Welcome to the leading edge of multifamily industry insights with the Multifamily Innovation® Podcast. In this episode, we sit down with Brock MacLean, Executive Vice President and Chief Revenue Officer at LeaseHawk, to explore the transformative role AI is playing in shaping the future of multifamily leasing, management, and profitability.
Diving straight into the thick of innovation, Brock MacLean details LeaseHawk's strategic application of artificial intelligence that's reshaping what we thought possible for the multifamily industry. Moving beyond mere tools, AI is now entrenched as a vital cog in enhancing intricate leasing processes, amplifying human efforts, and forging a dynamic path towards investor yields.
Here's a glance at what we uncover in our discussion:
Ideation to Implementation
Learn how AI is bridging the gap from concept to reality in multifamily leasing. Explore LeaseHawk's integration of voice, text, chat, and lead nurturing solutions precisely crafted for the multifamily space.
Substance Over Show: Discover the essentiality of leveraging AI not just for its shimmer but for its core functionalities. Brock underlines the profound impact of AI in amplifying the essence of customer engagement and driving forward operational yields.
Customer-Centric Customization:
Patrick and Brock discuss implementing tech that fits like a glove, accommodating diverse customer needs, and aligning with multifamily corporate culture.
Product Depth Versus Breadth:
The conversation shifts towards a pivotal decision point - selecting a main product that offers a full suite of services or choosing specific point solutions. Brock presents a compelling argument for efficiency and cost savings that best-of-breed point solutions offer.
Tech's Multi-faceted Role in Property Management:
As we delve deeper, the episode scales the broader vision of technology within asset management. Hear from Brock and Patrick as they prepare to share actionable insights at the upcoming Innovation Summit on leveraging tech to diminish risks and amplify positive experiences.
Fasten your seatbelts as we embrace the avant-garde. The podcast underscores AI's dominant footprint in contact centers - turning interactions swifter, driving up application rates, and markedly diminishing vacancy spans. Data speaks volumes, and prospects engaging with AI-tethered services exhibit a procliv
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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We're back for another episode of the multifamily innovation
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podcast.
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And we are part of our meet the sponsor series.
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I'm here with Lise Haack.
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We have Brock McLean on the show today.
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He is the chief revenue officer and executive vice president of
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Lise Haack and has been part of some really big things in
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multifamily over the years from technology, innovation, and
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really the whole journey the customer goes on.
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So he has a deep Understanding of the technology impact on
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business.
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And that's why we brought him on today because he'll be speaking
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at the Multifamily Innovation Summit coming up and presenting
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as part of the Multifamily Innovation Showcase.
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And the goal there is we give owners, managers, operators, a
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look here approach on look, what are the next five or six
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decisions in your business that are going to move the needle,
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make an impact, move you to more efficient operations.
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Profitability and organization, and it's at the business level
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as much as a property.
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Now, Barack has a deep understanding of not only the
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technology working for some of the most innovative companies
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throughout his career, but here at Leasehawk, they're working on
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some technologies and innovations that are keeping up
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with the pace of the world, right?
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That's one of the things that's always hard to do as an
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executive.
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And, when you think of AI, there's a lot of noise.
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And when I say noise, it just means that the pace of change is
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happening so fast.
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Computers are being programmed.
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The world is moving fast, but companies sometimes are moving
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slower.
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So we're bringing Brock on to help us understand what a
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company like lease Hawk and his Leadership team are doing around
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the future of multifamily.
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Now, listen, Leasehawk has been historically doing AI for a
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long, long before we even were thinking and talking about it.
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And so there's a very big difference between modern GPT AI
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and what they've been building over the years and then folding
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all that together for a great customer experience.
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So with us today is Brock McLean.
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Brock, welcome to the show.
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Hey, Patrick, great to be here.
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Appreciate you having me.
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Yeah, absolutely.
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And one for a lot of people know you already, but for those that
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don't listening in give us a sense of, what does LeaseHawk do
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for multifamily companies?
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This talk, I think, is really designed to be complimentary
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from very top of funnel digital marketing as a really a creative
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addition to your leasing strategy.
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You mentioned that noise around AI or even tech innovation as a
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whole, and it can be intimidating, and it can be,
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daunting to consider directionally where to go.
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And I think the first and foremost thing is to think about
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it as Complimentary to what you're already doing.
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So you're adding depth of feature functionality, reach,
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convenience, all those things that are instrumental to today's
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apartment hunter, as they're going through the self discovery
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process and finding their next home.
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Specifically we're deploying AI solutions across.
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traditional voice, text, chat and lead nurturing to compliment
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what is already an effective and efficient leasing process, but
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to be able to really handle a lot of those repetitious tasks
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that we typically have to deploy people against and give our
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owners and operators the ability to take their people.
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Put them on higher value tasks while still ensuring that the
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the velocity of the leasing process, the engagement with
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prospects is handled in an incredibly efficient way, also
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driving some cost effectiveness for portfolio operators today.
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That's great.
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And I know there's, you can go to leasehawk.
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com and there's all kinds of information, case studies.
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Their team does a great job of putting all that together
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because buyers are doing their own research today.
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They want to know that you've worked with other companies and
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robust companies and these types of tools and solutions would
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work for someone's portfolio.
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So definitely a lot of great education learning on, on, on
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the blog.
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Thank you.
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They're at least hawk.
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com.
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Is there, for those that have been following lease Hawks
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journey and are well aware that you guys have been innovators in
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the space anything new that you can talk to us about any updates
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we're approaching the fourth quarter we're in the fourth
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quarter here.
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So you're right.
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The velocity of change is certainly not slowing down.
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And that's it's really exciting.
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And I think AI, as you mentioned, these talks have been
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at it for a long time.
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We've deployed AI at scale in the industry.
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So there's.
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Yeah there's, I think having AI solutions and then there's
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having the track record of scale reporting and results that I
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think are critical there but there's continued to be
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advancements.
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And I think even the level of quality of AI has dramatically
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changed even just year over year.
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Up until, even now here over the next week, and even including
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today, we're deploying, advanced voices that are part of the
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Google suite of services so that while we're not trying to make
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people believe that they're speaking to a human, the nuance
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the conversational element, the really relatable experience now
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that prospects can have in engaging with AI is truly
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incredible.
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And I think, We are all becoming so accustomed, especially, as
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you look out over the past few years since our shared COVID
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experience, we're very comfortable going through self
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discovery from our couch.
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And the more comfortable we are with technology, the more we
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lean into all the advancements that are there and the way that
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we can derive consistent quality answers to what we're looking
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for.
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On a timely basis in the way in the communication channel that
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we prefer.
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It's incredibly powerful for digital marketers to have that
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as part of what they're doing today.
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And it's something that I think has become not a nice to have,
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but really a critical component of an overall leasing strategy.
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Are you seeing this as more of the trends moving forward?
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And, you've mentioned a couple of things.
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You've got the customer that they would benefit from this
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experience, as you mentioned, it's happening around the world
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anyway, not just in multifamily.
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And then you have the investor that has different reasons
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around protecting capital risk tackling challenges, finding.
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People giving a more interesting path to yield.
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And then you have the owner operators that are looking at,
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how do I retain employees and give them work that is
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meaningful.
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We're getting the redundant tasks that are more unfun and
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they're showing up in a more sales you mentioned
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complimenting this AI compliments.
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So now you're like improved sales results when you work
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together with technology, not just use it to, Replace or just
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innovate.
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Yeah, it is really intriguing.
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And there's throughout my career, multifamily there, there
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really hasn't been a time where I've seen an application of
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technology that has.
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A number of benefits that are unique to the various
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constituents.
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And by that, from a prospect perspective, I've got ultimate
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flexibility now, right?
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I can certainly communicate with the property, but if I want to,
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I can, from the comfort of my couch, I can text and chat and
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call and go through the self discovery all the way, including
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to, booking tours and appointments to handle that all
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on my own, if that's how I'm so inclined.
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As a prospect, I can really identify with that brand if they
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offer that functionality that speaks to me and makes the most
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sense for me from a leasing standpoint, you're creating
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efficiency, right?
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Leasing staff now can focus on those high intent to rent
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prospects who have engaged with AI.
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We know statistically that they converted a much higher rate
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than those that don't because they've gone through this self
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discovery process.
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So the efficiency for the leasing team to say, Wow, yeah.
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Patrick, came to us as a lead through an AI engagement.
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His intent to transact is likely really high.
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I'm going to probably be sure to give him the optimal attention
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because he's likely to transact here very quickly.
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From an owner operator standpoint, you're really
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solving a bunch of things.
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An engaged prospect that enjoys their experience.
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and efficient leasing team that you can really look at and say,
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I can point my people to higher value tasks.
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And does that afford me some adjacent benefits, right?
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Maybe some yield through accomplishing my leasing
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strategy with fewer people and using tech to drive some of
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those resources employee satisfaction by offering things
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like maybe I don't staff Sundays because I'm utilizing AI to
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engage with prospects book tours and ultimately go through the
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self discovery process.
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So as the market.
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Incur some bumpier times around occupancy and maybe less
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increase from a rental rate perspective.
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Things like these benefits around cost effectiveness maybe
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staff impact to staff and how I can more maximize that potential
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and then yield driven through things like maybe not staffing
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on a given Sunday or something like that.
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Those are incremental adjacent benefits.
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To deploying tech like AI that compliment the core, which is
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obviously 24 by seven feature functionality and engagement for
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prospect looking for the next home.
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I love this word compliment you've been using because,
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oftentimes trying something new sometimes can.
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feel scary.
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And, but when you mention those two, the prospect, the staff,
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the teams and the owner perspectives on the benefits
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playing out, and it really is a, it's created a powerful three
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level when they're and if the start to think about the costs
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of not.
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Doing something right.
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Staying the same, maybe even staffing your team on Sundays,
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if that's an issue, what's that costing you doing the math on
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that or missed opportunities or missed call all these things, or
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maybe the customer that truly enjoys this type of experience
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we're missing those opportunities and no one's
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really doing the math on that at that scale, this complimenting
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thing really helps people, I think move into.
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Trying something new, even if it's re envisioning a new model
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of even leasing, and it sounds like you're, you can be flexible
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with the portfolio if they have their traditional ways and this
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is how we do it, this works and complements and makes life
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better for all.
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If it's, we're going to try a new model here and test our
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assumptions about what we really need.
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This could be a safe on ramp to something like that.
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And then ultimately on the more aggressive, more forward
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thinking and innovative companies out there, it could be
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supportive in a new model of a whole centralized approach to
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leasing and all of that stuff.
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What are you guys doing internally to shape through
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those conversations?
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Yeah.
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And that's, what's really exciting about the conversation
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because depending on the, either the corporate culture of our
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customer or what their, some of their goals are.
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We can tailor an approach that makes the most sense.
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And we've seen some of those efficiencies bear out,
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logically, if you think about a lease up property, if you could
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deploy AI to really handle a lot of that prospect engagement,
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while you're still coming out of the ground with your asset and
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you're not quite ready to lease, you can see how that efficiency
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is gained in that scenario.
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And then you can quickly see.
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Wow.
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If I deployed that against my core, or my, my stabilized
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assets, are there some incremental efficiencies that I
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can find not only in, in how I'm operating, but that are really
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speaking to today's consumer anyway.
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And we have a lot of digital marketers that say we've got a
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very white glove approach to our engagement with prospects.
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And I'm always responding with, you should absolutely keep that.
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If that's resonating with your prospects, keep that.
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But have these other options available because there are
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equally as many prospects who want the kind of quality living
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experience they're going to have in your community, but are
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happily to have that without ever actually talking to
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anybody.
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And so I think the idea is to add diversity and flexibility to
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your overall marketing strategy.
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And then as you're garnering results and seeing the impact
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that AI is having in your leasing strategy, you can begin
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to tailor an evolution of your own organization accordingly,
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whether that's something more centralized, whether that's
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Pointing your people to higher value tasks and having AI handle
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a lot of the leasing velocity.
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It gives you insights and results with which to hone your
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organization without having to guess what the impact may or may
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not be.
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Yeah.
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And it keeps going back to that compliment conversation that
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even if that is this, the space that you operate in and you
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still can diversify that stack of or process really even when
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you think about.
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There are other products out in the marketplace that are doing
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one of the things that you do and, or maybe like even an all
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in one, like it comes with the other things I've bought.
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And that seems easier for me now.
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What's the real problem with that in that you guys are
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focused on this as a main idea, main product and a main
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experience to talk to me about.
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The balancing that should I go with a Leasehawk or do I go with
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something that's folded into something else or it's only does
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one of the things, take me through that.
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Yeah, I think you're seeing an evolution also in real time here
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in the space where some of the large tech stacks that have
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products in almost every category you can think of those,
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the product set is very wide.
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And within that product set, some are rather deep because
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there's historical expertise associated.
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Others are not.
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They're wide, but very limited either through because that
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product set is new or there just hasn't been the level of
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attention given to it.
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It's very difficult to be wide and deep in every category that
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we have in our industry today.
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And that's why I think you see a lot of point solution tech
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companies not just AI related, but in a number of our
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categories.
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Having success because they're really heavily focused on that
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category, adding innovation to something that until really the
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last couple of years didn't have a lot of innovation in it.
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So they're going while narrow, potentially going very deep
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there.
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So if you are a customer now, you can make the choice to have
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it all in one solution and you have to be comfortable knowing
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that some subset of those products that you have
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incorporated into your single stack are going to be.
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May be good enough, but they're probably not as good as they
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could be, but they're probably not giving you a lot of the
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benefit that you could derive from a point solution provider
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that's out there.
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So I think you've got a lot of savvy marketer saying I know
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that makes sense.
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And there's probably some pricing power associated with
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buying a wider suite.
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If I lean into some of these point solutions, knowing that
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they are very tightly integrated, very seamless in
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terms of their operation.
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Not big list in terms of training and resource intensive,
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and I can derive efficiency, not only what they provide for my
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end user in this case, somebody looking for their next apartment
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home, but also some adjacent benefits around efficiencies of
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staff cost effectiveness and so on.
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Then I think it gives that, that, that owner, that operator
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pause to consider, is there a a solution where I've got my core
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functionality, but I'm really plugging and playing some best
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of breed solutions that are adding incremental yield in ways
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that I couldn't accomplish in a single stack.
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I understand that completely because, as it.
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Asset managers and owners owners on behalf of investor or
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operators on behalf of investors, it's, we get really
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good at understanding the market fundamentals, the transaction
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elements of the business.
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And I like this idea of bilinguals.
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In other words, people that understand the real estate,
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which the owners and operators are really great at.
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They build a lot of wealth, protect a lot of wealth that
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way, but also this understanding of technology.
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In other words, The incremental value that sometimes is missed
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by just going with what's easy, maybe folded in, or it's, it
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seems like it's less friction in terms of the implementation and
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things like that.
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But the reality is with having these deep integrations that you
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guys have and also offering that sort of what you mentioned, the
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best in breed.
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Plays out to me, like even when I drive a car, the, for years,
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the automakers, and I've said this before, the automakers try
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to do everything, right?
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The radios they weren't so good, right?
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So you'd go to an aftermarket place to get a better radio
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because it wasn't best in breed, but it was like folded in,
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right?
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They could just, it came with it.
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Now in the world today, you have integrations between brands that
00:16:04
have chosen to be like, if it's Bose or Harman Kardon, whatever
00:16:07
that brand is that is saying we're going to own this domain,
00:16:12
but we're also going to integrate into the purchasing
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experience so that the customer gets what they want.
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I look at having that best in breed.
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Concept with those integrations where you can make it easy for
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the customer to become a customer, right?
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Like it'll go into their system and talk to their CRMs and, all
00:16:30
those things and also get the best in breed.
00:16:33
And I challenge people to really take another look because things
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move fast.
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I know you guys have updated.
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I can't even keep up and I've had you on the show, a few times
00:16:44
and it's exciting because I know you've got really.
00:16:47
a strong team behind you.
00:16:49
And that best in breed thought is, and that complimentary
00:16:54
approach really, I think our themes to what I'm hearing from
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you here talk to me about, so I'm gonna parlay that into what
00:17:03
we're doing at the innovation summit.
00:17:04
So at the innovation summit, we're trying to help more.
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Really good asset managers, owners, and operators that are
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understand their market conditions their debt
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environments, equity, their partnerships, and all the
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challenges that are upon them and give them the opportunity to
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understand that technology can be also a way through minimizing
00:17:25
risk, creating that experience, solving some problems, even for
00:17:28
talent, and also getting faster paths to yield in a more diverse
00:17:33
way.
00:17:33
And so this idea of having this dual.
00:17:37
Understanding of not just tech or not just real estate, but
00:17:40
also technology.
00:17:41
And I know we're going to bring you in as part of the
00:17:44
multifamily innovation showcase.
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Now we only do this for, we don't have a big trade show.
00:17:49
It's not an, it's not a sea of decisions.
00:17:51
It's like we've curated.
00:17:53
What is going to move the needle mostly in our business, if we
00:17:57
looked at the next four to five decisions, talk to us a little
00:18:00
bit about, and maybe tease, you don't have to give reveal here
00:18:02
because we'll not only have that at the summit, but I'd love to
00:18:06
talk to you here today about what are you intending on
00:18:09
sharing at this innovation showcase?
00:18:12
What are your thoughts?
00:18:14
I think at the core, product aside, functionality aside, even
00:18:19
industry trend aside, right?
00:18:21
We're in the industry.
00:18:22
We're continuing to look for ways to be more effective at
00:18:25
what we do.
00:18:26
Maybe do more with less.
00:18:29
Find ways to create and drive asset value beyond the core
00:18:34
block and tackling of multifamily.
00:18:37
And by that adjacent benefits to tech that you may deploy.
00:18:41
And so I think the idea is to for those that may be in the
00:18:45
audience that might say, Wow, I know I need to migrate to some
00:18:49
of these forward looking tech advancements, but it's.
00:18:51
It's daunting for whatever the reason may be, and rather than
00:18:54
thinking about the things that may or may not be intimidating
00:18:58
because it's new and advanced tech, what are the things in my
00:19:02
business I want to solve for efficiency, cost effectiveness,
00:19:05
adjacent value, yield creation, and is there tech that is
00:19:10
readily deployable with a track record and results to point to
00:19:15
those very things.
00:19:16
And really that's, I think the direction that I want to convey,
00:19:20
which is.
00:19:21
There are ways and means to improve your profitability, your
00:19:25
effectiveness as a owner operator in your portfolio
00:19:28
today.
00:19:30
And they're, and it's the kind of things that not only will
00:19:32
enhance your core goals, but are going to create and enable a
00:19:37
better experience for the prospect who's looking for their
00:19:40
next home.
00:19:40
Therefore, they're going to identify with your brand and
00:19:42
they're going to feel connected to it because you are.
00:19:45
Deploying at scale, the kinds of expectations that we all have as
00:19:50
consumers today in our decision making process.
00:19:53
So you're accomplishing your core goals that are probably
00:19:56
been tried and true for years.
00:19:59
But you're enhancing those core goals by deploying tech.
00:20:02
That's also going to be a complimentary and attractive to
00:20:06
the people looking for their next home.
00:20:08
And all those things, while they may be AI oriented.
00:20:12
It's the residual value for all constituents that I think makes
00:20:15
the most sense.
00:20:17
I love that question.
00:20:18
What do you want to solve for?
00:20:19
And what tech is available ready for that?
00:20:21
And also when you mentioned track record, can we book in
00:20:24
this a little bit?
00:20:25
Can you talk a little bit about that track record for those that
00:20:28
maybe are not customers or haven't interacted with the
00:20:31
brand?
00:20:32
Yeah, I'll give you, I'll give you, one example.
00:20:33
One of the things that under the idea of efficiency cost
00:20:37
effectiveness is the idea of migrating from people based
00:20:42
contact centers that have been around for a very long time in
00:20:44
our space that are still rely heavily on the consumer
00:20:48
experience and they too are having Yeah.
00:20:50
Yeah.
00:20:50
Yeah.
00:20:51
Staffing challenges and issues right that are predominantly
00:20:54
there.
00:20:54
But until really recently, there wasn't a lot of alternatives to
00:20:57
handle that 24 by seven engagement for prospects who may
00:21:02
not be able to be shopping and, the middle of the day.
00:21:05
What is really interesting is AI has been able to step in and
00:21:09
either compliment your existing contact center and, or give you
00:21:13
an alternative that handles all that 24 by seven communication.
00:21:17
In the way that a prospect wants to engage And it gives you a
00:21:21
much more cost effective way to extend the reach of your leasing
00:21:24
team in a way that really wasn't possible only but a handful of
00:21:27
years ago, couple that with the results that are from there.
00:21:31
And when you really start to measure the results, you can see
00:21:34
that the results from an AI based experience and contact
00:21:37
center.
00:21:38
Are as powerful, maybe more so than the people based one,
00:21:42
including things like shortening the vacant days, right?
00:21:46
For example the person who engaged with AI versus the
00:21:49
person that doesn't about half to three quarters of a day, less
00:21:52
time from first contact to application.
00:21:55
The application rate is about 20 percent higher for those that
00:21:58
engage with AI than those that don't primarily because.
00:22:01
They've asked all their questions, right?
00:22:02
They've done all their pre qualifying and they know that
00:22:05
this community is going to accept my dog and it's got the
00:22:07
gym that I want.
00:22:08
And it's got proximity to maybe my workplace.
00:22:11
I've looked at all the photos.
00:22:13
I've booked my tour.
00:22:14
I've done all the things.
00:22:15
So by the time that prospect.
00:22:17
Arrives at the property.
00:22:19
As I mentioned earlier, the intent to transact for that
00:22:21
prospect that's engaged with AI is substantially higher than one
00:22:24
that didn't.
00:22:25
So if I'm a leasing agent, rather than being intimidated by
00:22:28
having AI as part of the workflow, I'm excited because
00:22:31
now I'm not missing an opportunity and the prospects
00:22:33
that did their likelihood to transact is very high.
00:22:36
So these are the kind of data points and experience that we've
00:22:40
seen that I think if I'm a listener to our session here
00:22:43
today, or the session at the innovation summit, And I'm
00:22:47
focused on efficiency and cost effective solutions that can
00:22:50
point to that as a goal.
00:22:52
This is one where there's a lot of really interesting data
00:22:55
points that show better prospect engagement, converted a higher
00:22:58
rate approval process or approval of applications is
00:23:01
substantially higher, all those and vacancy days saved.
00:23:05
All those things across an extensive portfolio really
00:23:08
translate into significant dollars.
00:23:11
If you're already attending our Multifamily Innovation Summit go
00:23:15
see Brock while he's there.
00:23:16
I know you'll have your team there.
00:23:18
Also, do you have, any words of advice for companies that are
00:23:22
looking to innovate or really respond to challenges in today's
00:23:27
environment?
00:23:29
Yeah, I think with every cycle that we've been in, right?
00:23:32
There's challenges that we face that are, can be daunting.
00:23:35
And while it's hard to do, lean into change, be excited about
00:23:39
change, guy like me, who's been in this industry a long time,
00:23:41
dating back to people finding their next apartment home in a
00:23:44
magazine, right?
00:23:45
And here I am talking to you about AI engagement.
00:23:48
I'm probably testament to the idea of leaning into change,
00:23:52
embracing it.
00:23:53
While it is intimidating, know that it's there to create and
00:23:56
drive.
00:23:58
Additional value and really marry in with the core
00:24:01
principles of the organization.
00:24:03
And so whatever the headwinds are, and we're going to have
00:24:05
some more unique ones, I would say, versus what we've had for
00:24:08
the past handful of years, potentially around occupancy
00:24:10
rates around just general increases of rental rates.
00:24:13
There is exciting advancements in technology that will create a
00:24:18
better experience, not only for your prospects and your
00:24:20
residents, but for your internal teams as well.
00:24:22
And then also drive that incremental yield for your
00:24:24
portfolio when some of the core drivers may be under some
00:24:27
pressure.
00:24:29
And I think that's one of your differentiators too, is it's not
00:24:31
just a product purchase.
00:24:32
You stick with these customers before, during, and after the
00:24:35
sale, right?
00:24:35
It's, that change doesn't have to feel so hard.
00:24:39
Yeah.
00:24:39
That and if I know You're a former baseball player.
00:24:42
So let's talk, early endings versus late endings.
00:24:44
I think with all of the exciting things we're talking about here,
00:24:47
I still think we're early innings right of things.
00:24:50
And so if you embrace now and you build that foundation of
00:24:54
enhanced tech to compliment what you're doing.
00:24:57
With each ending, as we're, as we move into them, the
00:25:00
advancements keep coming and you're able to benefit from
00:25:02
those because you've institutionalized these
00:25:05
advancements now so that as the game moves along, you're
00:25:08
certainly better positioned for the win.
00:25:11
Yeah, I'm excited for your talk, always a full house for those
00:25:15
knowing the impact that the product makes on the portfolios
00:25:19
and the companies and those companies that are there to
00:25:22
think about how to create a healthy organization.
00:25:24
So excited for that.
00:25:27
I want to make sure I leave some room for any final thoughts that
00:25:29
you may have any questions I should have asked I didn't ask
00:25:32
or any final thoughts you may have.
00:25:34
I would say we covered a lot of great things.
00:25:36
I'm always excited and enjoy my conversation with you because I
00:25:39
think it always gets.
00:25:40
Gets my wheels turning to on, things that I I see, but
00:25:44
conversation, I think, come up and are really exciting again.
00:25:48
I'm look forward to the summit.
00:25:49
And for those that attend, there's always a lot of great
00:25:53
takeaways from all the folks that are there and.
00:25:55
And I think the more we continue to lean into innovation and
00:25:59
progress, the more exciting times ahead for our business.
00:26:03
That's right.
00:26:03
That's right.
00:26:04
And for those of you listening in, we can get show notes to
00:26:07
this@multifamilyinnovation.com.
00:26:09
Just click on podcast.
00:26:11
We'll put a link to Lease Hawk, it's lease hawk.com.
00:26:14
You can learn more about Brock and the team, what they're doing
00:26:17
over there.
00:26:18
And then of course, at the Multifamily Innovation Summit
00:26:21
that's coming up here soon.
00:26:23
Make sure you get registered and you can see Brock in person.
00:26:26
Always a great time to share with you.
00:26:28
Always love to see doing new innovations that Leasehawks
00:26:33
bringing to the industry and making life better for owners,
00:26:36
investors, and the teams that get to do all that type of work.
00:26:40
That's a wrap for today's show and we'll look forward to seeing
00:26:43
you guys in the next one.
00:26:44
Thank you, Brock.
00:26:45
Appreciate you having me on.
00:26:46
Appreciate it.
00:26:47
All right.
We're back for another episode of the multifamily innovation
00:00:03
podcast.
00:00:03
And we are part of our meet the sponsor series.
00:00:07
I'm here with Lise Haack.
00:00:08
We have Brock McLean on the show today.
00:00:11
He is the chief revenue officer and executive vice president of
00:00:14
Lise Haack and has been part of some really big things in
00:00:18
multifamily over the years from technology, innovation, and
00:00:22
really the whole journey the customer goes on.
00:00:25
So he has a deep Understanding of the technology impact on
00:00:29
business.
00:00:30
And that's why we brought him on today because he'll be speaking
00:00:34
at the Multifamily Innovation Summit coming up and presenting
00:00:37
as part of the Multifamily Innovation Showcase.
00:00:40
And the goal there is we give owners, managers, operators, a
00:00:44
look here approach on look, what are the next five or six
00:00:47
decisions in your business that are going to move the needle,
00:00:51
make an impact, move you to more efficient operations.
00:00:55
Profitability and organization, and it's at the business level
00:00:58
as much as a property.
00:01:00
Now, Barack has a deep understanding of not only the
00:01:03
technology working for some of the most innovative companies
00:01:07
throughout his career, but here at Leasehawk, they're working on
00:01:11
some technologies and innovations that are keeping up
00:01:14
with the pace of the world, right?
00:01:16
That's one of the things that's always hard to do as an
00:01:19
executive.
00:01:19
And, when you think of AI, there's a lot of noise.
00:01:23
And when I say noise, it just means that the pace of change is
00:01:26
happening so fast.
00:01:27
Computers are being programmed.
00:01:29
The world is moving fast, but companies sometimes are moving
00:01:32
slower.
00:01:33
So we're bringing Brock on to help us understand what a
00:01:35
company like lease Hawk and his Leadership team are doing around
00:01:40
the future of multifamily.
00:01:41
Now, listen, Leasehawk has been historically doing AI for a
00:01:46
long, long before we even were thinking and talking about it.
00:01:49
And so there's a very big difference between modern GPT AI
00:01:53
and what they've been building over the years and then folding
00:01:56
all that together for a great customer experience.
00:01:58
So with us today is Brock McLean.
00:02:00
Brock, welcome to the show.
00:02:02
Hey, Patrick, great to be here.
00:02:03
Appreciate you having me.
00:02:04
Yeah, absolutely.
00:02:06
And one for a lot of people know you already, but for those that
00:02:09
don't listening in give us a sense of, what does LeaseHawk do
00:02:16
for multifamily companies?
00:02:19
This talk, I think, is really designed to be complimentary
00:02:23
from very top of funnel digital marketing as a really a creative
00:02:27
addition to your leasing strategy.
00:02:29
You mentioned that noise around AI or even tech innovation as a
00:02:33
whole, and it can be intimidating, and it can be,
00:02:37
daunting to consider directionally where to go.
00:02:39
And I think the first and foremost thing is to think about
00:02:41
it as Complimentary to what you're already doing.
00:02:44
So you're adding depth of feature functionality, reach,
00:02:48
convenience, all those things that are instrumental to today's
00:02:53
apartment hunter, as they're going through the self discovery
00:02:55
process and finding their next home.
00:02:58
Specifically we're deploying AI solutions across.
00:03:03
traditional voice, text, chat and lead nurturing to compliment
00:03:08
what is already an effective and efficient leasing process, but
00:03:11
to be able to really handle a lot of those repetitious tasks
00:03:15
that we typically have to deploy people against and give our
00:03:20
owners and operators the ability to take their people.
00:03:23
Put them on higher value tasks while still ensuring that the
00:03:27
the velocity of the leasing process, the engagement with
00:03:31
prospects is handled in an incredibly efficient way, also
00:03:35
driving some cost effectiveness for portfolio operators today.
00:03:39
That's great.
00:03:40
And I know there's, you can go to leasehawk.
00:03:42
com and there's all kinds of information, case studies.
00:03:44
Their team does a great job of putting all that together
00:03:47
because buyers are doing their own research today.
00:03:49
They want to know that you've worked with other companies and
00:03:52
robust companies and these types of tools and solutions would
00:03:56
work for someone's portfolio.
00:03:58
So definitely a lot of great education learning on, on, on
00:04:01
the blog.
00:04:02
Thank you.
00:04:02
They're at least hawk.
00:04:03
com.
00:04:04
Is there, for those that have been following lease Hawks
00:04:06
journey and are well aware that you guys have been innovators in
00:04:08
the space anything new that you can talk to us about any updates
00:04:12
we're approaching the fourth quarter we're in the fourth
00:04:15
quarter here.
00:04:15
So you're right.
00:04:17
The velocity of change is certainly not slowing down.
00:04:20
And that's it's really exciting.
00:04:22
And I think AI, as you mentioned, these talks have been
00:04:24
at it for a long time.
00:04:25
We've deployed AI at scale in the industry.
00:04:28
So there's.
00:04:28
Yeah there's, I think having AI solutions and then there's
00:04:31
having the track record of scale reporting and results that I
00:04:36
think are critical there but there's continued to be
00:04:39
advancements.
00:04:39
And I think even the level of quality of AI has dramatically
00:04:43
changed even just year over year.
00:04:45
Up until, even now here over the next week, and even including
00:04:50
today, we're deploying, advanced voices that are part of the
00:04:53
Google suite of services so that while we're not trying to make
00:04:57
people believe that they're speaking to a human, the nuance
00:05:01
the conversational element, the really relatable experience now
00:05:04
that prospects can have in engaging with AI is truly
00:05:08
incredible.
00:05:08
And I think, We are all becoming so accustomed, especially, as
00:05:12
you look out over the past few years since our shared COVID
00:05:15
experience, we're very comfortable going through self
00:05:18
discovery from our couch.
00:05:19
And the more comfortable we are with technology, the more we
00:05:22
lean into all the advancements that are there and the way that
00:05:25
we can derive consistent quality answers to what we're looking
00:05:29
for.
00:05:30
On a timely basis in the way in the communication channel that
00:05:33
we prefer.
00:05:35
It's incredibly powerful for digital marketers to have that
00:05:37
as part of what they're doing today.
00:05:38
And it's something that I think has become not a nice to have,
00:05:42
but really a critical component of an overall leasing strategy.
00:05:46
Are you seeing this as more of the trends moving forward?
00:05:49
And, you've mentioned a couple of things.
00:05:51
You've got the customer that they would benefit from this
00:05:54
experience, as you mentioned, it's happening around the world
00:05:57
anyway, not just in multifamily.
00:05:58
And then you have the investor that has different reasons
00:06:02
around protecting capital risk tackling challenges, finding.
00:06:07
People giving a more interesting path to yield.
00:06:11
And then you have the owner operators that are looking at,
00:06:15
how do I retain employees and give them work that is
00:06:18
meaningful.
00:06:18
We're getting the redundant tasks that are more unfun and
00:06:23
they're showing up in a more sales you mentioned
00:06:25
complimenting this AI compliments.
00:06:28
So now you're like improved sales results when you work
00:06:31
together with technology, not just use it to, Replace or just
00:06:35
innovate.
00:06:36
Yeah, it is really intriguing.
00:06:38
And there's throughout my career, multifamily there, there
00:06:41
really hasn't been a time where I've seen an application of
00:06:45
technology that has.
00:06:46
A number of benefits that are unique to the various
00:06:49
constituents.
00:06:49
And by that, from a prospect perspective, I've got ultimate
00:06:52
flexibility now, right?
00:06:53
I can certainly communicate with the property, but if I want to,
00:06:56
I can, from the comfort of my couch, I can text and chat and
00:07:00
call and go through the self discovery all the way, including
00:07:03
to, booking tours and appointments to handle that all
00:07:05
on my own, if that's how I'm so inclined.
00:07:07
As a prospect, I can really identify with that brand if they
00:07:10
offer that functionality that speaks to me and makes the most
00:07:13
sense for me from a leasing standpoint, you're creating
00:07:17
efficiency, right?
00:07:18
Leasing staff now can focus on those high intent to rent
00:07:21
prospects who have engaged with AI.
00:07:23
We know statistically that they converted a much higher rate
00:07:26
than those that don't because they've gone through this self
00:07:27
discovery process.
00:07:28
So the efficiency for the leasing team to say, Wow, yeah.
00:07:31
Patrick, came to us as a lead through an AI engagement.
00:07:35
His intent to transact is likely really high.
00:07:36
I'm going to probably be sure to give him the optimal attention
00:07:39
because he's likely to transact here very quickly.
00:07:42
From an owner operator standpoint, you're really
00:07:44
solving a bunch of things.
00:07:46
An engaged prospect that enjoys their experience.
00:07:48
and efficient leasing team that you can really look at and say,
00:07:52
I can point my people to higher value tasks.
00:07:54
And does that afford me some adjacent benefits, right?
00:07:57
Maybe some yield through accomplishing my leasing
00:07:59
strategy with fewer people and using tech to drive some of
00:08:02
those resources employee satisfaction by offering things
00:08:05
like maybe I don't staff Sundays because I'm utilizing AI to
00:08:09
engage with prospects book tours and ultimately go through the
00:08:12
self discovery process.
00:08:13
So as the market.
00:08:15
Incur some bumpier times around occupancy and maybe less
00:08:20
increase from a rental rate perspective.
00:08:23
Things like these benefits around cost effectiveness maybe
00:08:27
staff impact to staff and how I can more maximize that potential
00:08:32
and then yield driven through things like maybe not staffing
00:08:35
on a given Sunday or something like that.
00:08:38
Those are incremental adjacent benefits.
00:08:40
To deploying tech like AI that compliment the core, which is
00:08:45
obviously 24 by seven feature functionality and engagement for
00:08:48
prospect looking for the next home.
00:08:51
I love this word compliment you've been using because,
00:08:54
oftentimes trying something new sometimes can.
00:08:57
feel scary.
00:08:58
And, but when you mention those two, the prospect, the staff,
00:09:02
the teams and the owner perspectives on the benefits
00:09:05
playing out, and it really is a, it's created a powerful three
00:09:08
level when they're and if the start to think about the costs
00:09:12
of not.
00:09:13
Doing something right.
00:09:14
Staying the same, maybe even staffing your team on Sundays,
00:09:17
if that's an issue, what's that costing you doing the math on
00:09:21
that or missed opportunities or missed call all these things, or
00:09:25
maybe the customer that truly enjoys this type of experience
00:09:29
we're missing those opportunities and no one's
00:09:31
really doing the math on that at that scale, this complimenting
00:09:34
thing really helps people, I think move into.
00:09:38
Trying something new, even if it's re envisioning a new model
00:09:41
of even leasing, and it sounds like you're, you can be flexible
00:09:46
with the portfolio if they have their traditional ways and this
00:09:49
is how we do it, this works and complements and makes life
00:09:52
better for all.
00:09:54
If it's, we're going to try a new model here and test our
00:09:57
assumptions about what we really need.
00:09:59
This could be a safe on ramp to something like that.
00:10:03
And then ultimately on the more aggressive, more forward
00:10:06
thinking and innovative companies out there, it could be
00:10:10
supportive in a new model of a whole centralized approach to
00:10:14
leasing and all of that stuff.
00:10:16
What are you guys doing internally to shape through
00:10:18
those conversations?
00:10:19
Yeah.
00:10:20
And that's, what's really exciting about the conversation
00:10:22
because depending on the, either the corporate culture of our
00:10:26
customer or what their, some of their goals are.
00:10:29
We can tailor an approach that makes the most sense.
00:10:31
And we've seen some of those efficiencies bear out,
00:10:34
logically, if you think about a lease up property, if you could
00:10:38
deploy AI to really handle a lot of that prospect engagement,
00:10:40
while you're still coming out of the ground with your asset and
00:10:43
you're not quite ready to lease, you can see how that efficiency
00:10:45
is gained in that scenario.
00:10:47
And then you can quickly see.
00:10:48
Wow.
00:10:49
If I deployed that against my core, or my, my stabilized
00:10:53
assets, are there some incremental efficiencies that I
00:10:56
can find not only in, in how I'm operating, but that are really
00:11:00
speaking to today's consumer anyway.
00:11:02
And we have a lot of digital marketers that say we've got a
00:11:06
very white glove approach to our engagement with prospects.
00:11:08
And I'm always responding with, you should absolutely keep that.
00:11:11
If that's resonating with your prospects, keep that.
00:11:14
But have these other options available because there are
00:11:17
equally as many prospects who want the kind of quality living
00:11:21
experience they're going to have in your community, but are
00:11:23
happily to have that without ever actually talking to
00:11:25
anybody.
00:11:26
And so I think the idea is to add diversity and flexibility to
00:11:30
your overall marketing strategy.
00:11:31
And then as you're garnering results and seeing the impact
00:11:34
that AI is having in your leasing strategy, you can begin
00:11:37
to tailor an evolution of your own organization accordingly,
00:11:40
whether that's something more centralized, whether that's
00:11:44
Pointing your people to higher value tasks and having AI handle
00:11:47
a lot of the leasing velocity.
00:11:48
It gives you insights and results with which to hone your
00:11:52
organization without having to guess what the impact may or may
00:11:55
not be.
00:11:57
Yeah.
00:11:58
And it keeps going back to that compliment conversation that
00:12:01
even if that is this, the space that you operate in and you
00:12:05
still can diversify that stack of or process really even when
00:12:09
you think about.
00:12:10
There are other products out in the marketplace that are doing
00:12:13
one of the things that you do and, or maybe like even an all
00:12:17
in one, like it comes with the other things I've bought.
00:12:20
And that seems easier for me now.
00:12:23
What's the real problem with that in that you guys are
00:12:25
focused on this as a main idea, main product and a main
00:12:30
experience to talk to me about.
00:12:32
The balancing that should I go with a Leasehawk or do I go with
00:12:35
something that's folded into something else or it's only does
00:12:38
one of the things, take me through that.
00:12:41
Yeah, I think you're seeing an evolution also in real time here
00:12:44
in the space where some of the large tech stacks that have
00:12:49
products in almost every category you can think of those,
00:12:52
the product set is very wide.
00:12:55
And within that product set, some are rather deep because
00:12:59
there's historical expertise associated.
00:13:01
Others are not.
00:13:03
They're wide, but very limited either through because that
00:13:07
product set is new or there just hasn't been the level of
00:13:10
attention given to it.
00:13:11
It's very difficult to be wide and deep in every category that
00:13:15
we have in our industry today.
00:13:17
And that's why I think you see a lot of point solution tech
00:13:20
companies not just AI related, but in a number of our
00:13:23
categories.
00:13:24
Having success because they're really heavily focused on that
00:13:27
category, adding innovation to something that until really the
00:13:31
last couple of years didn't have a lot of innovation in it.
00:13:33
So they're going while narrow, potentially going very deep
00:13:36
there.
00:13:37
So if you are a customer now, you can make the choice to have
00:13:41
it all in one solution and you have to be comfortable knowing
00:13:45
that some subset of those products that you have
00:13:47
incorporated into your single stack are going to be.
00:13:51
May be good enough, but they're probably not as good as they
00:13:54
could be, but they're probably not giving you a lot of the
00:13:56
benefit that you could derive from a point solution provider
00:13:58
that's out there.
00:13:59
So I think you've got a lot of savvy marketer saying I know
00:14:03
that makes sense.
00:14:04
And there's probably some pricing power associated with
00:14:07
buying a wider suite.
00:14:09
If I lean into some of these point solutions, knowing that
00:14:12
they are very tightly integrated, very seamless in
00:14:15
terms of their operation.
00:14:17
Not big list in terms of training and resource intensive,
00:14:21
and I can derive efficiency, not only what they provide for my
00:14:25
end user in this case, somebody looking for their next apartment
00:14:27
home, but also some adjacent benefits around efficiencies of
00:14:31
staff cost effectiveness and so on.
00:14:34
Then I think it gives that, that, that owner, that operator
00:14:37
pause to consider, is there a a solution where I've got my core
00:14:42
functionality, but I'm really plugging and playing some best
00:14:45
of breed solutions that are adding incremental yield in ways
00:14:48
that I couldn't accomplish in a single stack.
00:14:51
I understand that completely because, as it.
00:14:53
Asset managers and owners owners on behalf of investor or
00:14:57
operators on behalf of investors, it's, we get really
00:15:02
good at understanding the market fundamentals, the transaction
00:15:05
elements of the business.
00:15:07
And I like this idea of bilinguals.
00:15:09
In other words, people that understand the real estate,
00:15:11
which the owners and operators are really great at.
00:15:13
They build a lot of wealth, protect a lot of wealth that
00:15:15
way, but also this understanding of technology.
00:15:19
In other words, The incremental value that sometimes is missed
00:15:24
by just going with what's easy, maybe folded in, or it's, it
00:15:28
seems like it's less friction in terms of the implementation and
00:15:33
things like that.
00:15:33
But the reality is with having these deep integrations that you
00:15:37
guys have and also offering that sort of what you mentioned, the
00:15:41
best in breed.
00:15:42
Plays out to me, like even when I drive a car, the, for years,
00:15:46
the automakers, and I've said this before, the automakers try
00:15:49
to do everything, right?
00:15:50
The radios they weren't so good, right?
00:15:52
So you'd go to an aftermarket place to get a better radio
00:15:56
because it wasn't best in breed, but it was like folded in,
00:15:58
right?
00:15:58
They could just, it came with it.
00:16:00
Now in the world today, you have integrations between brands that
00:16:04
have chosen to be like, if it's Bose or Harman Kardon, whatever
00:16:07
that brand is that is saying we're going to own this domain,
00:16:12
but we're also going to integrate into the purchasing
00:16:14
experience so that the customer gets what they want.
00:16:17
I look at having that best in breed.
00:16:20
Concept with those integrations where you can make it easy for
00:16:24
the customer to become a customer, right?
00:16:26
Like it'll go into their system and talk to their CRMs and, all
00:16:30
those things and also get the best in breed.
00:16:33
And I challenge people to really take another look because things
00:16:38
move fast.
00:16:38
I know you guys have updated.
00:16:40
I can't even keep up and I've had you on the show, a few times
00:16:44
and it's exciting because I know you've got really.
00:16:47
a strong team behind you.
00:16:49
And that best in breed thought is, and that complimentary
00:16:54
approach really, I think our themes to what I'm hearing from
00:16:57
you here talk to me about, so I'm gonna parlay that into what
00:17:03
we're doing at the innovation summit.
00:17:04
So at the innovation summit, we're trying to help more.
00:17:09
Really good asset managers, owners, and operators that are
00:17:12
understand their market conditions their debt
00:17:14
environments, equity, their partnerships, and all the
00:17:17
challenges that are upon them and give them the opportunity to
00:17:20
understand that technology can be also a way through minimizing
00:17:25
risk, creating that experience, solving some problems, even for
00:17:28
talent, and also getting faster paths to yield in a more diverse
00:17:33
way.
00:17:33
And so this idea of having this dual.
00:17:37
Understanding of not just tech or not just real estate, but
00:17:40
also technology.
00:17:41
And I know we're going to bring you in as part of the
00:17:44
multifamily innovation showcase.
00:17:46
Now we only do this for, we don't have a big trade show.
00:17:49
It's not an, it's not a sea of decisions.
00:17:51
It's like we've curated.
00:17:53
What is going to move the needle mostly in our business, if we
00:17:57
looked at the next four to five decisions, talk to us a little
00:18:00
bit about, and maybe tease, you don't have to give reveal here
00:18:02
because we'll not only have that at the summit, but I'd love to
00:18:06
talk to you here today about what are you intending on
00:18:09
sharing at this innovation showcase?
00:18:12
What are your thoughts?
00:18:14
I think at the core, product aside, functionality aside, even
00:18:19
industry trend aside, right?
00:18:21
We're in the industry.
00:18:22
We're continuing to look for ways to be more effective at
00:18:25
what we do.
00:18:26
Maybe do more with less.
00:18:29
Find ways to create and drive asset value beyond the core
00:18:34
block and tackling of multifamily.
00:18:37
And by that adjacent benefits to tech that you may deploy.
00:18:41
And so I think the idea is to for those that may be in the
00:18:45
audience that might say, Wow, I know I need to migrate to some
00:18:49
of these forward looking tech advancements, but it's.
00:18:51
It's daunting for whatever the reason may be, and rather than
00:18:54
thinking about the things that may or may not be intimidating
00:18:58
because it's new and advanced tech, what are the things in my
00:19:02
business I want to solve for efficiency, cost effectiveness,
00:19:05
adjacent value, yield creation, and is there tech that is
00:19:10
readily deployable with a track record and results to point to
00:19:15
those very things.
00:19:16
And really that's, I think the direction that I want to convey,
00:19:20
which is.
00:19:21
There are ways and means to improve your profitability, your
00:19:25
effectiveness as a owner operator in your portfolio
00:19:28
today.
00:19:30
And they're, and it's the kind of things that not only will
00:19:32
enhance your core goals, but are going to create and enable a
00:19:37
better experience for the prospect who's looking for their
00:19:40
next home.
00:19:40
Therefore, they're going to identify with your brand and
00:19:42
they're going to feel connected to it because you are.
00:19:45
Deploying at scale, the kinds of expectations that we all have as
00:19:50
consumers today in our decision making process.
00:19:53
So you're accomplishing your core goals that are probably
00:19:56
been tried and true for years.
00:19:59
But you're enhancing those core goals by deploying tech.
00:20:02
That's also going to be a complimentary and attractive to
00:20:06
the people looking for their next home.
00:20:08
And all those things, while they may be AI oriented.
00:20:12
It's the residual value for all constituents that I think makes
00:20:15
the most sense.
00:20:17
I love that question.
00:20:18
What do you want to solve for?
00:20:19
And what tech is available ready for that?
00:20:21
And also when you mentioned track record, can we book in
00:20:24
this a little bit?
00:20:25
Can you talk a little bit about that track record for those that
00:20:28
maybe are not customers or haven't interacted with the
00:20:31
brand?
00:20:32
Yeah, I'll give you, I'll give you, one example.
00:20:33
One of the things that under the idea of efficiency cost
00:20:37
effectiveness is the idea of migrating from people based
00:20:42
contact centers that have been around for a very long time in
00:20:44
our space that are still rely heavily on the consumer
00:20:48
experience and they too are having Yeah.
00:20:50
Yeah.
00:20:50
Yeah.
00:20:51
Staffing challenges and issues right that are predominantly
00:20:54
there.
00:20:54
But until really recently, there wasn't a lot of alternatives to
00:20:57
handle that 24 by seven engagement for prospects who may
00:21:02
not be able to be shopping and, the middle of the day.
00:21:05
What is really interesting is AI has been able to step in and
00:21:09
either compliment your existing contact center and, or give you
00:21:13
an alternative that handles all that 24 by seven communication.
00:21:17
In the way that a prospect wants to engage And it gives you a
00:21:21
much more cost effective way to extend the reach of your leasing
00:21:24
team in a way that really wasn't possible only but a handful of
00:21:27
years ago, couple that with the results that are from there.
00:21:31
And when you really start to measure the results, you can see
00:21:34
that the results from an AI based experience and contact
00:21:37
center.
00:21:38
Are as powerful, maybe more so than the people based one,
00:21:42
including things like shortening the vacant days, right?
00:21:46
For example the person who engaged with AI versus the
00:21:49
person that doesn't about half to three quarters of a day, less
00:21:52
time from first contact to application.
00:21:55
The application rate is about 20 percent higher for those that
00:21:58
engage with AI than those that don't primarily because.
00:22:01
They've asked all their questions, right?
00:22:02
They've done all their pre qualifying and they know that
00:22:05
this community is going to accept my dog and it's got the
00:22:07
gym that I want.
00:22:08
And it's got proximity to maybe my workplace.
00:22:11
I've looked at all the photos.
00:22:13
I've booked my tour.
00:22:14
I've done all the things.
00:22:15
So by the time that prospect.
00:22:17
Arrives at the property.
00:22:19
As I mentioned earlier, the intent to transact for that
00:22:21
prospect that's engaged with AI is substantially higher than one
00:22:24
that didn't.
00:22:25
So if I'm a leasing agent, rather than being intimidated by
00:22:28
having AI as part of the workflow, I'm excited because
00:22:31
now I'm not missing an opportunity and the prospects
00:22:33
that did their likelihood to transact is very high.
00:22:36
So these are the kind of data points and experience that we've
00:22:40
seen that I think if I'm a listener to our session here
00:22:43
today, or the session at the innovation summit, And I'm
00:22:47
focused on efficiency and cost effective solutions that can
00:22:50
point to that as a goal.
00:22:52
This is one where there's a lot of really interesting data
00:22:55
points that show better prospect engagement, converted a higher
00:22:58
rate approval process or approval of applications is
00:23:01
substantially higher, all those and vacancy days saved.
00:23:05
All those things across an extensive portfolio really
00:23:08
translate into significant dollars.
00:23:11
If you're already attending our Multifamily Innovation Summit go
00:23:15
see Brock while he's there.
00:23:16
I know you'll have your team there.
00:23:18
Also, do you have, any words of advice for companies that are
00:23:22
looking to innovate or really respond to challenges in today's
00:23:27
environment?
00:23:29
Yeah, I think with every cycle that we've been in, right?
00:23:32
There's challenges that we face that are, can be daunting.
00:23:35
And while it's hard to do, lean into change, be excited about
00:23:39
change, guy like me, who's been in this industry a long time,
00:23:41
dating back to people finding their next apartment home in a
00:23:44
magazine, right?
00:23:45
And here I am talking to you about AI engagement.
00:23:48
I'm probably testament to the idea of leaning into change,
00:23:52
embracing it.
00:23:53
While it is intimidating, know that it's there to create and
00:23:56
drive.
00:23:58
Additional value and really marry in with the core
00:24:01
principles of the organization.
00:24:03
And so whatever the headwinds are, and we're going to have
00:24:05
some more unique ones, I would say, versus what we've had for
00:24:08
the past handful of years, potentially around occupancy
00:24:10
rates around just general increases of rental rates.
00:24:13
There is exciting advancements in technology that will create a
00:24:18
better experience, not only for your prospects and your
00:24:20
residents, but for your internal teams as well.
00:24:22
And then also drive that incremental yield for your
00:24:24
portfolio when some of the core drivers may be under some
00:24:27
pressure.
00:24:29
And I think that's one of your differentiators too, is it's not
00:24:31
just a product purchase.
00:24:32
You stick with these customers before, during, and after the
00:24:35
sale, right?
00:24:35
It's, that change doesn't have to feel so hard.
00:24:39
Yeah.
00:24:39
That and if I know You're a former baseball player.
00:24:42
So let's talk, early endings versus late endings.
00:24:44
I think with all of the exciting things we're talking about here,
00:24:47
I still think we're early innings right of things.
00:24:50
And so if you embrace now and you build that foundation of
00:24:54
enhanced tech to compliment what you're doing.
00:24:57
With each ending, as we're, as we move into them, the
00:25:00
advancements keep coming and you're able to benefit from
00:25:02
those because you've institutionalized these
00:25:05
advancements now so that as the game moves along, you're
00:25:08
certainly better positioned for the win.
00:25:11
Yeah, I'm excited for your talk, always a full house for those
00:25:15
knowing the impact that the product makes on the portfolios
00:25:19
and the companies and those companies that are there to
00:25:22
think about how to create a healthy organization.
00:25:24
So excited for that.
00:25:27
I want to make sure I leave some room for any final thoughts that
00:25:29
you may have any questions I should have asked I didn't ask
00:25:32
or any final thoughts you may have.
00:25:34
I would say we covered a lot of great things.
00:25:36
I'm always excited and enjoy my conversation with you because I
00:25:39
think it always gets.
00:25:40
Gets my wheels turning to on, things that I I see, but
00:25:44
conversation, I think, come up and are really exciting again.
00:25:48
I'm look forward to the summit.
00:25:49
And for those that attend, there's always a lot of great
00:25:53
takeaways from all the folks that are there and.
00:25:55
And I think the more we continue to lean into innovation and
00:25:59
progress, the more exciting times ahead for our business.
00:26:03
That's right.
00:26:03
That's right.
00:26:04
And for those of you listening in, we can get show notes to
00:26:07
this@multifamilyinnovation.com.
00:26:09
Just click on podcast.
00:26:11
We'll put a link to Lease Hawk, it's lease hawk.com.
00:26:14
You can learn more about Brock and the team, what they're doing
00:26:17
over there.
00:26:18
And then of course, at the Multifamily Innovation Summit
00:26:21
that's coming up here soon.
00:26:23
Make sure you get registered and you can see Brock in person.
00:26:26
Always a great time to share with you.
00:26:28
Always love to see doing new innovations that Leasehawks
00:26:33
bringing to the industry and making life better for owners,
00:26:36
investors, and the teams that get to do all that type of work.
00:26:40
That's a wrap for today's show and we'll look forward to seeing
00:26:43
you guys in the next one.
00:26:44
Thank you, Brock.
00:26:45
Appreciate you having me on.
00:26:46
Appreciate it.
00:26:47
All right.
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