The Biggest Obstacles to Healthy Apartment Cash Flow

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/

Multifamily Innovation® and the Role of Digital Transformation

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

Taking Action Outside Your Comfort Zone in Multifamily

In this episode of the Multifamily Innovation® Podcast, host Patrick Antrim delves into the power of stepping outside our comfort zones in order to spark innovation and success within the multifamily industry.


Show Notes:

Introduction: Patrick emphasizes the importance of taking action outside our comfort zones in order to foster innovation within multifamily organizations.

Challenges: Often, individuals may feel reluctant to take risks and try new things within their organizations, especially when their past experiences resulted in failure.

Multifamily Innovation® Summit: Patrick highlights the annual event, which brings together individuals making rent more valuable for customers, and showcases the Multifamily Innovation® Awards, including categories such as Best Places to Work and Bootstrapper Award.

Multifamily Innovation® Council: A platform for high-level networking among multifamily operators with 1500 or more units, providing a feedback loop and shaping the priorities and interests within the industry.

Importance of innovation: Patrick shares a personal story of investing in media and video equipment before the COVID-19 pandemic, which helped his business pivot and stay ahead of the curve during difficult times.

Learning from past decisions: Reflecting on decisions that were made by stepping outside comfort zones and recognizing that these actions have the potential to lead to significant growth.

Taking action: Encouragement to consider decisions that have been put off due to discomfort, and managing potential worst-case scenarios in order to grow in personal and professional lives.

Getting involved: Listeners are encouraged to follow the Multifamily Leadership brand, attend events, and get involved in industry discussions.

Closing: Share the episode with friends, subscribe, rate, and review the podcast to help increase its visibility and promote valuable content to other multifamily professionals.

Don’t miss the next episode of the Multifamily Innovation® Podcast, where Patrick continues to explore innovation and growth in the multifamily industry. Subscribe and follow at multifamilyinnovation.com.

Digital Rent Collection: Strategies and Insights for Apartment Owners

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/

Beyond Excel: Unlocking the Power of Decision Intelligence in Multifamily Property Management

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.

Connect:

Website: https://www.vizibly.io/
Email: briant@vizibly.io
Briant on LinkedIn: https://www.linkedin.com/in/briantcarcamo/
Patrick on LinkedIn: https://www.linkedin.com/in/patrickantrim/

Register:

For the Multifamily Innovation Summit: https://multifamilyinnovation.com/tickets

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

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/