Unlock the potential of Multifamily AI to transform your multifamily real estate business into a profit powerhouse. We're here to equip you with the insights and strategies necessary to enhance your company's efficiency and bottom line beyond mere rent increases.
Our conversation will illuminate the path to becoming 'bilingual'—fluent in both your core real estate expertise and the revolutionary language of technology. This episode promises to open your eyes to the leverage AI can offer, much like debt and equity, in fortifying future cash flows and bracing against market volatility.
Step into a world where technology isn't just an add-on, it's the backbone of customer satisfaction and operational excellence.
Through this episode, you'll learn to navigate the rapid pace of tech advancements and utilize AI to not only keep up but stay ahead in the ever-evolving multifamily landscape.
We're not shying away from the hard-hitting questions: How can AI redefine your Multifamily business model?
What strategic decisions will ensure your company's resilience and appeal? We will guide you through these crucial considerations, setting the stage for a future where embracing innovation is not just an option—it's a necessity for growth and longevity in the multifamily real estate realm.
Thank you for tuning in to today’s episode. If you found value in our conversation, please subscribe to our podcast on your favorite platform and leave us a rating and review.
Your feedback not only helps us improve but also helps others find us. And if today’s episode sparked a thought or provided a new insight, consider sharing it with a friend who might also benefit.
Together, we can grow our community and continue to learn and innovate. Thanks for listening, and until next time,
nectarflow™ - AI, Automations & Business Integrations
Interested in a FREE webinar on how to bring AI & Automations into your business? Join us live at our upcoming webinar https://events.multifamilyleadership.com/event-registration
Speaker 1: Welcome to the Multifamily AI podcast.
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I'm putting this podcast together for you and we're going
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to center it on the transformation and the
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profitability that can be unlocked inside a business
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workflow for multifamily companies.
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There's a lot of things happening right now in AI and
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organizations and this is going to fundamentally change the way
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that we do business.
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So this podcast is not going to take a technical focus.
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We will have a technical understanding of certain
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elements of AI, of course, through conversations and
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trainings and even interviews, but what I wanna do is I wanna
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bring you the conversations and the tactics, the capabilities
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and the tools that's gonna help you bring AI into the
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multifamily company.
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Now this is the business unit that we need to make sure
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maintains profitability efficiencies.
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We wanna get leverage, the same way that we get leverage from
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debt and equity in our real estate fundamentals.
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If you're a multifamily owner and operator investor, I'm gonna
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unlock some opportunities that you can see as potential upsides
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for those leverage points, using technology.
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Now this podcast is for multifamily investors.
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It's for owners, operators and those that are executives that
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are in charge and leading the ways for their companies,
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putting people together.
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You're putting deals together and you are looking at where
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things are going and multifamily , and you're also looking at
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creative ways to innovate in the business so that our only path
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to income is not just a rent increase but it's finding
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innovation inside the business, or other efficiencies In some
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cases, because we have to.
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Now multifamily, if I back it up a little bit, if you think
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about it for a minute, sometimes you gotta ask why are we doing
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all this stuff?
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It is about creating wealth, and for some it may be about
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protecting wealth, transfer of wealth.
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Fundamentally, though, the way that most of us grew up in
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creating that wealth for multifamily is different than
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how it will be created in the future, and a lot of our
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leadership fundamentals are based off of what we know.
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We got a job, we got promoted, made enough money, made our
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first investment, told everybody to do what we knew what was to
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do, and that's all changing because of the customer, the
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opportunities and the technology that's out there today.
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So, if you're an investor, this is definitely for you.
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If you're an operator, this is for sure for you to how to build
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a healthy organization, and so, as investors and even leaders,
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our job is to have a vision and to look forward, see where
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things are going and then make good decisions about those
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things and if we do that right, we have a higher potential of
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creating future cash flows or maybe sustaining certain market
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conditions.
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When we know about those things and maybe you're in inside a
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company leading portfolios our world is changing.
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We no longer can just understand the transactional elements of
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the business the debt, the equity, the fundamentals of P&L
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management.
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It's not enough.
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What we need is bilinguals, and what I mean by that is the
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language of what you know, your expertise, your unique, deep
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expertise about what's magical about local real estate markets
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and your properties and your portfolios and your companies,
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but also the language of technology.
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We need to understand how the world works, what the customer
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expects, what's possible with certain decisions, how long
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certain decisions take, and when we know technology, it's easy
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to understand it.
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If you hired a CFO, chief financial officer, as an
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executive or an investor leading your business, would you want
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that CFO to understand finance?
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So it's the same thing.
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If you're leading a real estate investment business and you
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don't have a deep understanding of technology, what the
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possibilities are, where the leverage is, what the customer
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expects and where the world's going, you're at a disadvantage
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and I would suspect that you will be moving out of those
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roles faster because you're not able to make good decisions or
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swift decisions or decisions that improve the business and
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make it an experience that people want to be part of.
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Our companies are moving to more of technology companies and
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you may not like that or know that, but the reality is the
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customer is driving a lot of those conversations and
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technology moves extremely fast, but companies move more slowly.
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Now I say that because I learned that at MIT when I finished my
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certificate, studying under Dr George Westerman.
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This was for applied generative AI and digital transformation
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in the business, and Dr Westerman said he's like it
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really stood out to me.
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He said technology can be programmed and it will generally
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do what you tell it to do, but people, they need to be
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persuaded.
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So this sort of answers our questions like we're slow to
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adopt.
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We haven't moved behind all of those things.
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It's because there's no leadership there that's
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bilingual, that knows not only the technology but the real
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estate.
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You have to know the real estate.
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That's our domain experience, but you can't rely on only one.
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Now.
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This is not something you push off to the IT team or the
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administration team.
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This is something that a leader needs to know, because a leader
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needs to make good decisions.
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It's hard work, right, and what I learned at MIT was it's not
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even about the tech, really.
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It's about the readiness of the organization and moving people
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through change and clarifying ideas and saying no to certain
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things and yes to others, learning how to get through
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failure and pivots, and being agile and knowing that there are
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ways to create fail-safe environments and there are ways
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to try things without it risking damaging things.
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Right, there's a cost to failure in the financial markets
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and it's devastating.
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Right, there is also devastating costs in technology.
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So where do you take those risks?
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Where do you start all those things we're going to explore in
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this podcast, but what I really know, and what I know to be
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true for me, is it's hard work.
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It takes time.
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Anything you rush never really works out well.
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Right, and there are all sorts of things that we need to
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understand to move people through this, right.
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This is all new for so many people.
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Now, in this podcast, what we're going to do is we're going
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to dive deep into applied AI in the multifamily business.
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This is our framework, and we'll talk about the digitally
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transformed business.
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We're going to share the framework around driving towards
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high leadership capability and high digital capability, so I'm
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pulling right out of my MIT program.
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Now just a little bit about me.
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Over the last 25 years, I've dedicated my career, my life,
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everything to leading national multifamily companies.
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Now, 15 of those years, I was hands on running real estate
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companies, just blending my money eyes and real estate eyes
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just to understand the financial acumen of real estate
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fundamentals, my expertise around expanding operations,
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developing, starting management companies and ultimately doing
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that to enhance the returns for people.
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I learned that through people, those things happen.
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In 2014, I launched an venture multifamily leadership.
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It's a media company and we're bridging the gap between owners,
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operators and the technology I guess, partners or providers,
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and we do that through a lot of different things.
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We've got summits, podcasts.
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We have produced the multifamily innovation summit.
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We run the best places to work multifamily program.
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We have an awards program around multifamily innovation
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called the multifamily innovation awards.
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We have a studio in Scottsdale, arizona, and my most exciting
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part of all this is I chair the multifamily innovation council
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Now, as chairman, I'm focused on bringing together the right
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people that are tackling the industry's biggest challenges
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and really looking at what are those amazing opportunities that
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are going to make us more profitable, not for the sake of
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doing a new thing, but because when we did the new thing, if it
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was a technology or a process, that the ultimate impact of that
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was, it made the business better.
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Not because we just had this cool thing.
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We're trying to keep up with the company next to us, but
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ultimately, when the technology is brought into the organization
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and it does something that makes a difference employee
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experience goes up, cost savings right or growth, and the bottom
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line gets better it's all about that profitable multifamily
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company.
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That's sort of the philosophy that we have Now.
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My philosophy is a lot of people are trying to figure out
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how to do great multifamily investments and my theory is if
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you want a great multifamily investment, you need to have a
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great multifamily business that oversees it.
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There's a lot there, right, if you're a real estate leader,
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investor, and you're having conversations with your sponsor,
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your partners, your providers, ceos of those companies, and
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they're not bilingual, they don't understand technology you
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may want to think the leaders of tomorrow are going to move
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people through change and clarity and efficiency and test
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the assumptions about what is possible.
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Now being involved and being around these conversations I
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mean just in the last year, I've had over almost 2
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conversations in our Innovation Council meetings.
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We do this every Friday and when we meet, it gives me access
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to challenges, opportunities, and it gives me access to the
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priorities of some of the best companies in the business and
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through that process, over the last two years, we've developed
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technology.
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It really is a solution designed to be a platform for
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multifamily companies and we're going to revolutionize, I think,
00:12:08
how work gets done.
00:12:09
It's exciting.
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I think it's going to open up a whole new line of jobs and we
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have a whole team that's dedicated around the world and
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here to make that possible for companies.
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I believe that there will be more fractional innovation
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that's happening outside companies because there's not
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one individual inside the company that can keep up and
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take care and build platforms for companies.
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With the way that innovation is going to unlock, we're going to
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show you all sorts of ways of how to use AI and automation
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inside the company and use technology as leverage, the same
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way that you use debt and equity in the capital markets to
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provide leverage in your business.
00:13:01
I'm going to show you, as a real estate investor or owner
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and operator, how you can use technology to gain that same
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differentiating competitive advantage on the show.
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This was an opening episode.
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I hope you enjoyed it.
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We've got some really great ones coming up.
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Make sure you subscribe rate review as you go down this
00:13:21
process.
00:13:22
This is not about the hype.
00:13:25
This is about truly what's going to make a difference in
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your organization and what is going to tie it back to how I
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can make it work for me, my teams and the customers we serve
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and the investors that support us.
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We'll see you guys in the next episode.
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