Building a Strategic Lens: A Forward Look Through The Telescope and Microscope

[00:00:03] [SPEAKER_01]: Welcome to the MultifamilyBiz PowerHour Webcast Series, where insight meets innovation in the ever-changing rental housing market.

[00:00:14] [SPEAKER_01]: Please welcome your host and industry experts, Kerry Kirby and Ernest Oriente.

[00:00:24] [SPEAKER_04]: All righty, we are set in a row for our MultifamilyBiz PowerHour, an educational opportunity for those new in the property management space.

[00:00:33] [SPEAKER_04]: And for those of you who are vendors and suppliers who want to be your best and do your best.

[00:00:37] [SPEAKER_04]: As we're getting settled in, we always want to encourage you, fight a quiet spot, be able to make and take notes.

[00:00:43] [SPEAKER_04]: The more notes you make and take, the more we transfer the knowledge to you simply stay at what the coaching coaching approach and all the very best in the delirning and knowledge and education simply says what.

[00:00:53] [SPEAKER_04]: As you're making those notes, you're on a best in learning it's the reason why on purpose there's not something on a screen that would create what many tasking or multi-tasking.

[00:01:03] [SPEAKER_04]: We have lots to cover in our education webcast today with me is Kerry Kirby, the CEO and founder of MultifamilyBiz and the award winning what 365 Connecti Innovator behind truly the largest media platform in our industry combined with a phenomenal platform.

[00:01:21] [SPEAKER_04]: Kerry, some opening words. I'll say a few opening words and we're watching right into our topic for today. Okay.

[00:01:27] [SPEAKER_02]: Well absolutely well first off I want to thank everyone for joining us today. My name is Kerry Kirby. I'm the CEO at 365 Connect where we deliver the world's most sophisticated, automated marketing,

[00:01:40] [SPEAKER_02]: policing and resident service platform to multi-family communities across the globe. Design for renters, property management teams and today's changing world.

[00:01:53] [SPEAKER_02]: Our AI enabled platform is utilized to supplement staff, eliminate redundant task and reinvent operational performance.

[00:02:01] [SPEAKER_02]: Our innovations also include multi-family. Biz, the largest media source in the multi-family housing industry providing news, resources and events to more than 1 million monthly friends, fans and followers.

[00:02:18] [SPEAKER_02]: MultifamilyBiz is also the host of the longest running webcast and a multi-family industry, the award winning multi-family theirs power our webcast series.

[00:02:29] [SPEAKER_02]: Which you can find streaming everywhere including Spotify, I heart radio and Apple podcasts just to name a few.

[00:02:37] [SPEAKER_02]: Be sure to check out 365connect.com to learn how we are leveraging our 20 year legacy of continuous innovation.

[00:02:49] [SPEAKER_04]: Kerry, always a joy and delight when we sort of roll along for the last what 17 years you reminded me even better than what the airlines we do show up and deliver on time every time right?

[00:03:04] [SPEAKER_02]: That 17 years we've never missed one of our episodes or the snuffer.

[00:03:12] [SPEAKER_05]: It's joy to learn thank you for ringing my bell. He laid it to that and as always, it's a delight to be your connected to each of you and all of you.

[00:03:19] [SPEAKER_04]: My name is our historian, very briefly my company is power hour and this is our 29th year working with teams and leaders all over the world in 15 times zones helping them do what reached their largest dreams and goals.

[00:03:32] [SPEAKER_04]: And everything we do is focused on where are your opportunities and what optimism that we can get there. We deeply and dearly understand what it means to be a property management company on one side and a vendor on the other a very unique perspective.

[00:03:46] [SPEAKER_04]: It's also the why we run leadership academies carries you know we began those back 12 years ago and those roll in and out on Tuesdays just delight to roll those.

[00:03:57] [SPEAKER_04]: We also have a wonderful recruiting division here at power hour and M&A investment banking division, which means we have our clients buy and sell companies and certainly we're proud to share that we've run the largest 20 linkeding groups in the property manager world with more than 180,000 leaders and an annualized footprint of what more than 10 million.

[00:04:18] [SPEAKER_04]: So lots that we have to share from that perspective and then last but not least we've ever so proudly over the last three years carry.

[00:04:28] [SPEAKER_04]: Today was number 380 in the series of power minutes about sales, leadership and marketing. So come in into our power hour side or come into LinkedIn and pull us up and you will see all of the work that we do there.

[00:04:43] [SPEAKER_04]: Every time we come together carry and I have a couple of goals we're always going to bring the telescope long range but they picture the microscope how to get more granular.

[00:04:52] [SPEAKER_04]: I run like Lee that's going to link right into what we're going to talk about today so stay tuned but we always bring you both perspectives and we have very specific goals.

[00:05:02] [SPEAKER_04]: We always want to share number one we want to share new ideas, stretch and spur and expand your thinking and possibilities number two.

[00:05:08] [SPEAKER_04]: We want you to know if there's something carry or myself shares we're moving back and forth that you and your team are already doing we send you what a virtual high five it just means that.

[00:05:18] [SPEAKER_04]: Quite honestly you're mirroring the very best of best practices whether it's the vendor side of the property management side and then the third piece is something that we didn't imagine when we began our educational webcast way way way back.

[00:05:30] [SPEAKER_04]: But the seven dip it if carry talking about purple frogs and I'm talking about green kangaroos and you're thinking about can a lot great rock on we love that we call that the parent dip it is because in this moment and while we're here together.

[00:05:43] [SPEAKER_04]: You are truly not working in your business you're flying over it work strategically on your business so carry so much to share today from strategic lenses forward looking telescopes microscopes what is the the visual image that you shared related.

[00:06:02] [SPEAKER_04]: The invitation and of course as you saw me at the top of the what the Olympic ski jump 2002 the Olympics for health right here in Park City where were power hours based and 234 we're excited that we're there coming back.

[00:06:16] [SPEAKER_05]: And as you look down that long long ramp you know I carry you sort of positive golf.

[00:06:23] [SPEAKER_05]: That correlates to telescopes microscopes in our at our subject matter today yes.

[00:06:29] [SPEAKER_02]: Absolutely and our new family near 10 years away sure we'll still be delivering these on time every time maybe live.

[00:06:39] [SPEAKER_02]: There we go right.

[00:06:41] [SPEAKER_03]: I love that.

[00:06:42] [SPEAKER_02]: So let's kick today off with.

[00:06:46] [SPEAKER_02]: Since we're in the telescope some microscopes so how you used the telescope for vision and and then pull out that that microscope for your planning and budgeting pieces.

[00:06:58] [SPEAKER_02]: How do you how do you separate these to yet bring them together.

[00:07:03] [SPEAKER_04]: Yeah it it we are going to separate them initially and ultimately they do come together because only with the telescope does the microscope answers become easy in fact if you skip to the microscope.

[00:07:15] [SPEAKER_04]: And you're budgeting and you're planning for 2025 you will truly miss the big picture and it's important to recognize.

[00:07:25] [SPEAKER_04]: That this here we are we're in August we're not far away from September October a little bit into November that so many of you will be looking at the endless excel spreadsheet financials justification our wise.

[00:07:40] [SPEAKER_04]: CBA cost benefit analysis you know we're going and even thinking about your own compensation and your own performance all of it matters.

[00:07:48] [SPEAKER_04]: And if you only look at the microscope from a site level up your missing the big picture and from a leadership perspective on the property management side same and of course as well for the vendors and suppliers the same you have to pull out the telescope first.

[00:08:04] [SPEAKER_04]: Okay and as we've been doing this over the last 29 years and 35 years in the space and sector every single budget season has the same rhythm and the same cadence.

[00:08:18] [SPEAKER_04]: Okay and always begins with where what the eye wishes what are we most wishing for and carry those two words I wish seems ever so simple but quite honestly there's so much behind it and frankly when we pose that the sea level leaders on our sector.

[00:08:38] [SPEAKER_04]: It seems to executives in person however we're meeting together we always get the same pause and blank no answer.

[00:08:50] [SPEAKER_04]: And there aren't many things over the course of 29 years working with teams and leaders in variety meeting formats that we have those long pauses that is truly that.

[00:09:01] [SPEAKER_04]: And it's intended to be effective because it causes the individual and or the team to pause and then pause.

[00:09:09] [SPEAKER_04]: And then realize that either they haven't asked the question or they don't know the answer which is where truly the work begins from that perspective and the piece about I wish is what are we wishing for.

[00:09:23] [SPEAKER_04]: I want more of this I want less of that I want to grow and we want to grow like this or we want to reduce.

[00:09:31] [SPEAKER_04]: We want to expand our company we want to exit our company we want to transition leadership we want to grow and grow we want to be more competitive in a marketplace we want to for vendors and suppliers improve our products improve our services when more deals being able to expand more relationships go deeper charge more for our current services upon the renewal as we go forward there's such.

[00:09:53] [SPEAKER_04]: And so, I'm going to say a host of sub points below the I wish and frankly carry for no.

[00:10:00] [SPEAKER_04]: And so, particularly a company is there a right or wrong answer the key is which page are we on and even as we go from meeting to meeting and company the company wants again the same piece.

[00:10:11] [SPEAKER_04]: We say to them it's whatever the I wish is for you doesn't matter that this is the meeting at 10 o'clock because the meeting at 9 o'clock it's something totally different in our next client meeting 11 will have something totally different as well it all begins from the I wish what are we most wishing for.

[00:10:27] [SPEAKER_04]: And then from there again using retellus go we then break that into our swat analysis we carry you know we've done entire educational webcast about swat analysis so in a quick fly by swot where we're our strengths weaknesses opportunities and threats and again very very broadly.

[00:10:46] [SPEAKER_04]: Swat is a starting point but you could take swat and apply it across your technology your insights capital projects your marketing your people goes on and on it's very easy to see how swat analysis can be five or seven or 10 or 12 or 15 layers deep and that's okay.

[00:11:05] [SPEAKER_04]: The more depth the more specific you are now we're back to the microscope carry from your perspective when you think about I wish and or swat your take is we're kind of just looking.

[00:11:19] [SPEAKER_04]: A far as we're thinking about where we're going to plan two thousand and twenty five.

[00:11:25] [SPEAKER_02]: Yeah well I mean I it's as someone that's been running a business a long time as I haven't and you have I don't think.

[00:11:33] [SPEAKER_02]: Well I know you and I don't get up each day saying tea I'm kind of happy with the status quo you know let me keep doing the same or less I mean we we want to constantly move the needle be it.

[00:11:47] [SPEAKER_02]: You know growing revenue.

[00:11:52] [SPEAKER_02]: Better products better delivery better service some faster the business where I was working on and.

[00:11:59] [SPEAKER_02]: Some of that you have to have these analysis and kind of see where you are to and sometimes the best views and advice I've ever gotten with somebody from the outside looking in.

[00:12:16] [SPEAKER_02]: Because sometimes it's hard to see it when you're in it.

[00:12:21] [SPEAKER_02]: And it's to say in ourness you know you're either working in your business or on your business and it's always both you know I've never been able to say well I can just work on it and not in it because there's always something to do somewhere.

[00:12:38] [SPEAKER_02]: So I think you know things like swat analysis are critical to being able to see the things that that you need to be aware of focusing on your business but but having that knowledge base of what's happening around you what's happening on the outside.

[00:12:59] [SPEAKER_02]: And what's the fact I call it the perception of others of especially your customer base of how you're doing I mean I think they're the highest check mark performance you could find.

[00:13:15] [SPEAKER_04]: You know you're you're spot on and and truthfully this is such a great opportunity you know in my corporate days.

[00:13:23] [SPEAKER_04]: I really dread it the whole budget season budget cycle you know my birthday falls in October of year and I grit my teeth and turn to my wonderful bride and say why we just celebrate my my birthday in November and I did that for years and years and years because truthfully I wasn't enjoying I didn't want to take on any time off.

[00:13:43] [SPEAKER_04]: And I think it was so much back and forth of financials and budgets and plans and just vacation and it's just as endless loop and it was suck a downer and then I realized so I didn't have anybody guiding me or coaching me or me inside that really wasn't incredible opportunity.

[00:13:58] [SPEAKER_04]: To look at every single aspect of our business with fresh set of eyes today with our telescope and also the microscope because what we see is the opportunity to learn.

[00:14:11] [SPEAKER_04]: To grow to think about our team to think about our company structure to chart the course utilizing SWAT and I wish to anticipate opportunities and problems.

[00:14:22] [SPEAKER_04]: What's on the table that we might anticipate that we might have a litigious event next year because of the following.

[00:14:28] [SPEAKER_04]: Where are their capital projects that maybe we didn't budget for that we need to include where is the growth we want to make acquisitions or not we're very happy with where we are.

[00:14:38] [SPEAKER_04]: Or in fact we want to sell us to the employees or no in fact we want to downsize an exit whatever that might be again is such a golden opportunity and every aspect no stone is on turn everything from new higher training coaching career path.

[00:14:54] [SPEAKER_04]: The need to be developed carry there's you know these are all educational webcast that we've done you know specifically focused on these areas looking at our marketing side of the house certainly looking at our technology is the world keeps turning faster and faster we'd be remissive we didn't consider what AI the impact already this year.

[00:15:14] [SPEAKER_04]: The impact will might anticipate next year so there's a lot of a lot of areas that we have to really think about strategically from that perspective you're take carry on that technology AI side and what we're all what we're seeing on that path.

[00:15:30] [SPEAKER_02]: Yeah I mean I you know we're have built a few things and I almost said we're dabbling in it but we'll be on dabbling we have a couple of things that we've put into the market.

[00:15:44] [SPEAKER_02]: And I'm starting to see more and more that people are more interested in AI as a as a a levier of task and it's not when I think when when everybody first got into it and first started hearing about it I think kind of consensus was robots going to show up and.

[00:16:10] [SPEAKER_02]: And you know and take my job one day and I think people have now realized that's not the case this you know AI here to assist us to work better.

[00:16:22] [SPEAKER_02]: Do things that you know as I tell people AI was built by humans so let's let's not mistake the two you know there are things that humans can do that AI will never do and I think that.

[00:16:40] [SPEAKER_02]: We're all looking at ways from the property management side to the vendor side.

[00:16:45] [SPEAKER_02]: And so why not, be able to see a little bit of how can we utilize it to utilize people better to be more productive.

[00:16:52] [SPEAKER_02]: To bring better services and also to be able to bring services around the clock because you know where.

[00:17:02] [SPEAKER_02]: The world is all on different time zones, right?

[00:17:07] [SPEAKER_02]: So we live in a global economy,

[00:17:09] [SPEAKER_02]: even though you might say, gee,

[00:17:11] [SPEAKER_02]: I just own, you know, a couple hundred units down

[00:17:14] [SPEAKER_02]: on the corner over here.

[00:17:15] [SPEAKER_02]: You know, my really a global company.

[00:17:19] [SPEAKER_02]: Well, maybe start looking at your resident profile

[00:17:22] [SPEAKER_02]: or some of them global.

[00:17:24] [SPEAKER_02]: Your staff, how can you better utilize your staff

[00:17:28] [SPEAKER_02]: to stay connected with your residents

[00:17:31] [SPEAKER_02]: and then utilizing them to do all these tasks

[00:17:36] [SPEAKER_02]: that we can utilize AI that could do it more efficient,

[00:17:41] [SPEAKER_02]: quicker, it doesn't, you know,

[00:17:43] [SPEAKER_02]: that repetitious work that some people don't want to do.

[00:17:46] [SPEAKER_02]: So I think Ernest,

[00:17:49] [SPEAKER_02]: to long way around the question is,

[00:17:52] [SPEAKER_02]: I think AI is only going to get better and better,

[00:17:56] [SPEAKER_02]: and I think it's a great way for our companies

[00:17:59] [SPEAKER_02]: to be better at providing services

[00:18:03] [SPEAKER_02]: to our customers and utilizing our human resources

[00:18:08] [SPEAKER_02]: at a better scale.

[00:18:11] [SPEAKER_02]: Yeah, no doubt.

[00:18:12] [SPEAKER_04]: And for those of you that are listening to

[00:18:14] [SPEAKER_04]: a curious sharing, a little snippet about AI,

[00:18:16] [SPEAKER_04]: what's happening on the tech side.

[00:18:18] [SPEAKER_04]: Start at the house, please again,

[00:18:20] [SPEAKER_04]: come into our educational webcast

[00:18:21] [SPEAKER_04]: because you will find them there.

[00:18:24] [SPEAKER_04]: And, Terri, we have often ended our educational webcast saying,

[00:18:28] [SPEAKER_04]: now that we've sealed up today,

[00:18:30] [SPEAKER_04]: everything we've covered today might literally be outdated

[00:18:33] [SPEAKER_04]: by tomorrow and we'll be back.

[00:18:36] [SPEAKER_04]: And I was feeling, well, on the tech and the AI side,

[00:18:39] [SPEAKER_04]: talking about bots,

[00:18:41] [SPEAKER_04]: it is so much moving around

[00:18:42] [SPEAKER_04]: that we will positively stay current on it.

[00:18:45] [SPEAKER_04]: So let's make a pivot.

[00:18:48] [SPEAKER_04]: Let's think a pivot and let's bring out the microscope.

[00:18:50] [SPEAKER_04]: Part two of what we said that we would cover here

[00:18:53] [SPEAKER_04]: in this opening point because truly there are microbes,

[00:18:56] [SPEAKER_04]: the microscope moments that we have to truly pause

[00:19:00] [SPEAKER_04]: and really get very, very granular.

[00:19:03] [SPEAKER_04]: And from all of our decades of experience

[00:19:06] [SPEAKER_04]: around the budgeting process,

[00:19:08] [SPEAKER_04]: we are passionate believers in what we consider zero-based.

[00:19:13] [SPEAKER_04]: Rather than taking the averages or it's been rolling along like this,

[00:19:17] [SPEAKER_04]: no, no, no, no.

[00:19:18] [SPEAKER_04]: Correct is zero-based.

[00:19:19] [SPEAKER_04]: Why exactly?

[00:19:20] [SPEAKER_04]: Let's just take something like maintenance or supplies,

[00:19:23] [SPEAKER_04]: where are we getting a supplies from?

[00:19:25] [SPEAKER_04]: Or what percent of the work

[00:19:26] [SPEAKER_04]: that we did with outside companies?

[00:19:29] [SPEAKER_04]: Like for example, from a property perspective,

[00:19:31] [SPEAKER_04]: if we're talking about something as simple as HVAC,

[00:19:34] [SPEAKER_04]: the Trident True would say, oh yeah, HVAC,

[00:19:37] [SPEAKER_04]: you know, repairs, dispelting or cross-reportfolio have red blank.

[00:19:41] [SPEAKER_04]: Okay, yes, but was that an outside vendor?

[00:19:44] [SPEAKER_04]: We're gonna bid it back out, we're gonna do an RFP,

[00:19:46] [SPEAKER_04]: wait a minute, sure, our next hire B.

[00:19:48] [SPEAKER_04]: So I'm gonna use HVAC certified on the other side, right?

[00:19:53] [SPEAKER_04]: That's what zero-based means.

[00:19:55] [SPEAKER_04]: It means that you pause and that you truly take it line by line,

[00:20:00] [SPEAKER_04]: building it back up, not just taking averages across the board, okay?

[00:20:05] [SPEAKER_04]: It also should include from a budget perspective

[00:20:08] [SPEAKER_04]: to set the microscope level, a justification and explanation.

[00:20:12] [SPEAKER_04]: So carry a mic, pause and go, yeah, I know,

[00:20:14] [SPEAKER_04]: but how do I remember that last year we had,

[00:20:16] [SPEAKER_04]: we made HVAC person on board, and this year,

[00:20:20] [SPEAKER_04]: we will or won't.

[00:20:21] [SPEAKER_04]: Or the next year we will or won't,

[00:20:22] [SPEAKER_04]: well it goes right in the notes.

[00:20:24] [SPEAKER_04]: So everything that's built across the financial side

[00:20:26] [SPEAKER_04]: is embedded with the notes that won't was our thinking.

[00:20:30] [SPEAKER_04]: So therefore, from a site perspective,

[00:20:33] [SPEAKER_04]: if you're rolling it up, leadership and your financial team

[00:20:36] [SPEAKER_04]: can see what your thought process is.

[00:20:39] [SPEAKER_04]: In reverse, for those of you in the leadership position

[00:20:43] [SPEAKER_04]: on the property management side,

[00:20:45] [SPEAKER_04]: you can see rolling it down what the teams are thinking

[00:20:49] [SPEAKER_04]: about from that perspective.

[00:20:51] [SPEAKER_04]: You might want an HVAC team across your entire portfolio

[00:20:55] [SPEAKER_04]: that might even be more fluid,

[00:20:57] [SPEAKER_04]: may not be dedicated to a single property.

[00:20:59] [SPEAKER_04]: Or maybe two people or maybe it's three, whatever that is.

[00:21:02] [SPEAKER_04]: Vendors and suppliers the same way, okay?

[00:21:05] [SPEAKER_04]: Take a look at the line related to your sales team, right?

[00:21:08] [SPEAKER_04]: What percentage of your team is working on hunting versus farming?

[00:21:13] [SPEAKER_04]: How much sales support is there?

[00:21:15] [SPEAKER_04]: How much genius work are eight and nine

[00:21:17] [SPEAKER_04]: and tens are being done by those who are in the business

[00:21:20] [SPEAKER_04]: development side.

[00:21:21] [SPEAKER_04]: Again, so many questions, biomexines to back into this.

[00:21:25] [SPEAKER_04]: So everything that we do has to roll in from the lowest level

[00:21:29] [SPEAKER_04]: and organization that we're going to have to close this.

[00:21:32] [SPEAKER_04]: Noes to the glasses, you'd like to call it

[00:21:34] [SPEAKER_04]: that right there that know what those decisions were.

[00:21:37] [SPEAKER_04]: They're rolling it up.

[00:21:38] [SPEAKER_04]: It rolls up into a district,

[00:21:40] [SPEAKER_04]: a region where it rolls up the corporate

[00:21:41] [SPEAKER_04]: and then it rolls back down as well.

[00:21:44] [SPEAKER_04]: We see this consistently back and forth.

[00:21:46] [SPEAKER_04]: Another very granular coaching tip and strategy here.

[00:21:52] [SPEAKER_04]: Carry over all the years working in and out of budgets.

[00:21:55] [SPEAKER_04]: There's often this disconnect.

[00:21:57] [SPEAKER_04]: Well, we roll that up the budget and everybody new

[00:21:59] [SPEAKER_04]: and then it comes rolling back in and it's all,

[00:22:01] [SPEAKER_04]: some are sloppy and some are tied and some are better

[00:22:04] [SPEAKER_04]: and some are not.

[00:22:05] [SPEAKER_04]: Just as endless stories, some are new,

[00:22:08] [SPEAKER_04]: don't know how to do it.

[00:22:09] [SPEAKER_04]: Some are veteran that skip over and make certain assumptions.

[00:22:12] [SPEAKER_04]: This is where we are passionate believers in a budget boot camp.

[00:22:18] [SPEAKER_04]: And it's not, it doesn't have to be a person of course

[00:22:20] [SPEAKER_04]: but it's an absolute commitment to line by line

[00:22:25] [SPEAKER_04]: by line of what I have to produce to roll up to corporate.

[00:22:29] [SPEAKER_04]: So I carry when you see it will be identical person

[00:22:33] [SPEAKER_04]: by person department by department building by building

[00:22:36] [SPEAKER_04]: or in the world of our vendors product or service and rolled up.

[00:22:40] [SPEAKER_04]: How do we do that?

[00:22:41] [SPEAKER_04]: We bring everyone together and we have a boot camp.

[00:22:43] [SPEAKER_04]: It might be one hour, it might be two hours.

[00:22:45] [SPEAKER_04]: It might be two hours over two days, whatever it takes,

[00:22:49] [SPEAKER_04]: whatever you need to do to get everybody on the same page.

[00:22:53] [SPEAKER_04]: What we've learned about that is everybody gets a chance

[00:22:57] [SPEAKER_04]: to hear at the same time.

[00:22:59] [SPEAKER_04]: Therefore, everyone's accountable to getting a right.

[00:23:02] [SPEAKER_04]: We can certainly have questions that we can field.

[00:23:04] [SPEAKER_04]: It certainly raises the bar of excellence but right there,

[00:23:08] [SPEAKER_04]: you'll have your veteran team members sharing ideas

[00:23:12] [SPEAKER_04]: or posting questions that will help your newbies.

[00:23:14] [SPEAKER_04]: Your newbies will post questions.

[00:23:16] [SPEAKER_04]: That will help others think maybe outside the box

[00:23:18] [SPEAKER_04]: because they have a fresh out of eyes.

[00:23:21] [SPEAKER_04]: I love this principle and it's a guiding part carry

[00:23:24] [SPEAKER_04]: of the coaching that we've done with vendors.

[00:23:27] [SPEAKER_04]: Suppliers on one side properties on the other.

[00:23:29] [SPEAKER_04]: It's a reoccurring theme.

[00:23:31] [SPEAKER_04]: It matters on both sides of the table.

[00:23:33] [SPEAKER_04]: It gives everybody a true understanding

[00:23:36] [SPEAKER_04]: and a level of accountability.

[00:23:39] [SPEAKER_04]: And in fact, it'll never be the coulda woodest should of well.

[00:23:43] [SPEAKER_04]: I don't know when I got to that part in budget

[00:23:46] [SPEAKER_04]: or the planning, I didn't understand.

[00:23:48] [SPEAKER_04]: Wait a minute, remember boot camp?

[00:23:50] [SPEAKER_04]: Okay, so it eliminates that.

[00:23:52] [SPEAKER_04]: It quiets what I call the parking dogs carry.

[00:23:55] [SPEAKER_04]: And then the other part is rather than deliver something

[00:23:58] [SPEAKER_04]: that's not a game or not to the highest level of excellence.

[00:24:02] [SPEAKER_04]: A team member will be more apt to reach out

[00:24:04] [SPEAKER_04]: to another team member.

[00:24:05] [SPEAKER_04]: Go, you know when that part about each back was covered,

[00:24:08] [SPEAKER_04]: what am I supposed to think about

[00:24:10] [SPEAKER_04]: based on my property size or as a vendor supplier?

[00:24:13] [SPEAKER_04]: You know, we got to that part about

[00:24:14] [SPEAKER_04]: what we're gonna do with our renewal rates.

[00:24:16] [SPEAKER_04]: How am I supposed to figure that in

[00:24:18] [SPEAKER_04]: to think about all of that's great?

[00:24:20] [SPEAKER_04]: So you have team members helping each other

[00:24:22] [SPEAKER_04]: and then of course if you do it carry

[00:24:25] [SPEAKER_04]: in any kind of virtual environment,

[00:24:27] [SPEAKER_04]: or even in person, you can do what recorded

[00:24:29] [SPEAKER_04]: it, so team members can go back, play it back and listen.

[00:24:33] [SPEAKER_04]: A recommendation on that is when you do that,

[00:24:35] [SPEAKER_04]: do it in segments.

[00:24:36] [SPEAKER_04]: So that a person doesn't have to go back and listen to

[00:24:38] [SPEAKER_04]: an hour or two hours, hey, this is the 15-minute segment

[00:24:41] [SPEAKER_04]: that we did on supplies or another 10 minutes

[00:24:45] [SPEAKER_04]: we did about RFPs or another 15 minutes

[00:24:47] [SPEAKER_04]: we did just on capital projects, whatever that might be.

[00:24:50] [SPEAKER_04]: So break it out and then label it.

[00:24:52] [SPEAKER_04]: So a person can come in if they have

[00:24:53] [SPEAKER_04]: truly a question about capital projects.

[00:24:56] [SPEAKER_04]: They can go right there and there's the 12 or 15 minutes

[00:24:58] [SPEAKER_04]: waiting for them.

[00:25:00] [SPEAKER_04]: Carry your comments or observations about this granular level

[00:25:04] [SPEAKER_04]: and or the bootcamp approach to getting everybody

[00:25:07] [SPEAKER_04]: on the same page.

[00:25:09] [SPEAKER_02]: I love the bootcamp approach for sure

[00:25:11] [SPEAKER_02]: and you're right, you need a lot of minds working together

[00:25:16] [SPEAKER_02]: be them seasoned professionals.

[00:25:20] [SPEAKER_02]: I've been to this rodeous several times

[00:25:23] [SPEAKER_02]: to the new guys coming into the industry to learn

[00:25:27] [SPEAKER_02]: how to do all this stuff.

[00:25:30] [SPEAKER_02]: And let me just add this budgeting is so tricky right now

[00:25:34] [SPEAKER_02]: because we've got prices that are moving constantly.

[00:25:39] [SPEAKER_02]: It feels almost like an impossible task

[00:25:42] [SPEAKER_02]: and at the property level,

[00:25:44] [SPEAKER_02]: I don't know most companies do this

[00:25:46] [SPEAKER_02]: but always whenever possible,

[00:25:50] [SPEAKER_02]: break everything, break it down to the unit

[00:25:53] [SPEAKER_02]: and you can apply that or budget-wise,

[00:25:57] [SPEAKER_02]: somewhat so much a unit.

[00:25:58] [SPEAKER_02]: And I'm pretty sure most companies are doing that today.

[00:26:03] [SPEAKER_02]: But I think the bootcamp idea is this great

[00:26:08] [SPEAKER_02]: because it gets everybody on the same page, hot works

[00:26:13] [SPEAKER_02]: and I can't emphasize enough of contingency,

[00:26:20] [SPEAKER_02]: contingency money right now in the cost of things

[00:26:24] [SPEAKER_02]: because it's certainly moving a lot in insurance earnest

[00:26:29] [SPEAKER_02]: which you and I had a group and did a podcast on last month.

[00:26:36] [SPEAKER_02]: It is pretty difficult to nail down some of those numbers.

[00:26:41] [SPEAKER_02]: There's a lot of moving parts and just,

[00:26:45] [SPEAKER_02]: you know, in businesses like you and I have,

[00:26:48] [SPEAKER_02]: I mean, I'm seeing it just a liability insurance,

[00:26:51] [SPEAKER_02]: cyber liability, the rate's year to year really trending

[00:26:57] [SPEAKER_02]: up pretty heavily.

[00:26:59] [SPEAKER_04]: Yeah, I was anticipating you were going to leave back

[00:27:03] [SPEAKER_04]: to the webcast that we get on an insurance note out.

[00:27:08] [SPEAKER_04]: You know, and that also syncs up with inflation,

[00:27:10] [SPEAKER_04]: although as we know as recent as what today in yesterday,

[00:27:14] [SPEAKER_04]: the inflation has pushed back.

[00:27:16] [SPEAKER_04]: I think it was quoted as the first time since 2021,

[00:27:20] [SPEAKER_04]: really, really positive.

[00:27:22] [SPEAKER_04]: I was sharing with my team today, you know,

[00:27:25] [SPEAKER_04]: the masterful work done by our federal reserve,

[00:27:28] [SPEAKER_04]: combined with central banks all over the world.

[00:27:30] [SPEAKER_04]: We navigated in and out of COVID in and out of pandemic.

[00:27:34] [SPEAKER_04]: Yes, we, the, all the central banks around the world

[00:27:37] [SPEAKER_04]: push a lot of cash in.

[00:27:38] [SPEAKER_04]: We could have easily overjuiced the system.

[00:27:41] [SPEAKER_04]: Then we had to slow it down sort of the analogy

[00:27:43] [SPEAKER_04]: of, you know, a cruise ship in order to get into port,

[00:27:46] [SPEAKER_04]: shut the engines down, you know, 10 miles out.

[00:27:49] [SPEAKER_04]: So they could glide their way in and stop, right?

[00:27:52] [SPEAKER_04]: And that's the methods what the, you know,

[00:27:53] [SPEAKER_04]: the Federal Reserve has to do.

[00:27:56] [SPEAKER_04]: And frankly, the way we've seen the last two months,

[00:27:59] [SPEAKER_04]: the pause on the inflationary side is masterful again.

[00:28:03] [SPEAKER_04]: It would have been very easy to push us

[00:28:05] [SPEAKER_04]: and all of the economies around the world off the cliff.

[00:28:09] [SPEAKER_04]: We did not.

[00:28:10] [SPEAKER_04]: Those who go down in the history, a book

[00:28:12] [SPEAKER_04]: that's written about history as masterful work.

[00:28:16] [SPEAKER_04]: Even as I saw, the notes, the job reports,

[00:28:19] [SPEAKER_04]: the inflation piece is amazing.

[00:28:21] [SPEAKER_04]: That work just gliding in, not a recession.

[00:28:23] [SPEAKER_04]: And of course, not a depression.

[00:28:25] [SPEAKER_04]: And that's for the world.

[00:28:26] [SPEAKER_04]: So back to prices just for a little sidebar

[00:28:28] [SPEAKER_04]: to our moment, you know, current current news.

[00:28:31] [SPEAKER_02]: But we're later in two, those guys are using telescopes

[00:28:34] [SPEAKER_02]: and microscopes.

[00:28:35] [SPEAKER_02]: That's a lot of those will never understand.

[00:28:40] [SPEAKER_04]: That is true.

[00:28:41] [SPEAKER_04]: And it's still not easy, because it is easy.

[00:28:43] [SPEAKER_04]: Everybody would be doing it.

[00:28:45] [SPEAKER_04]: And the central banks globally are using their best data.

[00:28:49] [SPEAKER_04]: Telescope and microscope, quite honestly,

[00:28:51] [SPEAKER_04]: but as you know, it's still an art and a science, right?

[00:28:54] [SPEAKER_04]: Commend to all that data.

[00:28:57] [SPEAKER_04]: So that brings us back to this granular piece,

[00:29:00] [SPEAKER_04]: making certain we look at where do we have capital projects,

[00:29:05] [SPEAKER_04]: what is our trending related to our marketing effort

[00:29:08] [SPEAKER_04]: which we lay in by the way marketing works on both sides?

[00:29:12] [SPEAKER_04]: Property and exercise, we want to do what?

[00:29:14] [SPEAKER_04]: Phil Lorient at the maximum rents.

[00:29:16] [SPEAKER_04]: Then there's some suppliers you're marketing is what?

[00:29:18] [SPEAKER_04]: To drive your revenue and continue your business working

[00:29:21] [SPEAKER_04]: relationships, including what those price increases

[00:29:23] [SPEAKER_04]: will be going into the new year.

[00:29:25] [SPEAKER_04]: We certainly have a significant technology piece.

[00:29:29] [SPEAKER_04]: Certainly an AI component as a little bit of an overlay.

[00:29:32] [SPEAKER_04]: And we just want to get super granular.

[00:29:34] [SPEAKER_04]: What else do we need?

[00:29:35] [SPEAKER_04]: Where are their red flags?

[00:29:37] [SPEAKER_04]: Let's go back to capital projects for a moment.

[00:29:39] [SPEAKER_04]: We're at the red flags because we've been

[00:29:41] [SPEAKER_04]: inspected by the fire department.

[00:29:42] [SPEAKER_04]: We have some serious issues.

[00:29:44] [SPEAKER_04]: By the way, we bumped into with clients.

[00:29:47] [SPEAKER_04]: We're at the red flags if you're a vendor and supplier

[00:29:49] [SPEAKER_04]: related to your direct competitors who have done what?

[00:29:53] [SPEAKER_04]: Leaped frog over you and a moving faster than you.

[00:29:57] [SPEAKER_04]: That is not sustainable or where are you moving faster

[00:30:00] [SPEAKER_04]: on the other side and for the opportunities.

[00:30:03] [SPEAKER_04]: OK, so lots here, we think about big picture,

[00:30:06] [SPEAKER_04]: the IWish and SWAT, which is our telescope.

[00:30:09] [SPEAKER_04]: And then we bring it down and break it down to a microscope level.

[00:30:13] [SPEAKER_04]: OK, Terry, where are two next for our webcast here today?

[00:30:19] [SPEAKER_02]: Well, this is a piece I've been dying to get into.

[00:30:22] [SPEAKER_02]: I was talking to you about it before we even started,

[00:30:25] [SPEAKER_02]: which is a question.

[00:30:27] [SPEAKER_02]: Does business growth happen organically or is it a product

[00:30:31] [SPEAKER_02]: of strategic efforts?

[00:30:36] [SPEAKER_04]: So let's talk about the organic first and foremost.

[00:30:41] [SPEAKER_04]: And I want to just start off with the words, a couple of things.

[00:30:46] [SPEAKER_04]: One, good news travels slowly, bad news travels quickly.

[00:30:52] [SPEAKER_04]: The pen is minor than the sword.

[00:30:54] [SPEAKER_04]: So Terry, we pay attention enough on social sites and such.

[00:31:00] [SPEAKER_04]: You know, your location is the nice note.

[00:31:03] [SPEAKER_04]: Cortona is just delivering amazing Italian food at their restaurant.

[00:31:08] [SPEAKER_04]: By the way, Cortona is where my family roots are in Campobacero Italy and they truly are.

[00:31:15] [SPEAKER_04]: OK, in reverse, the five seeds is failing

[00:31:21] [SPEAKER_04]: and you truly know that there might be a couple of nice notes about Cortona,

[00:31:26] [SPEAKER_04]: but there'll be 10s and 10s of notes about five seeds.

[00:31:30] [SPEAKER_04]: It's a reminder that in our world,

[00:31:32] [SPEAKER_04]: or the pen is minded in the sword, we all have examples of a tire shop

[00:31:37] [SPEAKER_04]: on the can and a restaurant.

[00:31:39] [SPEAKER_04]: We have ski resort here in Park City, Kerry.

[00:31:42] [SPEAKER_04]: And when they do it right, and they do it well, glowing reviews,

[00:31:44] [SPEAKER_04]: and when they don't, they don't go to side note every time.

[00:31:47] [SPEAKER_04]: A skier goes out there, as a skier survey,

[00:31:50] [SPEAKER_04]: and the surveys are read directly that day by senior leadership.

[00:31:54] [SPEAKER_04]: Little peace by the scenes, because it matters and they care.

[00:31:58] [SPEAKER_04]: Right? So it's the same that applies to our space and sector.

[00:32:02] [SPEAKER_04]: This part about growing organically, right?

[00:32:04] [SPEAKER_04]: If your properties are doing well, it's easy to attract what?

[00:32:10] [SPEAKER_04]: Other renters.

[00:32:11] [SPEAKER_04]: You build a way in which you can earn what, premium reps.

[00:32:14] [SPEAKER_04]: If your management company is doing well,

[00:32:17] [SPEAKER_04]: you will grow by the wonderful referrals that come as a result organically.

[00:32:22] [SPEAKER_04]: Vendors and suppliers, if your products or services are delivering in your team,

[00:32:27] [SPEAKER_04]: you're on time, your team follows up, and your team handles when there are issues,

[00:32:31] [SPEAKER_04]: challenges, and problems, then those in our space and sector will circle back.

[00:32:37] [SPEAKER_04]: And why is the organic part so key and critical in our space and sector?

[00:32:42] [SPEAKER_04]: Because very interesting enough in the wonderful world of LinkedIn,

[00:32:46] [SPEAKER_04]: if you go and look at leaders on the property management side,

[00:32:51] [SPEAKER_04]: and leaders on the vendors and suppliers side,

[00:32:54] [SPEAKER_04]: you will note the term lifers.

[00:32:57] [SPEAKER_04]: Not a prison.

[00:32:58] [SPEAKER_04]: Not lifers in prison, but lighters that there's people in our sector, canary, right?

[00:33:03] [SPEAKER_04]: 10 in 20 and 30 years or more.

[00:33:06] [SPEAKER_04]: We've all been around a long time, right, Terry?

[00:33:10] [SPEAKER_02]: Yeah, I mean, it's definitely an industry that I don't know what's about it.

[00:33:18] [SPEAKER_02]: People, you could say, they leave.

[00:33:20] [SPEAKER_02]: They come back or in a sense, to get out of the industry.

[00:33:24] [SPEAKER_02]: They're, I call them boomerangs, you know?

[00:33:26] [SPEAKER_02]: They're just like, they're a model, but they're shameless right back.

[00:33:31] [SPEAKER_02]: So yeah, there's definitely some lifers not to be confused with,

[00:33:36] [SPEAKER_02]: you know, I think I went to an AA party on Alcatraz once,

[00:33:41] [SPEAKER_02]: so not to be confused with that.

[00:33:43] [SPEAKER_02]: Oh, my God.

[00:33:47] [SPEAKER_02]: Seriously, I'm sorry, I had a party that you can rent Alcatraz for parties.

[00:33:53] [SPEAKER_05]: I believe that and I've been down to try several times that you are right.

[00:33:57] [SPEAKER_05]: They do host events there.

[00:33:59] [SPEAKER_05]: And we don't need to say that, you know,

[00:34:01] [SPEAKER_04]: property management isn't like being present now.

[00:34:04] [SPEAKER_04]: And in fact, there's fires, there's a horrible,

[00:34:06] [SPEAKER_04]: no, the people dig this space and sector.

[00:34:08] [SPEAKER_04]: And it's so interesting that literally a person who's been in the sector five or 10 years

[00:34:14] [SPEAKER_04]: doesn't zigzag and go to work for a forest or a month or a shop, you know?

[00:34:18] [SPEAKER_04]: And then come back.

[00:34:19] [SPEAKER_04]: I mean, they really, you'll see.

[00:34:21] [SPEAKER_04]: I mean, I was a leasing manager and I was a system manager and a

[00:34:24] [SPEAKER_04]: manager, a district of regional DP and we see the same on the vendor and

[00:34:27] [SPEAKER_04]: supplier sizes just as continuity and we love that.

[00:34:31] [SPEAKER_04]: What does that mean?

[00:34:33] [SPEAKER_02]: People stay in the sector, right?

[00:34:35] [SPEAKER_02]: You know, Ernest, it ties to your organic comment.

[00:34:40] [SPEAKER_02]: You know, as you're saying and I'm thinking about it and I'm thinking of all the people

[00:34:44] [SPEAKER_02]: I've been knowing through decades in this business.

[00:34:49] [SPEAKER_02]: And it's almost like it's a small niche industry, but it's so wide.

[00:34:55] [SPEAKER_02]: So it's so easy.

[00:34:58] [SPEAKER_02]: I'll be, I was at a conference in Philadelphia, right?

[00:35:02] [SPEAKER_02]: The park city you talk, people want them up to me.

[00:35:05] [SPEAKER_02]: It's like I listen to you and Ernest all the time.

[00:35:07] [SPEAKER_02]: I never go to an A.A conference without somebody coming in saying it in

[00:35:13] [SPEAKER_02]: the sense of health.

[00:35:14] [SPEAKER_02]: It's like there is, it's there opening, right?

[00:35:17] [SPEAKER_02]: I don't know.

[00:35:19] [SPEAKER_02]: It's all.

[00:35:19] [SPEAKER_02]: It's all.

[00:35:21] [SPEAKER_02]: I think that's just you know, people and it's like living in the neighborhood.

[00:35:25] [SPEAKER_02]: It's hard to, I like the people that we work with and I don't want to

[00:35:31] [SPEAKER_02]: believe that.

[00:35:32] [SPEAKER_02]: So I think that's what it is.

[00:35:34] [SPEAKER_04]: It really is and it's a reminder as well that if a person is in our space and sector on

[00:35:40] [SPEAKER_04]: the vendor side or on the property management side they will also move between companies.

[00:35:46] [SPEAKER_04]: And when they do, they bring with them their best vendors and suppliers and they discard

[00:35:52] [SPEAKER_04]: those who are not, or not delivering.

[00:35:56] [SPEAKER_04]: But it also means on the property management side where you've got leaders if you truly

[00:36:01] [SPEAKER_04]: look at Mario over here and he know that they're, they actually both work at a company

[00:36:05] [SPEAKER_04]: together five years ago.

[00:36:07] [SPEAKER_04]: They know each other.

[00:36:08] [SPEAKER_04]: So there's also an informal network behind the scenes when you're giving a presentation

[00:36:13] [SPEAKER_04]: of your product of service and we'll say that's interesting.

[00:36:17] [SPEAKER_04]: Who else are you working with?

[00:36:18] [SPEAKER_04]: Oh, you're working with that company?

[00:36:20] [SPEAKER_04]: Oh yeah, I used to work there.

[00:36:21] [SPEAKER_04]: Hang out for a second.

[00:36:22] [SPEAKER_04]: Let me send a text message to Tim.

[00:36:24] [SPEAKER_04]: Tim and I work together.

[00:36:26] [SPEAKER_04]: I'll get the straight shot from Tim.

[00:36:28] [SPEAKER_04]: Sometimes it'll happen right in the middle of the meeting, quite honestly it might

[00:36:32] [SPEAKER_04]: happen right after.

[00:36:33] [SPEAKER_04]: And then if you wonder as a vendor and supplier why you don't get a call back or response

[00:36:37] [SPEAKER_04]: back because Mario got from Tim exactly what she needed and your product of service is not

[00:36:42] [SPEAKER_04]: delivering.

[00:36:43] [SPEAKER_04]: And you may never be told that ever.

[00:36:46] [SPEAKER_04]: Go back to the restaurant example, Cortona and five seeds, five percent of those who

[00:36:51] [SPEAKER_04]: find a restaurant will find the manager and say I'm not happy 95 percent will go away

[00:36:55] [SPEAKER_04]: and never come back.

[00:36:57] [SPEAKER_04]: Five percent will tell you, okay?

[00:37:00] [SPEAKER_04]: So remember, life as an our sector, remember those who work between companies, there's

[00:37:06] [SPEAKER_04]: an informal and ongoing chatter behind the scenes related to you and your company as well.

[00:37:12] [SPEAKER_04]: But let's go back to the property management side.

[00:37:15] [SPEAKER_04]: Those of you managing properties, your good reputation also follows with you or not, depending

[00:37:23] [SPEAKER_04]: on how you're structured, whether they're your own buildings and all whether you're doing

[00:37:27] [SPEAKER_04]: third party on the other side and or whatever that combination might be.

[00:37:31] [SPEAKER_04]: Your good name and reputation and your performance also leads your company name out front

[00:37:36] [SPEAKER_04]: never ever discount that or step aside from that.

[00:37:40] [SPEAKER_04]: Okay?

[00:37:40] [SPEAKER_04]: That's your organic piece and carry I know that that had you highly interested right as

[00:37:47] [SPEAKER_04]: you sort of lean in think about our space and sector and there is the organic component.

[00:37:51] [SPEAKER_04]: Now, we truly believe here at how our certainly as we're working with vendors and suppliers

[00:37:58] [SPEAKER_04]: and property management companies that good luck or being lucky is a strategy okay?

[00:38:07] [SPEAKER_04]: That's not our approach.

[00:38:08] [SPEAKER_04]: We truly believe that we move with purpose and intent to grow out our businesses from

[00:38:13] [SPEAKER_04]: that perspective okay?

[00:38:14] [SPEAKER_04]: So here's a capsule on these points as you're thinking about the other side, truly putting

[00:38:20] [SPEAKER_04]: your foot on the gas pedal and the gas pedal can be whatever you want.

[00:38:25] [SPEAKER_04]: Remember again, you could be very satisfied with where you're company, your business and

[00:38:29] [SPEAKER_04]: your revenue and your profitability is and we say rock on, you'd be the best that you

[00:38:32] [SPEAKER_04]: can be.

[00:38:33] [SPEAKER_04]: Some of you want to downsize some of you want to migrate and truly exit all good,

[00:38:39] [SPEAKER_04]: perfect okay?

[00:38:40] [SPEAKER_04]: But if you in fact want to grow you determine that growth and we have those who grow

[00:38:45] [SPEAKER_04]: at a pace call the Ferrari, those that grow at the speed of a rabbit and those that grow

[00:38:51] [SPEAKER_04]: at the speed of a snail and that's okay.

[00:38:54] [SPEAKER_04]: Whatever it is, whatever the pace and tempo that you want to go and grow is entirely up

[00:38:59] [SPEAKER_04]: to you but it needs what your absolute focus.

[00:39:02] [SPEAKER_04]: Okay?

[00:39:03] [SPEAKER_04]: To commit to whatever that is, it needs a path forward and specific measurable milestones

[00:39:11] [SPEAKER_04]: for what you're going to do to create that growth.

[00:39:14] [SPEAKER_04]: We positively need a dashboard that tracks our weekly, monthly, and quarterly work around

[00:39:19] [SPEAKER_04]: this.

[00:39:20] [SPEAKER_04]: We've done an entire educational webcast on this so these are the flyby points.

[00:39:25] [SPEAKER_04]: You can certainly come back into multi-family biz and be able to access and listen

[00:39:29] [SPEAKER_04]: to the fuller version of this okay?

[00:39:32] [SPEAKER_04]: But here we are, we're planning for 2025 and we'd be remiss if we didn't pause here

[00:39:37] [SPEAKER_04]: and remind you what some of the highlights are that you can come back and listen

[00:39:41] [SPEAKER_04]: to the educational webcast with the fuller version on this okay?

[00:39:45] [SPEAKER_04]: So while we love organic, again coming back to growing at a smaller medium or much faster

[00:39:54] [SPEAKER_04]: pace also includes your thought leadership.

[00:39:57] [SPEAKER_04]: Your visibly in professional associations and organizations is that,

[00:40:03] [SPEAKER_04]: may wrap on the smaller side is that I room, is that Boma, is that NAA and

[00:40:08] [SPEAKER_04]: Department of Associations nationally statewide or by city or all of the above.

[00:40:13] [SPEAKER_04]: There's lots of different paths but here's what we do know if you want to be the best

[00:40:18] [SPEAKER_04]: vendor and supplier and or if you want to be the best property management company

[00:40:23] [SPEAKER_04]: and go and grow you want a need to be visible on that side of the house okay?

[00:40:29] [SPEAKER_04]: So it means way more than just showing up for the lunches or finding your fore thumb

[00:40:34] [SPEAKER_04]: for the annual golf tournament means being part of the committees.

[00:40:37] [SPEAKER_04]: It means leading committees, it means moderating a panel, being on a panel, being on a board

[00:40:44] [SPEAKER_04]: okay?

[00:40:45] [SPEAKER_04]: Those are all of the various steps and triggers along the way in the milestone in the

[00:40:51] [SPEAKER_04]: half of whether you're a vendor or whether you are a property management company,

[00:40:56] [SPEAKER_04]: your thought leadership be involved.

[00:40:59] [SPEAKER_04]: Be known listen to when Carrie talks about showing up at NAA and the people that I know

[00:41:04] [SPEAKER_04]: and the people I'm connecting with and the people that I really enjoy working with,

[00:41:08] [SPEAKER_04]: that's thought leadership and it also gives you a really good view of what your competitors

[00:41:14] [SPEAKER_04]: are doing when you're in a thought leadership role you see more, you hear more, more as whisper

[00:41:20] [SPEAKER_04]: to you, more shared with you behind the scenes.

[00:41:24] [SPEAKER_04]: You're not just a vendor or a transaction and you're not just a property management company

[00:41:28] [SPEAKER_04]: that just shows up for you know, the annual award dinner, whatever that may be.

[00:41:36] [SPEAKER_04]: Also it gives you the opportunity we've done an entire educational program on this as well

[00:41:42] [SPEAKER_04]: to develop and build out what smart match alliances, very essence of putting your growth

[00:41:51] [SPEAKER_04]: strategy on the fastest rocket ship is truly smart match alliances which gives you the maximum view

[00:41:58] [SPEAKER_04]: of everything and accelerates everything you possibly kind of imagine or might have wanted

[00:42:03] [SPEAKER_04]: in terms of your business development from that perspective.

[00:42:08] [SPEAKER_05]: Carrie, your take your observations on this?

[00:42:12] [SPEAKER_02]: I think you hit the nail in the head and it's where I went home and came in I was going to talk

[00:42:18] [SPEAKER_02]: about smart match alliances. It's really all those connections, right? Be it.

[00:42:27] [SPEAKER_02]: If you're a vendor it's not just a property management company but it's also other vendors

[00:42:33] [SPEAKER_02]: you work with in the space and what your companies do they need other services or no of other

[00:42:44] [SPEAKER_02]: services they bring the other vendors that they know and trust and you know, the kid deliver

[00:42:53] [SPEAKER_02]: because I have a saying I don't want to get thrown out with you. You know if you have a bad

[00:42:58] [SPEAKER_02]: say you know if you're not performing and bring in those together and the same on the property

[00:43:05] [SPEAKER_02]: management side if you keep delivering for your clients and your owners those owners talk and

[00:43:11] [SPEAKER_02]: say who's managing your assets and that's a whole other organic piece and as we were talking

[00:43:21] [SPEAKER_02]: about earlier and I kind of reach mom conclusion and talk and see you about it, Ernest,

[00:43:27] [SPEAKER_02]: as you started peace in the puzzle together for me some of the strategic efforts you're doing

[00:43:34] [SPEAKER_02]: as far as delivering and those pieces and showing up and being involved. Those are the strategic

[00:43:43] [SPEAKER_02]: that are basically driving their organic for you and organic is the best, right? The best

[00:43:53] [SPEAKER_02]: of things that I get are people that seek me out and come to meet, right because they're interested

[00:44:00] [SPEAKER_02]: in what I'm able to bring for the table or they've heard about us from somebody else. So those

[00:44:08] [SPEAKER_02]: those already come in with the preconceived notion of some knowledge of what you're able to do,

[00:44:14] [SPEAKER_02]: they just don't you know what's the word I'm looking for? It's fall out of a tree.

[00:44:21] [SPEAKER_02]: And then see your eyes. They came through some channels before they showed up, believe me.

[00:44:27] [SPEAKER_04]: That's exactly, that's exactly true. Being involved, be committed, be visible, show your thought

[00:44:34] [SPEAKER_04]: leadership, good and great opportunity to come your way in the part about building smart

[00:44:37] [SPEAKER_04]: match alliances, vitally key by the way, property management side and also on the vendor,

[00:44:44] [SPEAKER_04]: supplier side, last but not least for those of you depending again on the speed and rate of your

[00:44:56] [SPEAKER_04]: about business growth, the ability to make pack positions. Small meeting the large,

[00:45:00] [SPEAKER_04]: whatever they might be, and carries you know we have an M&A division here as power,

[00:45:05] [SPEAKER_04]: we do that, we love doing that but just to sprinkle in and recognize that as your planning for

[00:45:10] [SPEAKER_04]: next year, if medium to faster growth is important to you and your company and your team,

[00:45:17] [SPEAKER_04]: let's again make certainly include that in our planning for 25. Okay,

[00:45:21] [SPEAKER_04]: all right, Carrie, coming around the bend. The last point we promised to cover focused on what

[00:45:27] [SPEAKER_04]: our strategic lens, thinking about the telescope and the microscope, where to as we come around

[00:45:32] [SPEAKER_02]: the bend here in our webcast. Well this, this is where all the roads you've been building

[00:45:36] [SPEAKER_02]: earnest are leading to which is how the leverage industry vendors and suppliers is key partners

[00:45:44] [SPEAKER_02]: in your forecasting like bringing those best-abreative guys that you've come to trust and know

[00:45:50] [SPEAKER_02]: that can deliver, bring them in artists and tell me how you fit them in that forecasting puzzle.

[00:45:59] [SPEAKER_04]: Yeah, I think the biggest, well just the fact that we've put this on is one of our key points.

[00:46:04] [SPEAKER_04]: Don't go with a loan for each of you in all of you. There are literally no new ideas in our

[00:46:10] [SPEAKER_04]: space and sector and that's not being slip-in at all. It literally means that somebody else's

[00:46:15] [SPEAKER_04]: bumped into this before you and we can go out and find that person or that situation or that path

[00:46:20] [SPEAKER_04]: even in the simplest, the use of what YouTube. I got an HVAC problem. Is that why I don't

[00:46:25] [SPEAKER_04]: know what in the world? No, look at this, it's just that little tube and it's a place that,

[00:46:30] [SPEAKER_04]: you know, I think we all have those examples. I think the biggest message here don't go

[00:46:33] [SPEAKER_04]: it alone from the property management side of the house. You have incredible vendors and

[00:46:39] [SPEAKER_04]: suppliers who have a wealth of knowledge. By the way, if you bring them in close and closer,

[00:46:44] [SPEAKER_04]: they will not leave you the insight. They'll help you with pricing, cost, budgeting, planning. You may

[00:46:49] [SPEAKER_04]: also get what? In the marketplace about what others are doing. There's a wealth of knowledge on that

[00:46:57] [SPEAKER_04]: side. There's suppliers in the same side. Don't go at alone as you think about your products and

[00:47:02] [SPEAKER_04]: services. You might see others in your marketplace, meaning your direct competitors. Others who

[00:47:07] [SPEAKER_04]: are not your competitors but are sprinkling is something really bright that you want to bolt

[00:47:11] [SPEAKER_04]: in. For example, we've been doing some research behind the scenes related to web site website

[00:47:19] [SPEAKER_04]: and we have a beat on something really exciting that we're doing a little soft research behind the

[00:47:28] [SPEAKER_04]: scenes that were fascinated and riveted by. These are the kinds of things that we don't have to

[00:47:32] [SPEAKER_04]: go with alone and by the way, that little nugget came from the pharma sector. What does that

[00:47:39] [SPEAKER_04]: how does that correlate to property management? Doesn't vendor supplier? Doesn't. But in the

[00:47:48] [SPEAKER_04]: incredibly valuable. So we want you to know don't go at alone. What would your vendors and

[00:47:56] [SPEAKER_04]: suppliers on the property management side related to RFPs? Most of you have those done but if you

[00:48:04] [SPEAKER_04]: have upcoming RFPs, reach out to your vendors and suppliers they will help you with the kinds of

[00:48:10] [SPEAKER_04]: things that you should be asking and looking for. If you've already done your RFPs, you still have

[00:48:15] [SPEAKER_04]: placeholder to make what next year's even better from that perspective. Draw on your vendors and

[00:48:22] [SPEAKER_04]: suppliers for their expertise, they're knowledge, they're insight. I've shared over the years an example

[00:48:29] [SPEAKER_04]: of a client in the Midwest with about 800 units of this particular client and they keep just bumping

[00:48:34] [SPEAKER_04]: into some of the issues with HVAC. I keep coming back to HVAC because it's summertime right?

[00:48:39] [SPEAKER_04]: And it's just how this blazes and it's down and it's out and you don't even imagine the one

[00:48:43] [SPEAKER_04]: star reviews of the getting fired up. And what did we learn from the HVAC company and their vendor

[00:48:49] [SPEAKER_04]: in supplier? Hey, these were always a scramble in the summer. These particularly units but if we

[00:48:55] [SPEAKER_04]: would have bring them in the spring and just put them in the warehouse you got them. The right here

[00:48:59] [SPEAKER_04]: and the next day we got your fix. That little quick snippet story happened 20 years ago. We've never

[00:49:07] [SPEAKER_04]: missed a beat and we're never waiting for parts or equipment to be flown in at a high expense in

[00:49:13] [SPEAKER_04]: days and days later and having residents ever so uncomfortable. But in reverse vendors and suppliers,

[00:49:20] [SPEAKER_04]: where are you working strategically with your accounts and your relationships? Let's go back to that

[00:49:26] [SPEAKER_04]: HVAC example. Who have you mapped out who you know will have inevitably summertime issues and

[00:49:32] [SPEAKER_04]: problems? What are you doing with them in the spring to stage and have that equipment ready?

[00:49:38] [SPEAKER_04]: And because you'll on and on with the various examples and the vendor supplier side,

[00:49:42] [SPEAKER_04]: but that's just a carry kind of a really quick and easy one from that perspective.

[00:49:47] [SPEAKER_02]: Carry your take on it? Yeah I think it's critical to have those conversations with

[00:49:55] [SPEAKER_02]: you know there's key partners to you know hey we typically have a lot of this going on at this

[00:50:03] [SPEAKER_02]: be at HVAC or whatever at this time of year. Or you know hey we're trying to plan some things

[00:50:10] [SPEAKER_02]: out for next year what do you guys do and do you know is there anything new we're trying

[00:50:17] [SPEAKER_02]: you know streamline our leasing process or or find a way to do better organic you know

[00:50:26] [SPEAKER_02]: lead flow in here and you know to have in those conversations take in little blocks of time

[00:50:33] [SPEAKER_02]: and I know it's hard because you know calls tend to derail you as I say but

[00:50:39] [SPEAKER_02]: but if you have enough team members I talk to a lot of the larger companies and they dedicate

[00:50:46] [SPEAKER_02]: a couple of people to go on out and you know kind of front running some of these things that

[00:50:52] [SPEAKER_02]: are interested in or they where they hear about and want to learn about so I think that's

[00:50:58] [SPEAKER_02]: those are critical conversations to have I think it's important to look at things that are

[00:51:05] [SPEAKER_02]: emerging in the market because it might be that thing you're looking for to go forward which

[00:51:10] [SPEAKER_02]: which is what we talked about and we we look out with the telescope what do we want we we kind of

[00:51:17] [SPEAKER_02]: when I looked for my telescope I'm vision this better business you know better things that

[00:51:25] [SPEAKER_02]: I can deliver into the market which which my in result is I'm going to grow the company

[00:51:31] [SPEAKER_02]: the people that work force are going to grow with us so I think that's kind of you know business

[00:51:38] [SPEAKER_02]: owners dream is to have this great running machine nothing's ever perfect but I think some of it

[00:51:46] [SPEAKER_02]: lies in what you're talking about harnesses getting those key players together and working with them

[00:51:53] [SPEAKER_02]: and and forecast not only the things you might run into like our conditions breaking but

[00:52:00] [SPEAKER_02]: where can we go you know coming into a new year or something and what can we do better and

[00:52:07] [SPEAKER_02]: different what what tools are out there for us to you to loss get there. Not no no doubt and

[00:52:14] [SPEAKER_04]: so much is happening let's you know be clear and what we've been covering here today in our

[00:52:22] [SPEAKER_04]: education webcast tied to AI carry we've been talking about web content accessibility guidelines

[00:52:30] [SPEAKER_04]: circling back to how we watch that and what we're sharing related to that affordable housing cost

[00:52:36] [SPEAKER_04]: of insurance there's so much moving around in our space and sector it is not fluid

[00:52:44] [SPEAKER_04]: and we do not expect it to continue to be the speed and rate of change in our space and

[00:52:51] [SPEAKER_04]: sector is moving faster than I think carry we have ever seen and the pace will not get any slower

[00:52:58] [SPEAKER_04]: so vendors and suppliers be your best and do your best you have to continue to innovate and stay current

[00:53:04] [SPEAKER_04]: all that you're doing on the property management side there will be more and more challenges guiding

[00:53:10] [SPEAKER_04]: your team you know hybrid work the rising cost of a rent the rising cost of construction

[00:53:19] [SPEAKER_04]: and construction costs and the goods and materials on that side affordable housing which we

[00:53:24] [SPEAKER_04]: expect to see will be a conversation for at least an X 10 and 20 years going forward tied to the

[00:53:29] [SPEAKER_04]: high cost of what housing did through the pandemic that really has not come back down higher interest

[00:53:36] [SPEAKER_04]: on that side what is that doing to rent what will that do as we push our rent further and further

[00:53:41] [SPEAKER_04]: forward is that sustainable is it not there's a lot moving around as we go into 25 and what you can

[00:53:49] [SPEAKER_04]: positively know is that carry in myself always be current you challenge us with your questions

[00:53:54] [SPEAKER_04]: your observations your posts your shared you challenge us and we will continue to stretch outside of

[00:54:00] [SPEAKER_04]: comfort zone and bring back to the very best of the best as we see in the sector so

[00:54:05] [SPEAKER_04]: I don't know carry you know pulling out it going all the way back to the telescope

[00:54:09] [SPEAKER_04]: so much moving around it's not getting easier and the pace is faster and faster for both vendors

[00:54:15] [SPEAKER_04]: suppliers on one side and the property management companies and their buildings and their assets

[00:54:21] [SPEAKER_04]: and their occupancies and their technologies that a fair statement it is and you know artists

[00:54:27] [SPEAKER_02]: I'm just kind of looking backwards as is you're talking and it's like we've we've discussed

[00:54:34] [SPEAKER_02]: AI for example on four different occasions this year

[00:54:40] [SPEAKER_02]: so because it's moving so quick and not not always the same thing it's like hey here's something

[00:54:47] [SPEAKER_02]: else and and maybe some use cases on how we bring into our industry and it's moving rapidly

[00:54:55] [SPEAKER_02]: so it's keeping up trying to keep up with things like that and deliver that information we've seen

[00:55:03] [SPEAKER_02]: you know so much regulation coming our industry and including website accessibility that we

[00:55:11] [SPEAKER_02]: talked about a couple of times some pending laws sitting there that maybe not everybody's aware

[00:55:17] [SPEAKER_02]: but that we brought the light some of the changes and what's called WCAG that's moving

[00:55:25] [SPEAKER_02]: so so much to cover and you know we still got a few more to go this year Ernest I think there'll be

[00:55:34] [SPEAKER_02]: a couple more interesting things before we roll in the 2025 but now time to start thinking about

[00:55:43] [SPEAKER_02]: these things as you know before you know it will be rolling into a new year and a lot of people

[00:55:50] [SPEAKER_02]: like to kind of know what's there and what can they implement they look that new year for a start

[00:55:55] [SPEAKER_02]: what can I do better and how can I plan better and how can I optimize my business

[00:56:03] [SPEAKER_04]: at positive and we also want you to know the matter what we talk about related to trends

[00:56:08] [SPEAKER_04]: technology AI sort of housing all of these pieces in the end we do this through people people

[00:56:15] [SPEAKER_04]: and performance okay and in the first in between the subjects that we cover we always come back

[00:56:22] [SPEAKER_04]: around how to be the best leader how to guide the best teams how to how to handle

[00:56:27] [SPEAKER_04]: opportunities challenges obstacles so we bring you both sides maybe we can frame that in the

[00:56:32] [SPEAKER_04]: softer people skills and then of course we're talking here on the harder side of the house

[00:56:37] [SPEAKER_04]: other things to keep business decisions and pivots every step of the way so as we roll along

[00:56:43] [SPEAKER_04]: we encourage each of you to think about what you see happening between now and the end of the year

[00:56:48] [SPEAKER_04]: what your plans are for the next year we have a couple of additional education a webcast that

[00:56:53] [SPEAKER_04]: will showcase this year carry then you roll into each January and do what pull an out the

[00:56:59] [SPEAKER_05]: crystal ball that's even better than the that's combining the telescope and the

[00:57:05] [SPEAKER_05]: telescope right in the middle of the crystal ball you know and it's a lot it's a lot of pressure

[00:57:10] [SPEAKER_02]: or it's because people do that that's gonna really happen hey I'm giving you more than a day notice

[00:57:19] [SPEAKER_05]: okay you know you know how to go there okay but I something I always look forward to it's one of

[00:57:25] [SPEAKER_04]: our largest attended educational webcast when we come around the band and really plot and plan

[00:57:30] [SPEAKER_04]: for the next year so as always thank you to each of you and all of you appreciate you being here

[00:57:34] [SPEAKER_04]: for this educational opportunity come into multi-family business we have a wealth of resources for you

[00:57:41] [SPEAKER_04]: and lots and lots of 170 plus education a webcast that are there for you as always coming

[00:57:47] [SPEAKER_04]: to multi-family business the all of what is happening in the very best and most important website

[00:57:52] [SPEAKER_04]: in our space and sector literally the largest media platform in our industry come in two

[00:57:58] [SPEAKER_04]: 365 connect you'll know why they're such award winning platform and then a

[00:58:04] [SPEAKER_04]: course our power our website is always there for with you over the last twenty nine years carry

[00:58:10] [SPEAKER_02]: some closing comments before you wrap up well I want to thank everyone for joining us today and

[00:58:17] [SPEAKER_02]: and you are on a show is you're always bringing the aid game on when when you when you deliver

[00:58:23] [SPEAKER_02]: and I get to be copilot but I'm I am taking the pilot seat on the next one and I got something

[00:58:31] [SPEAKER_02]: exciting about my sleep so more to film well stay tuned and I think shared we have also something

[00:58:39] [SPEAKER_04]: very extraordinary to share but we stay tuned we'll just share broadly with a bit of a teaser

[00:58:45] [SPEAKER_04]: it's stay tuned we will have a phenomenal upcoming education webcast on the subject matter

[00:58:50] [SPEAKER_04]: that we're very excited about so stay tuned do you see if you had all of you make it a fabulous day

[00:58:54] [SPEAKER_01]: and we'll be in touch take care thank you for listening to the multi-family biz power

[00:59:04] [SPEAKER_01]: our webcast series with your hosts industry experts carry herby at earnest or entity

[00:59:12] [SPEAKER_01]: be sure to visit multi-familybiz.com the largest media platform for the multi-family housing industry

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