Building Stronger Communities with Flexible Rent Solutions and Higher Resident Satisfaction

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In this episode of the Multifamily Innovation® Podcast, host Patrick Antrim, Chairman of the Multifamily Innovation® Council, sits down with Brad Robins, Principal Product Evangelist at Flex. Flex, a financial tech innovator and official partner of the Multifamily Innovation® & AI Summit, offers a unique approach to providing financial flexibility to renters.


Brad dives into Flex’s mission-driven approach, which empowers renters, reduces pressure on property owners, and contributes to the overall financial wellness of the multifamily industry. As Principal Product Evangelist, Brad explains his role in storytelling and building customer understanding of Flex’s mission, differentiating his focus from the product engineering team. His work emphasizes communication, helping both industry partners and renters understand Flex’s value.

Flex’s product is designed as a financial wellness app, giving renters the option to pay their rent flexibly by splitting payments into two smaller, manageable portions each month. Brad notes that this approach meets renters’ needs, especially for those with irregular income or sudden expenses. This unique product-market fit propelled Flex’s rapid growth, reaching over 8 million units across 2,000+ management company partners nationwide. Brad highlights the importance of this growth, emphasizing how Flex’s offering reflects a larger trend set by leading consumer brands, such as Amazon, which now provide diverse payment models to align with consumers’ financial situations.

Collaboration with partners is central to Flex’s product development. Flex is continuously iterating based on feedback from clients in the multifamily industry, such as the suggestion to create a rent payment flexibility option specifically for employees of management companies. This co-created solution reflects Flex’s commitment to its partners and to enhancing its product to better fit the needs of multifamily clients. Patrick and Brad discuss the impact of Flex’s product on multifamily operators, detailing how Flex streamlines rent collections while improving the resident experience. 

Flex’s mission extends beyond payment flexibility, encompassing a culture of genuine support and understanding. By empathizing with renters’ financial challenges, Flex strives to make a difference in the resident experience. 

About the Multifamily Innovation® Council:

The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.

The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.

To learn more or to join, visit https://multifamilyinnovation.com/council.

For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.

Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/

How PetScreening Transforms Pet Policies and Boosts Profits for Multifamily Operators

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In this episode of the Multifamily Innovation® Podcast, host Patrick Antrim sits down with Arlene Mayfield, Senior Vice President at PetScreening, to explore how PetScreening is reshaping pet policies and operations across the multifamily industry. With over 7 million units under management and partnerships with more than 24,000 property management companies, PetScreening brings innovative solutions that enhance resident experiences, boost property revenue, and streamline compliance with HUD’s guidelines for emotional support animals.

Arlene emphasizes the importance of trust, communication, and collaboration as the foundation for strong partnerships. These values are essential as PetScreening helps property management companies tackle pet-related challenges and improve overall efficiency. PetScreening’s solution alleviates the burden of HUD compliance for Emotional Support Animal (ESA) requests, removing the legal complexity from property managers and reducing potential liability. Additionally, the service is cost-effective: property management companies can implement PetScreening at no cost, as fees are only charged to residents with household pets, allowing managers to avoid “junk fee” concerns.

With PetScreening, properties gain insightful access to pet demographics, such as tracking bite histories, which help properties understand and mitigate risks associated with pet ownership in their communities. PetScreening’s software can be implemented in a week, with two-way integrations into most property management software, making setup fast and effective. Their system enables properties to capture additional revenue through pet fees while also creating a reliable process to verify ESA claims and deter false documentation.

Arlene also shared PetScreening’s plans to expand into the short-term rental space, enabling pet-friendly travel accommodations and office environments where pets can help increase employee engagement and satisfaction. As she notes, “Pets are the new kids, with more pets now in households than children.” Through its offerings, PetScreening builds peace of mind, with the ESA compliance service not only lifting a legal burden but also offering properties a streamlined approach to managing pet policies.

About the Multifamily Innovation® Council:

The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.

The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.

To learn more or to join, visit https://multifamilyinnovation.com/council.

For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.

Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/

AI and Automation in Real Estate Finance with Jon Land of AvidXchange

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In this episode of the Multifamily Innovation® Podcast, Patrick Antrim sits down with Jon Land, Director of Sales at AvidXchange, who’s here to reveal how AP automation can transform the real estate industry. From AvidXchange’s remarkable growth—from 44 employees to nearly 2,000—to the evolution of AP solutions from simple invoice automation to comprehensive payment systems, Jon shares insights into how modernizing your financial operations can lead to significant time savings, reduced errors, and enhanced fraud prevention.

Hear firsthand how AvidXchange’s software and services have made a substantial impact on businesses, particularly from the perspective of CFOs and finance teams. Learn about the scalability of their system, which caters to both small and large enterprises by streamlining accounts payable processes and eliminating manual interventions.

Jon also discusses the essential considerations for businesses looking to adopt AP automation solutions, including growth, fraud prevention, and organizational transitions. Don’t miss out on Jon’s expert advice and the benefits of leveraging AI and robust partnerships within the multifamily and real estate industries to achieve seamless financial management.

About the Multifamily Innovation® Council:

The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.

The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.

To learn more or to join, visit https://multifamilyinnovation.com/council.

For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.

Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/

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/

The Biggest Obstacles to Healthy Apartment Cash Flow

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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

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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

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.