spending capital improvement dollars. However, it’s important for apartment investors to be proactive in these matters rather than reactive, and to have knowledge and awareness of their options. Additionally, having a sound risk preparedness plan in place as part of an asset management strategy is important.

Hidden damages can be discovered by a trained eye, such as potential leaks, holes, cracks in vinyl siding, and broken windows. By being aware of these damages, apartment property managers can address and correct them immediately, preventing further damage and potentially reducing costs in the long run.

Additionally, being aware of storm damage can help property owners file insurance claims and potentially receive compensation for damages. The episode also highlights the financial impact of storm damage, which can lead to the devaluation of assets and loss of return on investment. Having foundational knowledge and being aware of storm damage is crucial in making sound and smart decisions to minimize risk and potential costs.

Timestamps:
[00:00:00] Severe hailstorm in North Texas.
[00:03:57] Severe storm damage.
[00:09:13] Apartment building vulnerabilities.
[00:12:14] Storm damage and multifamily property value.
[00:16:04] Independent evaluation for storm damage.
[00:20:41] Understanding deductibles in insurance for multifamily properties.
[00:23:00] Insurance premium misconceptions.
[00:29:36] Independent assessment for apartment property damage.
[00:31:37] Contractor vs Adjuster Perspective.
[00:36:24] Insurance claim mitigation in multifamily.
[00:38:47] Focus on one thing.

Connect:
Marc Ness: https://www.linkedin.com/in/marc-ness-101bbb7a/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/

Multifamily Innovation

Multifamily Innovation® Advisory Council Welcomes Clay Llewellyn

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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.

Clay Llewellyn joins the Multifamily Innovation® Council

“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

Digital Rent Collection: Strategies and Insights for Apartment Owners

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In this episode of the Multifamily Innovation® Show, Patrick Antrim talks with Mark Peters, the President of Zego.

Mark previously was the head of finance, payment operations, and business systems departments and has over 10 years of finance experience in the high-tech and payments space, resulting in an IPO and multiple positive exits.

Patrick and Mark discuss their thoughts on macro and micro economic factors that multifamily owners, operators, and investors are having to deal with today.

Topics covered:
  • Trends in rent collections and various payment types at multifamily properties.
  • Digital adoption in the multifamily industry, especially with regard to payment operations and business systems.
  • Legal and economic challenges with multifamily rent payments.
  • What you might not know about the most costly payment option and the risks associated with it.
  • Digital-first experiences and paperless offices.
  • Questions multifamily owners and operators should be asking partners like Zego.
  • Much more!
Connect:
Mark Peters: https://www.linkedin.com/in/markdavidpeters/
Zego: https://www.gozego.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/Get Involved:
Attend/Sponsor the Multifamily Innovation® Summit: https://multifamilyinnovation.com/
Join the Multifamily Innovation® Council: https://multifamilyinnovation.com/multifamily-innovation-advisory-council/
Submit for a Multifamily Innovation® Award: https://multifamilyinnovation.com/awards/
Attend/Sponsor the Multifamily Women® Summit: https://multifamilywomen.com/

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The Importance of Due Diligence for Apartment Building Owners and Operators

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As an owner or operator of an apartment building, there are many important factors to consider when evaluating a potential acquisition. One often overlooked area is the property’s risk of storm damage and the importance of understanding its insurance claims history. This is where due diligence comes in, and why it’s crucial to have experts on your side.

Many buyers focus solely on the financials of a potential acquisition, but neglect to investigate the property’s insurance claims history. This can be a costly mistake, as storm damage can result in significant expenses that can eat into profits. However, by thoroughly examining the multifamily property’s claims history, owners and operators can identify unreported or uncovered claims that can provide the funds needed for capital improvements.

This is where having experts in your corner, such as our client WeatherShield, can be invaluable. These experts can help owners and operators navigate the complex world of insurance claims, ensuring that all claims are properly reported and that the maximum amount of funds are recovered.

“You would never want to go into an insurance claim on a high-dollar value property without an expert that understands damage identification. Someone who understands the insurance processes, the estimating, the evaluation, and how to handle large-scale commercial projects,” says Founder of WeatherShield, Marc Ness.

 

In addition to the potential for hidden capital improvement dollars, owners and operators need to be aware of the risk of storm damage to their property. This is especially important in areas prone to hurricanes, tornadoes, or other severe weather events. Understanding the property’s risk of storm damage and taking steps to mitigate that risk, such as reinforcing the building’s envelope or installing storm shutters, can help prevent damage and ensure that the property remains safe for its residents.

In the event that damage does occur, having experts on your side can be crucial in ensuring that the insurance claims process goes smoothly. This can be a complex and time-consuming process, but with the help of experts, owners and operators can recover the funds needed to make necessary repairs and improvements.

Due diligence is a critical part of the acquisition process for apartment building owners and operators. Understanding the property’s risk of storm damage and thoroughly examining its insurance claims history can help identify hidden capital improvement dollars and prevent costly surprises down the road. Additionally, having experts on your side can ensure that the insurance claims process goes smoothly, providing the funds needed to make necessary repairs and improvements. By prioritizing due diligence and partnering with experts, owners and operators can make informed decisions and protect their investments.

Connect with Marc Ness on LinkedIn: https://www.linkedin.com/in/marc-ness-101bbb7a/

Visit the WeatherShield Website for more information: https://weathershieldpro.com/

Proptech: The Multifamily Industry’s Secret Weapon to Economic Resiliency

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In this episode of the Multifamily Innovation® Show, Patrick Antrim talks with Kyle Finney, Business Development Manager of Arize, to illustrate how smart tech can be leveraged affordably. And how, even in tight cost-cutting times, owners can fortify their portfolio by optimizing their operational efficiencies, maintaining strong retention and occupancy rates, and building more resilience into their assets. At the end of the day, Owners need to justify the expense and see the short-term and long-term value when cost-cutting.

Patrick and Kyle covered the following topics:

  • The current climate in the multifamily industry.
  • How and why proptech is the secret weapon to multifamily’s
    economic resiliency.
  • How proptech addresses operational efficiencies in multifamily.
  • What is centralized leasing and how it benefits owners and operators of multifamily assets.
  • How to implement these solutions while staying within budget.
  • Integrations and installations within existing multifamily properties.

Connect:
Kyle Finney – https://www.linkedin.com/in/kyle-finney/
Patrick Antrim – https://www.linkedin.com/in/patrickantrim/
Multifamily Innovation® – https://www.linkedin.com/company/multifamilyleadership/

Websites:
https://www.arizehub.com/
https://multifamilyinnovation.com/

Multifamily Innovation_Council_3

Multifamily Leadership Announces Launch of Multifamily Innovation® Awards

by ArticleNews

January 24, 2023 – Scottsdale, Arizona – Multifamily Leadership launches the Multifamily Innovation® Awards, a national industry awards program recognizing excellence in technology and innovation in the Multifamily apartment industry. The awards will be presented at the annual Multifamily Innovation® Summit, which also recognizes the Best Places to Work Multifamily® companies.

Multifamily Innovation_Council_4

Multifamily Innovation® Advisory Council Chairman Patrick Antrim to Attend CES 2023

by ArticleNews

Antrim has been selected as multifamily industry analyst to attend CES® 2023. He will receive access to Media Days which is an exclusive, media-only event that takes place in Las Vegas before CES opens to the tech industry.

January 2, 2023 - Scottsdale, AZ -- Patrick Antrim, Founder and CEO of Multifamily Leadership and Chairman of the Multifamily Innovation® Advisory Council, has been selected to attend CES 2023 as an industry analyst. Antrim will explore opportunities for the future of the multifamily industry at the exclusive CES Media Days event, which takes place on January 3rd and 4th in Las Vegas.

While at CES, Antrim will focus his attention on turning industry blind spots into breakthrough innovations through collaboration. He plans to meet with forward-thinking innovators to discuss the use of open integrations to advance technology adoption in the multifamily industry. Additionally, Antrim will work to attract investment capital to the industry in order to advance innovation through collaboration.

Media Days, which is open exclusively to CES media, gives access to press conferences and a preview of the products launching at CES® 2023. The event will feature top exhibitors in addition to showcasing new products and technologies. According to CES, “Kicking off major tech announcements, Media Days gives registered media access to news-breaking press conferences and CES Unveiled Las Vegas, a first-hand preview of the products launching at CES 2023.”

The multifamily industry plays a significant role in the US economy, with apartments and their residents contributing $3.4 trillion annually and supporting 17.5 million jobs. With growing demand for apartments, the industry must continue to innovate and find new development approaches to meet this demand. 

Antrim will bring the information and insights he gains at CES back to the Multifamily Innovation® Advisory Council, a private, invitation-only group that meets weekly to discuss real-world experiences with using technology in multifamily communities. Council members are free from vendor influences and sales pitches, allowing them to openly think through challenges and find solutions for their operations. The council also meets in person annually at the Multifamily Innovation® Summit.

Membership to the Multifamily Innovation® Council is by application only and is open to those who own or work for firms that own or manage a minimum of 1,500 apartment units. 

To learn about membership opportunities, visit MultifamilyInnovation.com.

Media Contact:
Patrick Antrim
media@multifamilyleadership.com
480-719-4409

Multifamily Innovation_Council_5

Multifamily Leadership Recognizes the Best Places to Work in Multifamily® for Women

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December 20, 2022 – Scottsdale, AZ — Multifamily Leadership is thrilled to announce the national ranking of the Best Places to Work Multifamily® for Women. This list recognizes organizations that have created positive and supportive cultures for women and have participated in the Best Places to Work Multifamily® program.

To be eligible for the Best Places to Work Multifamily® for Women ranking, companies must have a minimum of 15 females working for them, or 25% of their workforce, whichever is greater. In addition, the response rate from women must be 40% or higher, unless the total number of women at the company is less than 25, in which case the response rate must be 80% or higher. The rankings are determined by the percentage of positive responses from women, from largest to smallest.

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.

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.

“We are proud to recognize and celebrate the companies that have earned a spot on this prestigious list. These organizations have demonstrated a commitment to creating positive and inclusive environments for their employees, and we are excited to see them being recognized for their efforts. The multifamily industry plays a vital role in the U.S. economy, and the Best Places to Work Multifamily® for Women program highlights the industry’s focus on people and its overall potential,” said Carrie Antrim, Co-Founder of Multifamily Women®.

This program is a valuable resource for employees in the multifamily industry, as it provides a platform for them to share their experiences and have their voices heard. It is not influenced by judges from suppliers or company volunteers, or by sponsorship or fundraising campaigns. Instead, it is a true representation of the opinions and perspectives of those working in the industry.

The 2023 Best Places to Work Multifamily® for Women, in ranking order, are:

1. NorthPoint Management
2. Zocalo Community Development
3. FCI Residential
4. Luves Management LLC DBA City Heights Asset Management LLC
5. ApartmentGeofencing.com
6. Perennial Properties
7. The Garrett Companies
8. Passco Companies
9. Peg Property Management Group
10. Stoa Group
11. Leonardo247, Inc.
12. APARTMENT SEO, LLC
13. Picerne Real Estate Group
14. Respage
15. The KSC Group
16. Scully Company
17. Eenhoorn, LLC
18. Weller Management
19. Knock CRM
20. Hankin Apartments
21. BSR REIT
22. RealSource Properties
23. Apartment Dynamics, LLC
24. SYNC Residential
25. RentDebt Automated Collections
26. Berger Rental Communities
27. PLK Communities
28. The Franklin Johnston Group
29. IMT Residential
29. The Westover Companies
30. Baron Properties
31. Rently
32. Presidium
33. GoldOller Real Estate Investments
34. ITEX
35. The REMM Group
36. Portico Property Management
37. Indus Communities
38. The Life Properties
39. Northland Investment Corporation
40. JVM Realty
41. Mission Rock Residential, LLC
42. Carter-Haston Real Estate Services, Inc.
43. The RADCO Companies
44. Alco Management, Inc.
45. Laramar Group
46. Marquis Asset Management
47. Security Properties Residential LLC
48. Ashford Communities
49. Zego
50. Avanti Residential
51. Lantower Residential
52. ResProp Management
52. WRH REALTY SERVICES, INC.
53. GrayCo Properties, LLC
54. Decron Properties
55. DASMEN Residential
56. Peak Properties
57. Lawson
58. Keener Management

Media Contact:
Patrick Antrim (480) 780-3522
contact@multifamilyleadership.com
Source: Multifamily Leadership, LLC