Risk
Rowland Hobbs | Stake | Collective Conversations
In this enlightening episode, we dive into a fascinating conversation with Rowland Hobbs, CEO and co-founder of Stake, where he shares groundbreaking developments in the real estate industry.
From introducing Stake’s new free offerings to exploring the impact of AI and machine learning in rental management, this video is packed with insights and innovative strategies.
Key Highlights: Stake’s Free Financial Services: Discover how the are revolutionizing the real estate sector with free services, including 1% cash back and FREE credit building.
AI and Machine Learning in Real Estate: Learn about the role of AI in analyzing consumer behavior, helping property owners make informed decisions, and enhancing the resident experience.
Challenges in Managing Incentives: Uncover the practical difficulties in handling gift cards and cash incentives and the need for effective management solutions.
The Shift to Loyalty Thinking: Understand the transition from transactional to loyalty thinking in real estate and its operational implications.
Stake’s Innovative Approach: The company offers free financial services under Hobbs’ leadership and implements AI and machine learning for deeper consumer insights.
This approach is shaping the future of rental management, making it more efficient and renter-friendly.
For more details, insights, and industry-leading advice, visit MultifamilyCollective.
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#RealEstateInnovation #AIinRealEstate #StakeFinancialServices #RentalManagement #ConsumerBehavior #MachineLearning #PropertyManagement #RealEstateTechnology
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Multifamily Idea Composting
Photo by Nick Fewings on Unsplash
“The concept of composting is not new, but applying it to personal and professional development is an innovative approach. At Google X, we have introduced the idea of ‘idea composting‘ to turn discarded ideas into valuable ones.
As with any compost pile, idea composting requires several key elements: reflection, diverse inspiration, and action.
First, one must reflect on past failures and record them in a “failure journal.” This is not to dwell on the negative aspects of the failure but rather to understand the valuable lessons that can be learned from the experience. And to keep a record of the idea as some innovation presents well before its time. As technology and innovation advance, you might return to the journal to resurrect parts and pieces of old ideas to marry new ones.
Secondly, actively seek out new ideas and perspectives. This can be achieved through reading, networking, and engaging with individuals who have different backgrounds and experiences. The more diverse the sources of inspiration, the more likely one is to find new and valuable ideas. Always be learning and recording.
Thirdly, actively look for connections between seemingly unrelated ideas. This is where true innovation lies – in the ability to combine different perspectives and approaches to arrive at new solutions to problems or new ways of tackling a project.
Finally, take action on your ideas. Even if an idea seems unlikely to succeed, it is worth testing and experimenting with. If they don’t work out, be patient and put them in the composter.
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Embrace the Unknown
Photo by Grant Ritchie on Unsplash
“Nobody knows what they are doing before they do it.” This quote by Will Guidara is a powerful reminder that we all start somewhere and that it’s okay not to have all the answers.
We all have moments of uncertainty when we feel unsure where to go or what to do next. It’s easy to get caught up in fear of failure, which keeps us from pursuing our dreams and goals. But the truth is, nobody knows what they’re doing before they do it. We all must take that first step, even if we’re unsure where it will lead us.
It’s natural to feel a little lost sometimes, but that doesn’t mean we should give up. Instead, we should embrace the unknown and use it as an opportunity to learn and grow. Take a chance on something new, even if you’re unsure how it will turn out. You might be surprised at what you’re capable of achieving.
The road to success is never easy and is certainly not a straight line. There will be twists and turns, ups and downs, and plenty of moments when you feel you have no idea what you’re doing. But that’s okay. It’s all a part of the journey.
One thing to remember is that you don’t have to go it alone. Surround yourself with people who support you and who you can learn from. Seek mentors and role models who can offer guidance and advice. And don’t be afraid to ask for help when you need it. We all need a little support from time to time.
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The Power of Calculated Risk-Taking
Photo by Valentín Betancur on Unsplash
In 1853, Elisha Otis made history at the New York World’s Fair by demonstrating the safety of his invention: the passenger elevator. Before Otis’s innovation, elevators were considered risky, dangerous, and unreliable, as they were powered by hoists and operated by manual labor.
Some Risk is Different
Otis’s elevator, however, was different. It featured a system of pulleys and cables that allowed it to move smoothly and safely between floors. To prove the reliability of his invention, Otis famously cut the rope holding the elevator he was standing in, demonstrating that the safety mechanism he had designed would prevent it from plummeting to the ground.
This bold move, now referred to as the “Otis Elevator Incident,” showed the world that elevators could be trusted and paved the way for widespread adoption in buildings around the globe.
Calculated Risk
But what does this demonstration have to do with risk? Well, Otis’s decision to cut the rope was a calculated risk. He knew that the safety mechanism he had designed would prevent the elevator from falling, but he also knew that there was a chance it might not work as intended. In taking this risk, Otis was able to demonstrate the reliability of his invention and make a lasting impact on the world of architecture and engineering.
Risk-taking is an inherent part of innovation and progress. With it, we may have the courage to try something new or to push the boundaries of what is possible. Of course, this doesn’t mean that we should take unnecessary or reckless risks, but it does mean that we should be willing to take calculated risks that have the potential to yield great rewards.
The story of Elisha Otis and his elevator demonstrates the importance of taking calculated risks in pursuing progress and innovation. It reminds us that the most remarkable achievements sometimes come from stepping out of our comfort zone and embracing the unknown.