June 26, 2024 • 35 mins
On today's episode, Patrick Antrim, CEO of nectarflow.com and Chairman of the Multifamily Innovation® Council, brings his perspective on leveraging AI and technology in the multifamily industry to reposition properties.
Patrick emphasizes that the core purpose of multifamily investments is to create value, both for investors seeking yields and for residents seeking housing solutions. He highlights the increasing challenges in the industry, such as rising capital costs and construction delays, which necessitate a shift towards more efficient business operations. AI and automation, according to Patrick, are the new value-adds that can unlock efficiencies and profitability that traditional physical upgrades might not achieve.
Lauren Stinson, VP of Strategic Marketing & Media at Multifamily Leadership, provides her insights on the transformative potential of AI in real estate. She notes that AI offers a non-physical value addition that can yield immediate returns, revolutionizing how properties are managed and valued.
Throughout the conversation, Patrick delves deep into the benefits of integrating AI into multifamily operations. He argues that technology isn’t just about replacing tasks but enhancing the capabilities of employees, making their work more enjoyable and error-free. This, in turn, supports a healthier business ecosystem where investors achieve their returns, residents receive quality service, and employees engage in meaningful work.
The discussion also covers the practical aspects of adopting AI in multifamily settings. Patrick describes how nectarflow.com aids companies in integrating AI seamlessly into their existing processes, improving decision-making and operational efficiency without the heavy upfront investments typically associated with new technologies. He explains that AI can simplify complex processes, reduce redundancy, and ultimately enhance profitability by allowing businesses to scale operations more effectively.
The episode concludes with an open invitation from Patrick to explore the possibilities with nectarflow.com, encouraging listeners to reach out and learn more about how nectarflow.com can tailor solutions to their specific business needs and create unprecedented value in their operations.
About the Multifamily Innovation® Council:
The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation.
The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company.
To learn more or to join, visit https://multifamilyinnovation.com.
For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/.
Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome to the Multifamily Innovation Podcast.
I am here today with PatrickAntrum, the founder of Nectar
Flow, and we are so happy tohave you here today, patrick.
Speaker 2 (00:11):
Awesome.
It's actually great to be onthis side of the table.
Speaker 1 (00:14):
I know I get to interview you for a change, so
you said something reallyinteresting earlier and that
made me want to get on a podcast.
You said AI is the new valueadd.
Speaker 2 (00:27):
Yeah.
So if you think about thepurpose of multifamily, I mean,
I think a lot of people get soingrained into what to do, to
operate and what to do with thisand that, but end of the day
it's to create value for aninvestor right and to provide
housing shelter, an alternativeto home ownership, maybe a step
up to home ownership, and to theextent that we as investors can
(00:51):
come into a business andincrease the value of that
business, the investors can gettheir yields.
Now, the problem with thattoday is it's getting harder and
harder, and the reason for thatis the cost of capital deal
flow.
Harder and harder.
And the reason for that is thecost of capital deal flow,
construction delays,construction costs, even getting
(01:13):
approvals on developments.
Then you add in the fact thatan apartment building has a
fixed unit set.
In other words, you might havea 300 unit property.
That's what you have.
And so, with affordable housingbeing a problem today, in that
we just can't keep asking thecustomer to keep paying more, we
have to look at our businessdifferently in ways to operate
(01:35):
more efficiently.
In some cases that's even achallenge.
Profitable organization theinvestor still gets their yield
Right, the customer gets whatthey want, employees are doing
(01:56):
the work that they enjoy doing,because we've gotten all of the
sort of redundant, the tasksthat where they make errors, out
of the way, and we can providetruly a healthy business.
Now, if I'm looking at dealstoday, I may not be doing
development at the filming ofthis podcast, but there are
(02:17):
acquisitions sitting on thesidelines and acquisitions that
are happening daily and weeklyand multifamily that they're
looking at.
How do you purchase a property,increase the value of that
property, and so what I'm sayingnow is AI and technology and
automation is truly the next newvalue add.
(02:38):
So we're very familiar with howto add value to properties.
We buy new cabinets, newsignage, new roofs, new gutters
all the things to essentiallyjust ask the customer to pay
more.
But with AI, technology,innovation and all these things,
together with the rightleadership, you can go into a
business, unlock value otherinvestors don't even see.
(03:00):
And that's what I get excitedabout.
In some cases it may besomebody pays a little bit more
because they know they canoperate in this new way.
So now they have the deal.
Otherwise it didn't pencil withthe way that they were thinking
through it saying is we're sofocused on the building itself
as the value, right?
Speaker 1 (03:18):
What do we do physically to the building to
make the improvements?
We need to get more capital toget more, et cetera, right?
So I think that what you'resaying that's very interesting
is adding AI is a non-physicalvalue add.
That's really not much of aninvestment at all upfront that
(03:41):
you're going to see a return onimmediately, which is really
really incredible.
Speaker 2 (03:52):
Think about this.
What's the typical situationwith the renter right?
We require them certain levelsof qualifications for their
income, right.
What do you guess that to belike in terms of a rent to
income ratio?
Speaker 1 (04:00):
I think it's like one paycheck needs to be about rent
right, Something like that.
I think it's like one paycheckneeds to be about rent right,
Something like that.
Speaker 2 (04:05):
Yeah.
So let's just keep it simple andcall it half yeah, and I don't
think people are asking for oneand a half right?
So typically it could be threetimes, depending on your
properties and those types ofthings.
So then you got to ask thequestion what's happening with
the rest of that customer income?
They're spending that money inother places on the building and
(04:32):
when adjacent services comeinto the property from IoT
services, cable internet TVservices, dog walking services,
there's all these types ofthings that allow that customer
to enjoy their experience, and Ithink that there's an
opportunity to aggregate some ofthese things in a way that
increases the value of theleasing experience instead of
just the cost of renting, doingso that they have room to then
(04:53):
take on some of these additionaltasks or services that others
are coming in and providing forour tenants and residents,
correct, you know it'sinteresting you say that because
it depends on the investmentobjectives and the investment
(05:18):
timelines of that investmentgroup right, and then also their
company culture and theirability to execute and their
business leaders priorities.
Yeah.
Right.
And so when you have those, yourealize that we say multifamily
is fragmented, or even realestate, but the reality is it's
that everybody just has theirown unique company, their own
(05:41):
unique people, their own uniquebusiness objectives and
timelines.
Yeah.
So the question I have for youis like how do you build
software for that?
Right?
You can't Right.
I mean you can and it ishappening and people are.
There are some really greatcompanies doing this, but the
reality is to truly unlock thevalue.
You want to be able to take abusiness problem, look at it and
(06:04):
that is going to what's goingto impact the ability for us to
either reduce expenses, operateleaner or scale faster and then
be able to create microsolutions using technology to
solve that problem.
And it may not be a problemthat's going to come knocking on
the door from a sales rep,because it's so micro to your
(06:25):
unique business and micro toyour unique problem or process.
So, when you think about goingback to my statement, the
purpose of multifamily is toeither create wealth and protect
it, Sometimes for generations.
It's our obligation and ourduty and our fiduciary
responsibility to understandtechnology and what's possible
(06:46):
to unlock those yields atproperties Absolutely.
Speaker 1 (06:49):
Well, even the small yields, if we weren't even
looking at adding additionalitems onto the leasing
associates plate or thecommunity managers plate
distance right now between acorporate third party manager
trying to roll out a newtechnology, a new software, a
(07:12):
new process on site to theirteams and then oh, by the way,
there's extremely high turnoverat that level.
So all of these technology,pieces of software et cetera
that we are rolling out getabout 10% adoption, and I don't
think that's because they'reunengaged or they're not
interested in learning.
I think it's because they don'thave the space to do that,
because they're doing these kindof rudimentary tasks that
you're talking about automating.
Speaker 2 (07:31):
Yeah, absolutely, and I mean that's some of these
tasks.
Somebody coming living in amodern world comes and joins an
organization and they couldsometimes roll their eyes like
we got to do what?
Speaker 1 (07:47):
Why do.
Speaker 2 (07:47):
We have to do it this way and I can appreciate that
because multifamily has beenreally successful.
These owners and operators havereally done a great job of
buying the properties, takingcare of the real estate, taking
care of that investor andbecause so much success, there
hasn't been the necessity.
(08:07):
Right Now, with rising costs,you can't find talent, just all
costs in the business are goingup and the capital to put a deal
together and maybe, if you'renot doing deals, there's not
transactional elements tosupport larger, robust
management companies.
Ceos today have to find newpaths to profitability.
(08:29):
When you can bring AI andautomation into a business,
there are endless possibilities.
If you look at each departmentJust look at all the due
diligence, acquisitions,investor relations, payroll, HR,
marketing.
I haven't even talked about thePMS stuff.
Right, I'm talking abouteverything outside the PMS.
Anywhere, somebody moves datafrom system A to system B or
(08:53):
where somebody's in Excel, orsomebody has to do an attachment
and send it to someone else, orthey're looking at data and
trying to make great businessdecisions.
If you can't bring AI,automation and technology
together, then you're going tobe leaving money and opportunity
on the table.
Now, with Nectar Flow, it's ourvision to make this easy for
(09:14):
people Because most of the times, you have employee turnover and
you're counting on maybe one ortwo people in your organization
to figure all this out, andthat's very complicated and
difficult.
Now, if you're a public REIT,you'd be doing these things
right, but if you're not, youknow, with Nectar Flow, we
become your AI innovationtechnology automation platform
(09:36):
and team to help you not onlyhelp identify, but prioritize
what we do first to crawl, walk,run with this process Right.
So it's profitable every step ofthe way and you have somebody
that you can grow and scale with.
So for us, it's expectations.
We believe people begin and endthe process, but if I can take
(09:56):
a 10-minute task to threeminutes and automate 70, 80% of
somebody's work, number one,they may stay at that job better
or longer, they may be moreexcited about that job and they
may make better decisions,because now everybody in the
organization has access to anamazing assistant that used to
be reserved for the CEOs Right,every accountant, every payroll
(10:21):
manager, literally everybody inthe organization an AI agent
assistant specificallystructured for that company's
private information and alsotheir company values and
whatever they would normallytrain a human.
We can train an AI agent tohelp the employee and that
(10:43):
employee now benefits like theCEO has had assistance for
decades.
Right, and I know those CEOsknow the value of your assistant
.
Yeah.
Now imagine every employeehaving that for you without the
cost.
It unlocks profitability andthis whole game, this whole like
is AI going to take jobs?
It's nothing to be afraid of.
(11:04):
It's something to work alongwith and unlock as part of how
work gets done.
Now.
Yeah.
Because this is all at thebeginning stages of this journey
, and so to think you can justbuy something off the shelf,
fold it into your organizationand let it go is is a little
(11:26):
ambitious, right?
That's why our organization iswe've got professional services,
managed services and a team ofdevelopers ready standing by to
help these companies movethrough this stuff.
Yeah.
That's what I'm excited about.
Yeah, and it's like you createvalue and it feels good.
Speaker 1 (11:43):
Yeah, it's very accurate and I's like you create
value and it feels good.
It's yeah, it's very accurate.
And I have to say, seeingNectar Flow for the first time
as a fresh set of eyes, I'veseen a lot of AI integrated with
other software that alreadyexists or programs that already
exist, or people you know tryingto see where it fits within the
program that they've alreadydeveloped to solve a problem,
and I think the difference withNectar Flow is that you are
(12:06):
looking at the business as awhole and essentially handing
over a platform where someonecan custom develop their AI
solution into a workflow thatthey are already doing and just
pull the pieces out that theirpeople want to automate.
And I think that's sointelligent because we're not
saying here's the one thing wesolve for and we also have some
(12:27):
AI elements.
We're saying we can solve foranything and you can control
where AI lives in that process,and I think that is so powerful
and it also gives people thissense of control over the
process.
It's not just out of control.
Whatever so-and-so develops iswhat I'm going to use.
It's now.
Here's my AI, here's wherepeople play a part.
(12:49):
They start and they end it.
The process, they still reviewit.
It's not out of control.
It's manageable.
Speaker 2 (12:56):
Yeah, and I mean you said that beautifully and I'll
tell you that you don't have toworry about that AI being folded
into anything else either,because in multifamily and any
business really in the world,the large companies can't go
that narrow.
They can't build AI for everycompany, right?
And what we know is thatthere's not in our industry
(13:17):
there's not.
I mean OpenAI, google, you know, all these sort of open source
large language models areinvesting billions and billions
and billions of dollars withlarge data sets.
Yeah, and so you know those arethe applications that are going
(13:39):
to get folded into software,right, but you know, if you're
using software that was designedfor everyone, then you start to
think about well, how are youdifferentiating?
It's almost like if everybodyhad the same website template,
right, right, and you want toget everybody to your property
and you want to have a littlebit more control and you want to
make it this and make it that.
Right.
(14:00):
That's what we're giving tomultifamily owners and operators
and vendors and bankersliterally companies that are in
the space is the ability tobring this into your
organization without hiring adata scientist, having a
software engineer on staff,needing an automation expert,
and then also knowing that wehave a pretty good perspective
(14:23):
of some of the work thatmultifamily owners and operators
do today.
So, to your point, it's notyou're buying software and then
you got to figure out how tochange the way to work for it to
work.
As you said, we meet you whereyou are.
Let's just look at how workgets done and in many cases, we
can optimize the process beforeyou automate, because sometimes
(14:44):
people are doing tasks thatotherwise shouldn't be done.
Speaker 1 (14:47):
An agent that is, training more of the large
language model or whatever youknow.
Io trains the spreadsheet topull certain data for you and
(15:08):
organize it nicely, and certaintasks that are a little
redundant for the average personto be doing.
So talk a little more aboutthose custom agents.
Speaker 2 (15:16):
So a lot of people are familiar.
There's three things thathappen in AI, really.
You have the cognitive, youhave the creative and you have
the companion.
Right, and we're focused on thecognitive and you're going to
see a lot of fun tools beingcreated around creative and you
can do this with this pictureand turns into that and it can
be very interesting and fun andpay attention to those things.
(15:37):
But you have to look at isthere a real business behind
what's happening here?
Right, and so, for what we'retalking about is we're
leveraging the billions andbillions of dollars and focus
and commitment to, in acompetitive landscape,
continually evolve largelanguage model applications,
(15:58):
right, so we are tapping intoand we can use all of them,
right, right, we are tappinginto and we can use all of them,
right, right, but what we do iswe bring in the large language
model paired with the company'sown private information and we
can securely talk to thatinformation, interact with that
information, summarize thatinformation and get it to the
(16:21):
employees so they can make greatdecisions, measure results,
things like that.
And because we're doing thisprogrammatically, it's not when
you go to chat, gpt and you'rein other applications and I know
there's settings you can dothings, but the reality is
you're putting information intothe large language model, which
is not what we're doing.
We're doing it at the workflowlevel, which means sometimes
(16:43):
someone a human may not even beinvolved.
It may be an invoice came overhere, we parsed it, it's now
moving over here, it's now beingstructured and put into a
database so the accountant cansee it.
Now they don't have to spendthree weeks looking for or
sending emails back and forth.
But we're using company dataand retrieval and using vector
(17:06):
databases to embed these to getbetter responses.
And what's fascinating with thisis beyond that and then
programmatically doing all thisin a backend is that we have
certain use cases where we'vetrained it on a deep level
expertise, because we knowcertain things about certain
(17:27):
things.
For example, how do you getsomebody to buy something they
don't need?
Or how do you understand whatthe customer or renter wants
today?
What frustrations have theygone through in the past?
You know what buying decisionswould they want to make in an
urban living or pet friendlyliving and these types of things
, and so what we can do in thebackground, at the system and
(17:48):
role level, is train thiscompany's specific agent on
things that you know wouldrequire you to hire a copywriter
and spend $10,000, you know topull this information together.
So we're using a lot of thingsthat are happening in the
background that get betterresponse than that's available
(18:11):
in really any of the largelanguage models today, or the
Microsoft products or the Googleproducts, because they're
solving for mass industry.
We're talking about what'simportant for you and your
company and your information,and let's do that in a secure
and productive way yeah, no, Ithink it's really awesome.
Speaker 1 (18:30):
I've seen a lot of it and you can even say you know,
follow fair housing laws andmake sure you know certain
things that might actually bemissed in a human copywriter,
but they can still review andpost and make room for them to
focus on things you might need ahuman copywriter, but they can
still review and post and makeroom for them to focus on things
you might need a humancopywriter for, like writing
your brand guidelines or thosespecific things that you're
actually elevating the employeenow to be able to focus on
(18:53):
higher level projects than justdrilling out blogs to increase
SEO.
Speaker 2 (18:58):
Yeah, I mean generative.
It generates new content, right, and so when we're doing things
, we're really leaning into thecontent you already have and
looking at ways to becomeproductive and profitable and,
again, focus on that cognitive.
There was the cognitive, thecreative and the companion.
We're focused on the cognitive,which means there's years of
opportunity and work withouttaking a lot of AI risk by
(19:21):
looking at summarization ofthese things.
You know, not mission criticalthings, right, a lot of people
are trying to solve missioncritical things, but things are
moving so fast it's tough tokeep up with that.
I will tell you this.
This is a great way to look atit, though.
When I get on the whiteboard andI'm orchestrating and I'm
talking to our developers andwe're talking through these
(19:43):
things, I realized, like, whatis a company?
Right, and it's nothing morethan a collection of people.
And imagine back in the day, Imean, you had resources right
and resources.
Think about it.
Resources get depleted.
Assets increase in value overtime.
(20:06):
People are assets.
That's why I've never likedhuman resources, because you
know talent acquisition.
I like acquisition becauseyou're acquiring something to
improve the value of it.
Now, with a company,historically you would have a
company, would need financialresources, their ability to get
capital.
(20:27):
They would need physicalresources like buildings, more
stores, more sales.
Right, we saw what happened toBlockbuster.
They were just growth meantmore stores and then with that,
you needed more people.
So, it was financial resources,physical resources and human
resources, and that was acompany.
And then, back in the day, itwas like how many employees work
(20:47):
here and as if that is theleading indicator to like this
company is going to be strongand be there tomorrow.
And what I'm saying the fourththing is, in this state of
transformation that we're in, isthat, in terms of leverage, is
this AI, technology, automation,leverage?
(21:16):
So if there's a CEO listeningand watching this, I'm thinking
your job is to arrange thesethings and to bring the right
people together and to protectcapital and grow capital and
understand how do you make adecision in a marketplace you
don't understand.
So technology is leverage likedebt.
So a CEO would never delegatethe responsibility to negotiate
(21:41):
with the banker, the lender, theJV partner, the equity partner.
I mean they are in thosemeetings and they are active,
they're engaged and they'reinvolved and they bring the
right people, they bring theirCFO, they know themselves, they
understand these things becausethey know it's important for the
business.
What I'm saying today, that'stechnology today, and if you're
(22:05):
a CEO and you know that leverageand you can pull that leverage,
you can unlock value other CEOswill be afraid of and scared of
and they'll be reactive andthey'll retreat and they'll just
push it off to their internalIT team which, by the way, is
completely capable of workingwith us and doing these things,
but may not have the resourcesthe organization has allocated.
(22:28):
Yeah Right, so if I can wake up, ceos, and realize like first,
you're a technology company,right, there's go a day without
interacting with a vendor.
Nectar Flow brings all thesevendors together technically
through APIs.
Yeah.
And so so go day without usingtechnology.
You know, uh, the shirt thatyou're wearing right now is
technology.
(22:48):
You know, the you're listeningto technology, you're, you're,
you're listening to my voice.
Right now, with technology andum, companies haven't realized
it because they've been so goodat the other way.
But when you compare it, when Isay compare it, when you
combine it with the ability tode-risk an organization, because
(23:10):
you understand these things,you see the organization
differently, because you knowwhat's needed now, because right
now, people are overestimating,they're throwing people at a
problem.
They need to look at what's thebest way to solve this problem
and who, not.
How do I solve it?
can help me solve it, and Ithink that's what Nectar Flow
helps to do is educate and bringsome of that value to those
(23:32):
executive leaders.
Speaker 1 (23:33):
Yeah, and I think that, like I told you when I
first saw Nectar Flow, beingable to visualize that, because
that's a big thing for somebodyto digest, first and foremost,
and then say, okay, where do Ieven begin?
Right, and so I think, seeingit in a physical workflow, the
way that Nectar Flow has shown aworkflow to be, where you can
(23:57):
add AI into bits and pieces andyou can still see, okay, this
system speaks to, this systemspeaks to, this speaks to.
We add the AI agent right here,they help generate, they have
optimized and et cetera, etcetera.
You can actually see whatyou're automating and which
pieces, and then you can startsmall.
Right, start really small, andthen you can slowly grow.
(24:17):
And I've seen this on salescalls, I've seen this on calls
with Nectar Flow of you know,people's eyes open up and they
say, well, wait, couldn't I, ifI can blog, can't I do X, can't
I do Y, can't I do Z?
And they literally their wholemind has to process the
opportunities that have justpresented themselves and it's
really hard to digest.
(24:38):
Yeah.
Speaker 2 (24:39):
I think most investors and asset managers and
leaders today have grown up ina world that's changing and it's
the most exciting part, becausewe get to experience the hard
work before and now the easywork.
What do you do next?
Well, you have fun, you enjoyall this hard work, but I think
(24:59):
executives have beenhistorically familiar with
watching work get done, likewho's coming in early and who's
leaving late and all that stuff.
And that's a productivity thing.
Right, they should.
Their job is to maximize theresources of the organization,
but with this, this is as youindicated.
It's a way for an executive tosee how work's getting done and
(25:19):
where the processes can besimplified.
Yeah, Right getting done andwhere the processes can be
simplified?
Yeah, right, I look at thislike delegation, where you hire
somebody to do a job and what dothey come with?
They come with experience.
Yeah, they come with somepersonal and individual
knowledge and then, when theyjoin our organization, we want
(25:41):
them to know our company stuff.
And that's all we're doing withthese agents.
We're doing that together and Ican create unlimited employees
for people and if you haveemployees, give them one of
these employees, because theywill thank you, because life
gets better when the unfun workgets put out of the way.
(26:04):
So I think when I say begin andend the process with people is
when you delegate and you have anew hire, you give them a
little bit.
You give them something tostart with, like, try this, you
know, and then you observe themand then maybe you inspect what
you expect right, like you checktheir work right.
So with AI and automation, wecan do the same thing.
Yeah, so that gives everyleader today the ability to say
(26:28):
you know what I can do.
I can get started today.
I can do this and be part ofthis experience.
We're all in Right and startmaking my business better
without taking on a hugefinancial risk and a huge, um
you know, disruptive process.
Yeah.
Right, I mean, just look at itlike delegation.
(26:48):
That's the way I, that's theway I see it, and I see it and,
um, it's, it's, it's superexciting because they're they're
.
I hear often, um, that peopleare hearing a lot of information
about ai, and that's normalbecause everything will have ai
in it, right right so what's thedifferentiator?
(27:11):
is your company and your peopleRight?
And the AI for everyone can'tsolve for that.
Nectar Flow can create an AIfor you, for your company, and
you can unlock that and unleashthat, however the heck you want
it.
We're here to support doing itfor you.
Or you can build alongside withyou, or you may be capable run
(27:31):
with it on the platform.
But in terms of platforms, youknow, we first built on the PC
platform and then we built onthe internet platform and then
we built on the mobile platformand then we built on the cloud
platform.
So everybody listening today,we've already been through all
this stuff, yeah, and everybodywas scared and if you went way
(27:51):
back they were afraid of theradio.
They thought that was going tomanipulate minds and people like
, oh my God, don't do the radio.
It's normal for humans to feelthis way through states of
change, but I can remindeverybody that people were
afraid of the cloud.
Where's our data?
Where's it going?
And like everything is passingthrough a browser on an iOS
(28:14):
device or Android device.
Yeah.
On an internet, in a mobileapplication or in the cloud.
Yeah, so the difference herewith AI, though, is it's built
on all of those things and it'sexponentially faster, right.
Speaker 1 (28:30):
Well, and what I love again about Nectar Flow is that
I've seen that you own your owndata, so you have your own
specific landing page.
That's your central hub foryour company.
Nobody else gets in and out.
And everyone that you integratewith meaning you know,
platforms that you add into aworkflow, whether that's you
know, we post a blog and it endsup on WordPress.
(28:52):
That's all just an integration,but it's completely owned by
you, all of the integrationitself and the workflow and the
scenario.
So I think that eliminatesagain, eliminates the fear,
gives back the control andallows you to play.
Like you said, have fun with it, because that's what I've seen
A lot of people just light upand say, wow, all of these
(29:13):
things that I don't want to bedoing, I can now automate.
And to your point, I think youknow we think about the person
in this and how people are goingto react to the introduction of
AI.
You think your people are notusing AI right now.
You know you think yourcopywriter is not running a few
things through chat GPT.
You think it's here, it'salready being used.
It's just how do we do it in away that's more secure?
(29:36):
That's telling the right story,that's custom to us.
That's running through fairhousing laws.
That's right.
You know, how are we now takingback control of things that
people are already doing?
Speaker 2 (29:47):
It's a true story.
I mean, if you looked at theUnited States and you looked at
all the different states and theboundaries of the states, you
know what Florida looks like andTexas and Arizona and all these
states.
You visually, have seen that mapso much that you know where
those borders are from eachstate to state.
All we are is the highways thatgo between them that allow that
(30:08):
data to move between.
If each state was anapplication in your business, by
the way, those applications arecoming a lot faster than they
have.
So if you have 100 years a day,maybe 250 tomorrow, and so with
those different states andthose highways make the states
more valuable because of the waythat things flow between them.
(30:30):
And that's another thing that'simportant about Nectar Flow is
to know that you know,historically, when you think of
like an API applicationprogramming interface, you look
at developers doing that workand not the people that actually
are involved in the workflow orthe process.
So when you bring technologieslike Nectar Flow together and it
(30:54):
allows people that are actuallydoing the work to have
visibility of how these thingsare connected, you're giving the
people doing the work theability to make the work better
instead of having itprogrammatically in code that
the people doing the work don'teven know what's happening.
I think that's anotherinteresting component.
Speaker 1 (31:15):
Well, it's true, you hear people talk about your tech
stack or whatever you know.
That's a hot word right now andand someone will be like well,
actually, let me ask my ITdepartment Cause I'm not sure
who you know and so to be ableto literally say what's your
tech stack for X, y or Zworkflow, and for you to be able
to pull up that workflow andsay, oh well, we have this
system that speaks to thissystem, that speaks to this
system To be able to view thatas an CEO or an owner, I think
(31:39):
that is so powerful, to be ableto see where your data is
flowing and have that visibility.
Speaker 2 (31:46):
The visibility part is key.
Another thing to understand iseach organization that comes on
to Nectar Flow as a new customergets an enterprise environment,
which means they are able toorganize at the organizational
level different workflows fordifferent departments.
So maybe human resources has aworkflow that marketing doesn't
(32:08):
need to see, or payroll, orpayroll or investor relations,
or acquisitions, due diligence.
Maybe you have contractorsright, you have all these
different departments in yourbusiness and these things can
get organized by teams and thenby users.
So many people are knowing likethey need to be building their
own things, but they're usingconsultants.
Yeah.
(32:29):
Now the trouble with that iswhere's that work stored and
saved their?
Speaker 1 (32:34):
personal drive.
Speaker 2 (32:35):
Yeah, in a consultant's environment or
whatever.
And so now this allows anorganization, a multifamily
company or any company, reallyto provide that same consultant
the access to connect to thethings they need to connect to,
but in an environment that thatorganization has visibility.
But in an environment that thatorganization has visibility,
transparency, air reporting,queuing, all these things that
(33:02):
are important to be able to turnon and off and provision users
and provision access.
It's super important.
And then at the property level,it may be leasing and marketing
and maintenance and maybeevents or concierge.
I mean, you have all thesedifferent sort of business units
within the business, right, andthey all have their own little
workflows.
If you were a public read or abig organization and you had
(33:23):
millions and millions of dollarsto do this, you would structure
this.
What we've done is we've wentout there, spent all that money
to give you that environment andthen it's just a lot more
affordable for people to accessit, of course, on Nectar Flow.
And then you get the team, Ithink, to help implement and
come up with new, fresh ideasand make their processes more
(33:46):
productive.
Speaker 1 (33:47):
I like it.
I think it's a very valuableproduct and I think a lot of
people are going to want to seeit.
Yeah, for sure.
Well, should we wrap on thatand we'll have you on again on
your innovation podcast.
Speaker 2 (34:02):
It's a good point.
We realize the more complex thething is, the more time it
takes to transfer the knowledge.
So if you're listening to this,I'd go to NectarFlowcom, click
on the button and it says talkto an integration expert or an
automation expert.
Get in touch with us, becauseit may be a lot easier than
you're thinking it may be right.
(34:24):
Get in touch with us.
We have a whole team to supportyou and we'd love to just have
a conversation, becauseoftentimes you learn just by
going through that processanyway and you may walk away
with something that makes yourbusiness better without even
becoming a customer.
I love it.
Speaker 1 (34:43):
Yeah, so visit NectarFlowcom and we'll have
Patrick back on again.
Welcome to the Multifamily Innovation Podcast.
I am here today with PatrickAntrum, the founder of Nectar
Flow, and we are so happy tohave you here today, patrick.
Speaker 2 (00:11):
Awesome.
It's actually great to be onthis side of the table.
Speaker 1 (00:14):
I know I get to interview you for a change, so
you said something reallyinteresting earlier and that
made me want to get on a podcast.
You said AI is the new valueadd.
Speaker 2 (00:27):
Yeah.
So if you think about thepurpose of multifamily, I mean,
I think a lot of people get soingrained into what to do, to
operate and what to do with thisand that, but end of the day
it's to create value for aninvestor right and to provide
housing shelter, an alternativeto home ownership, maybe a step
up to home ownership, and to theextent that we as investors can
(00:51):
come into a business andincrease the value of that
business, the investors can gettheir yields.
Now, the problem with thattoday is it's getting harder and
harder, and the reason for thatis the cost of capital deal
flow.
Harder and harder.
And the reason for that is thecost of capital deal flow,
construction delays,construction costs, even getting
(01:13):
approvals on developments.
Then you add in the fact thatan apartment building has a
fixed unit set.
In other words, you might havea 300 unit property.
That's what you have.
And so, with affordable housingbeing a problem today, in that
we just can't keep asking thecustomer to keep paying more, we
have to look at our businessdifferently in ways to operate
(01:35):
more efficiently.
In some cases that's even achallenge.
Profitable organization theinvestor still gets their yield
Right, the customer gets whatthey want, employees are doing
(01:56):
the work that they enjoy doing,because we've gotten all of the
sort of redundant, the tasksthat where they make errors, out
of the way, and we can providetruly a healthy business.
Now, if I'm looking at dealstoday, I may not be doing
development at the filming ofthis podcast, but there are
(02:17):
acquisitions sitting on thesidelines and acquisitions that
are happening daily and weeklyand multifamily that they're
looking at.
How do you purchase a property,increase the value of that
property, and so what I'm sayingnow is AI and technology and
automation is truly the next newvalue add.
(02:38):
So we're very familiar with howto add value to properties.
We buy new cabinets, newsignage, new roofs, new gutters
all the things to essentiallyjust ask the customer to pay
more.
But with AI, technology,innovation and all these things,
together with the rightleadership, you can go into a
business, unlock value otherinvestors don't even see.
(03:00):
And that's what I get excitedabout.
In some cases it may besomebody pays a little bit more
because they know they canoperate in this new way.
So now they have the deal.
Otherwise it didn't pencil withthe way that they were thinking
through it saying is we're sofocused on the building itself
as the value, right?
Speaker 1 (03:18):
What do we do physically to the building to
make the improvements?
We need to get more capital toget more, et cetera, right?
So I think that what you'resaying that's very interesting
is adding AI is a non-physicalvalue add.
That's really not much of aninvestment at all upfront that
(03:41):
you're going to see a return onimmediately, which is really
really incredible.
Speaker 2 (03:52):
Think about this.
What's the typical situationwith the renter right?
We require them certain levelsof qualifications for their
income, right.
What do you guess that to belike in terms of a rent to
income ratio?
Speaker 1 (04:00):
I think it's like one paycheck needs to be about rent
right, Something like that.
I think it's like one paycheckneeds to be about rent right,
Something like that.
Speaker 2 (04:05):
Yeah.
So let's just keep it simple andcall it half yeah, and I don't
think people are asking for oneand a half right?
So typically it could be threetimes, depending on your
properties and those types ofthings.
So then you got to ask thequestion what's happening with
the rest of that customer income?
They're spending that money inother places on the building and
(04:32):
when adjacent services comeinto the property from IoT
services, cable internet TVservices, dog walking services,
there's all these types ofthings that allow that customer
to enjoy their experience, and Ithink that there's an
opportunity to aggregate some ofthese things in a way that
increases the value of theleasing experience instead of
just the cost of renting, doingso that they have room to then
(04:53):
take on some of these additionaltasks or services that others
are coming in and providing forour tenants and residents,
correct, you know it'sinteresting you say that because
it depends on the investmentobjectives and the investment
(05:18):
timelines of that investmentgroup right, and then also their
company culture and theirability to execute and their
business leaders priorities.
Yeah.
Right.
And so when you have those, yourealize that we say multifamily
is fragmented, or even realestate, but the reality is it's
that everybody just has theirown unique company, their own
(05:41):
unique people, their own uniquebusiness objectives and
timelines.
Yeah.
So the question I have for youis like how do you build
software for that?
Right?
You can't Right.
I mean you can and it ishappening and people are.
There are some really greatcompanies doing this, but the
reality is to truly unlock thevalue.
You want to be able to take abusiness problem, look at it and
(06:04):
that is going to what's goingto impact the ability for us to
either reduce expenses, operateleaner or scale faster and then
be able to create microsolutions using technology to
solve that problem.
And it may not be a problemthat's going to come knocking on
the door from a sales rep,because it's so micro to your
(06:25):
unique business and micro toyour unique problem or process.
So, when you think about goingback to my statement, the
purpose of multifamily is toeither create wealth and protect
it, Sometimes for generations.
It's our obligation and ourduty and our fiduciary
responsibility to understandtechnology and what's possible
(06:46):
to unlock those yields atproperties Absolutely.
Speaker 1 (06:49):
Well, even the small yields, if we weren't even
looking at adding additionalitems onto the leasing
associates plate or thecommunity managers plate
distance right now between acorporate third party manager
trying to roll out a newtechnology, a new software, a
(07:12):
new process on site to theirteams and then oh, by the way,
there's extremely high turnoverat that level.
So all of these technology,pieces of software et cetera
that we are rolling out getabout 10% adoption, and I don't
think that's because they'reunengaged or they're not
interested in learning.
I think it's because they don'thave the space to do that,
because they're doing these kindof rudimentary tasks that
you're talking about automating.
Speaker 2 (07:31):
Yeah, absolutely, and I mean that's some of these
tasks.
Somebody coming living in amodern world comes and joins an
organization and they couldsometimes roll their eyes like
we got to do what?
Speaker 1 (07:47):
Why do.
Speaker 2 (07:47):
We have to do it this way and I can appreciate that
because multifamily has beenreally successful.
These owners and operators havereally done a great job of
buying the properties, takingcare of the real estate, taking
care of that investor andbecause so much success, there
hasn't been the necessity.
(08:07):
Right Now, with rising costs,you can't find talent, just all
costs in the business are goingup and the capital to put a deal
together and maybe, if you'renot doing deals, there's not
transactional elements tosupport larger, robust
management companies.
Ceos today have to find newpaths to profitability.
(08:29):
When you can bring AI andautomation into a business,
there are endless possibilities.
If you look at each departmentJust look at all the due
diligence, acquisitions,investor relations, payroll, HR,
marketing.
I haven't even talked about thePMS stuff.
Right, I'm talking abouteverything outside the PMS.
Anywhere, somebody moves datafrom system A to system B or
(08:53):
where somebody's in Excel, orsomebody has to do an attachment
and send it to someone else, orthey're looking at data and
trying to make great businessdecisions.
If you can't bring AI,automation and technology
together, then you're going tobe leaving money and opportunity
on the table.
Now, with Nectar Flow, it's ourvision to make this easy for
(09:14):
people Because most of the times, you have employee turnover and
you're counting on maybe one ortwo people in your organization
to figure all this out, andthat's very complicated and
difficult.
Now, if you're a public REIT,you'd be doing these things
right, but if you're not, youknow, with Nectar Flow, we
become your AI innovationtechnology automation platform
(09:36):
and team to help you not onlyhelp identify, but prioritize
what we do first to crawl, walk,run with this process Right.
So it's profitable every step ofthe way and you have somebody
that you can grow and scale with.
So for us, it's expectations.
We believe people begin and endthe process, but if I can take
(09:56):
a 10-minute task to threeminutes and automate 70, 80% of
somebody's work, number one,they may stay at that job better
or longer, they may be moreexcited about that job and they
may make better decisions,because now everybody in the
organization has access to anamazing assistant that used to
be reserved for the CEOs Right,every accountant, every payroll
(10:21):
manager, literally everybody inthe organization an AI agent
assistant specificallystructured for that company's
private information and alsotheir company values and
whatever they would normallytrain a human.
We can train an AI agent tohelp the employee and that
(10:43):
employee now benefits like theCEO has had assistance for
decades.
Right, and I know those CEOsknow the value of your assistant
.
Yeah.
Now imagine every employeehaving that for you without the
cost.
It unlocks profitability andthis whole game, this whole like
is AI going to take jobs?
It's nothing to be afraid of.
(11:04):
It's something to work alongwith and unlock as part of how
work gets done.
Now.
Yeah.
Because this is all at thebeginning stages of this journey
, and so to think you can justbuy something off the shelf,
fold it into your organizationand let it go is is a little
(11:26):
ambitious, right?
That's why our organization iswe've got professional services,
managed services and a team ofdevelopers ready standing by to
help these companies movethrough this stuff.
Yeah.
That's what I'm excited about.
Yeah, and it's like you createvalue and it feels good.
Speaker 1 (11:43):
Yeah, it's very accurate and I's like you create
value and it feels good.
It's yeah, it's very accurate.
And I have to say, seeingNectar Flow for the first time
as a fresh set of eyes, I'veseen a lot of AI integrated with
other software that alreadyexists or programs that already
exist, or people you know tryingto see where it fits within the
program that they've alreadydeveloped to solve a problem,
and I think the difference withNectar Flow is that you are
(12:06):
looking at the business as awhole and essentially handing
over a platform where someonecan custom develop their AI
solution into a workflow thatthey are already doing and just
pull the pieces out that theirpeople want to automate.
And I think that's sointelligent because we're not
saying here's the one thing wesolve for and we also have some
(12:27):
AI elements.
We're saying we can solve foranything and you can control
where AI lives in that process,and I think that is so powerful
and it also gives people thissense of control over the
process.
It's not just out of control.
Whatever so-and-so develops iswhat I'm going to use.
It's now.
Here's my AI, here's wherepeople play a part.
(12:49):
They start and they end it.
The process, they still reviewit.
It's not out of control.
It's manageable.
Speaker 2 (12:56):
Yeah, and I mean you said that beautifully and I'll
tell you that you don't have toworry about that AI being folded
into anything else either,because in multifamily and any
business really in the world,the large companies can't go
that narrow.
They can't build AI for everycompany, right?
And what we know is thatthere's not in our industry
(13:17):
there's not.
I mean OpenAI, google, you know, all these sort of open source
large language models areinvesting billions and billions
and billions of dollars withlarge data sets.
Yeah, and so you know those arethe applications that are going
(13:39):
to get folded into software,right, but you know, if you're
using software that was designedfor everyone, then you start to
think about well, how are youdifferentiating?
It's almost like if everybodyhad the same website template,
right, right, and you want toget everybody to your property
and you want to have a littlebit more control and you want to
make it this and make it that.
Right.
(14:00):
That's what we're giving tomultifamily owners and operators
and vendors and bankersliterally companies that are in
the space is the ability tobring this into your
organization without hiring adata scientist, having a
software engineer on staff,needing an automation expert,
and then also knowing that wehave a pretty good perspective
(14:23):
of some of the work thatmultifamily owners and operators
do today.
So, to your point, it's notyou're buying software and then
you got to figure out how tochange the way to work for it to
work.
As you said, we meet you whereyou are.
Let's just look at how workgets done and in many cases, we
can optimize the process beforeyou automate, because sometimes
(14:44):
people are doing tasks thatotherwise shouldn't be done.
Speaker 1 (14:47):
An agent that is, training more of the large
language model or whatever youknow.
Io trains the spreadsheet topull certain data for you and
(15:08):
organize it nicely, and certaintasks that are a little
redundant for the average personto be doing.
So talk a little more aboutthose custom agents.
Speaker 2 (15:16):
So a lot of people are familiar.
There's three things thathappen in AI, really.
You have the cognitive, youhave the creative and you have
the companion.
Right, and we're focused on thecognitive and you're going to
see a lot of fun tools beingcreated around creative and you
can do this with this pictureand turns into that and it can
be very interesting and fun andpay attention to those things.
(15:37):
But you have to look at isthere a real business behind
what's happening here?
Right, and so, for what we'retalking about is we're
leveraging the billions andbillions of dollars and focus
and commitment to, in acompetitive landscape,
continually evolve largelanguage model applications,
(15:58):
right, so we are tapping intoand we can use all of them,
right, right, we are tappinginto and we can use all of them,
right, right, but what we do iswe bring in the large language
model paired with the company'sown private information and we
can securely talk to thatinformation, interact with that
information, summarize thatinformation and get it to the
(16:21):
employees so they can make greatdecisions, measure results,
things like that.
And because we're doing thisprogrammatically, it's not when
you go to chat, gpt and you'rein other applications and I know
there's settings you can dothings, but the reality is
you're putting information intothe large language model, which
is not what we're doing.
We're doing it at the workflowlevel, which means sometimes
(16:43):
someone a human may not even beinvolved.
It may be an invoice came overhere, we parsed it, it's now
moving over here, it's now beingstructured and put into a
database so the accountant cansee it.
Now they don't have to spendthree weeks looking for or
sending emails back and forth.
But we're using company dataand retrieval and using vector
(17:06):
databases to embed these to getbetter responses.
And what's fascinating with thisis beyond that and then
programmatically doing all thisin a backend is that we have
certain use cases where we'vetrained it on a deep level
expertise, because we knowcertain things about certain
(17:27):
things.
For example, how do you getsomebody to buy something they
don't need?
Or how do you understand whatthe customer or renter wants
today?
What frustrations have theygone through in the past?
You know what buying decisionswould they want to make in an
urban living or pet friendlyliving and these types of things
, and so what we can do in thebackground, at the system and
(17:48):
role level, is train thiscompany's specific agent on
things that you know wouldrequire you to hire a copywriter
and spend $10,000, you know topull this information together.
So we're using a lot of thingsthat are happening in the
background that get betterresponse than that's available
(18:11):
in really any of the largelanguage models today, or the
Microsoft products or the Googleproducts, because they're
solving for mass industry.
We're talking about what'simportant for you and your
company and your information,and let's do that in a secure
and productive way yeah, no, Ithink it's really awesome.
Speaker 1 (18:30):
I've seen a lot of it and you can even say you know,
follow fair housing laws andmake sure you know certain
things that might actually bemissed in a human copywriter,
but they can still review andpost and make room for them to
focus on things you might need ahuman copywriter, but they can
still review and post and makeroom for them to focus on things
you might need a humancopywriter for, like writing
your brand guidelines or thosespecific things that you're
actually elevating the employeenow to be able to focus on
(18:53):
higher level projects than justdrilling out blogs to increase
SEO.
Speaker 2 (18:58):
Yeah, I mean generative.
It generates new content, right, and so when we're doing things
, we're really leaning into thecontent you already have and
looking at ways to becomeproductive and profitable and,
again, focus on that cognitive.
There was the cognitive, thecreative and the companion.
We're focused on the cognitive,which means there's years of
opportunity and work withouttaking a lot of AI risk by
(19:21):
looking at summarization ofthese things.
You know, not mission criticalthings, right, a lot of people
are trying to solve missioncritical things, but things are
moving so fast it's tough tokeep up with that.
I will tell you this.
This is a great way to look atit, though.
When I get on the whiteboard andI'm orchestrating and I'm
talking to our developers andwe're talking through these
(19:43):
things, I realized, like, whatis a company?
Right, and it's nothing morethan a collection of people.
And imagine back in the day, Imean, you had resources right
and resources.
Think about it.
Resources get depleted.
Assets increase in value overtime.
(20:06):
People are assets.
That's why I've never likedhuman resources, because you
know talent acquisition.
I like acquisition becauseyou're acquiring something to
improve the value of it.
Now, with a company,historically you would have a
company, would need financialresources, their ability to get
capital.
(20:27):
They would need physicalresources like buildings, more
stores, more sales.
Right, we saw what happened toBlockbuster.
They were just growth meantmore stores and then with that,
you needed more people.
So, it was financial resources,physical resources and human
resources, and that was acompany.
And then, back in the day, itwas like how many employees work
(20:47):
here and as if that is theleading indicator to like this
company is going to be strongand be there tomorrow.
And what I'm saying the fourththing is, in this state of
transformation that we're in, isthat, in terms of leverage, is
this AI, technology, automation,leverage?
(21:16):
So if there's a CEO listeningand watching this, I'm thinking
your job is to arrange thesethings and to bring the right
people together and to protectcapital and grow capital and
understand how do you make adecision in a marketplace you
don't understand.
So technology is leverage likedebt.
So a CEO would never delegatethe responsibility to negotiate
(21:41):
with the banker, the lender, theJV partner, the equity partner.
I mean they are in thosemeetings and they are active,
they're engaged and they'reinvolved and they bring the
right people, they bring theirCFO, they know themselves, they
understand these things becausethey know it's important for the
business.
What I'm saying today, that'stechnology today, and if you're
(22:05):
a CEO and you know that leverageand you can pull that leverage,
you can unlock value other CEOswill be afraid of and scared of
and they'll be reactive andthey'll retreat and they'll just
push it off to their internalIT team which, by the way, is
completely capable of workingwith us and doing these things,
but may not have the resourcesthe organization has allocated.
(22:28):
Yeah Right, so if I can wake up, ceos, and realize like first,
you're a technology company,right, there's go a day without
interacting with a vendor.
Nectar Flow brings all thesevendors together technically
through APIs.
Yeah.
And so so go day without usingtechnology.
You know, uh, the shirt thatyou're wearing right now is
technology.
(22:48):
You know, the you're listeningto technology, you're, you're,
you're listening to my voice.
Right now, with technology andum, companies haven't realized
it because they've been so goodat the other way.
But when you compare it, when Isay compare it, when you
combine it with the ability tode-risk an organization, because
(23:10):
you understand these things,you see the organization
differently, because you knowwhat's needed now, because right
now, people are overestimating,they're throwing people at a
problem.
They need to look at what's thebest way to solve this problem
and who, not.
How do I solve it?
can help me solve it, and Ithink that's what Nectar Flow
helps to do is educate and bringsome of that value to those
(23:32):
executive leaders.
Speaker 1 (23:33):
Yeah, and I think that, like I told you when I
first saw Nectar Flow, beingable to visualize that, because
that's a big thing for somebodyto digest, first and foremost,
and then say, okay, where do Ieven begin?
Right, and so I think, seeingit in a physical workflow, the
way that Nectar Flow has shown aworkflow to be, where you can
(23:57):
add AI into bits and pieces andyou can still see, okay, this
system speaks to, this systemspeaks to, this speaks to.
We add the AI agent right here,they help generate, they have
optimized and et cetera, etcetera.
You can actually see whatyou're automating and which
pieces, and then you can startsmall.
Right, start really small, andthen you can slowly grow.
(24:17):
And I've seen this on salescalls, I've seen this on calls
with Nectar Flow of you know,people's eyes open up and they
say, well, wait, couldn't I, ifI can blog, can't I do X, can't
I do Y, can't I do Z?
And they literally their wholemind has to process the
opportunities that have justpresented themselves and it's
really hard to digest.
(24:38):
Yeah.
Speaker 2 (24:39):
I think most investors and asset managers and
leaders today have grown up ina world that's changing and it's
the most exciting part, becausewe get to experience the hard
work before and now the easywork.
What do you do next?
Well, you have fun, you enjoyall this hard work, but I think
(24:59):
executives have beenhistorically familiar with
watching work get done, likewho's coming in early and who's
leaving late and all that stuff.
And that's a productivity thing.
Right, they should.
Their job is to maximize theresources of the organization,
but with this, this is as youindicated.
It's a way for an executive tosee how work's getting done and
(25:19):
where the processes can besimplified.
Yeah, Right getting done andwhere the processes can be
simplified?
Yeah, right, I look at thislike delegation, where you hire
somebody to do a job and what dothey come with?
They come with experience.
Yeah, they come with somepersonal and individual
knowledge and then, when theyjoin our organization, we want
(25:41):
them to know our company stuff.
And that's all we're doing withthese agents.
We're doing that together and Ican create unlimited employees
for people and if you haveemployees, give them one of
these employees, because theywill thank you, because life
gets better when the unfun workgets put out of the way.
(26:04):
So I think when I say begin andend the process with people is
when you delegate and you have anew hire, you give them a
little bit.
You give them something tostart with, like, try this, you
know, and then you observe themand then maybe you inspect what
you expect right, like you checktheir work right.
So with AI and automation, wecan do the same thing.
Yeah, so that gives everyleader today the ability to say
(26:28):
you know what I can do.
I can get started today.
I can do this and be part ofthis experience.
We're all in Right and startmaking my business better
without taking on a hugefinancial risk and a huge, um
you know, disruptive process.
Yeah.
Right, I mean, just look at itlike delegation.
(26:48):
That's the way I, that's theway I see it, and I see it and,
um, it's, it's, it's superexciting because they're they're
.
I hear often, um, that peopleare hearing a lot of information
about ai, and that's normalbecause everything will have ai
in it, right right so what's thedifferentiator?
(27:11):
is your company and your peopleRight?
And the AI for everyone can'tsolve for that.
Nectar Flow can create an AIfor you, for your company, and
you can unlock that and unleashthat, however the heck you want
it.
We're here to support doing itfor you.
Or you can build alongside withyou, or you may be capable run
(27:31):
with it on the platform.
But in terms of platforms, youknow, we first built on the PC
platform and then we built onthe internet platform and then
we built on the mobile platformand then we built on the cloud
platform.
So everybody listening today,we've already been through all
this stuff, yeah, and everybodywas scared and if you went way
(27:51):
back they were afraid of theradio.
They thought that was going tomanipulate minds and people like
, oh my God, don't do the radio.
It's normal for humans to feelthis way through states of
change, but I can remindeverybody that people were
afraid of the cloud.
Where's our data?
Where's it going?
And like everything is passingthrough a browser on an iOS
(28:14):
device or Android device.
Yeah.
On an internet, in a mobileapplication or in the cloud.
Yeah, so the difference herewith AI, though, is it's built
on all of those things and it'sexponentially faster, right.
Speaker 1 (28:30):
Well, and what I love again about Nectar Flow is that
I've seen that you own your owndata, so you have your own
specific landing page.
That's your central hub foryour company.
Nobody else gets in and out.
And everyone that you integratewith meaning you know,
platforms that you add into aworkflow, whether that's you
know, we post a blog and it endsup on WordPress.
(28:52):
That's all just an integration,but it's completely owned by
you, all of the integrationitself and the workflow and the
scenario.
So I think that eliminatesagain, eliminates the fear,
gives back the control andallows you to play.
Like you said, have fun with it, because that's what I've seen
A lot of people just light upand say, wow, all of these
(29:13):
things that I don't want to bedoing, I can now automate.
And to your point, I think youknow we think about the person
in this and how people are goingto react to the introduction of
AI.
You think your people are notusing AI right now.
You know you think yourcopywriter is not running a few
things through chat GPT.
You think it's here, it'salready being used.
It's just how do we do it in away that's more secure?
(29:36):
That's telling the right story,that's custom to us.
That's running through fairhousing laws.
That's right.
You know, how are we now takingback control of things that
people are already doing?
Speaker 2 (29:47):
It's a true story.
I mean, if you looked at theUnited States and you looked at
all the different states and theboundaries of the states, you
know what Florida looks like andTexas and Arizona and all these
states.
You visually, have seen that mapso much that you know where
those borders are from eachstate to state.
All we are is the highways thatgo between them that allow that
(30:08):
data to move between.
If each state was anapplication in your business, by
the way, those applications arecoming a lot faster than they
have.
So if you have 100 years a day,maybe 250 tomorrow, and so with
those different states andthose highways make the states
more valuable because of the waythat things flow between them.
(30:30):
And that's another thing that'simportant about Nectar Flow is
to know that you know,historically, when you think of
like an API applicationprogramming interface, you look
at developers doing that workand not the people that actually
are involved in the workflow orthe process.
So when you bring technologieslike Nectar Flow together and it
(30:54):
allows people that are actuallydoing the work to have
visibility of how these thingsare connected, you're giving the
people doing the work theability to make the work better
instead of having itprogrammatically in code that
the people doing the work don'teven know what's happening.
I think that's anotherinteresting component.
Speaker 1 (31:15):
Well, it's true, you hear people talk about your tech
stack or whatever you know.
That's a hot word right now andand someone will be like well,
actually, let me ask my ITdepartment Cause I'm not sure
who you know and so to be ableto literally say what's your
tech stack for X, y or Zworkflow, and for you to be able
to pull up that workflow andsay, oh well, we have this
system that speaks to thissystem, that speaks to this
system To be able to view thatas an CEO or an owner, I think
(31:39):
that is so powerful, to be ableto see where your data is
flowing and have that visibility.
Speaker 2 (31:46):
The visibility part is key.
Another thing to understand iseach organization that comes on
to Nectar Flow as a new customergets an enterprise environment,
which means they are able toorganize at the organizational
level different workflows fordifferent departments.
So maybe human resources has aworkflow that marketing doesn't
(32:08):
need to see, or payroll, orpayroll or investor relations,
or acquisitions, due diligence.
Maybe you have contractorsright, you have all these
different departments in yourbusiness and these things can
get organized by teams and thenby users.
So many people are knowing likethey need to be building their
own things, but they're usingconsultants.
Yeah.
(32:29):
Now the trouble with that iswhere's that work stored and
saved their?
Speaker 1 (32:34):
personal drive.
Speaker 2 (32:35):
Yeah, in a consultant's environment or
whatever.
And so now this allows anorganization, a multifamily
company or any company, reallyto provide that same consultant
the access to connect to thethings they need to connect to,
but in an environment that thatorganization has visibility.
But in an environment that thatorganization has visibility,
transparency, air reporting,queuing, all these things that
(33:02):
are important to be able to turnon and off and provision users
and provision access.
It's super important.
And then at the property level,it may be leasing and marketing
and maintenance and maybeevents or concierge.
I mean, you have all thesedifferent sort of business units
within the business, right, andthey all have their own little
workflows.
If you were a public read or abig organization and you had
(33:23):
millions and millions of dollarsto do this, you would structure
this.
What we've done is we've wentout there, spent all that money
to give you that environment andthen it's just a lot more
affordable for people to accessit, of course, on Nectar Flow.
And then you get the team, Ithink, to help implement and
come up with new, fresh ideasand make their processes more
(33:46):
productive.
Speaker 1 (33:47):
I like it.
I think it's a very valuableproduct and I think a lot of
people are going to want to seeit.
Yeah, for sure.
Well, should we wrap on thatand we'll have you on again on
your innovation podcast.
Speaker 2 (34:02):
It's a good point.
We realize the more complex thething is, the more time it
takes to transfer the knowledge.
So if you're listening to this,I'd go to NectarFlowcom, click
on the button and it says talkto an integration expert or an
automation expert.
Get in touch with us, becauseit may be a lot easier than
you're thinking it may be right.
(34:24):
Get in touch with us.
We have a whole team to supportyou and we'd love to just have
a conversation, becauseoftentimes you learn just by
going through that processanyway and you may walk away
with something that makes yourbusiness better without even
becoming a customer.
I love it.
Speaker 1 (34:43):
Yeah, so visit NectarFlowcom and we'll have
Patrick back on again.
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