5 Minutes in Multifamily: Episode #9

Recorded on May 30 by Hyro

5 Minutes in Multifamily—a new video series featuring real estate and #proptech experts sharing their insights on key industry topics and trends, all under 5 minutes. Well, usually under 5 minutes.

For this episode, we were honored to welcome Brandy Daniel, VP of Business Performance Systems at BH Management - the 8th largest multifamily management company, and the 22nd largest multifamily owner and operator in the nation, to dish on topics such as:

• Why critical thinking and problem solving are skills that differentiate us as successful innovators
• How Google is reshaping customer expectations
• The inspiration she gets from industry trailblazers such as LivCor, a Blackstone Company and Camden Real Estate Company

About Brandy:

Brandy Daniel is the Vice President of Business Intelligence Systems for BH Management. Since joining, BH Brandy has spearheaded the adoption of protocols and software programs that have changed the way that BH clients receive information. Brandy now oversees the Business Intelligence Systems department that encompasses pricing advisory and strategy, performance analytics, operational reporting, and renovation process transparency. Brandy spent over 20 years onsite actively managing in five major markets.

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CHECK OUT THE FULL ON-DEMAND RECORDING:

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FOR THE FULL TRANSCRIPT, KEEP SCROLLING:

Monica: Hi, everyone. Thank you so much. Excited to hear from our guest today. Brandy Daniel, Brandy, if you don't mind just kicking it off with a quick introduction of what you're doing today and how long you've been in the industry.

Brandy: Absolutely. Yes. Hi, Brandy Daniel. I am a VP of Business Performance Systems for BH management, and have been here with BH for almost eight years and have been in the industry for coming up on 30. So, uh, a minute. Yeah. 

Monica: So excited to hear from you. There's been so many great things said already from previous guests about your contribution to the industry. So let's just jump into the questions.

‍What are the top three things that owners and property management companies should be thinking about for 2022?

Brandy: Narrowing it down to three was challenging for me. But, in my list, I'm gonna start with an integrable tech stack. So it doesn't all have to be from the same vendor, but your tech products should all talk to each other. Implementing a platform that doesn't merge well with your other platforms always leads to silos and then of course missed opportunities. And on top of that, identifying and utilizing a single source of truth is paramount to having productive data-based conversations. So if your tech stack tech doesn't integrate so that you can identify your single source of truth, there's a very real chance that you end up with disparate data that leads to confusion, frustration, and, at best slow decision making at, worst misinformed decision making.

The second thing I would say is shifting. Customer expectations and relationships. So more residents are working from home and have higher expectations with regards to service, communication, resources, and amenities than ever before. You know, Google has redefined fast for all of us. So customer expectations are reset. So if we wanna maintain the same level of customer service that we have always offered, we are not going to be able to do it in the same way. We're gonna have to look for new ways to offer the same level of service.

And then the third thing -you may think I'm crazy - but the third thing that I have narrowed it down to is critical thinking. As we begin to replace a lot of the memory and recall that we use in the past, in our day to day business with technology and AI, people are gonna need to be able to do what  tech can't. And so that's critical thinking that's problem solving, and those skills are gonna be what differentiate us as outperformers and successful innovators. So it's already proving really important to surround yourself with visionaries and divergent thinkers. 

Monica: I love that. Especially knowing that you're, you're thinking about, okay, how are we going to consolidate this technology to have these expectations with our customers. We also need to be stepping up and thinking critically. That's awesome.

What are some risks for companies who are hesitant to adapt to today's digital demands and changes?

Brandy: There are risks. There's no denying technology is disrupting our traditional business model. So we have to stay ahead. If we're going to stay attuned to the needs of our internal and external clients. So for our team members as well, we have to meet them where they are and meet them with at their expectations so that we don't miss the opportunity to serve them. Expectations and relationships are changing, pretty rapidly. So if we don't adapt, we will be left behind. 

Monica: I had a, another guest say we wanna make sure that we're being future ready. So you're absolutely right. Like let's not be left behind. Let's be future ready.

So what are you reading/listening to? 

Brandy: Yes, I am a reader. I'm less of a podcast listener, more of a reader. I read just the weeklys, I read Apartment Wire, but I'm also really kind of addicted to my Masterclass subscription. There's so many different ways to just improve your broader skillset and outside of your industry. So, so many different ways to improve on communication, inform yourself on what's going on, all of the different things that lead to great leadership. But also my teams and I have a book club. And so right now, what we're reading is called Let's Talk: Make Effective Feedback Your Superpower, So I wanted to shout out to that. it brings to the forefront really, how challenging our interpersonal connections are right now through the layer of technology that we have, but also how important that proper communication is to our own fulfillment. 

Monica: Wow. That is awesome. I haven't heard about the Master Classes, so that's a great shout out for everyone listening, and then having a book club for your team. That is awesome. So you heard it from Brandy. If you're not doing a book club - do a book club!

Who are some of the trailblazers in the industry, and how can we learn from them?

Brandy: There are several that I try to keep my eye on and learn from in our industry that stand out for me. I watch Essex Camden, Gables, LivCor. Um, all of those folks always have something new and innovative going on. Always very mindful, always very interesting. But I do also again, look outside of the industry for a little bit of inspiration. And so, Shopify's platform has done a great job focusing on ease of use for buyers and for sellers. And so try to keep my eyes open for new and proved ways to be inspired. But as far as within our industry, I really keep my close eye on LivCor, Essex, Camden, Gables. There's lot, it's hard to narrow it down.

What do you think is the next big trend in the multifamily industry?

Brandy: I'm gonna have to say single family build to rent. These are single family home neighborhoods built with the intent to rent. We know that for many folks, renting has become a desirable alternative to home ownership for lots of reasons; flexibility, convenience, predictable maintenance costs. If you couple that with shared amenities, larger floor plans and the same onsite leasing and maintenance that you've got with multifamily communities, it appeals to everyone. Add on that many people are working from the home now. And so they have the option to live anywhere and they're looking for more privacy. They're looking for outdoor space and they are headed to the suburbs. So all of that together, along with the high housing costs, means that the demand for build to rent communities is really strong right now. And the demand drivers that are moving the popularity of these communities forward are projected to persist for years. 

Monica: That is super interesting. I've heard it before. So this is definitely obviously on everyone's mind or on peoples' minds. So Brandy, thank you so much for your perspective and for your time. Truly appreciate you here today. My last question is who would you nominate to be our next guest? 

Brandy: I would nominate Laura Williams at Greystar. She is an innovator, a big thinker, incredibly smart. Good at the details. Good at the big picture, she is a trailblazer for sure. Incredibly smart. 

Monica: Awesome. So Laura, watch out. We are coming for you. Thank you again, Brandy. It was great having you.

Brandy: It's my pleasure. Thank you very much.

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‍Show Notes & Learn More:

Connect with guest Brandy Daniel:

LinkedIn: https://www.linkedin.com/in/brandy-daniel-6884bb20/

Read what Brandy's Reading: Let's Talk: Make Effective Feedback Your Superpower

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Read more on BH Management:

Founded in 1993, BH Management Services is a vertically integrated multifamily owner-operator with a proven track record of success in acquisitions, financing, renovations, and property operations. We believe that our people are what elevates us, that trust fosters innovation, and that doing business the right way is the best way. Powered by a performance-driven culture and tech-forward approach, BH has become one of the largest multifamily companies in the United States, with 100,000 units under management. Recently named “Best Workplace for Women”, “Best Workplaces for Diversity” and “Best Workplace for Millennials” by Fortune Magazine, BH is strengthened by more than 2,400 employees across the United States.

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Want to be our next guest? Contact liat@hyro.ai.