Multifamily Unpacked

Welcome back to The Report. Here are the five biggest multifamily news stories in the past month:
 
1. WeWork goes bankrupt
 
2. Fed pauses on rate increases
 
3. Yardi waves ACH fees

4. The White House is looking at junk fees

5. Airbnb + longterm rentals

The biggest BONUS news story: What everyone was talking about at OPTECH with Brent Williams Chief Insider at Multifamily Insiders and Dom Beveridge Founder and Principal at 20 for 20.

About Multifamily Insiders:
Multifamily Insiders is the largest online networking group for multifamily professionals, allowing them to network, coordinate more effectively, and share ideas, experiences, and knowledge.  Multifamily Insiders provides many different sources of information and networking, such as expert blogs, topical webinars, apartment-related discussion groups, multifamily news, file and document sharing, and job listings.  The site serves all different levels of multifamily professional, including on-site leasing specialists, corporate executives, multifamily investors, maintenance professionals, and apartment vendors.  The site has features that help with career development and business in new and unique ways.

Members of the National Apartment Association (NAA), Texas Apartment Association (TAA), and Houston Apartment Association (HAA).

To learn more about Multifamily Insiders: https://www.multifamilyinsiders.com/

About 20 for 20: 
20 for 20 is a multifamily industry resource that helps technology companies reach customers and potential customers to make great technology decisions. We accomplish this through a constant dialogue with leaders on both the vendor and owner-operator sides of our industry.

To learn more about 20 for 20: https://20for20.com/

To stay up-to-date follow Funnel on Linkedin and connect with Tyler there, too. 

Listen to a candid conversation between two multifamily friends Johnny Hanna CRO at Funnel, and Matt DeGraw CEO at Bridge Property Management. 

They talk about everything from dancing 🕺, to thoughtfully creating a great renter and team experience. 

Listen wherever you get your podcasts.

About Matt:
Matt DeGraw serves as Senior Managing Director at Bridge Investment Group, Chief Executive Officer at Bridge Property Management, and is Co-Chief Investment Officer for Bridge Multifamily. As President, Matt oversees operations throughout the portfolio of Bridge Property Management’s multifamily assets. Prior to joining Bridge, Matt served as a Regional Manager and Director of Operations for Evergreen Management Group. Previously, Matt was a Community Manager at Wasatch Premier Communities for three years. While at Wasatch he also worked with their Acquisition Team. Matt began his career as a Leasing Agent at a multifamily-asset with REIT Archstone. Matt has his CPM (Certified Property Manager) designation through the Institute of Real Estate Management, and has also served on the Board and Executive Board of the Utah Apartment Association. Matt holds a Bachelor of Arts in Spanish with a minor in Economics from the University of Utah.

To stay up-to-date follow Funnel on Linkedin and connect with Tyler there, too. 

Typically to announce new funding, companies take out a billboard in Times Square or waste money on a vanity project. 

BUT! Renter-centric is more than a tagline– it’s our ethos. We create products to serve renters, so we wanted to do something to give back to our core audience and spend time talking with (and giving away free funnel cakes to) renters.

Listen to hear what real renters had to say about their experience.

To stay up-to-date follow Funnel on Linkedin and connect with Tyler there, too. 

Veritas is asking the hard questions. 

Tune into this candid panel discussion about what processes every community should automate, the new operating model, and OPTECH. 

As you know, employee hiring and turnover rates have caused many operators to declare reducing site team workload a critical 2023 initiative. 

But where should operators focus to get fast and lasting efficiencies? 

Listen to this panel discussion on streamlining and centralizing time-consuming processes to free up staff time and lower costs.

To stay up-to-date follow Funnel on Linkedin and connect with Tyler there, too. 

Tune in to hear: 

Tyler Christiansen’s take on recent multifamily news, and predictions on what you’ll hear at OPTECH.

Alex Howe opine on the sad state of Delta Airlines’ recent changes and why valuing the customer experience is paramount. 

Listen on Apple Podcasts, Spotify, or wherever you get your podcasts. 

To stay up-to-date follow Funnel on Linkedin and connect with Tyler there, too. 

“I want to build more housing, and use that housing more flexibly.” — Jesse Stein

The lines between hospitality and multifamily blurred even more with Airbnb's recent announcement of long-term rentals. But the underlying truth is: renters want subscription-based flexible living.

In this podcast, Jesse Stein, the Global Head of Real Estate at Airbnb, shares his experience coming from the hospitality industry and how it informs his time in multifamily. Stein shares about Airbnb-friendly apartments and how it impacts the housing affordability crisis the country is facing. And the opportunity brands have to deliver flexible, subscription-style housing. 

“One of the things that shocked me about the Multifamily space, is that there is no uniform operating model. You have centralized operating models, and you have regionalized or property-specific operating models. Each one works in its own vertical to a certain degree. But, the ability to roll out the hospitality component from a centralized model, we’ve seen be a little bit faster than a regionalized model,” said Stein. “I would say our partners are leaning into the hospitality component, not really due to Airbnb, but because that is the expectation of the consumer.” 

Listen on Apple, Spotify, or wherever you get your podcasts. 

About Jesse Stein: 
Jesse Stein is Airbnb’s Global Head of Real Estate. Jesse oversees Airbnb’s strategy to create new supply and growth opportunities through real estate development projects and partnerships. He joined Airbnb from KHP Capital, a real estate private equity firm focused on investments in boutique and independent hotels. He has deep expertise in sourcing and executing development projects including hotel, timeshare, residential, and fractional assets. Prior to real estate, Jesse was pursuing a career in football and briefly played with the Jacksonville Jaguars.

To stay up-to-date follow Funnel on Linkedin and connect with Tyler there, too. 

How to be the best place to work, in any industry, for anyone. 

Alex O’Brien, CEO of Cardinal Group and co-founded the company with the goal of being the best place to work, in any industry, for anyone. The proof: Cardinal has been voted a Best Place to Work seven times. Cardinal believes in adopting new technology to provide team members with the skills they need to be relevant and successful in their next job — as a bonus, their teams like where they work, stay longer, oh, and it also drives results for the company. 

About Alex O'Brien: 
Alex is a co-founder and the CEO of Cardinal Group Companies. Over the past 15 years, he has held various leadership roles, including President of CG Management and COO, and was named CEO in May of 2020. He is responsible for the overall vision of the Company and for ensuring the Cardinal Culture is strong for the Company’s over 2,500 team members.

Prior to Cardinal Group, Alex was a Captain in the United States Marine Corps. He is a graduate of Miami University in Ohio and received his MBA from the University of Chicago’s Booth School of Business.

In his personal time, he serves the veteran community of Colorado as a Board Member of Salute Colorado and coaches youth sports.

About Cardinal Group Companies

Cardinal Group Companies (“CGC”) is a fully integrated real estate management, investment, construction, consulting, and marketing firm focused on multifamily and student housing throughout the country. Headquartered in Denver, Colorado, CGC affiliate companies are all firmly built atop the company’s “Cardinal Culture.” Since 2007, CGC has been operating successful partnerships, focused on creating efficiency and above market performance via their commitment to challenging the status quo of the industry. To date, Cardinal Group Companies has developed several best-in-class initiatives, which have earned the company national recognition year after year. CGC’s management platform oversees nearly 90,000 student housing beds and nearly 40,000 total units across the U.S., including CGC’s owned portfolio and third-party managed properties.

To learn more about Cardinal Group Companies, please visit www.CardinalGroup.com.

To stay up-to-date follow Funnel on Linkedin and connect with Tyler there, too. 

Our final episode of season one features Mike Brewer– a multifamily veteran and  Chief Operating Officer at RADCO Residential. Mike is passionate about people, technology, and real estate. He’s received several industry honors including seven “Property Management Company of the Year” awards under his leadership. He is the founder of The Multifamily Collective, which reaches multifamily professionals across the globe. With more than 25 years of multifamily experience, Mike’s perspective on the past, present, and future of multifamily technology comes through an empathetic lens on how technology can be leveraged to bring people closer together — not further apart. As we leave season one, this lens of genuine concern for team members as individuals, and thoughtful problem-solving on where the industry is going leaves us all in good hands until season two. 

About Mike:

Mike Brewer is passionate about people, technology, and real estate. Mike’s investment in technological advances and education improves the team member experience and elevates customer engagement. He joined RADCO Residential in 2016 and oversees all operations. Mike has received numerous industry honors, including seven “Property Management Company of the Year” awards under his leadership. He is a frequent contributor to industry-related publications, such as Units Magazine, MFE, Multifamily Insiders, PropertyManagement.com, and more. His vlog, The Multifamily Collective, reaches industry professionals across the globe who tune in daily for Mike’s reflections on everything from consumer trends to employee relations, professional growth, and beyond. An avid reader and lifelong learner, Mike has been “out to put a dent in the multifamily universe” for more than 25 years.

About The RADCO Companies

RADCO was founded in 1994 with the mission of “Building Better Living.” Based in Atlanta, RADCO is a national real estate company that specializes in the acquisition and redevelopment of value-add multifamily and hospitality investments across the Southeast and Central US. Over the past 10 years, the firm has acquired and invested in approximately 30,000 units in 15 markets and completed more than 100 deals totaling $3.2 billion. For more information, please visit www.radco.us.

To stay up-to-date follow Funnel on Linkedin and connect with Tyler there, too. 

Funnel CEO, Tyler Christiansen, joined IREM’s From the Front Lines podcast to discuss how customer relationship management (CRM) software, and Renter Management Software can advance marketing and leasing goals by delivering an exceptional renter experience, create efficiencies for management, and a more enjoyable associate experience for teams.

About IREM
For 90 years, our members have made us the world’s strongest voice for all things real estate management. Almost 20,000 leaders in commercial and residential management call this home for education, support and networking. Our CPM®, ARM®, ACoM®, and AMO® certifications are internationally recognized symbols of ethical leadership and a well-managed property. And our tools deliver decades of on-the-job know-how to help members get even better at what they do. Put simply – IREM and its members are here to elevate the profession. If you know real estate management, come get to know us. irem.org.

About Funnel
Funnel provides three quantifiable wins: for renters who demand a better experience; for understaffed and stretched-thin teams; and for operators looking to reduce costs and improve efficiencies. Funnel’s AI and automation-powered platform delivers a streamlined, consistent, and connected experience from first inquiry through years of renewals, while simultaneously saving operators quantifiable money through the operational flexibility only a renter-centric platform can provide. We call it Renter Management Software; it powers the new operating model embraced by 6 of the NMHC Top 20 owners and operators.

To stay up-to-date follow Funnel on Linkedin and connect with Tyler there, too. 

We usually stay away from other multifamily vendor partner interviews — because the world already has enough echo chambers. But, we are thrilled to share this interview with Jindou Lee, co-founder and CEO of HappyCo, a multifamily proptech company that develops software and service solutions to enable real-time property operations. HappyCo’s origin story begins when Jindou’s own rental properties met his design thinking and background. The rest is history. 

About Jindou
Jindou Lee is the CEO and co-founder of HappyCo, a multifamily proptech company that develops software and service solutions to enable real-time property operations. Prior to his current role, Jindou also founded and exited two previous tech companies. Jindou graduated from the University of South Australia with a Bachelor of Visual Communications (Design) and subsequently worked for Midway Games where he led the User Interface team to work on classic titles such as Mortal Kombat, Gauntlet, and Dukes of Hazzard. Besides his love for technology, Jindou is also an avid real estate investor and enjoys spending time with his family.

About HappyCo
HappyCo is a multifamily PropTech company that develops software and service solutions to enable real-time property operations for owners, property management companies, and onsite teams. Its solutions suite includes market-leading workflow tools with in-unit data on over 3.5 million rental homes and a remote maintenance workforce solution. Founded in 2011 in Adelaide, Australia, the company is privately held with a remote workforce throughout the U.S., Canada, and Australia. 

To stay up-to-date follow Funnel on Linkedin and connect with Tyler there, too.