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In this episode of Collective Conversations, Mike Brewer fueled up with two cups of fresh French press for this chat with multifamily powerhouse Lisa Russell. Lisa is a 36-year veteran of the property management industry and is a sought-after Consultant and Speaker and sits on the Prop Tech Advisory Board. This long-form interview covers a broad range of topics with just a few key highlights below.
Key Discussion Points:
- AI in Multifamily: The move from traditional prop tech to AI was slow at first and is not moving at the speed of light. Despite many common fears, AI will not immediately remove the need for people in our industry. It is however important for people to constantly seek to better understand AI to create future opportunities for themselves. It is also critical for leaders to upskill and reskill their workforce for the changing needs of our industry.
- Fraud Protection: Where fraud was once seen as a one-off occurrence, it has now moved into a more syndicated affront to the industry. It is important to look for the holes in your systems and take a multifaceted view of all your qualifying criteria. No one system can effectively eliminate fraud. The risk lies in the higher percentage of renters who accessed the property via fraudulent means, is the percentage of occupancy you can lose overnight. They don’t care about credit or rental history or any of it because the application documents were fraudulent to start with. The most important operational indicator for fraud is the number of skips. They should be labeled as skips and the trend tells the story of what is broken in your qualifying systems.
- Leadership: Lisa and Mike dive deep into the self-appraisal and honesty required to be in a leadership position. This part of the conversation is raw, candid, and moving. If you are in a leadership position or are working towards growing your leadership skills, don’t skip past the conversation on leadership.
Whether you’re a seasoned investor, property manager, vendor/supplier, or someone interested in learning more about the multifamily market, this series offers valuable insights that can help you navigate the challenges and seize the opportunities in this dynamic industry.
About Mike Brewer – Mike is enthusiastic about people, technology, and the multifamily industry. He serves as President of RADCO Residential and COO of The RADCO Companies. As the Founder of Multifamily Collective, Mike is passionate about sharing insights and wisdom through this series of Collective Conversations with others in this industry. This podcast is a platform for industry professionals to connect, learn, and grow
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The views and opinions expressed in this podcast are solely those of the individuals involved and do not necessarily reflect the official policy or position of Multifamily Collective or any other organization mentioned during the episode. The podcast is for informational purposes only and should not be considered professional or legal advice. Always consult a qualified professional or your organizational leadership before making strategic, professional, financial, or investment decisions.