Multifamily Collective Podcast

In this episode of CollectiveConversations, host Mike Brewer interviews Dom Beverage about the latest edition of 20 for 20. They discuss the background and purpose of the report, which involves interviewing 20 multifamily professionals to gain insights into industry trends. One significant finding from the 2023 edition was the prevalence of fraud in the industry, which has become a nationwide problem. The conversation then shifts to the topic of centralization in multifamily, with a focus on leasing, administration, and maintenance. Dom explains that while leasing and administration can be centralized and automated, maintenance tasks are more challenging to centralize due to physical constraints. Mike and Dom discuss the potential adoption of AI and shared services in the industry's tech stack. Their conversation covers various topics related to the multifamily industry, including tech acquisition, revenue generation opportunities, short-term rentals, data and analytics, and innovation. The overarching theme is the focus on revenue as the top priority in 2024, driven by the challenges of an oversupply of apartments in many markets. The discussion also highlights the importance of collaboration and the role of business intelligence in driving insights and decision-making. The 20 for 20 report provides valuable insights into the current trends and challenges in the multifamily industry. Takeaways Fraud is a pervasive issue in the multifamily industry nationwide. Centralization in multifamily is most prevalent in administration, followed by leasing and maintenance. Shared services is a practical approach to centralization, allowing for consolidating administrative tasks, which can streamline processes and improve efficiency in the industry's tech stack. Tech acquisition in the multifamily industry is focused on rationalizing existing technology and eliminating overlap rather than reducing spending on technology. Revenue generation is a top priority in 2024, driven by the challenges of oversupply in many markets. Short-term rentals are gaining traction in the industry, with different models such as Airbnb-friendly apartments and lease arbitrage being explored. Data and analytics, particularly business intelligence, are becoming more mature in the industry, enabling collaboration and unlocking value. Innovation and best-of-breed solutions are gaining importance, with platform vendors making advancements and competing with best-of-breed software. The multifamily industry is experiencing a shift in focus towards revenue growth rather than just operating margin. Chapters 00:00 Introduction and Background 02:11 Overview of 20 for 20 06:30 Highlights of 2023 11:44 Centralization in Multifamily 27:23 Changing the Tech Stack 33:35 Tech Acquisition 41:16 Revenue Generation Opportunities 44:44 Short-Term Rentals 51:45 Data and Analytics 52:42 Innovation and Best-of-Breed Solutions 01:01:08 Revenue as the Top Priority Please like, comment, click the notification bell, and never miss an episode. If you haven't yet found your way to the Multifamily Media Network - check it out! www.multifamilymedianetwork.com and the YouTube channel by the same name. Find a wealth of high-quality free multifamily education available for your consumption. Grow your professional skill set and industry knowledge by listening to or watching this deep well of multifamily wisdom. #mikebrewer #multifamilycollective #multifamilymentoring #multifamilycoaching #multifamilypodcast #leadership #OpenAi

In this enlightening episode of Multifamily Collective, join us to discuss the Management by Exception (MBE) concept, a pivotal strategy. With nearly 30 years of experience, our host, Mike Brewer, sheds light on how this approach can significantly reduce the operational overload of on-site and regional management teams, enhancing customer service and team motivation. Management by Exception is not just a methodology; it's a philosophy that leverages technology to pinpoint areas needing urgent attention. Focusing on critical, red-flagged issues and maintaining efficient communication can streamline operations, ensuring that properties perform at their peak. This episode is a must-watch for asset managers, property managers, and anyone looking to thrive in the multifamily industry through 2024's challenging market dynamics. Why You Should Watch: Discover how Management by Exception can transform your property management approach. Learn to set effective communication agreements to optimize property performance. Understand the importance of focusing on critical issues to save time and enhance team productivity. Visit us at multifamilycollective.com for more insights into multifamily property management. 👍 Like this video? Don't forget to subscribe and hit the like button to stay updated with our latest content designed to make you a multifamily management guru! Management by Exception, Multifamily Property Management, Asset Management, Team Motivation, Customer Service, Operational Efficiency, Property Performance, Multifamily Industry, 2024 Market Dynamics, Property Management Techniques #ManagementByException #MultifamilyManagement #PropertyManagement #AssetManagement #OperationalEfficiency #MultifamilyCollective #TeamMotivation #CustomerServiceExcellence #PropertyPerformance #2024MarketInsights#mikebrewer #multifamilycollective #multifamilymentoring #multifamilycoaching #multifamilypodcast #leadership #OpenAi

I try to turn every setback into a stepping stone, collecting failures like trophies from life's marathon. Here's why embracing the tiny lessons in adversity fuels our journey towards success. Welcome to the MultifamilyCollective, where we discuss the art of turning failures into foundations for future achievements. In today's video, we explore the unconventional approach of collecting rejections, failures, and adversities not as setbacks but as invaluable lessons and opportunities for growth. Just like prized medals from a marathon or a well-fought match, every challenge we face can propel us forward if we only learn to see them as such. Join us as we dissect how to transform every 'downside' into a personal and professional development data point. We're not just discussing failures in the abstract; we're talking about practical ways to incorporate these lessons into our lives, ensuring every step taken, even backward, moves us closer to our goals. Whether a missed target or an unachieved outcome, each experience is a goldmine for learning and improvement. Remember, failure doesn't define you; your resilience and ability to learn from it does. Embrace every lesson, filter out the noise, and harness the power of your experiences to forge a path to success. So, collect those failures, cherish those lessons, and let's accelerate our journey together. Remember to like, subscribe, and hit the notification bell to join our community of learners and achievers. Your support helps us bring more insightful content your way! For more wisdom, visit multifamilycollective.com. embracing failure, learning from rejection, personal growth, professional development, overcoming adversity, resilience, success strategies, life lessons, self-improvement #EmbracingFailure #LearningFromRejection #PersonalGrowth #ProfessionalDevelopment #OvercomingAdversity #Resilience #SuccessStrategies #LifeLessons #SelfImprovement #MotherFamilyCollective#mikebrewer #multifamilycollective #multifamilymentoring #multifamilycoaching #multifamilypodcast #leadership #OpenAi

In this episode of Multifamily Collective, host Mike Brewer talks about the essence of growing your business by focusing on the growth of your people. With an emphasis on the critical role of delegation, Mike shares insights on the necessity of developing your team. Discover how manufacturing scenarios and stress testing your organization can prepare your team for any crisis, enhancing their ability to handle real-world challenges. From routine processes to unexpected crises, learn how to equip your team with the skills they need to thrive and drive your business forward. Mike Brewer of MultifamilyCollective highlights the 24/7 commitment required to cultivate a team capable of contributing to the advancement of your organization. Whether through standard operating procedures or crafted experiences designed to test resilience and problem-solving, this episode is a call to action for leaders to actively engage in developing their people for the betterment of their business. Don't miss out on this insightful discussion on leveraging your team's potential to achieve exceptional business outcomes. Remember, the growth of your people is the foundation of your business's success. 🔗 For more insights and resources, visit us at MultifamilyCollective.com. 👍 If you found value in this video, please LIKE, SUBSCRIBE, and SHARE with others who might benefit from this content. Mike Brewer, Multifamily Collective, people development, business growth, delegation, team building, leadership, crisis management, stress testing, professional development, organizational growth #MikeBrewer #MultifamilyCollective #PeopleDevelopment #BusinessGrowth #Delegation #TeamBuilding #Leadership #CrisisManagement #StressTesting #ProfessionalDevelopment #OrganizationalGrowth#mikebrewer #multifamilycollective #multifamilymentoring #multifamilycoaching #multifamilypodcast #leadership #OpenAi

Avoiding emotionally charged conversations is a shortcut to losing trust and credibility. Leadership isn't just about guiding teams toward success; it's also about holding people accountable, even when it means stepping into uncomfortable territories. Mike shares his insights on why avoiding these crucial conversations can lead to severe consequences like losing credibility, trust, and the ability to lead effectively. He encourages leaders to face the discomfort head-on, offering tips and coaching advice for those who struggle with these situations. Whether in multifamily management or another leadership role, this episode is a must-watch for anyone looking to improve their communication skills and strengthen their leadership. Remember, avoiding the pain of difficult conversations only leads to more significant pain down the line. Embrace the challenge, and let's grow together. For more insights into leadership and personal growth within the multifamily industry, visit us at multifamilycollective.com. 👍 Like this video if you found it helpful, and subscribe to our channel for more insights into multifamily leadership. Your support helps us bring more content like this to you. #MultifamilyLeadership #LeadershipSkills #DifficultConversations #EmotionalAccountability #PersonalGrowth #CommunicationSkills #MultifamilyManagement #Accountability #MultifamilyCollective#mikebrewer #multifamilycollective #multifamilymentoring #multifamilycoaching #multifamilypodcast #leadership #OpenAi

I've encountered a twist in my usual setup, bringing me back to #TinyTechTroubles and the roots of MultifamilyCollective. Today, we're diving deep into the essence of intelligence—not just any intelligence, but the kind that truly matters in the multifamily space, business, and life. Welcome back to Multifamily Collective, where today's episode takes a nostalgic turn with a mobile setup reminiscent of our early days as ApartmentHacker. Despite the technological hiccup, we're seizing this moment to explore a critical aspect of intelligence that transcends the multifamily industry and touches every facet of life: the grace with which we handle failure. Failure is an inevitable part of life, affecting everyone in the multifamily community and beyond. Yet, it's not the failure that defines us but how we respond. This episode delves into emotional intelligence (EQ) and its profound impact on our approach to failure. With high EQ, failure becomes not a mark against our character but a valuable lesson and a data point for growth. We discuss how embracing failure with grace and viewing it as an opportunity for adjustment or a pivot can significantly influence our personal and professional development. This perspective shift is crucial for anyone looking to enhance their resilience and succeed in the multifamily business or any endeavor. Remember, every failure is a stepping stone to success. Let's explore how to transform setbacks into powerful catalysts for change and improvement. For more insights and to join our vibrant community, visit multifamilycollective.com. 👍 Like and subscribe for more empowering content focused on personal growth, professional development, and collective wisdom in the multifamily space. emotional intelligence, multifamily business, handling failure, personal growth, professional development, resilience, success strategies, EQ in business, Multifamily Collective, Apartment Hacker #MultifamilyCollective #EmotionalIntelligence #FailureToSuccess #MultifamilyBusiness #ProfessionalGrowth #Resilience #SuccessStrategies #EQ #ApartmentHacker

I've been wrestling with technology and managing the pressures of property management like never before. In this handheld episode, I dive into the critical importance of communication agreements in the multifamily industry, especially under the tight constraints of 2024. In today’s episode of MultifamilyCollective, I tackle the pressing challenges faced by the property management space, especially within third-party management, amid the economic landscape of 2024. With rent growth slowing and operational costs rising, it’s all hands on deck to ensure asset performance. I delve into the vital role of communication agreements and the intricate dance between asset managers and site teams in optimizing revenue and cost control. The increasing involvement of asset managers in daily operations, sometimes without direct experience in on-site roles, can lead to inefficiencies and a disconnect in understanding the practical aspects of property management. I propose a practical solution to reduce the administrative burden and enhance communication effectiveness, ensuring time is spent where it truly matters - on the ground with the team, driving the efforts in all aspects of property management. For more insights and strategies on navigating the multifamily industry, visit multifamilycollective.com. 👉 Don't forget to like, subscribe, and hit the notification bell for more valuable insights into the multifamily space. property management, communication strategy, multifamily industry, asset management, operational efficiency, cost control, revenue enhancement, ancillary revenue, property management challenges 2024, third-party property management, operational system optimization #PropertyManagement #MultifamilyIndustry #AssetManagement #OperationalEfficiency #CostControl #RevenueEnhancement #CommunicationStrategy #MultifamilyCollective #RealEstateInsights #2024Challenges

Today's episode tackles some critical aspects of budgeting and expense control, especially relevant in 2024's tight financial landscape. With every General Ledger (GL) line item facing unprecedented scrutiny, adhering to your meticulously planned budgets and continuously seeking ways to optimize and reduce operational costs even further is essential. Given the complexities of current economic conditions, our focus extends beyond mere budget adherence. We look into the art of negotiation within existing contracts, presenting a compelling case for supplier partnerships prioritizing mutual sustainability over short-term gains. Whether renegotiating service contracts mid-term or leveraging competitive offers to secure better deals, our strategies are designed to ensure your multifamily operations survive and thrive. In this episode, Mike Brewer shares overarching ideas on expense management, emphasizing the importance of strategic negotiations with suppliers and comparing market options to ensure you're getting the best value for your spending. Every line item is just enough for our cost-saving scrutiny, from office supplies to service contracts. Join us as we embark on a series dedicated to budget optimization, where we'll cover everything from renegotiating contracts to innovative cost-saving measures across various operational aspects. Whether you're looking to refine your budgeting process or find new ways to reduce expenses, this series promises valuable insights for multifamily professionals aiming for financial efficiency. Remember to visit MultifamilyCollective.com for more insights and strategies tailored to the multifamily sector. Remember to like, subscribe, and hit the notification bell to stay updated with our latest content designed to help you navigate the multifamily real estate landscape more effectively. multifamily real estate, budget management, expense control, financial efficiency, contract negotiation, operational costs, supplier partnerships, cost-saving strategies, real estate budgeting, GL line item optimization #MultifamilyRealEstate #BudgetManagement #ExpenseControl #FinancialEfficiency #ContractNegotiation #OperationalCosts #SupplierPartnerships #CostSavingStrategies #RealEstateBudgeting #GLLineItemOptimization#mikebrewer #multifamilycollective #multifamilymentoring #multifamilycoaching #multifamilypodcast #leadership #OpenAi

Stop Being Afraid to Ask! Overcome Fear & Get What You Want! Tired of letting the fear of rejection silence your voice? Stuck in the cycle of never asking, never getting? Join Mike Brewer as he unveils a life-changing challenge: The Coffee Shop Discount Experiment! ☕️ In this video, you'll learn: How to conquer ask avoidance in ANY situation, from work to relationships. Why exercising your "ask muscle" is essential for success. The simple coffee shop trick that can transform your confidence. How to feel the fear and ASK ANYWAY! (Even if your voice shakes!) Ready to unlock your full potential? Watch now and start asking for what you deserve! Don't forget to LIKE & SUBSCRIBE for more empowering content! fear avoidance, overcome fear, ask for what you want, confidence, communication, relationships, workplace, personal growth, motivation, self-improvement Hashtags: #askavoidance #stopbeingafraidtoask #coffeetipexperiment #conquerfear #getwhatyoudesserve #confidenceboost #communicationtips #relationshipsuccess #workplacerelationships #personalgrowthjourney #motivationmondays #selfimprovementtips#mikebrewer #multifamilycollective #multifamilymentoring #multifamilycoaching #multifamilypodcast #leadership #OpenAi

In this episode of MultifamilyCollective, we discuss the impact of nurturing heart, body, mind, and soul within multifamily leadership. Inspired by the wisdom of Stephen Covey, particularly his work on The Seven Habits of Highly Effective People, we explore how focusing on these four critical aspects can dramatically enhance organizational culture and employee well-being. Join us as we share insights on creating a workplace that not only achieves outstanding outcomes but also enriches the lives of its members on a profoundly personal level. Before diving into this transformative discussion, we spotlight the  @MultifamilyMediaNetwork  's latest addition, "Thriving in Multifamily" by Lissi Daniels. A visionary podcast already making waves, we encourage you to listen to its inaugural episode on Spotify. Fostering an environment that feeds the heart, body, mind, and soul isn't just about improving productivity; it's about building a community where everyone feels valued, healthy, and intellectually stimulated. Don't forget to visit multifamilycollective.com for more insights and wisdom on multifamily leadership. If you found value in today's episode, please like, subscribe, and share with others who might benefit from our collective journey toward enriching the multifamily industry. multifamily leadership, Stephen Covey, heart, body, mind, soul, organizational culture, employee well-being, holistic approach, Multifamily Collective, Thriving in Multifamily, leadership strategies, multifamily industry #MultifamilyLeadership #HolisticApproach #EmployeeWellbeing #OrganizationalCulture #StephenCovey #MultifamilyCollective #LeadershipStrategies #MultifamilyIndustry #NurtureSuccess #Empowerment#mikebrewer #multifamilycollective #multifamilymentoring #multifamilycoaching #multifamilypodcast #leadership #OpenAi