In this conversation, Mike Brewer interviews Donald Davidoff, the founder and CEO of Real Estate Business Analytics (REBA).
They discuss REBAs growth and the importance of building a solid team.
Donald shares insights on leadership and the art of asking good questions.
They also address the recent lawsuits in the revenue management industry.
Finally, they explore the differentiating factors in pricing systems and the role of process in revenue management.
In this conversation, Donald discusses various topics related to the multifamily industry, including process constraints, concessions, the use of AI, and more.
He emphasizes the importance of understanding AI's limitations and using the right tools for the right problems.
Donald also reflects on the multifamily industry and its unique characteristics.
TAKEAWAYS
Building a solid team is crucial for the success of a company.
Leadership involves asking good questions and creating an environment for people to succeed.
Claims of collusion in the revenue management industry are unfounded.
Process is as important as math in revenue management, especially in an inefficient market like housing.
Transparency, efficiency, and addressing special cases are key factors in building a successful pricing system.
Process constraints and technical debt can hinder innovation and progress in the multifamily industry.
Concessions are here to stay and play a role in the psychology of marketing and leasing.
Improving the use of concessions can lead to better outcomes for property owners and managers.
AI has the potential to revolutionize the industry, but it is important to understand its limitations and use it appropriately.
TIME STAMPS
00:00 Introduction and Company Growth
05:20 Building a Strong Team
06:29 Mix of Veterans and New People
08:11 Leadership and Asking Good Questions
14:16 Collusion and Lawsuits in Revenue Management
23:14 Differentiating Factors in Pricing Systems
29:01 REBA Rent and Compliance with Antitrust Laws
31:20 Importance of Process in Revenue Management
37:55 Process Constraints and Technical Debt
38:24 Concessions Are Here to Stay
39:41 Improving the Use of Concessions
42:52 Reba Rent, Reba BI, and Budgeting Tool
47:04 The Potential of AI in Real Estate
52:02 The Limitations of AI and the Importance of Understanding Tools
58:46 Reflections on the Multifamily Industry
Mike Brewer, Donald Davidoff, Real Estate Business Analytics, REBA, multifamily industry, leadership, artificial intelligence, AI, revenue management, pricing systems, concessions, process constraints, technical debt, team building, lawsuits, collusion, transparency, efficiency
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