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/

Standardized and Normalized Data in the Multifamily Industry

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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® and the Role of Digital Transformation

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Welcome to the newest episode of The Multifamily Innovation® Podcast, your go-to platform for gaining an edge in the multifamily apartment industry. This episode is hosted by Patrick Antrim, the Founder, and CEO of Multifamily Leadership. In this episode, we are excited to share some key announcements and introduce our guest, Steve Jarvis, the CEO of CredHub.

We’re delighted to announce that the planning for the Multifamily Innovation Summit is in full swing. This event is a gathering of multifamily investors, developers, operators, and third-party managers committed to driving innovation within the industry. Registration is now open, and you can register today at MultifamilyInnovation.com.

Among our exciting line-up of activities, we have the Multifamily Innovation Awards show, celebrating categories from the esteemed Best Places to Work Multifamily® to the Multifamily Innovation® Bootstrapper award. Our Innovation Showcase, exclusive talks with the Multifamily Innovation Council, and high-level networking events are also not to be missed.

If you’re an owner or operator of 1,500 units or more, be sure to check out the Multifamily Innovation® Council. This initiative is not just about technology; it focuses on the processes, leadership, and innovation necessary to enhance business performance.

In this episode, we’re thrilled to welcome Steve Jarvis, the CEO of CredHub. Steve has an impressive background in travel, having worked for Expedia and Alaska Airlines, always being on the cutting edge of technology. His present focus is on CredHub, a company dedicated to reducing rent delinquency and providing substantial value to residents.

Episode Highlights:

  • Patrick and Steve delve into Steve’s experience at Expedia and Alaska Airlines and his leadership role in digital transformations.
  • They discuss the mission and benefits of CredHub and how it’s reshaping the property management sector within the multifamily industry.
  • Patrick and Steve examine the opportunities for the apartment industry to adapt to emerging technologies, referencing Steve’s experiences in large legacy brands.
  • Steve explores the challenges and solutions for catalyzing business innovation within established multifamily companies.
  • The episode includes an in-depth Q&A with Steve, where we explore his journey from Alaska Airlines and Expedia to co-founding CredHub, discuss the challenges he faced while leading digital transformations, talk about his approach at CredHub, and probe his thoughts on how to encourage innovation in the multifamily industry.

Thank you for tuning in to The Multifamily Innovation® Podcast. We look forward to bringing you more insightful conversations and innovative insights in future episodes.

Connect:
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Steve Jarvis: https://www.linkedin.com/in/sbenjarvis/
CredHub: https://credhub.com/
Steve’s Email: sjarvis@credhub.com
CredHub Phone: (833) 888 2733

Organic Renewal Strategy for Apartment Leasing

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In today’s episode of the Multifamily Innovation® Podcast, we dive into the value of fitness programs inside your apartment community and how one company is catching momentum from some top brands in Multifamily.

Host, Patrick Antrim, talks with the Founder of Swyft Fitness, Will Gonzalez who is rethinking what is possible for fitness programs at multifamily properties across the nation.

Overview of the episode:

  • Will shares the inspiration behind the company and the gap it fills in the multifamily market.
  • Swyft Fitness is a boutique fitness concept that differs from traditional gym experiences. The emphasis on camaraderie and community is essential and plays a significant role in their fitness experiences.
  • Gonzalez realized that group fitness centered around resident retention and residents being able to meet one another was definitely a new concept.
  • Swyft Fitness collaborates with property managers and developers to integrate fitness programs into apartment communities and employs a strong network of fitness instructors in all of their markets to ensure the best possible experience for apartment residents.
  • Gonzalez personalizes all of the fitness amenities and onsite experiences to accommodate the specific properties’ needs. Whether it’s virtual or onsite, team members are present and will help property managers get the most use out of the apartment community amenities, like the gym, pool, clubhouse, and outdoor areas.
  • A core mission of Swyft Fitness is to educate and encourage property managers and owners to see their entire property, surrounding hiking trails, and even community events that are centered around lifestyle, health, and fitness as resident retention strategies.
  • Swyft is integrated with all the third-party credentialing software companies out there to make a smooth transition and they cover all of the insurance and onboarding credentialing that’s required for almost every property management.
  • Swyft also handles all of the marketing materials and online booking. They do all of the heavy lifting so apartment property managers don’t have to.
  • Gonzalez offers advice to property managers, developers, and corporate HR professionals on the value of multifamily fitness amenities.

Connect:
Will Gonzalez: https://www.linkedin.com/in/will-gonzalez-swyftfitness/
Swyft Fitness: https://app.swyftfitness.com/apartment-fitness-classes
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/

Engage:
Register for the Multifamily Innovation® Summit now: https://multifamilyinnovation.com/
Apply to be a part of the Multifamily Innovation® Advisory Council: https://multifamilyinnovation.com/multifamily-innovation-advisory-council/

Unveiling Trends and Differentiators: A Deep Dive into the Best Places to Work Multifamily®

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In this episode of The Multifamily Innovation® Podcast, host, Patrick Antrim, CEO of Multifamily Leadership, takes a deep dive into the Year-on-Year (YOY) trends among the Best Places to Work Multifamily®, and the key differentiators that set these companies apart.


What you’ll learn in this episode:

  • The increasing emphasis on Inclusion among the Best Places to Work Multifamily®, including a rise in seminars, workshops, and Inclusion Task Forces.
  • The growth in Professional Development opportunities, with more companies reimbursing employees for certifications, business education, workshops, and tuition.
  • The emerging trend of special services or accommodations for military families.
  • The decline in companies providing workplace facilities for exercise and fitness, and the slight drop in remote working among Best Places to Work Multifamily® employees.
  • A marginal dip in employee evaluations of their employers’ performance, with specific concerns around benefits packages, timely communication, and staffing levels.

Key differentiators of the Best Places to Work Multifamily®:

  • Superior benefits programs, including retirement planning, life insurance coverage, disability benefits, and tuition reimbursement.
  • A higher level of trust between employees and leadership, with leaders demonstrating genuine care for their employees’ well-being.
  • A safer environment for employees to express their honest opinions without fear of negative repercussions.
  • Greater likelihood of offering paid time off for community service, reimbursement for certifications, business education, and tuition.

About the Multifamily Innovation® Summit:

Find out more about the Multifamily Innovation® Summit taking place in December, where the winners of the Best Places to Work Multifamily® program will be celebrated.

Visit MultifamilyInnovation.com/awards for more details on the Best Places to Work Multifamily® Program.

Visit MultifamilyLeadership.com to see all events, news, and insights in multifamily.

Enjoy the show, and don’t forget to subscribe to stay updated on the latest trends and insights in the multifamily apartment industry.

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/

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/