Financial Freedom with Real Estate Investing MB 185: Creating an Uber-Like Resident Experience for Apartment Buildings – With Patrick Antrim
Technology has succeeded in disrupting several industries. Think about what Uber has done to the taxi business. Or how Airbnb has changed hotels. These innovations work because they create a frictionless experience for consumers. So, how might #proptech disrupt multifamily? And how can apartment investors leverage technology to better the resident experience and compete in the market of the future?
Patrick Antrim is the Founder and CEO of Multifamily Leadership, a thought leadership platform that researches the best in innovation and leadership in the multifamily space. He has 18 years of experience managing the portfolios of some of America’s most influential real estate entrepreneurs and business titans, including Forbes billionaire George Argyros. Patrick is also the host of the Multifamily Leadership Podcast and the creator of the Multifamily Leadership Summit.
On this episode, Patrick joins me to share his take on shifting renter expectations and explain why investors of the future need to understand technology. He describes how we can use tech to improve the tenant experience and why class B and C operators shouldn’t dismiss tech as a luxury amenity. Listen in for Patrick’s insight around current trends in multifamily and learn how his organization is exploring the intersection among technology, leadership and resident journey.
Key Takeaways
How Patrick got into the asset management space
- Retire from playing for New York Yankees
- Apprentice to former Mariners owner (5K multifamily units)
- Grew relationships with HNWI to manage $1.2B portfolio
Patrick’s take on shifting renter expectations
- Look at multifamily as consumer category
- Unique opportunity for operators to add value
Why investors of the future need to understand technology
- Lift on revenue (e.g.: $55/month for smart home)
- Compete with luxury developments
- Future valuations based on tech in buildings
- Save up to $100K/year on expenses
How we can use tech to improve the tenant experience
- AI voice assistant to answer calls
- Upgrade leasing journey (i.e.: digital applications)
- Smart appliances, IoT devices in units
Patrick’s insight on tech in class B and C properties
- Consumers quick to adopt tech (e.g.: Wi-Fi)
- Impact operational inefficiencies like keys, work orders
- Eliminate need for leasing agent at small properties
Why property management companies are slow to adopt tech
- Investors already winning, don’t have to think ahead
Patrick’s thoughts on current trends in multifamily
- Talent as last competitive advantage
- Resident experience drives returns
- Discussion around affordable housing
Patrick’s mission with Multifamily Leadership
- Collision of tech, leadership and resident journey
- Design co. to attract talent, residents + investors
Patrick’s advice for aspiring multifamily operators
- Focus on creating value long term
- Make sure incentives aligned
Connect with Patrick Antrim
Multifamily Leadership Podcast
Resources