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 r
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/
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All right.
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Welcome back to another episode of the multifamily innovation
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podcast.
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Today we're going to be sharing.
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A little bit about.
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The multifamily innovation council meeting we have every
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Friday.
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If you're an owner and a manager you own and operate properties,
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multifamily.
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And you want to learn a little bit more about what the
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multifamily innovation council is all about.
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Just go to multifamily innovation.com.
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Click on council.
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All the information is on that page today.
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I'm going to give back.
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A feedback loop.
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A little debrief from this conversation that we had today.
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The topic today.
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What's the biggest obstacles to healthy.
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Cashflow for apartment operators.
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Now as As an asset manager and owner of.
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Properties.
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A lot, has to go into play to make.
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Debt service and the impact that you want to make in your
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communities and the.
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Assumptions that you laid out for investors long before you
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acquired the property.
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And what, what I would tell my teams as I was running these
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portfolios.
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Is, I would tell, I would just try to keep things simple,
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right?
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So it was like generate the rents, collect the rents, lead
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the teams.
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Literally.
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That's all you have to do, and we, we as owners and operators,
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we train on hospitality.
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We want people to.
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Make the residents happy.
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We want a great customer service.
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We want retention.
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And we want to.
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We want to have a great brand, and so what happens is life
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happens to residents.
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We got collections that happen and.
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People are not really trained.
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On, how, how to collect.
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And the teams aren't necessarily.
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Perhaps hard for these skills or they're not trained for these
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skills.
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And you add in the idea of look, people aren't answering calls
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anymore.
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And then you have collections that go to outsourced.
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Companies and the time value of that money.
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And then fighting all the issues around courts and.
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And the costs and expense to not only have transparency of the
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process, but also administer it.
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And so our teams, being trained in hospitality we.
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And we attempt to collect rent.
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And we do that.
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And as I told the council, This morning on the call.
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I said, the way it works is people have sort of like, if you
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could imagine like a.
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I guess a bell curve or a chart.
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Where.
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When somebody goes past due, they may be willing to pay, but
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don't have the ability to pay.
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And this, this tends to happen around the first 90 days.
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So you're, you're saying.
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Rent's due.
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Here's the legal notices.
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Pay your rent or else?
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And they want to pay, but they don't have the ability to pay
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us.
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So, maybe.
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The son got a broken arm and they prioritize that over
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another.
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Maybe they lost a job.
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Maybe there's a divorce gone.
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There's a life event who knows what's going on.
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Lay offs are occurring.
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And, these things are happening.
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And so between this 90 day period, They perhaps want to
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pay, but they can't and that's where collections occur.
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And so what we do is we try and collect.
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And then guess what?
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After the 90 days, what do we do?
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We throw it out to a third party service or collection agency.
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And we structure terms for them to collect it.
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And things change in terms of what they can do versus what you
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can do as first party and third party data.
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And now it's time to collect and.
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After 90 days.
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Sometimes people are doing old things to get people to pay past
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due balances.
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And you're talking about that maybe they moved out and
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skipped.
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You have this collection balance.
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I'm not talking about the court process here.
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I'm talking about, maybe it's after the court process,
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whatever that may be, but now you have a re somebody owes you
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money.
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And the reality is After about 90 days, you've left messages.
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You sent the man letter demand letter demand letter, even a
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third party.
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Organizations doing this now, the person.
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Has a more.
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Their, their ability to pay, it goes back to normal.
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Maybe they re secured a job.
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They moved through the divorce.
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They, they borrowed some money, whatever that may be.
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And now they have the bill to pay and we sort of give up on
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old the older debt.
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It's kind of just like a collection agency.
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The longer the debt is due, the less valuable it is.
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And so, but their ability to pay probably went up.
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During that time and that's sometimes found money.
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If you can figure these strategies out.
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And so we were presented some of these things to the council.
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What, what technology are they using to collect what's how, how
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are they going about that?
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How does reputation play out in this collection process in the
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community?
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So we're not minimizing any negative impact to reviews and
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things like that.
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But we had a council member share something really
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fascinating.
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And it went both ways.
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We had, we had what I said I was, I've been called Colden
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calculating.
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Cause I was like, Hey, your rent's due on the first.
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It considered late on the second.
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Do.
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We had a council member on one end saying, you know how we had
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a low.
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Th this, this business is really about You know an agreement,
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right?
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And we, we give you their property, the portfolio, or your
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unit.
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And you do your part and share.
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In paying that or sharing that agreement by paying your rent.
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That's as simple as it can be.
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It's black and white.
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It's absolute.
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And how do you manage to that?
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And then you have one of the council members I thought was
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really interesting in what they shared.
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They talked about.
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The, the emotional impact of your customers.
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As they.
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Encounter something like this and also your employees, right?
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Is that.
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People when they owe money to us.
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As a property owner.
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Third party manager.
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They, they may be embarrassed, right?
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They may be.
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Panicking.
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What's going to happen.
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They may be, if the lack of information.
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Or details.
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They start filling it in with the worst case scenario.
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So they're panicking.
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They're may be embarrassed.
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They don't really know really how to work through these
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things.
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And there's a lot of negative energy.
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And.
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They mentioned in the meeting around like jujitsu using this
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negative energy that maybe a customer is going through.
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And use it in a positive way.
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And one of the ways.
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That he said to do this was really fast.
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And he said, kind of, you're, you're approaching avoidance on
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the front end.
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So in your lease structure, we, we get excited talking about.
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The amenities, the properties, the lease, all that stuff.
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But the move in day.
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Is probably the most important, when you're explaining sort of
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how things go here, right?
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Like rules.
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W where you get your mail, where Amazon comes, all that stuff,
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but really.
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Getting out in front of the, not just the lease, but really
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getting them prepared for any up-front issues.
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And what he mentioned was this sort of get out of jail free
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card, which was forgiveness.
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Of a late fee And you decide maybe it's.
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I don't know, half off rent or a week free, whatever you decide
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what that is, but essentially structure.
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On on the front end.
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That will essentially hold them.
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Accountable.
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To understanding, like, listen, if, if something occurs in your
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financial life there are options for you, but on the front end
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putting incentives in place where they.
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They protect this sort of.
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Situation.
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So you're increasing the value of the lease.
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Like down the street.
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That's not available here.
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If something happens to you, this, this, this legal agreement
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has UN A line on a minute.
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That allows for a customer to Use it as one free.
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Waiving of a late fee, whatever that may be.
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And by the way, this is not any legal advice.
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Talk to your attorneys.
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I'm not as telling you how to structure leases.
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I'm not giving investment advice, any of that stuff.
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But this is just really dealing with the emotional impact that
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somebody may be going through while they're in a collection
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situation.
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During, during 10, the residency, but also giving them
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some.
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You're giving yourself a competitive event, vantage to.
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To reward.
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And focus on becoming a priority vendor.
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And here's what was interesting in the way that he told the
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story.
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He said.
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That doing this allowed the customers.
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When they ran into a problem, knowing they had this one deal,
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this sort of one get out of jail free card.
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That when a stressor entered their world.
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They decided.
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I'm not using that because they're forecasting.
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Out in advance, like, oh, well what F I know, something may
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happen in the future and they did whatever they needed to do.
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To protect that.
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Opportunity.
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And so it's, it's really interesting on use that if you
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like.
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I love to hear some comments.
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You can.
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Message me on LinkedIn or at Patrick antrum.
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On Instagram, wherever you find me, but I'd love to hear your
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feedback too.
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If you think that could be something useful.
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And so you're getting out.
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In front of the big issues upfront.
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And then you're letting them know that you're giving them an
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opportunity that probably others aren't.
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And when they're given that opportunity.
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They will protect that and hold on to that.
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And probably not even use it because they, they want to know.
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The psychologically that they have that in the future, it's
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like a safety net for them thought that was really
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interesting.
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And another thing that came up through this thing is this is a
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leader that is do has done great things.
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All the way through the cycles and all the way through the
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investment cycle, right on the exit and now helping others.
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Exit at at large scales.
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And so.
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They mentioned that they had a scenario in a marketplace where
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there were significant events that had occurred.
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And what I mean by this is, you hear on the news.
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That's Certain company.
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Laid off a bunch of people.
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Maybe there is a factory shutdown or just some scenario.
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Where it's on the news.
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And all these, this group of people.
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Are impacted by this, this sudden layoff or the sudden
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surprise, right?
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And so what they did is they looked at their profile and
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they're like, well, how, who, who in our property?
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It works.
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At this, at this community or at this employer and what they did.
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Was, they were proactive.
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They reached out.
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To this company.
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And we're able to offer.
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Hey, listen.
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Heard about the news.
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This is going on.
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And if this is impacting you.
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And you live here.
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Here is what we are willing to do for you.
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If you come in now reassign a 12 month lease.
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Get them on a new lease, right?
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That's the whole idea.
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And we'll, we'll give you some incentive upfront, so you could
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either choose to have.
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30 days, free 60 days free, whatever you decide as, as that
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sort of it's treating it like a new lease-up.
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So you're structuring your lease of, these are probably good
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payers, right?
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So, You're now giving them an opportunity to provide some
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emotional understanding like, oh wow.
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This company.
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Just gave me an opportunity to meet.
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My needs also they may be like in the emotional state,
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embarrassed, they may be anticipating panicking.
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Wonder, how are we going to pay our rent, all that stuff.
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And so all of a sudden, they get this call from property owner.
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And the property owner.
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Is saying, Hey, listen, come in.
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I know you're on a lease.
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And your midstream on that lease.
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Come in.
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Sign a new 12 month lease.
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Here's what we're willing to do for you.
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And, and, structure new lease.
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And those are the types of things you needed to determine
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independently.
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And with.
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With your attorneys and with your own independent financial
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advice and all that stuff.
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I'm not here to give you an advice on that, but I thought.
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That was very interesting and how they were proactive in that.
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What they went on to say is that collections is emotional.
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And just being a hammer is not the best way to do it.
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And they got great results by doing these types of things.
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And.
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Figuring out, I guess, what problem.
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People are really trying to solve.
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And helping them solve it.
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And, and, and people win.
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When you support them in that way.
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They will stay for life if that's works out for them.
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And they'll leave people that just, Hammer them right with.
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Rent is due and that type of thing.
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And.
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So it's really interesting.
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Now we lean into some followup to that discussion in some
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banter, back and forth within the group.
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And we came back to really the, the impact to how apartment
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owners are viewed in the world, right?
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Like we're, we're not really good in a PR.
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World to share.
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The impact of who we take care of real estate for how all this
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works.
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And the credit for doing really interesting and creative things
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like that to help communities.
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And so, but what we leaned back into was when your employer does
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something like that, what is, what signal does that send to
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the employees?
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You know how many conversations, if there were 600 employees go
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back.
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To there.
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Kitchen table at dinner and say, here's what my company did
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today.
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Isn't that?
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Cool.
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And, how does that emotionally impact.
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The business right.
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And so, the, the formula.
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Four.
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For this process is understanding the emotional part
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of collections.
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And when we say obstacles, To your cashflow.
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It's one thing to generate the rents, but if he can't collect
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it, it's, it's, it's, it's even worse than being vacant.
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Cause you have the expense of it.
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You have to administer it.
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You have to report on it.
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You got everybody worried about the process on both ends.
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You have the impact to just all of the, all of the negative,
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negative steps that go through.
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Just working through those processes.
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So really the brands.
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The brand is important as much as anything else.
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And then we, we had some discussions also on the flip
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side of that, which was, It's it's, it's a duty.
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It's an obligation and it's a responsibility to collect that
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rent.
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And it's an agreement is agreement.
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And I mentioned in the meeting, there's no difference between a
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small agreement, a big agreement.
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And, collecting that rent is, is entirely.
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The responsibility of that property manager.
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And then we went into a little bit about like, how do we train
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people on these steps?
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We.
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We want them to be.
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Customer service, but there's not really a An opportunity for
00:15:29
companies to Walden.
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I will say, there's not an opportunity.
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There's not really.
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A focus.
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On this financial understanding at every level of the business.
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So.
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We had a couple council members chime in around what they're
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doing.
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To get people away from sort of like occupancy centric and more.
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Financial.
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Centric and, and educated that they're running.
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8 million to a hundred million dollar assets.
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And so they had even, cap rate lessons.
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In, in, early on in the careers really exchanging the value of,
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you're working on something more important here than you probably
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think, and really clarifying who they're managing for.
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That investor's.
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Could be teachers and firefighters or first responders
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or other.
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People that, that capitalize.
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These investments and communicating the value of that
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to even leasing agents.
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On the early days of their career.
00:16:28
And giving people the opportunity to understand the
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financial impact of these decisions.
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And, and, and sort of getting them to level up and expect more
00:16:38
for their company.
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And also.
00:16:40
The company to level up and expect more from their employees
00:16:45
in this process.
00:16:47
So it just some really great things that we're, we were
00:16:50
sharing in this meeting.
00:16:53
If you were to ask, and this would be a great question that
00:16:56
came out out of this discussion is.
00:16:58
Ask your regional managers.
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Ask your property managers.
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In fact, ask everybody.
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That you work for to define success.
00:17:09
And pay attention to how they define it.
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Is it activity related?
00:17:13
Is it occupancy related?
00:17:14
Is it financial related?
00:17:16
And so there's an opportunity to really help people understand.
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The education here.
00:17:23
And, and, and teach people more the financial picture early on.
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In their careers.
00:17:28
And essentially putting it what ends up happening in this
00:17:31
discussion?
00:17:32
It was like we're putting a premium.
00:17:35
Saying, like if you invest in yourself and if you do know
00:17:39
these things, then we're putting a premium.
00:17:43
On those skills.
00:17:45
And we just incentivized, even in the collection process.
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Ah, how to get employees motivated about these things.
00:17:53
And so.
00:17:55
On and on, we went around the idea of people coming together.
00:17:59
One of the key things that I thought was interesting was
00:18:02
moving the date.
00:18:04
That sort of these collection bonuses were earned, just moving
00:18:07
them earlier in the timeline.
00:18:09
So people can be more preventative.
00:18:12
Looking at the late payers.
00:18:13
All right.
00:18:13
Let's pull the late payers.
00:18:15
Let's get out in front of them, Hey, it's this.
00:18:17
It's this date, you haven't made a payment called him.
00:18:22
Did you forget about us?
00:18:24
PEI, listen here's a notice by the way pay the rent because we
00:18:27
don't want to charge you a late fee.
00:18:29
That's not what we want to do here.
00:18:31
Just make sure your rent's in.
00:18:32
And by the way, here's where to pay it.
00:18:34
And then by the time the fourth comes, I mean on an absolute,
00:18:38
and it is like, No later than that notice comes, which is more
00:18:43
of the legal notice and it starts that whole process.
00:18:45
We shifted around.
00:18:46
Around how many people don't pay with credit cards or debit cards
00:18:52
or digital payments that we still are processing checks.
00:18:56
And To, to, to big surprise.
00:18:59
This is still a process.
00:19:00
And, we, we talked a little bit about the shifting how they pay,
00:19:04
is it all at the first of the month and the challenges with
00:19:07
cities?
00:19:09
And if you've, if you have a collection that someone's got a
00:19:13
legal notice.
00:19:14
And there the legal process has started.
00:19:18
The impact to taking partial payments and those types of
00:19:20
things in, and that was a big issue in the discussion, this
00:19:23
call, like, how do you, how, how, how do you allow for
00:19:27
companies to satisfy as this, their death?
00:19:30
In a flex flexible way.
00:19:32
Do, do we offer flexible payment?
00:19:35
Options.
00:19:35
Do we allow for companies to.
00:19:39
Or do we allow people to.
00:19:41
Pay rent incrementally as they get money.
00:19:44
Do we allow that to go into an escrow account?
00:19:46
So then that can not.
00:19:48
Impact.
00:19:50
The thresholds in order to collect a full payment.
00:19:53
So you're not stopping and starting the legal process over
00:19:55
and over.
00:19:56
Really interesting there, as we talked about the auto industry
00:19:59
around the auto industry.
00:20:01
How, back in the day you would own a car and for a long, long
00:20:05
time, You could repair them.
00:20:07
And everybody knew how to work on cars.
00:20:08
Then leasing came and there was a certain profile of
00:20:12
professionals that understood the tax advantages and leased
00:20:15
cars.
00:20:16
And.
00:20:17
And today it's as if nobody drives old cars.
00:20:20
And so.
00:20:22
They don't want to drive them beyond warranty periods.
00:20:24
And so everybody has a car payment and they're, they're
00:20:26
just not buying and financing cars and owning them for 10
00:20:29
years and, and enjoying a five-year period of no.
00:20:33
No payment.
00:20:34
On their car and having sort of that equity.
00:20:38
Feeling of, of that vehicle.
00:20:39
In fact, in many cases, it's putting them into even more
00:20:42
financial risk because a.
00:20:44
Repairs and those types of things.
00:20:46
And so when you looked at like what Porsche is doing around
00:20:49
subscription and having just a monthly car payment with the
00:20:53
ability to swap out cars and.
00:20:55
Reinventing the way.
00:20:57
Customers are paying is really fascinating in how we talked
00:21:01
about this.
00:21:02
There were some really positive discussions around impacting the
00:21:05
brand.
00:21:06
For multifamily around, how companies can come together in
00:21:10
certain local areas.
00:21:11
To get together with some relief efforts when customers come
00:21:15
through this.
00:21:16
The situation, their life and.
00:21:19
At an opportunity to support a nonprofit, to support customers
00:21:23
that are.
00:21:25
Have the ability to pay or don't have the ability to pay, but are
00:21:28
doing all the right things to, to make the world.
00:21:30
Go around.
00:21:31
So, without I invite you to come to multi-family innovation.com
00:21:36
click on council and.
00:21:38
We're, we're having these really healthy conversations with
00:21:40
peer-to-peer with owners and operators.
00:21:43
We're talking about all the things that are improving the
00:21:44
business, making them more profitable.
00:21:47
And creating a digital intelligent business.
00:21:50
And spending time with some of the most forward-thinking owners
00:21:53
and operators is what I enjoy most about my week.
00:21:57
And, the community is organic it's we don't do any real
00:22:01
marketing to promote this.
00:22:03
But we spend time with some really interesting thought
00:22:06
leaders that have stepped up.
00:22:09
And I've leveled up their game because ultimately the
00:22:12
competitive advantage is talent and talent is, are.
00:22:15
Last opportunity to really reinvision the business,
00:22:18
especially as we go in through the world of AI.
00:22:21
And knowing, like there's never been a great time to be a human.
00:22:24
There's never been a better time to understand the financial
00:22:26
impact of the business.
00:22:27
There's never been a better time to take a business from one
00:22:31
level, increase the levels of productivity.
00:22:33
And make the business better.
00:22:34
So with that, I'm going to sign off.
00:22:36
If you've enjoyed this episode go ahead.
00:22:38
And just either.
00:22:39
Subscribe rate or review it, or if you'd like, send me a
00:22:42
message.
00:22:43
I'd love to learn what your takeaway and what your thoughts
00:22:45
were from this session.
00:22:46
We'll talk soon.
All right.
00:00:00
Welcome back to another episode of the multifamily innovation
00:00:03
podcast.
00:00:04
Today we're going to be sharing.
00:00:07
A little bit about.
00:00:08
The multifamily innovation council meeting we have every
00:00:11
Friday.
00:00:12
If you're an owner and a manager you own and operate properties,
00:00:16
multifamily.
00:00:17
And you want to learn a little bit more about what the
00:00:19
multifamily innovation council is all about.
00:00:22
Just go to multifamily innovation.com.
00:00:25
Click on council.
00:00:27
All the information is on that page today.
00:00:29
I'm going to give back.
00:00:31
A feedback loop.
00:00:32
A little debrief from this conversation that we had today.
00:00:36
The topic today.
00:00:39
What's the biggest obstacles to healthy.
00:00:43
Cashflow for apartment operators.
00:00:45
Now as As an asset manager and owner of.
00:00:49
Properties.
00:00:49
A lot, has to go into play to make.
00:00:53
Debt service and the impact that you want to make in your
00:00:55
communities and the.
00:00:57
Assumptions that you laid out for investors long before you
00:01:01
acquired the property.
00:01:03
And what, what I would tell my teams as I was running these
00:01:06
portfolios.
00:01:07
Is, I would tell, I would just try to keep things simple,
00:01:09
right?
00:01:10
So it was like generate the rents, collect the rents, lead
00:01:14
the teams.
00:01:14
Literally.
00:01:15
That's all you have to do, and we, we as owners and operators,
00:01:19
we train on hospitality.
00:01:20
We want people to.
00:01:22
Make the residents happy.
00:01:25
We want a great customer service.
00:01:26
We want retention.
00:01:28
And we want to.
00:01:30
We want to have a great brand, and so what happens is life
00:01:33
happens to residents.
00:01:34
We got collections that happen and.
00:01:36
People are not really trained.
00:01:38
On, how, how to collect.
00:01:41
And the teams aren't necessarily.
00:01:44
Perhaps hard for these skills or they're not trained for these
00:01:47
skills.
00:01:48
And you add in the idea of look, people aren't answering calls
00:01:51
anymore.
00:01:51
And then you have collections that go to outsourced.
00:01:54
Companies and the time value of that money.
00:01:58
And then fighting all the issues around courts and.
00:02:02
And the costs and expense to not only have transparency of the
00:02:05
process, but also administer it.
00:02:07
And so our teams, being trained in hospitality we.
00:02:12
And we attempt to collect rent.
00:02:15
And we do that.
00:02:16
And as I told the council, This morning on the call.
00:02:20
I said, the way it works is people have sort of like, if you
00:02:24
could imagine like a.
00:02:26
I guess a bell curve or a chart.
00:02:29
Where.
00:02:30
When somebody goes past due, they may be willing to pay, but
00:02:34
don't have the ability to pay.
00:02:36
And this, this tends to happen around the first 90 days.
00:02:39
So you're, you're saying.
00:02:41
Rent's due.
00:02:42
Here's the legal notices.
00:02:44
Pay your rent or else?
00:02:46
And they want to pay, but they don't have the ability to pay
00:02:48
us.
00:02:48
So, maybe.
00:02:49
The son got a broken arm and they prioritize that over
00:02:53
another.
00:02:53
Maybe they lost a job.
00:02:55
Maybe there's a divorce gone.
00:02:56
There's a life event who knows what's going on.
00:02:59
Lay offs are occurring.
00:03:01
And, these things are happening.
00:03:02
And so between this 90 day period, They perhaps want to
00:03:07
pay, but they can't and that's where collections occur.
00:03:10
And so what we do is we try and collect.
00:03:13
And then guess what?
00:03:13
After the 90 days, what do we do?
00:03:14
We throw it out to a third party service or collection agency.
00:03:19
And we structure terms for them to collect it.
00:03:22
And things change in terms of what they can do versus what you
00:03:26
can do as first party and third party data.
00:03:29
And now it's time to collect and.
00:03:32
After 90 days.
00:03:34
Sometimes people are doing old things to get people to pay past
00:03:39
due balances.
00:03:40
And you're talking about that maybe they moved out and
00:03:42
skipped.
00:03:43
You have this collection balance.
00:03:44
I'm not talking about the court process here.
00:03:46
I'm talking about, maybe it's after the court process,
00:03:48
whatever that may be, but now you have a re somebody owes you
00:03:53
money.
00:03:54
And the reality is After about 90 days, you've left messages.
00:03:58
You sent the man letter demand letter demand letter, even a
00:04:01
third party.
00:04:02
Organizations doing this now, the person.
00:04:05
Has a more.
00:04:07
Their, their ability to pay, it goes back to normal.
00:04:09
Maybe they re secured a job.
00:04:11
They moved through the divorce.
00:04:12
They, they borrowed some money, whatever that may be.
00:04:15
And now they have the bill to pay and we sort of give up on
00:04:18
old the older debt.
00:04:21
It's kind of just like a collection agency.
00:04:23
The longer the debt is due, the less valuable it is.
00:04:27
And so, but their ability to pay probably went up.
00:04:31
During that time and that's sometimes found money.
00:04:33
If you can figure these strategies out.
00:04:36
And so we were presented some of these things to the council.
00:04:40
What, what technology are they using to collect what's how, how
00:04:43
are they going about that?
00:04:44
How does reputation play out in this collection process in the
00:04:47
community?
00:04:48
So we're not minimizing any negative impact to reviews and
00:04:52
things like that.
00:04:53
But we had a council member share something really
00:04:55
fascinating.
00:04:56
And it went both ways.
00:04:58
We had, we had what I said I was, I've been called Colden
00:05:02
calculating.
00:05:02
Cause I was like, Hey, your rent's due on the first.
00:05:04
It considered late on the second.
00:05:06
Do.
00:05:06
We had a council member on one end saying, you know how we had
00:05:10
a low.
00:05:11
Th this, this business is really about You know an agreement,
00:05:14
right?
00:05:15
And we, we give you their property, the portfolio, or your
00:05:18
unit.
00:05:19
And you do your part and share.
00:05:22
In paying that or sharing that agreement by paying your rent.
00:05:26
That's as simple as it can be.
00:05:27
It's black and white.
00:05:28
It's absolute.
00:05:30
And how do you manage to that?
00:05:31
And then you have one of the council members I thought was
00:05:34
really interesting in what they shared.
00:05:36
They talked about.
00:05:37
The, the emotional impact of your customers.
00:05:40
As they.
00:05:42
Encounter something like this and also your employees, right?
00:05:46
Is that.
00:05:48
People when they owe money to us.
00:05:52
As a property owner.
00:05:54
Third party manager.
00:05:56
They, they may be embarrassed, right?
00:05:59
They may be.
00:06:00
Panicking.
00:06:01
What's going to happen.
00:06:03
They may be, if the lack of information.
00:06:05
Or details.
00:06:07
They start filling it in with the worst case scenario.
00:06:10
So they're panicking.
00:06:11
They're may be embarrassed.
00:06:12
They don't really know really how to work through these
00:06:15
things.
00:06:16
And there's a lot of negative energy.
00:06:20
And.
00:06:21
They mentioned in the meeting around like jujitsu using this
00:06:26
negative energy that maybe a customer is going through.
00:06:30
And use it in a positive way.
00:06:33
And one of the ways.
00:06:35
That he said to do this was really fast.
00:06:37
And he said, kind of, you're, you're approaching avoidance on
00:06:41
the front end.
00:06:42
So in your lease structure, we, we get excited talking about.
00:06:46
The amenities, the properties, the lease, all that stuff.
00:06:49
But the move in day.
00:06:52
Is probably the most important, when you're explaining sort of
00:06:55
how things go here, right?
00:06:57
Like rules.
00:06:58
W where you get your mail, where Amazon comes, all that stuff,
00:07:01
but really.
00:07:02
Getting out in front of the, not just the lease, but really
00:07:05
getting them prepared for any up-front issues.
00:07:09
And what he mentioned was this sort of get out of jail free
00:07:12
card, which was forgiveness.
00:07:15
Of a late fee And you decide maybe it's.
00:07:19
I don't know, half off rent or a week free, whatever you decide
00:07:23
what that is, but essentially structure.
00:07:26
On on the front end.
00:07:29
That will essentially hold them.
00:07:32
Accountable.
00:07:33
To understanding, like, listen, if, if something occurs in your
00:07:37
financial life there are options for you, but on the front end
00:07:41
putting incentives in place where they.
00:07:45
They protect this sort of.
00:07:48
Situation.
00:07:49
So you're increasing the value of the lease.
00:07:51
Like down the street.
00:07:52
That's not available here.
00:07:54
If something happens to you, this, this, this legal agreement
00:07:59
has UN A line on a minute.
00:08:02
That allows for a customer to Use it as one free.
00:08:07
Waiving of a late fee, whatever that may be.
00:08:09
And by the way, this is not any legal advice.
00:08:13
Talk to your attorneys.
00:08:14
I'm not as telling you how to structure leases.
00:08:16
I'm not giving investment advice, any of that stuff.
00:08:19
But this is just really dealing with the emotional impact that
00:08:23
somebody may be going through while they're in a collection
00:08:26
situation.
00:08:28
During, during 10, the residency, but also giving them
00:08:32
some.
00:08:34
You're giving yourself a competitive event, vantage to.
00:08:37
To reward.
00:08:39
And focus on becoming a priority vendor.
00:08:41
And here's what was interesting in the way that he told the
00:08:44
story.
00:08:45
He said.
00:08:47
That doing this allowed the customers.
00:08:50
When they ran into a problem, knowing they had this one deal,
00:08:55
this sort of one get out of jail free card.
00:08:58
That when a stressor entered their world.
00:09:02
They decided.
00:09:03
I'm not using that because they're forecasting.
00:09:06
Out in advance, like, oh, well what F I know, something may
00:09:09
happen in the future and they did whatever they needed to do.
00:09:14
To protect that.
00:09:17
Opportunity.
00:09:18
And so it's, it's really interesting on use that if you
00:09:21
like.
00:09:21
I love to hear some comments.
00:09:23
You can.
00:09:24
Message me on LinkedIn or at Patrick antrum.
00:09:28
On Instagram, wherever you find me, but I'd love to hear your
00:09:31
feedback too.
00:09:31
If you think that could be something useful.
00:09:34
And so you're getting out.
00:09:36
In front of the big issues upfront.
00:09:39
And then you're letting them know that you're giving them an
00:09:41
opportunity that probably others aren't.
00:09:44
And when they're given that opportunity.
00:09:47
They will protect that and hold on to that.
00:09:50
And probably not even use it because they, they want to know.
00:09:54
The psychologically that they have that in the future, it's
00:09:57
like a safety net for them thought that was really
00:09:59
interesting.
00:10:00
And another thing that came up through this thing is this is a
00:10:04
leader that is do has done great things.
00:10:07
All the way through the cycles and all the way through the
00:10:10
investment cycle, right on the exit and now helping others.
00:10:14
Exit at at large scales.
00:10:17
And so.
00:10:18
They mentioned that they had a scenario in a marketplace where
00:10:22
there were significant events that had occurred.
00:10:24
And what I mean by this is, you hear on the news.
00:10:28
That's Certain company.
00:10:30
Laid off a bunch of people.
00:10:32
Maybe there is a factory shutdown or just some scenario.
00:10:36
Where it's on the news.
00:10:37
And all these, this group of people.
00:10:40
Are impacted by this, this sudden layoff or the sudden
00:10:43
surprise, right?
00:10:44
And so what they did is they looked at their profile and
00:10:47
they're like, well, how, who, who in our property?
00:10:50
It works.
00:10:52
At this, at this community or at this employer and what they did.
00:10:57
Was, they were proactive.
00:11:00
They reached out.
00:11:02
To this company.
00:11:03
And we're able to offer.
00:11:06
Hey, listen.
00:11:09
Heard about the news.
00:11:10
This is going on.
00:11:11
And if this is impacting you.
00:11:12
And you live here.
00:11:13
Here is what we are willing to do for you.
00:11:18
If you come in now reassign a 12 month lease.
00:11:22
Get them on a new lease, right?
00:11:23
That's the whole idea.
00:11:24
And we'll, we'll give you some incentive upfront, so you could
00:11:29
either choose to have.
00:11:31
30 days, free 60 days free, whatever you decide as, as that
00:11:35
sort of it's treating it like a new lease-up.
00:11:37
So you're structuring your lease of, these are probably good
00:11:41
payers, right?
00:11:42
So, You're now giving them an opportunity to provide some
00:11:46
emotional understanding like, oh wow.
00:11:48
This company.
00:11:50
Just gave me an opportunity to meet.
00:11:53
My needs also they may be like in the emotional state,
00:11:58
embarrassed, they may be anticipating panicking.
00:12:01
Wonder, how are we going to pay our rent, all that stuff.
00:12:03
And so all of a sudden, they get this call from property owner.
00:12:07
And the property owner.
00:12:09
Is saying, Hey, listen, come in.
00:12:12
I know you're on a lease.
00:12:13
And your midstream on that lease.
00:12:14
Come in.
00:12:15
Sign a new 12 month lease.
00:12:17
Here's what we're willing to do for you.
00:12:19
And, and, structure new lease.
00:12:21
And those are the types of things you needed to determine
00:12:24
independently.
00:12:25
And with.
00:12:25
With your attorneys and with your own independent financial
00:12:28
advice and all that stuff.
00:12:30
I'm not here to give you an advice on that, but I thought.
00:12:32
That was very interesting and how they were proactive in that.
00:12:36
What they went on to say is that collections is emotional.
00:12:41
And just being a hammer is not the best way to do it.
00:12:45
And they got great results by doing these types of things.
00:12:49
And.
00:12:51
Figuring out, I guess, what problem.
00:12:54
People are really trying to solve.
00:12:57
And helping them solve it.
00:12:58
And, and, and people win.
00:13:02
When you support them in that way.
00:13:05
They will stay for life if that's works out for them.
00:13:07
And they'll leave people that just, Hammer them right with.
00:13:12
Rent is due and that type of thing.
00:13:14
And.
00:13:15
So it's really interesting.
00:13:16
Now we lean into some followup to that discussion in some
00:13:19
banter, back and forth within the group.
00:13:21
And we came back to really the, the impact to how apartment
00:13:27
owners are viewed in the world, right?
00:13:29
Like we're, we're not really good in a PR.
00:13:30
World to share.
00:13:32
The impact of who we take care of real estate for how all this
00:13:36
works.
00:13:38
And the credit for doing really interesting and creative things
00:13:42
like that to help communities.
00:13:44
And so, but what we leaned back into was when your employer does
00:13:48
something like that, what is, what signal does that send to
00:13:51
the employees?
00:13:53
You know how many conversations, if there were 600 employees go
00:13:57
back.
00:13:58
To there.
00:13:59
Kitchen table at dinner and say, here's what my company did
00:14:03
today.
00:14:03
Isn't that?
00:14:04
Cool.
00:14:05
And, how does that emotionally impact.
00:14:09
The business right.
00:14:11
And so, the, the formula.
00:14:13
Four.
00:14:14
For this process is understanding the emotional part
00:14:19
of collections.
00:14:20
And when we say obstacles, To your cashflow.
00:14:24
It's one thing to generate the rents, but if he can't collect
00:14:27
it, it's, it's, it's, it's even worse than being vacant.
00:14:30
Cause you have the expense of it.
00:14:32
You have to administer it.
00:14:33
You have to report on it.
00:14:34
You got everybody worried about the process on both ends.
00:14:39
You have the impact to just all of the, all of the negative,
00:14:43
negative steps that go through.
00:14:46
Just working through those processes.
00:14:47
So really the brands.
00:14:50
The brand is important as much as anything else.
00:14:53
And then we, we had some discussions also on the flip
00:14:56
side of that, which was, It's it's, it's a duty.
00:15:00
It's an obligation and it's a responsibility to collect that
00:15:02
rent.
00:15:03
And it's an agreement is agreement.
00:15:05
And I mentioned in the meeting, there's no difference between a
00:15:08
small agreement, a big agreement.
00:15:10
And, collecting that rent is, is entirely.
00:15:14
The responsibility of that property manager.
00:15:17
And then we went into a little bit about like, how do we train
00:15:20
people on these steps?
00:15:22
We.
00:15:23
We want them to be.
00:15:25
Customer service, but there's not really a An opportunity for
00:15:29
companies to Walden.
00:15:30
I will say, there's not an opportunity.
00:15:32
There's not really.
00:15:33
A focus.
00:15:34
On this financial understanding at every level of the business.
00:15:38
So.
00:15:39
We had a couple council members chime in around what they're
00:15:44
doing.
00:15:45
To get people away from sort of like occupancy centric and more.
00:15:49
Financial.
00:15:50
Centric and, and educated that they're running.
00:15:53
8 million to a hundred million dollar assets.
00:15:56
And so they had even, cap rate lessons.
00:15:59
In, in, early on in the careers really exchanging the value of,
00:16:04
you're working on something more important here than you probably
00:16:07
think, and really clarifying who they're managing for.
00:16:12
That investor's.
00:16:13
Could be teachers and firefighters or first responders
00:16:16
or other.
00:16:18
People that, that capitalize.
00:16:21
These investments and communicating the value of that
00:16:24
to even leasing agents.
00:16:26
On the early days of their career.
00:16:28
And giving people the opportunity to understand the
00:16:30
financial impact of these decisions.
00:16:34
And, and, and sort of getting them to level up and expect more
00:16:38
for their company.
00:16:39
And also.
00:16:40
The company to level up and expect more from their employees
00:16:45
in this process.
00:16:47
So it just some really great things that we're, we were
00:16:50
sharing in this meeting.
00:16:53
If you were to ask, and this would be a great question that
00:16:56
came out out of this discussion is.
00:16:58
Ask your regional managers.
00:17:01
Ask your property managers.
00:17:03
In fact, ask everybody.
00:17:05
That you work for to define success.
00:17:09
And pay attention to how they define it.
00:17:11
Is it activity related?
00:17:13
Is it occupancy related?
00:17:14
Is it financial related?
00:17:16
And so there's an opportunity to really help people understand.
00:17:22
The education here.
00:17:23
And, and, and teach people more the financial picture early on.
00:17:27
In their careers.
00:17:28
And essentially putting it what ends up happening in this
00:17:31
discussion?
00:17:32
It was like we're putting a premium.
00:17:35
Saying, like if you invest in yourself and if you do know
00:17:39
these things, then we're putting a premium.
00:17:43
On those skills.
00:17:45
And we just incentivized, even in the collection process.
00:17:50
Ah, how to get employees motivated about these things.
00:17:53
And so.
00:17:55
On and on, we went around the idea of people coming together.
00:17:59
One of the key things that I thought was interesting was
00:18:02
moving the date.
00:18:04
That sort of these collection bonuses were earned, just moving
00:18:07
them earlier in the timeline.
00:18:09
So people can be more preventative.
00:18:12
Looking at the late payers.
00:18:13
All right.
00:18:13
Let's pull the late payers.
00:18:15
Let's get out in front of them, Hey, it's this.
00:18:17
It's this date, you haven't made a payment called him.
00:18:22
Did you forget about us?
00:18:24
PEI, listen here's a notice by the way pay the rent because we
00:18:27
don't want to charge you a late fee.
00:18:29
That's not what we want to do here.
00:18:31
Just make sure your rent's in.
00:18:32
And by the way, here's where to pay it.
00:18:34
And then by the time the fourth comes, I mean on an absolute,
00:18:38
and it is like, No later than that notice comes, which is more
00:18:43
of the legal notice and it starts that whole process.
00:18:45
We shifted around.
00:18:46
Around how many people don't pay with credit cards or debit cards
00:18:52
or digital payments that we still are processing checks.
00:18:56
And To, to, to big surprise.
00:18:59
This is still a process.
00:19:00
And, we, we talked a little bit about the shifting how they pay,
00:19:04
is it all at the first of the month and the challenges with
00:19:07
cities?
00:19:09
And if you've, if you have a collection that someone's got a
00:19:13
legal notice.
00:19:14
And there the legal process has started.
00:19:18
The impact to taking partial payments and those types of
00:19:20
things in, and that was a big issue in the discussion, this
00:19:23
call, like, how do you, how, how, how do you allow for
00:19:27
companies to satisfy as this, their death?
00:19:30
In a flex flexible way.
00:19:32
Do, do we offer flexible payment?
00:19:35
Options.
00:19:35
Do we allow for companies to.
00:19:39
Or do we allow people to.
00:19:41
Pay rent incrementally as they get money.
00:19:44
Do we allow that to go into an escrow account?
00:19:46
So then that can not.
00:19:48
Impact.
00:19:50
The thresholds in order to collect a full payment.
00:19:53
So you're not stopping and starting the legal process over
00:19:55
and over.
00:19:56
Really interesting there, as we talked about the auto industry
00:19:59
around the auto industry.
00:20:01
How, back in the day you would own a car and for a long, long
00:20:05
time, You could repair them.
00:20:07
And everybody knew how to work on cars.
00:20:08
Then leasing came and there was a certain profile of
00:20:12
professionals that understood the tax advantages and leased
00:20:15
cars.
00:20:16
And.
00:20:17
And today it's as if nobody drives old cars.
00:20:20
And so.
00:20:22
They don't want to drive them beyond warranty periods.
00:20:24
And so everybody has a car payment and they're, they're
00:20:26
just not buying and financing cars and owning them for 10
00:20:29
years and, and enjoying a five-year period of no.
00:20:33
No payment.
00:20:34
On their car and having sort of that equity.
00:20:38
Feeling of, of that vehicle.
00:20:39
In fact, in many cases, it's putting them into even more
00:20:42
financial risk because a.
00:20:44
Repairs and those types of things.
00:20:46
And so when you looked at like what Porsche is doing around
00:20:49
subscription and having just a monthly car payment with the
00:20:53
ability to swap out cars and.
00:20:55
Reinventing the way.
00:20:57
Customers are paying is really fascinating in how we talked
00:21:01
about this.
00:21:02
There were some really positive discussions around impacting the
00:21:05
brand.
00:21:06
For multifamily around, how companies can come together in
00:21:10
certain local areas.
00:21:11
To get together with some relief efforts when customers come
00:21:15
through this.
00:21:16
The situation, their life and.
00:21:19
At an opportunity to support a nonprofit, to support customers
00:21:23
that are.
00:21:25
Have the ability to pay or don't have the ability to pay, but are
00:21:28
doing all the right things to, to make the world.
00:21:30
Go around.
00:21:31
So, without I invite you to come to multi-family innovation.com
00:21:36
click on council and.
00:21:38
We're, we're having these really healthy conversations with
00:21:40
peer-to-peer with owners and operators.
00:21:43
We're talking about all the things that are improving the
00:21:44
business, making them more profitable.
00:21:47
And creating a digital intelligent business.
00:21:50
And spending time with some of the most forward-thinking owners
00:21:53
and operators is what I enjoy most about my week.
00:21:57
And, the community is organic it's we don't do any real
00:22:01
marketing to promote this.
00:22:03
But we spend time with some really interesting thought
00:22:06
leaders that have stepped up.
00:22:09
And I've leveled up their game because ultimately the
00:22:12
competitive advantage is talent and talent is, are.
00:22:15
Last opportunity to really reinvision the business,
00:22:18
especially as we go in through the world of AI.
00:22:21
And knowing, like there's never been a great time to be a human.
00:22:24
There's never been a better time to understand the financial
00:22:26
impact of the business.
00:22:27
There's never been a better time to take a business from one
00:22:31
level, increase the levels of productivity.
00:22:33
And make the business better.
00:22:34
So with that, I'm going to sign off.
00:22:36
If you've enjoyed this episode go ahead.
00:22:38
And just either.
00:22:39
Subscribe rate or review it, or if you'd like, send me a
00:22:42
message.
00:22:43
I'd love to learn what your takeaway and what your thoughts
00:22:45
were from this session.
00:22:46
We'll talk soon.
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