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
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