November 22, 2024 • 50 mins
Unlock the secrets to transforming financial performance and compliance in the multifamily industry with insights from Michael Bowman, the visionary CEO and founder of Resident Radius. Discover how Michael's journey from an operator to a supplier partner has informed the creation of innovative cash management solutions that tackle financial evictions, late payments, and more. By listening to this episode, you'll gain an understanding of how Resident Radius builds a resident-centric approach that aligns seamlessly with owner and operator policies.
Building a platform from scratch is no small feat, and Michael shares his strategic blueprint for success. Learn about the shift from licensed software to platform development, emphasizing organic growth and the importance of an offshore team in Ireland. Michael highlights the critical role of client partnerships, addressing pain points, and ensuring user-friendly customization. This episode guides you through the strategic onboarding process and the art of communicating positive change to maximize property management efficiency.
With a focus on technology integration, this episode explores the transformative impact on property operations, particularly in cash management and regulatory compliance. Michael discusses the necessity of agile systems in keeping pace with shifting legislation, such as California's security deposit laws. By partnering with specialized tech solutions, operators can maintain excellence while respecting the multifamily industry's human element. Tune in to witness Resident Radius's success story and look forward to future collaborations and insights at their upcoming summit.
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/
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
All right, welcome back.
So today we're talking allabout money.
We've got the founder and CEOof Resident Radius on.
We've got Michael Bowman.
He'll be joining us in just aminute here.
Before I set that up, I want totalk to you about why we do
these interviews.
Number one as you know, I meetevery week as chairman of the
Multifamily Innovation Council,and so we're spending time with
(00:22):
owners and operators inside thecurrent challenges that they
face in the industry.
This is what they're faced withtoday.
And then we look at what is thebigger and better future that
they want to create.
And then we prioritize with thecouncil and the operators how
do they want to approach solvingthose problems?
And then we look for who canbest support the partners and
(00:45):
the technologies to then makethose problems go away or to
help them achieve a bigger andbetter future.
And so math, money, financialevictions, late payments,
security deposits all theseconversations are the types of
things that are getting theseinvestors to the yield, so you
can generate all the rents inthe world if you want, but if
(01:05):
you can't collect them, that isa major pain point.
So today we're bringing inMichael Bowman.
He's the CEO and founder ofResident Radius Michael, welcome
in.
Thank you, appreciate youhaving me.
Yeah, so we just opened up alittle bit about your background
, personal background.
I think of financialperformance.
You think of performance.
(01:27):
You've been a performertechnically, even in cinema, the
movies, all these types ofthings.
How do you look at performancetoday in multifamily?
Speaker 2 (01:36):
I would say performance in multifamily has a
number of aspects to it,because it depends on your
perspective.
If you're an operator, ifyou're an owner, if you're a
supplier, partner, you have tolook at the end result and the
downstream effect, and I thinkthat's what's lost oftentimes is
everyone has their own focusand sometimes we have blinders
(02:00):
on so for me, we categorizeperformance in a number of ways.
We look at the performance asour product performs in its
application.
We also look at the performancein the effects downstream how
are we impacting the site level?
How are we impacting theresident experience?
(02:20):
And we have to quantify each ofthose to determine overall
performance.
Speaker 1 (02:25):
Yeah, so I'm going to get into a little bit about
what you've built, what you'reworking on, so the problem it
solves and all of that.
Let's start there, because I'vegot some follow-up questions
around some of the prioritiesthat these companies have.
What are you working on, whathave you built and what value
are you creating in multifamily?
Speaker 2 (02:43):
Well, I hope we're creating a lot of value in
multifamily.
I feel like we've done a goodjob and we have about eight
years now under our belt doingit.
As we talked, I was on theoperator side before I crossed
over to the supplier partnerside, so we've applied a lot of
my past experience into theproduct build and initially and
(03:04):
it has evolved over time,obviously, as you are wont to do
the original product was reallyjust to solve for the cash
deposit component and howresidents onboard into a
community, more for anaffordability and a systematic
approach that's consistent.
What we've evolved to now iswe've evolved to a cash
(03:27):
management platform that theecosystem itself actually is
retroactively beneficial.
So we're onboarding newresidents that move into the
community.
We're converting existingresidents that are already in
the community and previouslypaid a deposit or deposit
alternative and bringing thoseinto our environment to support
(03:50):
them.
As well as the retroactivecomponent with a sheetment,
which has become a big driverfor us as well.
All of this is client-driven.
I'd like to say that I'm thesmartest guy in the room
Absolutely not, you know.
(04:28):
I'd like to say that I'm thesmartest guy in the room
Absolutely not.
It's been a Jeff Bezos kind ofan installment plan.
That's any deposit alternative,third-party deposit alternative
that the client wants to use,and we've created consistency
and compliance around all ofthat workflow.
Speaker 1 (04:41):
Is that also the administration part as well, in
terms of the move out andgetting those statements out to
the residents?
Speaker 2 (04:48):
Correct.
Yes, a hundred percent of thethe the life cycle of a resident
from move in to move out, and Ishould say through move out, um
, it's very customizable for uhour owners and operators to be
able to uh streamline theirworkflow but also create their
marketing and brand identitythrough our platform.
Speaker 1 (05:10):
So let's lean into a little bit more of that
compliance.
What are the biggest challenges, would you say, around that
compliance conversation?
Speaker 2 (05:16):
That is a lot to unpack.
When you talk about compliance,there's two layers to it.
There's the legality, thelegislative restrictions and
requirements that you have tocreate compliance around, but
there's also the administrativecompliance, and so it's twofold.
We've built a substantialbackend deposit legislation
(05:39):
matrix that is connected throughour system to prevent our
clients from risk.
It's what establishes thetimelines and the requirements
for sending the final move outstatement out.
Whether it goes out US Postalor if it has to be a certified
(05:59):
mailing, there's timelinesinvolved.
If you you know, example, ifyou have a state that has a
30-day requirement, you knowwe're backstopping our clients
to ensure that you know, if themove out isn't processed within
the correct number of days, thatwe're advising them, reminding
(06:19):
them hey, this hasn't been done.
And ultimately, if it doesn'tget done prior to the expiration
, we're automatically refundingthe resident to ensure that
nobody has risk.
Even the resident has a positiveexperience post move out.
From an operator side, you haveto make sure that you know you
are adaptable and malleable tosupport their structure and
(06:43):
their needs and their complianceor their policies and
procedures.
But you have to do it in a waythat's also resident-centric.
We're very resident-facing.
We have a 4.8 Google rating.
We're really proud of that.
We've really driven to ensurethat our support teams are
trained in sensitivity training,conflict resolution.
(07:05):
You know we deal with all ofthe post-resident calls.
If they have a question abouttheir refund, they have a
question about their move-outstatement.
You know we're taking thatburden on, and so we need to
make sure that our teams areproperly trained to do it.
So compliance creates a lot ofrisk.
A lot of that is missed todayjust by virtue of the fact that
(07:29):
operators can't specialize inthat one aspect.
We specialize in the move-in,move-out process, and so we're
able to ensure that we hit allof those compliance requirements
.
Speaker 1 (07:42):
Yeah, it's interesting and I know you have
and it signals a lot of yoursuccess in growing this platform
.
You've got a lot of largeorganizations already working
with you.
You know that signals somethingthat you know the volume I
would imagine that they have.
This makes a lot of sense andalso for that mid-market or even
smaller portfolio 1,500, 2,500,5,000 unit portfolio this seems
(08:08):
like a challenge for them toconstantly train their teams and
to turn over and they'repromoting people.
It seems like a nice way tostay standardized, stay
compliant, without alwaysretraining and retraining teams.
Are you seeing any trends withthat?
Moving that outside thebusiness?
That's the goal, right.
Speaker 2 (08:28):
Yeah, I would think that it makes sense, for, I mean
, we're almost entirely costneutral for our clients.
In some ways we have theability to create or generate an
administrative reimbursement orAKA revenue share right
historically.
And so when they're able toshed a huge amount of the
(08:52):
mundane, the manual tasks and,in addition to that, negate
significant risk, it makes sense.
Yes, we have a lot of largeunit count clients but we do
really well with the SMB and thesmaller unit counts.
We don't discriminate.
Our system is built on thesimplicity of onboarding to
(09:18):
allow and support a 10 propertyPMC, a two property PMC, a mom
and pop that have 50 units.
For us it doesn't matternecessarily the size of the
organization.
Obviously, from a supportperspective, you have to have
dedicated account management forthe larger clients and then you
consolidate or group smallerclients with account management.
(09:41):
But yeah, I think it makessense because, as you said, it
doesn't just mitigate or negaterisk but it creates operational
efficiencies and allowsoperators to scale because they
don't need to add resources tobring on more properties to the
extent that they historicallydid.
And I think that you knowwithin those organizations you
(10:04):
find the variety of positionswithin a large organization are
more positions to fill in thosemanual tasks, the smaller ones.
You have individuals that domultiple tasks and eliminate
daily cash reconciliation oraccounting transfers or stuffing
(10:25):
envelopes or, you know, goingto a post office.
It definitely saves time andcreates operational efficiency.
Yeah.
Speaker 1 (10:33):
When you're inside these conversations with owner
and operators and it's the firsttime they're hearing about it.
What are the questions they'reasking about this process?
Speaker 2 (10:42):
I would say that the number one question that we get
almost every single new businessis how do you make money?
Right, they want to make surebecause, again, we're priced at
a point that allows for adoptionregardless of budget season.
Doesn't matter if you're a feemanager or if you're an owner
manager.
You know our product runs verysmooth and cost consciously is
(11:08):
based on a way to, you know,create an onboarding experience
that doesn't have to be impactedby the budget season.
So, a lot of times they want toknow, you know, where we make
money and it's a sharedresponsibility, right?
You know we generate revenuefrom the resident.
We have offset costs throughthe operator, so it is.
It is probably the first andforemost question that we get to
(11:30):
after we get through portion ofthe demo, because, you know,
most of our most of our folksthat we're demoing to are very
much understanding of the pain,and so it's.
This is, this is great.
How do we sign up, but thissounds too good to be true,
right?
So that's probably the firstand foremost that we hear.
A lot of times, we hear orwe're asked, you know, how do
(11:53):
they incorporate their ownpolicies and procedures into our
workflow, which, again, it'svery customizable, so we meet
their needs rather than themneeding to meet our needs.
Speaker 1 (12:04):
And is that like in the communications with the
residents or?
Speaker 2 (12:07):
Every aspect of our platform, to my own detriment
and probably the angst of ourdevelopers.
Everything we build iscustomizable, from a marketing
standpoint to a workflow, evento a pricing allocation that
resident facing, so we cancustomize it in owner level, an
operator level, all the way downto a pricing allocation that
resident facing, so we cancustomize it an owner level, an
operator level, all the way downto a property level.
Speaker 1 (12:29):
Tell me about the building of all this, like how
you innovated this from aninsider's perspective, right?
Speaker 2 (12:36):
Well, originally, when we launched, we were a
licensed software platform, andone of my peers in the industry
and very, very smart andinnovative individual had told
me and I like the marketingstuff, I liked, I like you know,
let's do a really cool booth,let's do tchotchkes, all these
(12:56):
things.
And he said he said if I couldgive you one piece of advice,
invest in your platform, not inmarketing, grow organically and
under the radar as long as youcan and build a really solid
ecosystem that will supportgrowth and innovation.
And I really took it to heart.
(13:17):
And that's what we focused onis we took the aspects of the
license software that we wereusing that we needed and then
built into a brand new platformthe things that we wanted.
And so we've grown our platformsignificantly.
We've added three additionalservice lines.
(13:40):
When you own the IP, when you'rebuilding your own technology,
you have the benefit of beingable to pivot or at least be
dynamic in the way that youapproach certain problems, and
so development has becomeprobably our biggest expense
annually.
We need to stay ahead ofanybody that wants to be a
(14:01):
competitor.
We need to make sure that we'retaking into account changes in
the environment.
We recently moved ourdevelopment team offshore to
Ireland, which was a pretty biginitiative, but we found that
the resources available there,the cost, all of that lent
itself to a really positiveswitch, and so we have multiple
(14:24):
development calls a week.
I'm still involved, I have somecontrol issues maybe.
I like to see where things areat and where they're going, and
so the development cycle isreally interesting for me, yeah.
Speaker 1 (14:35):
Products.
We share products that areuseful, and that's a good focus.
I love the strategy.
If you were sitting down withthe ideal customer that you
wanted to spend time with, whatwould you want them to know
about what you're working onhere?
Speaker 2 (14:51):
I think that the first thing that I would like
all of our potential clients andour existing clients that
already know it is that we'renot looking for unit count,
we're looking for long-termpartners.
We want clients that areequally invested in us to
perform and to provide servicesthat benefit the resident,
(15:15):
rather than just trying to growto a certain unit count within
our space.
And then the other piece of itthat I think is really important
is that, while our productsounds complex because there's
so much customization to itavailable, it doesn't have to be
complex.
(15:36):
The most difficult part is justthe front end establishing.
You know what are the depositrequirements.
Who are the third party depositalternatives that they work
with?
Is there a specific marketingmessage or brand image that they
want conveyed in that workflow?
Once we get all of that frontend done, it runs really
(15:56):
smoothly.
Speaker 1 (15:57):
Yeah, let's talk about that a little more Like
after someone says, yes, I wantto move forward.
What does that look like interms of the customer experience
or the client experience?
Speaker 2 (16:06):
Well, we have a policy and it's my fundamental
policy with any client and it'sthe concept of if we're going to
get married, we need to datefirst, and so we're very
cautious in the implementationand approach.
So once we've gone through thedemo process and a client has
said, hey, we want to roll thisout, we complete the MSA,
(16:29):
whether it's property level oroperator level.
We onboard the properties.
We go through a number of callswith the right stakeholders,
because there is no ability tohave a successful product launch
and use if you don't havebuy-in from all layers of the
organization.
(16:49):
If the C-suite is reallyexcited about something and the
site level teams feel like it'sa cram down and that they're not
going to have benefits, there'sfriction.
And so we ensure that we set upa number of these discovery
calls with the rightstakeholders involved to get
them on board and find buy-in,as well as provide feedback on
(17:11):
existing problems or structuralchanges or needs that they have.
And then we schedule a numberof.
We always do a beta or a pilotgroup and then we schedule up
those calls to support the teamsand work through the marketing
pieces and implementation golive and roll out.
Speaker 1 (17:30):
I mean you guys have it sounds like a solid process.
Is it different for them?
I mean, their process isthey're just having internal
teams, you know, handlingcertain things, and then you
guys come in and offer a roadmapto sort of a simpler future and
you have a lot of people thathave bought and I'm curious how
did you enroll that buy-in onthe different levels, what those
(17:51):
benefits were?
Speaker 2 (17:52):
I think that the simplest way to achieve buy-in
at the various levels of theorganization is to lead with the
benefit for those individuallayers.
So, if we're meeting withaccounting and it's always
important for our product tohave you know your CFO,
controllers, the accounting, youknow folks involved in that
(18:13):
conversation.
But if we're meeting withaccounting, you know we talk
about a sheetment, we talk aboutdaily cash reconciliation and
and stuffing envelopes withchecks and and dealing with all
of that and relate to them theway that it works in our world.
Right, you know how is todayfor you versus tomorrow with us,
and we ensure that theyunderstand the value.
(18:36):
And it's not a complex, youknow process or workflow or
technology.
Right, it's just, it's changeand fundamentally, property
management has difficulty inchange because we've done things
the same way for so long, right?
So it's really justunderstanding that the change
(18:58):
has positive aspects to it andwe just work through each layer
of the organization,fundamentally identifying those
pain points and how we addressthem.
Speaker 1 (19:10):
Yeah, let's talk about those positive aspects.
Is there any math we can talkabout that benefits these
property owners, operators afterengaging?
Speaker 2 (19:20):
Absolutely.
We have a really solid advisoryboard.
It's made up of client andleaders and peers in our
industry and you know we'vebuilt a essentially an ROI
calculator that can identify,you know, based on unit count,
(19:40):
preemptively.
That just shows by unit countor property level or property
numbers that the cost and valuebenefit.
But overall, like we see,properly employed, our services
can reduce the operational costsfor cash management by over 70%
(20:02):
.
There's a number of factors tothat 70%.
Now, we don't advocate or evensell elimination of FTEs.
What we talk about is creatinggreater efficiency in the
organization and reallocatingthose folks to do more
(20:24):
revenue-driven tasks as well aspromote growth.
So you have scalability.
If you have five accountantsthat are working full-time to do
all of these things and we comein and we essentially remove 60
of their workflow or workloadum, they're able to take on more
(20:45):
properties.
It's not work right.
Yeah, it's definitely not funmoving data.
Speaker 1 (20:52):
Yeah, yeah, and I would imagine there's impact to
the employee experience as well.
Speaker 2 (20:57):
Like, like, if people are doing work, they enjoy,
that matters of the property,even the leasing agents and you
talk about what we're doing andhow we're implementing.
(21:18):
It is work that they don't.
Nobody wants to print out moveout statements and stuff them in
the envelope and then deal withthe inbound calls from a
resident asking when they'regetting their refund checks.
You know, a statistic that is agreat one to share is that you
know, if you look at thetraditional model of property
management, on average operators, if they're sending the
(21:40):
move-out statement out in time,it's usually 14 to 21 days after
a resident's moved out.
That's not the refund check,that's just the move-out
statement, because that then hasto get processed through
accounting and then that getsmailed out.
So residents are waitinganywhere between three and four
weeks at minimum for a refundcheck or a move out statement.
(22:01):
With our system it's real time.
So the day of the move outstatement is completed, it's
processed, residents notifiedand they have access to a refund
.
On average, 98% of theresidents processed through our
system receive their refundelectronically and if they
select PayPal, venmo, google Pay, they have cash in hand within
(22:22):
two hours of the move out beingprocessed.
Speaker 1 (22:24):
Wow, two hours.
Yeah, that's incredible.
What are people saying aboutthat?
Like your clients, what's thefeedback?
Speaker 2 (22:38):
feedback.
One of the biggest pain pointsthat clients have expressed even
prospect clients have have havelet us know is that the the
resident complaints aretypically around the refunds.
Speaker 1 (22:45):
That's usually the the most painful piece for them
because the timing of the timingis they're just moving on and,
by the way, moving is not fun,right?
And then you add this incomecomponent to it.
For them it may be income, youknow.
Speaker 2 (22:58):
Yep 100%.
Speaker 1 (22:59):
Coming back to the Middle East, that's interesting.
What do you see in trends Likewhere do you think everything's
going with all of this?
Speaker 2 (23:07):
I think that there is .
We've seen it.
Speaker 1 (23:10):
There's consistent pending legislation that's going
to impact security deposits,either from a liability
standpoint, I feel like thatbenefits you, though, or the
organization, because, at theend of the day, the ability to
execute on these requirementsget smaller timelines usually,
right, yes, in these regulations.
(23:31):
It seems like that's where yougot to bridge that tech with the
process.
Absolutely, yeah, yep, yeah.
Speaker 2 (23:37):
Yep, yeah, it is a benefit for us.
I'll say that the pendinglegislation and while we don't
lobby, it's just it's a sweepinginitiative nationally to either
impede owners and operatorsfrom collecting security
deposits or requiring them touse deposit alternatives.
We don't compete with any ofthose, we complete them.
(23:59):
So we're able to insert thoserequirements into our workflow,
whether it's on the back end inthe matrix and timelines or
maximum deposit requirements.
California just went through alegislative change where now the
maximum amount of a depositthat you can charge is equal to
one month's rent.
That's inclusive of pet fees orpet deposits and application.
(24:23):
All that stuff is built intothis new legislation, so our
system will prevent a residentfrom having a deposit greater
than one month's right For us.
It wasn't complex to adjust theback backend matrix on that
requirement.
For an operator to do that andensure that that's what's
happening across all of theirproperties is much more
(24:46):
difficult to get that.
Speaker 1 (24:47):
That's what I meant by that too is like you know
some things, you just it'sbetter to partner on with an
environment where there'suncertainty, regulation, getting
that certainty on compliance,things like that, because I'm
just thinking about internaltraining, meeting those
(25:08):
expectations and then knowingare we thinking through this?
Because a client can only seetheir world right and you're
seeing this perspective acrossthe industry, this diverse
mindset, diverse application,different asset classes, I would
imagine, and that allows us toget, I think, a little bit
better at certain things.
We love the best-in-class.
We call it the best-in-classpoint solutions versus doing
(25:30):
something okay yourself.
Speaker 2 (25:33):
Yeah, I agree 100% and I think that there's always
going to be a human component tomultifamily.
We are a human-driven industrycompliance around multiple
(25:54):
aspects, not just therestrictions or the legislative
components of it, even in themarketing, you know we struggle
with.
You know, at a site level,ensuring that every single one
of your you know your operatingteam partners are trained and
know how to speak to certainaspects of the workflow.
(26:17):
Well, with our product, theoperator is able to customize
that messaging, so theresident's always going to
receive consistent messaging,the marketing around their
optionality or the affordabilityof a unit, and so it allows for
a measure of compliance aroundthat.
But it doesn't negate the humancomponent that's involved.
(26:39):
So that the prospect you knowwe live in an industry that is
similar to a grocery store right, you've got one prospect that
comes in and they want to gothrough the self-checkout line.
You don't want to talk to aperson, they just need a couple
of things and they're good.
Conversely, you have the otherresident that's a prospect
coming in that wants that humancomponent.
(27:00):
They want to talk to a person,they want to shake a hand, they
want to get their keys rightthere, and so by being able to
support either of those, itcreates a really great,
consistent opportunity.
Speaker 1 (27:12):
Let's talk about that customization and even in the
messaging how is that delivered?
Speaker 2 (27:38):
to take the messaging and insert that into both from
a scripting standpoint.
So our agents, when they speakto a prospect coming into a
community, the scripting thatthey see on their screen is
based off of that owner,operator or property level
customization.
And so our support teams have adirect message that they're
able to provide that is alignedwith our clients' wants.
The resident onboardingexperience everything visually
(28:01):
that they're seeing, whetherit's text messaging or whether
it's via their app or screen, isalso consistent and it's based
off of what that Obviously, wehave templates right.
Like I said, we can simplify it.
But if the client has the wantto customize it within their
brand, then we're able to conveythat branded message.
Speaker 1 (28:22):
How long does it take from I'm in for this to we're
ready to pilot or roll out thefirst?
Speaker 2 (28:29):
It's not fast.
I would be doing our clients adisservice if we, if we quick
turned and flip folks on.
I would say it's anywhere fromat minimum three weeks from the
signed MSA before we have apilot property, you know, going
live with orientation.
(28:50):
The sweet spot is about four tosix weeks.
For us it just depends on thesize of the organization,
because we do want to make surethat we're connecting with each
of those layers or thosestakeholders to ensure that
everybody has alignment.
Speaker 1 (29:05):
Yeah, but when you get this right it impacts every
week after that in fundamentalways.
I mean that's correct.
I love the responsibleexecution there, like not the
ambitious over-prompt, it's justreally get alignment with what
are the business objectives theclient has, get their process
figured out and then roadmapthat onboarding.
(29:27):
I think you start to look atwhat the downstream effects of
getting that right areexponential.
You know, because right nowthey're paying for it in other
ways.
It's much more than even youknow figuring out.
I don't know how a license youpay, monthly or annual.
I don't know how yoursubscription model works, but
(29:49):
they're paying.
They're already have the costsCorrect.
Right, it's, it's.
It may be frustration and maybeemployee turnover, training,
compliance risk, all that stuff.
So it makes sense to focus forthat period of time to get it
right.
Speaker 2 (30:04):
Yeah, absolutely.
Speaker 1 (30:06):
And by the way they develop apartments, they know
like, hey, we're going to dosomething for 18 months to build
a foundation, something thatlasts for a while.
I think that's positive.
Speaker 2 (30:15):
Oh, absolutely, and it's well-received.
I mean, we've had a few, we'vehad a few prospects that were
really, really excited and Ilove it, don't get me wrong, but
the enthusiasm is reallygratifying, right Like we want
to roll everything out.
You know now and you know ourbrand is just as important as
theirs and so you know we'regoing to make mistakes and we'd
(30:38):
rather make them on.
You know a couple of propertiesin the beginning and make sure
that we have it all dialed in.
But, to your point, once wehave all of that dialed in,
supplemental ads are really easy, Like you can bring on, you
know, the rest of a portfoliomuch faster than we can just the
(30:59):
first piloting.
You know phase of it becauseit's literally just turning
those on in our system and thosecustomizations are transferable
A hundred percent Once we setup the client and we have we, we
, we bracketed out where the thecustomization is and we work
with owner managers.
(31:20):
We work with fee managers.
We work with owners that usefee managers and so if it's an
ownership group, we build outthat customization at the
ownership group and then,regardless of the operator, it
flows through that operator withthose specifications For a fee
manager if they have a standardmodel.
(31:41):
That's what gets implementedwith the properties.
But if there is a ownershipgroup that's under that same fee
manager, then the hierarchywill take that ownership
customization and apply it.
And so, regardless of where theproperty is or how many units
the property is, it takes 10minutes to set up a new property
(32:05):
once we have all of thatalready dialed in.
Speaker 1 (32:09):
It's interesting.
What are some questions thatpeople ask that they may think
like oh, this is like somethingelse.
How do you differentiate withother people in the marketplace,
maybe doing similar things orgrouping them into other things?
How are you leading forward thecampaign to acquire new
customers?
Speaker 2 (32:27):
I think the biggest misconception when we're out in
the market is that we'recompetitive with deposit
alternatives, and the reality isthat we're not with deposit
alternatives.
And you know the reality is isthat you know we're not
competitive, we're complimentary.
We actually make those programswork better because we can
consistently offer them to everyresident, rather than relying
(32:52):
on a human component at the sitelevel to potentially offer it
or to you know, even from a fairhousing standpoint, maybe
they're not offering itconsistently and they're
supposed to right.
And so for us I think that youknow it is understanding that we
(33:13):
are a supportive service thatcreates compliance around those
pieces.
That has been fundamentally thebiggest difficulty that we've
had.
We had a lot of open field whenwe came to market because nobody
else did it.
We had about five years of thatwhere the need wasn't as
(33:34):
profound.
I'd say post-COVID is wherewe've really seen huge uptick in
the want Not really the needfrom a use case.
It wasn't that they saw thatthey needed it, but they
realized that they wanted it andthen the benefits of
implementing it created the need.
(33:55):
So that's really where westruggled with for a long time
because we were it was us orthem right.
When we first launched, we justdid the cash deposit piece.
It was about a year and a halfago that we implemented the
change to insert the depositalternatives to our workflow and
that's what really opened upour opportunity.
Speaker 1 (34:17):
Yeah, that's interesting, you know, I think
about, you know the amount ofchoices owner and operators have
when they go to market and youknow one of the things you
mentioned early in yourconversation was you have a
product advisory or advisorycouncil, I think of sorts.
So you're kind of buildingalong with the customer, with
(34:38):
you know, with something that'suseful for current state of
business, all that stuff.
And you've been great in ourMultivan Innovation Council
meetings, which is a separatecouncil.
It's for the sort of industryplatform for that.
Has that been useful for you ingetting kind of the ear of the
hearts and minds or thepriorities or the pulse of maybe
(35:00):
the conversations that they'rehaving?
I know that your remarks andresponses in those meetings and
contribution have beenincredible, giving perspective
on a range of things.
But how has that been useful, Iguess, for you in that aspect?
Speaker 2 (35:14):
Well, thank you.
Yes, I'm glad that I've beenable to contribute and I
definitely find it extremelyvaluable.
You know our client-basedadvisory board.
You know they're a range ofpositions C-suite to you know,
regionally leveled.
They don't have theavailability to meet on a weekly
(35:34):
basis, so those are reallybeneficial meetings to direct
our roadmap and understand ourplatform, either deficiencies or
augmenting it or enhancing it.
I would say, and I would highlyrecommend the council meetings
because the frequency weeklysometimes I can't make it, I
(35:59):
always try to but the variety ofpeople that are attending that
it is a great opportunity tounderstand a broader scale
perspective of the market, fromwhether it's a CapEx
conversation or whether it's atechnology conversation or
compliance.
(36:19):
I think that it is greatinsight that you cannot get
anywhere else in the industryand not as consistent as it.
Speaker 1 (36:29):
Yeah, and I think the vision there is to help us
build more useful things, right.
So I think there's been animbalance to you know there's
the owners and operators havebeen so successful for so long,
right, and so they haven't beenin a situation where they've
needed to change.
And so it's always great tohave what we brought in industry
(36:52):
partners to really help guidethe technical, the diverse set
Because, again, like I said, ifwe're in a vacuum, you're in
conversations across industrywith some of the top
organizations and all acrossdifferent markets, and you've
seen the regulation relation andthat's just been really
valuable to bring your words,your vision, your contribution
(37:17):
to some of those means, andsometimes they may be even off
topic to product.
It's just more like back toyour point of people and
relationships and we're outsideof sales, so there's no sales in
there.
So you're really being helpfuland productive.
I always just ask, because I'malways curious, like how do you
make innovation flow moreefficiently in the industry?
(37:37):
And it's really bringing thoseconversations together.
Speaker 2 (37:47):
Oh, absolutely, I think that there's a standard.
It's innovate or die right andespecially they know that, but
sometimes they don't Like still,what do you think that is?
It is the legacy unwillingnessto change, and it goes more so
to that, and I'll almost sayit's a property management
system origin.
Sure, because, fundamentally,once you've picked your platform
, it's like are you an Appleuser or an Android user?
(38:09):
Right, it's really hard tochange out of an ecosystem, and
so a lot of change is met withadversity, and you have to be
able to provide as a supplierpartner.
You have to be innovative, butyou also have to be dynamic and
flexible enough to create theopportunity that the owner
(38:30):
operator can see Not only thevalue, but that change
management is not going to bethe opportunity.
That the owner operator can seenot only the value, but that
change management is not goingto be the hurdle Sure, it's.
It's more so, fundamentallygetting alignment across the
organization and the buy-in fromthe different task holders and
groups.
So, yeah, I think that that'sreally important, that you know
change is hard, which is one ofthe reasons why we approach it
(38:52):
cautiously, as is Does that givethem a little ease, like, oh,
this is actually refreshing alittle bit?
I think so.
I mean fundamentally.
It's probably selfish in ourintention because we are really
vested in our brand and we don'twant to risk speed and haste,
you know, to that wouldnegatively impact.
(39:13):
That.
It's also protective of theclient, obviously.
So I think that by creating theopportunity to step into it
slowly, essentially, you knowtest the water and you know
acclimate that it does negatesome of the fear.
If you're going to roll out on,you know, on 25% of a portfolio
(39:33):
, it's a lot easier to unwind iffor some reason they didn't
want to or they had a problem.
And we're a very simplecontract.
We have a 30-day out If aclient doesn't want to work with
us.
We don't want them to.
Fortunately, we've never lost aclient, so I'm proud of that
fact.
But we also would make it easyif a client did need to make a
(39:55):
change.
Speaker 1 (39:55):
Yeah, what's it been, as a founder, doing all this?
How's that?
Speaker 2 (40:00):
Well, I've lost a lot of hair over the years.
I mean we've grown so much overeight years and we have an
amazing group of individuals.
(40:21):
Through leadership, sales, oursupport teams.
We've found so many newfriendships along the way.
In our industry there's anelement of pride along the way.
In our industry there's anelement of pride, obviously.
I mean we're human.
So I'm profoundly grateful thatwe have met and retained the
clients that we have.
I mean they truly are partnersand I have developed some of my
(40:49):
deepest friendships through thisbusiness that I would not have
today had I not created thiscompany.
Speaker 1 (40:53):
Yeah, any advice you give to other founders thinking
about building stuff inmultifamily.
Speaker 2 (40:58):
I think the two things that I would say is trust
in your heart that if you trulyfeel you have a product that
solves for pain, to go forwardwith it.
Be cautious and respectful ofeverybody, because this industry
(41:19):
is an elephant, not only bysize but also by memory.
And the last piece that I wouldsay is we're bootstrapped.
We've we've never taken aninvestment and I was cautioned
multiple times by the same peerthat told me to build tech, that
it is a difficult position tobe in because when you, when you
(41:42):
take capital, it's not abenefit, it's an obligation.
And so if you're, if you'retaking seed money or if you have
to do an investment round, makesure you're doing it for the
right reasons, and thereabsolutely are right reasons.
Fundamentally, if your productis what it is and what you need
to get it off the groundrequires capital you don't have
(42:05):
absolutely there are rightreasons, but go into it
understanding that it is anobligation, not an opportunity.
Speaker 1 (42:12):
Yeah, what would you share about building that team?
I mean, that team needsdifferent things over those
stages and phases.
Speaker 2 (42:18):
I am blessed with great people and we, you know we
are slow to hire, even slowerto fire, and I mean we really
haven't fired anybody, but Ithink I've been the opposite at
times.
You worry about it, but I thinkthat we've been really lucky to
(42:39):
find the people that we have,and some of our folks are people
that I've worked with in thepast.
Our industry, like I said, is abig one and people have a
variety of experiences, and ifyou bring together the right
people and create a culture thatis team oriented you know we
(42:59):
don't do individualizedcommission plans or bonuses it's
all group, everybody shares inin the opportunity and the
benefits, and so that dynamicvastly alters the way that
everybody interacts.
There's no me or I, it's all ateam.
And I think that, fundamentally, finding the right people that
(43:22):
fit in your organization isprobably the hardest task to do.
When you're building andgrowing too quickly is also a
painful process because you willinadvertently bring on more
people than you're ready for inthe hopes or in the expectation
(43:43):
of new business.
And you know, being responsiblefor people's lives, their kids,
their spouses, you know is avery stressful burden, so you
need to make sure that you do itcautiously.
Speaker 1 (43:56):
Yeah, and then going to market sales.
I mean you guys have done sucha great job with with the brand.
What advice do you share there?
Speaker 2 (44:04):
I think the brand component and I've I've actually
struggled with this a few times.
You know, when we firstlaunched, we launched as Deposit
Cloud and pretty much ourentire existence has been under
that umbrella.
And then when we addedadditional service lines right
at the beginning of the pandemicand then post or through and
post pandemic, it becameconfusing Like, oh, who are you
(44:27):
with?
And you know, you describe whatyou do.
Oh, you're with that company,you know.
And so there was a confusion,which is what led to the
rebranding under Resident Radius, trying to create a connective
brand with those.
I think that pivoting like thatis hard because they hear or
know of your, you know adifferent name and so morphing
(44:49):
that into a new one or marketingunder that can be difficult.
But I think the brand, the mostsignificant piece of branding
(45:12):
that I, the multiple productsyou know, connecting everything
to the resident at the center.
So I think that marketing isreally important from the aspect
of having clean one pagers andhaving a website experience or a
marketing experience that canrelate what you do fundamentally
without spilling the secretsauce per se.
(45:33):
Um, so that's the difficultpiece for me is, you know, we
don't have, we don't have themarketing department that I
would like to have, and somedaywe will, uh, but it's, it is a,
it's a team effort and we have a, you know, a key marketing
person that helps to puteverything together.
Um, but it is.
But it is difficult from thebrand perspective to ensure that
(45:55):
people know what you do.
Speaker 1 (45:58):
Yeah, it's easy to clarify a message when you have
a focus and the ideal customerin mind.
You're kind of just arriving atthose needs.
Are there questions that Ishould be asking, that I haven't
asked, that you know, peopleshould know.
Speaker 2 (46:14):
Well, you've asked some really great questions,
I'll say so, I don't know that,as far as questions that you
should ask, I don't know thatthere's a question that you
should ask that you haven'talready asked.
There's, obviously, questionsthat I would love for you to ask
, but Well, let's go there.
What is that for you to ask?
(46:35):
But Well, let's go there.
What is that?
Well, I mean, it's a selfishmethod to ask, but I mean we
always try to figure out wherethe pain is within the
organization, and so, you know,we oftentimes get asked the
questions of.
You know, when you said youknow, what are you solving for?
It's more so, who are yousolving for and for us?
Like that, you know.
When you said you know what areyou solving for?
It's more so, who are yousolving for and for us?
Like that, you know the answerto that is that we're solving
(46:57):
for every layer of theorganization, whereas a lot of
products out there are solvingfor a specific pain point, not
necessarily who it serves or whoit solves for.
Speaker 1 (47:08):
So yeah, good people.
Speaker 2 (47:10):
Yeah.
Speaker 1 (47:11):
We're a people industry, you know ultimately.
Yeah, Anything.
Uh, maybe you can't say now,but anything on the horizon for
what's next for the brand?
Speaker 2 (47:21):
We specialize.
Our goal is to specialize anddo one thing better than
anything else, and that isthat's the cash management
deposit secure deposit piece.
The additional products thatwe've added have been supportive
, tied into or tandem with.
Next on our horizon is anoperational compliance platform
(47:44):
that all of those productsdovetail into, and so we're
looking to launch that in Q2, q3of next year.
We have a couple of clientsthat we're building it with, so
we're excited about that pieceof it, but that will be the last
additional service line that weadd.
We just don't want to.
(48:04):
We don't want to distractourselves from what is most
important.
Speaker 1 (48:08):
Yeah, I'm going to ask where people can.
We'll put all this informationin the show notes, but how?
How would you want people toreach out and connect?
Speaker 2 (48:17):
We have a sales email address sales at
residentradiuscom.
Our website isresidentradiuscom and they can
connect through LinkedIn withany of our team myself directly
with DMs and LinkedIn, with anyof our team myself directly with
DMs and LinkedIn.
We've got Wade McGowan,gabriella Jones, and they would
(48:38):
be happy to help anyone thatwants to find out more
information.
Speaker 1 (48:48):
Yeah, no, you've built what sounds like an
amazing product, great team, andI love the way that you show up
your heart to serve you know.
So it's always good when you'reinteracting with a brand and
they're there to make improvethe lives of the people they're
working for.
I love the center on the peopleyou meant.
I asked you the question around.
You know what problems you sawin the pain points and you went
to like well, who are we solvingfor?
At the end of the day, behindevery company is just a
collection of people, and if youcan make their lives better,
(49:10):
it's always a good thing.
Absolutely Well, listen, thishas been amazing.
I know we'll be following allof your success.
We're excited to see you at thesummit and hopefully we can
have you back on.
Do some more education and, ofcourse, our Friday meetings.
That'll be great to see youthere.
Speaker 2 (49:26):
Yes, love to.
Speaker 1 (49:28):
All right, good to have you on, thanks, thank you.
All right, so all aboutResident Radius.
Click the links in the shownotes and listen more Share if
you know anybody that would findthis episode valuable.
We'll see you in the next one.
All right, welcome back.
So today we're talking allabout money.
We've got the founder and CEOof Resident Radius on.
We've got Michael Bowman.
He'll be joining us in just aminute here.
Before I set that up, I want totalk to you about why we do
these interviews.
Number one as you know, I meetevery week as chairman of the
Multifamily Innovation Council,and so we're spending time with
(00:22):
owners and operators inside thecurrent challenges that they
face in the industry.
This is what they're faced withtoday.
And then we look at what is thebigger and better future that
they want to create.
And then we prioritize with thecouncil and the operators how
do they want to approach solvingthose problems?
And then we look for who canbest support the partners and
(00:45):
the technologies to then makethose problems go away or to
help them achieve a bigger andbetter future.
And so math, money, financialevictions, late payments,
security deposits all theseconversations are the types of
things that are getting theseinvestors to the yield, so you
can generate all the rents inthe world if you want, but if
(01:05):
you can't collect them, that isa major pain point.
So today we're bringing inMichael Bowman.
He's the CEO and founder ofResident Radius Michael, welcome
in.
Thank you, appreciate youhaving me.
Yeah, so we just opened up alittle bit about your background
, personal background.
I think of financialperformance.
You think of performance.
(01:27):
You've been a performertechnically, even in cinema, the
movies, all these types ofthings.
How do you look at performancetoday in multifamily?
Speaker 2 (01:36):
I would say performance in multifamily has a
number of aspects to it,because it depends on your
perspective.
If you're an operator, ifyou're an owner, if you're a
supplier, partner, you have tolook at the end result and the
downstream effect, and I thinkthat's what's lost oftentimes is
everyone has their own focusand sometimes we have blinders
(02:00):
on so for me, we categorizeperformance in a number of ways.
We look at the performance asour product performs in its
application.
We also look at the performancein the effects downstream how
are we impacting the site level?
How are we impacting theresident experience?
(02:20):
And we have to quantify each ofthose to determine overall
performance.
Speaker 1 (02:25):
Yeah, so I'm going to get into a little bit about
what you've built, what you'reworking on, so the problem it
solves and all of that.
Let's start there, because I'vegot some follow-up questions
around some of the prioritiesthat these companies have.
What are you working on, whathave you built and what value
are you creating in multifamily?
Speaker 2 (02:43):
Well, I hope we're creating a lot of value in
multifamily.
I feel like we've done a goodjob and we have about eight
years now under our belt doingit.
As we talked, I was on theoperator side before I crossed
over to the supplier partnerside, so we've applied a lot of
my past experience into theproduct build and initially and
(03:04):
it has evolved over time,obviously, as you are wont to do
the original product was reallyjust to solve for the cash
deposit component and howresidents onboard into a
community, more for anaffordability and a systematic
approach that's consistent.
What we've evolved to now iswe've evolved to a cash
(03:27):
management platform that theecosystem itself actually is
retroactively beneficial.
So we're onboarding newresidents that move into the
community.
We're converting existingresidents that are already in
the community and previouslypaid a deposit or deposit
alternative and bringing thoseinto our environment to support
(03:50):
them.
As well as the retroactivecomponent with a sheetment,
which has become a big driverfor us as well.
All of this is client-driven.
I'd like to say that I'm thesmartest guy in the room
Absolutely not, you know.
(04:28):
I'd like to say that I'm thesmartest guy in the room
Absolutely not.
It's been a Jeff Bezos kind ofan installment plan.
That's any deposit alternative,third-party deposit alternative
that the client wants to use,and we've created consistency
and compliance around all ofthat workflow.
Speaker 1 (04:41):
Is that also the administration part as well, in
terms of the move out andgetting those statements out to
the residents?
Speaker 2 (04:48):
Correct.
Yes, a hundred percent of thethe the life cycle of a resident
from move in to move out, and Ishould say through move out, um
, it's very customizable for uhour owners and operators to be
able to uh streamline theirworkflow but also create their
marketing and brand identitythrough our platform.
Speaker 1 (05:10):
So let's lean into a little bit more of that
compliance.
What are the biggest challenges, would you say, around that
compliance conversation?
Speaker 2 (05:16):
That is a lot to unpack.
When you talk about compliance,there's two layers to it.
There's the legality, thelegislative restrictions and
requirements that you have tocreate compliance around, but
there's also the administrativecompliance, and so it's twofold.
We've built a substantialbackend deposit legislation
(05:39):
matrix that is connected throughour system to prevent our
clients from risk.
It's what establishes thetimelines and the requirements
for sending the final move outstatement out.
Whether it goes out US Postalor if it has to be a certified
(05:59):
mailing, there's timelinesinvolved.
If you you know, example, ifyou have a state that has a
30-day requirement, you knowwe're backstopping our clients
to ensure that you know, if themove out isn't processed within
the correct number of days, thatwe're advising them, reminding
(06:19):
them hey, this hasn't been done.
And ultimately, if it doesn'tget done prior to the expiration
, we're automatically refundingthe resident to ensure that
nobody has risk.
Even the resident has a positiveexperience post move out.
From an operator side, you haveto make sure that you know you
are adaptable and malleable tosupport their structure and
(06:43):
their needs and their complianceor their policies and
procedures.
But you have to do it in a waythat's also resident-centric.
We're very resident-facing.
We have a 4.8 Google rating.
We're really proud of that.
We've really driven to ensurethat our support teams are
trained in sensitivity training,conflict resolution.
(07:05):
You know we deal with all ofthe post-resident calls.
If they have a question abouttheir refund, they have a
question about their move-outstatement.
You know we're taking thatburden on, and so we need to
make sure that our teams areproperly trained to do it.
So compliance creates a lot ofrisk.
A lot of that is missed todayjust by virtue of the fact that
(07:29):
operators can't specialize inthat one aspect.
We specialize in the move-in,move-out process, and so we're
able to ensure that we hit allof those compliance requirements
.
Speaker 1 (07:42):
Yeah, it's interesting and I know you have
and it signals a lot of yoursuccess in growing this platform
.
You've got a lot of largeorganizations already working
with you.
You know that signals somethingthat you know the volume I
would imagine that they have.
This makes a lot of sense andalso for that mid-market or even
smaller portfolio 1,500, 2,500,5,000 unit portfolio this seems
(08:08):
like a challenge for them toconstantly train their teams and
to turn over and they'repromoting people.
It seems like a nice way tostay standardized, stay
compliant, without alwaysretraining and retraining teams.
Are you seeing any trends withthat?
Moving that outside thebusiness?
That's the goal, right.
Speaker 2 (08:28):
Yeah, I would think that it makes sense, for, I mean
, we're almost entirely costneutral for our clients.
In some ways we have theability to create or generate an
administrative reimbursement orAKA revenue share right
historically.
And so when they're able toshed a huge amount of the
(08:52):
mundane, the manual tasks and,in addition to that, negate
significant risk, it makes sense.
Yes, we have a lot of largeunit count clients but we do
really well with the SMB and thesmaller unit counts.
We don't discriminate.
Our system is built on thesimplicity of onboarding to
(09:18):
allow and support a 10 propertyPMC, a two property PMC, a mom
and pop that have 50 units.
For us it doesn't matternecessarily the size of the
organization.
Obviously, from a supportperspective, you have to have
dedicated account management forthe larger clients and then you
consolidate or group smallerclients with account management.
(09:41):
But yeah, I think it makessense because, as you said, it
doesn't just mitigate or negaterisk but it creates operational
efficiencies and allowsoperators to scale because they
don't need to add resources tobring on more properties to the
extent that they historicallydid.
And I think that you knowwithin those organizations you
(10:04):
find the variety of positionswithin a large organization are
more positions to fill in thosemanual tasks, the smaller ones.
You have individuals that domultiple tasks and eliminate
daily cash reconciliation oraccounting transfers or stuffing
(10:25):
envelopes or, you know, goingto a post office.
It definitely saves time andcreates operational efficiency.
Yeah.
Speaker 1 (10:33):
When you're inside these conversations with owner
and operators and it's the firsttime they're hearing about it.
What are the questions they'reasking about this process?
Speaker 2 (10:42):
I would say that the number one question that we get
almost every single new businessis how do you make money?
Right, they want to make surebecause, again, we're priced at
a point that allows for adoptionregardless of budget season.
Doesn't matter if you're a feemanager or if you're an owner
manager.
You know our product runs verysmooth and cost consciously is
(11:08):
based on a way to, you know,create an onboarding experience
that doesn't have to be impactedby the budget season.
So, a lot of times they want toknow, you know, where we make
money and it's a sharedresponsibility, right?
You know we generate revenuefrom the resident.
We have offset costs throughthe operator, so it is.
It is probably the first andforemost question that we get to
(11:30):
after we get through portion ofthe demo, because, you know,
most of our most of our folksthat we're demoing to are very
much understanding of the pain,and so it's.
This is, this is great.
How do we sign up, but thissounds too good to be true,
right?
So that's probably the firstand foremost that we hear.
A lot of times, we hear orwe're asked, you know, how do
(11:53):
they incorporate their ownpolicies and procedures into our
workflow, which, again, it'svery customizable, so we meet
their needs rather than themneeding to meet our needs.
Speaker 1 (12:04):
And is that like in the communications with the
residents or?
Speaker 2 (12:07):
Every aspect of our platform, to my own detriment
and probably the angst of ourdevelopers.
Everything we build iscustomizable, from a marketing
standpoint to a workflow, evento a pricing allocation that
resident facing, so we cancustomize it in owner level, an
operator level, all the way downto a pricing allocation that
resident facing, so we cancustomize it an owner level, an
operator level, all the way downto a property level.
Speaker 1 (12:29):
Tell me about the building of all this, like how
you innovated this from aninsider's perspective, right?
Speaker 2 (12:36):
Well, originally, when we launched, we were a
licensed software platform, andone of my peers in the industry
and very, very smart andinnovative individual had told
me and I like the marketingstuff, I liked, I like you know,
let's do a really cool booth,let's do tchotchkes, all these
(12:56):
things.
And he said he said if I couldgive you one piece of advice,
invest in your platform, not inmarketing, grow organically and
under the radar as long as youcan and build a really solid
ecosystem that will supportgrowth and innovation.
And I really took it to heart.
(13:17):
And that's what we focused onis we took the aspects of the
license software that we wereusing that we needed and then
built into a brand new platformthe things that we wanted.
And so we've grown our platformsignificantly.
We've added three additionalservice lines.
(13:40):
When you own the IP, when you'rebuilding your own technology,
you have the benefit of beingable to pivot or at least be
dynamic in the way that youapproach certain problems, and
so development has becomeprobably our biggest expense
annually.
We need to stay ahead ofanybody that wants to be a
(14:01):
competitor.
We need to make sure that we'retaking into account changes in
the environment.
We recently moved ourdevelopment team offshore to
Ireland, which was a pretty biginitiative, but we found that
the resources available there,the cost, all of that lent
itself to a really positiveswitch, and so we have multiple
(14:24):
development calls a week.
I'm still involved, I have somecontrol issues maybe.
I like to see where things areat and where they're going, and
so the development cycle isreally interesting for me, yeah.
Speaker 1 (14:35):
Products.
We share products that areuseful, and that's a good focus.
I love the strategy.
If you were sitting down withthe ideal customer that you
wanted to spend time with, whatwould you want them to know
about what you're working onhere?
Speaker 2 (14:51):
I think that the first thing that I would like
all of our potential clients andour existing clients that
already know it is that we'renot looking for unit count,
we're looking for long-termpartners.
We want clients that areequally invested in us to
perform and to provide servicesthat benefit the resident,
(15:15):
rather than just trying to growto a certain unit count within
our space.
And then the other piece of itthat I think is really important
is that, while our productsounds complex because there's
so much customization to itavailable, it doesn't have to be
complex.
(15:36):
The most difficult part is justthe front end establishing.
You know what are the depositrequirements.
Who are the third party depositalternatives that they work
with?
Is there a specific marketingmessage or brand image that they
want conveyed in that workflow?
Once we get all of that frontend done, it runs really
(15:56):
smoothly.
Speaker 1 (15:57):
Yeah, let's talk about that a little more Like
after someone says, yes, I wantto move forward.
What does that look like interms of the customer experience
or the client experience?
Speaker 2 (16:06):
Well, we have a policy and it's my fundamental
policy with any client and it'sthe concept of if we're going to
get married, we need to datefirst, and so we're very
cautious in the implementationand approach.
So once we've gone through thedemo process and a client has
said, hey, we want to roll thisout, we complete the MSA,
(16:29):
whether it's property level oroperator level.
We onboard the properties.
We go through a number of callswith the right stakeholders,
because there is no ability tohave a successful product launch
and use if you don't havebuy-in from all layers of the
organization.
(16:49):
If the C-suite is reallyexcited about something and the
site level teams feel like it'sa cram down and that they're not
going to have benefits, there'sfriction.
And so we ensure that we set upa number of these discovery
calls with the rightstakeholders involved to get
them on board and find buy-in,as well as provide feedback on
(17:11):
existing problems or structuralchanges or needs that they have.
And then we schedule a numberof.
We always do a beta or a pilotgroup and then we schedule up
those calls to support the teamsand work through the marketing
pieces and implementation golive and roll out.
Speaker 1 (17:30):
I mean you guys have it sounds like a solid process.
Is it different for them?
I mean, their process isthey're just having internal
teams, you know, handlingcertain things, and then you
guys come in and offer a roadmapto sort of a simpler future and
you have a lot of people thathave bought and I'm curious how
did you enroll that buy-in onthe different levels, what those
(17:51):
benefits were?
Speaker 2 (17:52):
I think that the simplest way to achieve buy-in
at the various levels of theorganization is to lead with the
benefit for those individuallayers.
So, if we're meeting withaccounting and it's always
important for our product tohave you know your CFO,
controllers, the accounting, youknow folks involved in that
(18:13):
conversation.
But if we're meeting withaccounting, you know we talk
about a sheetment, we talk aboutdaily cash reconciliation and
and stuffing envelopes withchecks and and dealing with all
of that and relate to them theway that it works in our world.
Right, you know how is todayfor you versus tomorrow with us,
and we ensure that theyunderstand the value.
(18:36):
And it's not a complex, youknow process or workflow or
technology.
Right, it's just, it's changeand fundamentally, property
management has difficulty inchange because we've done things
the same way for so long, right?
So it's really justunderstanding that the change
(18:58):
has positive aspects to it andwe just work through each layer
of the organization,fundamentally identifying those
pain points and how we addressthem.
Speaker 1 (19:10):
Yeah, let's talk about those positive aspects.
Is there any math we can talkabout that benefits these
property owners, operators afterengaging?
Speaker 2 (19:20):
Absolutely.
We have a really solid advisoryboard.
It's made up of client andleaders and peers in our
industry and you know we'vebuilt a essentially an ROI
calculator that can identify,you know, based on unit count,
(19:40):
preemptively.
That just shows by unit countor property level or property
numbers that the cost and valuebenefit.
But overall, like we see,properly employed, our services
can reduce the operational costsfor cash management by over 70%
(20:02):
.
There's a number of factors tothat 70%.
Now, we don't advocate or evensell elimination of FTEs.
What we talk about is creatinggreater efficiency in the
organization and reallocatingthose folks to do more
(20:24):
revenue-driven tasks as well aspromote growth.
So you have scalability.
If you have five accountantsthat are working full-time to do
all of these things and we comein and we essentially remove 60
of their workflow or workloadum, they're able to take on more
(20:45):
properties.
It's not work right.
Yeah, it's definitely not funmoving data.
Speaker 1 (20:52):
Yeah, yeah, and I would imagine there's impact to
the employee experience as well.
Speaker 2 (20:57):
Like, like, if people are doing work, they enjoy,
that matters of the property,even the leasing agents and you
talk about what we're doing andhow we're implementing.
(21:18):
It is work that they don't.
Nobody wants to print out moveout statements and stuff them in
the envelope and then deal withthe inbound calls from a
resident asking when they'regetting their refund checks.
You know, a statistic that is agreat one to share is that you
know, if you look at thetraditional model of property
management, on average operators, if they're sending the
(21:40):
move-out statement out in time,it's usually 14 to 21 days after
a resident's moved out.
That's not the refund check,that's just the move-out
statement, because that then hasto get processed through
accounting and then that getsmailed out.
So residents are waitinganywhere between three and four
weeks at minimum for a refundcheck or a move out statement.
(22:01):
With our system it's real time.
So the day of the move outstatement is completed, it's
processed, residents notifiedand they have access to a refund
.
On average, 98% of theresidents processed through our
system receive their refundelectronically and if they
select PayPal, venmo, google Pay, they have cash in hand within
(22:22):
two hours of the move out beingprocessed.
Speaker 1 (22:24):
Wow, two hours.
Yeah, that's incredible.
What are people saying aboutthat?
Like your clients, what's thefeedback?
Speaker 2 (22:38):
feedback.
One of the biggest pain pointsthat clients have expressed even
prospect clients have have havelet us know is that the the
resident complaints aretypically around the refunds.
Speaker 1 (22:45):
That's usually the the most painful piece for them
because the timing of the timingis they're just moving on and,
by the way, moving is not fun,right?
And then you add this incomecomponent to it.
For them it may be income, youknow.
Speaker 2 (22:58):
Yep 100%.
Speaker 1 (22:59):
Coming back to the Middle East, that's interesting.
What do you see in trends Likewhere do you think everything's
going with all of this?
Speaker 2 (23:07):
I think that there is .
We've seen it.
Speaker 1 (23:10):
There's consistent pending legislation that's going
to impact security deposits,either from a liability
standpoint, I feel like thatbenefits you, though, or the
organization, because, at theend of the day, the ability to
execute on these requirementsget smaller timelines usually,
right, yes, in these regulations.
(23:31):
It seems like that's where yougot to bridge that tech with the
process.
Absolutely, yeah, yep, yeah.
Speaker 2 (23:37):
Yep, yeah, it is a benefit for us.
I'll say that the pendinglegislation and while we don't
lobby, it's just it's a sweepinginitiative nationally to either
impede owners and operatorsfrom collecting security
deposits or requiring them touse deposit alternatives.
We don't compete with any ofthose, we complete them.
(23:59):
So we're able to insert thoserequirements into our workflow,
whether it's on the back end inthe matrix and timelines or
maximum deposit requirements.
California just went through alegislative change where now the
maximum amount of a depositthat you can charge is equal to
one month's rent.
That's inclusive of pet fees orpet deposits and application.
(24:23):
All that stuff is built intothis new legislation, so our
system will prevent a residentfrom having a deposit greater
than one month's right For us.
It wasn't complex to adjust theback backend matrix on that
requirement.
For an operator to do that andensure that that's what's
happening across all of theirproperties is much more
(24:46):
difficult to get that.
Speaker 1 (24:47):
That's what I meant by that too is like you know
some things, you just it'sbetter to partner on with an
environment where there'suncertainty, regulation, getting
that certainty on compliance,things like that, because I'm
just thinking about internaltraining, meeting those
(25:08):
expectations and then knowingare we thinking through this?
Because a client can only seetheir world right and you're
seeing this perspective acrossthe industry, this diverse
mindset, diverse application,different asset classes, I would
imagine, and that allows us toget, I think, a little bit
better at certain things.
We love the best-in-class.
We call it the best-in-classpoint solutions versus doing
(25:30):
something okay yourself.
Speaker 2 (25:33):
Yeah, I agree 100% and I think that there's always
going to be a human component tomultifamily.
We are a human-driven industrycompliance around multiple
(25:54):
aspects, not just therestrictions or the legislative
components of it, even in themarketing, you know we struggle
with.
You know, at a site level,ensuring that every single one
of your you know your operatingteam partners are trained and
know how to speak to certainaspects of the workflow.
(26:17):
Well, with our product, theoperator is able to customize
that messaging, so theresident's always going to
receive consistent messaging,the marketing around their
optionality or the affordabilityof a unit, and so it allows for
a measure of compliance aroundthat.
But it doesn't negate the humancomponent that's involved.
(26:39):
So that the prospect you knowwe live in an industry that is
similar to a grocery store right, you've got one prospect that
comes in and they want to gothrough the self-checkout line.
You don't want to talk to aperson, they just need a couple
of things and they're good.
Conversely, you have the otherresident that's a prospect
coming in that wants that humancomponent.
(27:00):
They want to talk to a person,they want to shake a hand, they
want to get their keys rightthere, and so by being able to
support either of those, itcreates a really great,
consistent opportunity.
Speaker 1 (27:12):
Let's talk about that customization and even in the
messaging how is that delivered?
Speaker 2 (27:38):
to take the messaging and insert that into both from
a scripting standpoint.
So our agents, when they speakto a prospect coming into a
community, the scripting thatthey see on their screen is
based off of that owner,operator or property level
customization.
And so our support teams have adirect message that they're
able to provide that is alignedwith our clients' wants.
The resident onboardingexperience everything visually
(28:01):
that they're seeing, whetherit's text messaging or whether
it's via their app or screen, isalso consistent and it's based
off of what that Obviously, wehave templates right.
Like I said, we can simplify it.
But if the client has the wantto customize it within their
brand, then we're able to conveythat branded message.
Speaker 1 (28:22):
How long does it take from I'm in for this to we're
ready to pilot or roll out thefirst?
Speaker 2 (28:29):
It's not fast.
I would be doing our clients adisservice if we, if we quick
turned and flip folks on.
I would say it's anywhere fromat minimum three weeks from the
signed MSA before we have apilot property, you know, going
live with orientation.
(28:50):
The sweet spot is about four tosix weeks.
For us it just depends on thesize of the organization,
because we do want to make surethat we're connecting with each
of those layers or thosestakeholders to ensure that
everybody has alignment.
Speaker 1 (29:05):
Yeah, but when you get this right it impacts every
week after that in fundamentalways.
I mean that's correct.
I love the responsibleexecution there, like not the
ambitious over-prompt, it's justreally get alignment with what
are the business objectives theclient has, get their process
figured out and then roadmapthat onboarding.
(29:27):
I think you start to look atwhat the downstream effects of
getting that right areexponential.
You know, because right nowthey're paying for it in other
ways.
It's much more than even youknow figuring out.
I don't know how a license youpay, monthly or annual.
I don't know how yoursubscription model works, but
(29:49):
they're paying.
They're already have the costsCorrect.
Right, it's, it's.
It may be frustration and maybeemployee turnover, training,
compliance risk, all that stuff.
So it makes sense to focus forthat period of time to get it
right.
Speaker 2 (30:04):
Yeah, absolutely.
Speaker 1 (30:06):
And by the way they develop apartments, they know
like, hey, we're going to dosomething for 18 months to build
a foundation, something thatlasts for a while.
I think that's positive.
Speaker 2 (30:15):
Oh, absolutely, and it's well-received.
I mean, we've had a few, we'vehad a few prospects that were
really, really excited and Ilove it, don't get me wrong, but
the enthusiasm is reallygratifying, right Like we want
to roll everything out.
You know now and you know ourbrand is just as important as
theirs and so you know we'regoing to make mistakes and we'd
(30:38):
rather make them on.
You know a couple of propertiesin the beginning and make sure
that we have it all dialed in.
But, to your point, once wehave all of that dialed in,
supplemental ads are really easy, Like you can bring on, you
know, the rest of a portfoliomuch faster than we can just the
(30:59):
first piloting.
You know phase of it becauseit's literally just turning
those on in our system and thosecustomizations are transferable
A hundred percent Once we setup the client and we have we, we
, we bracketed out where the thecustomization is and we work
with owner managers.
(31:20):
We work with fee managers.
We work with owners that usefee managers and so if it's an
ownership group, we build outthat customization at the
ownership group and then,regardless of the operator, it
flows through that operator withthose specifications For a fee
manager if they have a standardmodel.
(31:41):
That's what gets implementedwith the properties.
But if there is a ownershipgroup that's under that same fee
manager, then the hierarchywill take that ownership
customization and apply it.
And so, regardless of where theproperty is or how many units
the property is, it takes 10minutes to set up a new property
(32:05):
once we have all of thatalready dialed in.
Speaker 1 (32:09):
It's interesting.
What are some questions thatpeople ask that they may think
like oh, this is like somethingelse.
How do you differentiate withother people in the marketplace,
maybe doing similar things orgrouping them into other things?
How are you leading forward thecampaign to acquire new
customers?
Speaker 2 (32:27):
I think the biggest misconception when we're out in
the market is that we'recompetitive with deposit
alternatives, and the reality isthat we're not with deposit
alternatives.
And you know the reality is isthat you know we're not
competitive, we're complimentary.
We actually make those programswork better because we can
consistently offer them to everyresident, rather than relying
(32:52):
on a human component at the sitelevel to potentially offer it
or to you know, even from a fairhousing standpoint, maybe
they're not offering itconsistently and they're
supposed to right.
And so for us I think that youknow it is understanding that we
(33:13):
are a supportive service thatcreates compliance around those
pieces.
That has been fundamentally thebiggest difficulty that we've
had.
We had a lot of open field whenwe came to market because nobody
else did it.
We had about five years of thatwhere the need wasn't as
(33:34):
profound.
I'd say post-COVID is wherewe've really seen huge uptick in
the want Not really the needfrom a use case.
It wasn't that they saw thatthey needed it, but they
realized that they wanted it andthen the benefits of
implementing it created the need.
(33:55):
So that's really where westruggled with for a long time
because we were it was us orthem right.
When we first launched, we justdid the cash deposit piece.
It was about a year and a halfago that we implemented the
change to insert the depositalternatives to our workflow and
that's what really opened upour opportunity.
Speaker 1 (34:17):
Yeah, that's interesting, you know, I think
about, you know the amount ofchoices owner and operators have
when they go to market and youknow one of the things you
mentioned early in yourconversation was you have a
product advisory or advisorycouncil, I think of sorts.
So you're kind of buildingalong with the customer, with
(34:38):
you know, with something that'suseful for current state of
business, all that stuff.
And you've been great in ourMultivan Innovation Council
meetings, which is a separatecouncil.
It's for the sort of industryplatform for that.
Has that been useful for you ingetting kind of the ear of the
hearts and minds or thepriorities or the pulse of maybe
(35:00):
the conversations that they'rehaving?
I know that your remarks andresponses in those meetings and
contribution have beenincredible, giving perspective
on a range of things.
But how has that been useful, Iguess, for you in that aspect?
Speaker 2 (35:14):
Well, thank you.
Yes, I'm glad that I've beenable to contribute and I
definitely find it extremelyvaluable.
You know our client-basedadvisory board.
You know they're a range ofpositions C-suite to you know,
regionally leveled.
They don't have theavailability to meet on a weekly
(35:34):
basis, so those are reallybeneficial meetings to direct
our roadmap and understand ourplatform, either deficiencies or
augmenting it or enhancing it.
I would say, and I would highlyrecommend the council meetings
because the frequency weeklysometimes I can't make it, I
(35:59):
always try to but the variety ofpeople that are attending that
it is a great opportunity tounderstand a broader scale
perspective of the market, fromwhether it's a CapEx
conversation or whether it's atechnology conversation or
compliance.
(36:19):
I think that it is greatinsight that you cannot get
anywhere else in the industryand not as consistent as it.
Speaker 1 (36:29):
Yeah, and I think the vision there is to help us
build more useful things, right.
So I think there's been animbalance to you know there's
the owners and operators havebeen so successful for so long,
right, and so they haven't beenin a situation where they've
needed to change.
And so it's always great tohave what we brought in industry
(36:52):
partners to really help guidethe technical, the diverse set
Because, again, like I said, ifwe're in a vacuum, you're in
conversations across industrywith some of the top
organizations and all acrossdifferent markets, and you've
seen the regulation relation andthat's just been really
valuable to bring your words,your vision, your contribution
(37:17):
to some of those means, andsometimes they may be even off
topic to product.
It's just more like back toyour point of people and
relationships and we're outsideof sales, so there's no sales in
there.
So you're really being helpfuland productive.
I always just ask, because I'malways curious, like how do you
make innovation flow moreefficiently in the industry?
(37:37):
And it's really bringing thoseconversations together.
Speaker 2 (37:47):
Oh, absolutely, I think that there's a standard.
It's innovate or die right andespecially they know that, but
sometimes they don't Like still,what do you think that is?
It is the legacy unwillingnessto change, and it goes more so
to that, and I'll almost sayit's a property management
system origin.
Sure, because, fundamentally,once you've picked your platform
, it's like are you an Appleuser or an Android user?
(38:09):
Right, it's really hard tochange out of an ecosystem, and
so a lot of change is met withadversity, and you have to be
able to provide as a supplierpartner.
You have to be innovative, butyou also have to be dynamic and
flexible enough to create theopportunity that the owner
(38:30):
operator can see Not only thevalue, but that change
management is not going to bethe opportunity.
That the owner operator can seenot only the value, but that
change management is not goingto be the hurdle Sure, it's.
It's more so, fundamentallygetting alignment across the
organization and the buy-in fromthe different task holders and
groups.
So, yeah, I think that that'sreally important, that you know
change is hard, which is one ofthe reasons why we approach it
(38:52):
cautiously, as is Does that givethem a little ease, like, oh,
this is actually refreshing alittle bit?
I think so.
I mean fundamentally.
It's probably selfish in ourintention because we are really
vested in our brand and we don'twant to risk speed and haste,
you know, to that wouldnegatively impact.
(39:13):
That.
It's also protective of theclient, obviously.
So I think that by creating theopportunity to step into it
slowly, essentially, you knowtest the water and you know
acclimate that it does negatesome of the fear.
If you're going to roll out on,you know, on 25% of a portfolio
(39:33):
, it's a lot easier to unwind iffor some reason they didn't
want to or they had a problem.
And we're a very simplecontract.
We have a 30-day out If aclient doesn't want to work with
us.
We don't want them to.
Fortunately, we've never lost aclient, so I'm proud of that
fact.
But we also would make it easyif a client did need to make a
(39:55):
change.
Speaker 1 (39:55):
Yeah, what's it been, as a founder, doing all this?
How's that?
Speaker 2 (40:00):
Well, I've lost a lot of hair over the years.
I mean we've grown so much overeight years and we have an
amazing group of individuals.
(40:21):
Through leadership, sales, oursupport teams.
We've found so many newfriendships along the way.
In our industry there's anelement of pride along the way.
In our industry there's anelement of pride, obviously.
I mean we're human.
So I'm profoundly grateful thatwe have met and retained the
clients that we have.
I mean they truly are partnersand I have developed some of my
(40:49):
deepest friendships through thisbusiness that I would not have
today had I not created thiscompany.
Speaker 1 (40:53):
Yeah, any advice you give to other founders thinking
about building stuff inmultifamily.
Speaker 2 (40:58):
I think the two things that I would say is trust
in your heart that if you trulyfeel you have a product that
solves for pain, to go forwardwith it.
Be cautious and respectful ofeverybody, because this industry
(41:19):
is an elephant, not only bysize but also by memory.
And the last piece that I wouldsay is we're bootstrapped.
We've we've never taken aninvestment and I was cautioned
multiple times by the same peerthat told me to build tech, that
it is a difficult position tobe in because when you, when you
(41:42):
take capital, it's not abenefit, it's an obligation.
And so if you're, if you'retaking seed money or if you have
to do an investment round, makesure you're doing it for the
right reasons, and thereabsolutely are right reasons.
Fundamentally, if your productis what it is and what you need
to get it off the groundrequires capital you don't have
(42:05):
absolutely there are rightreasons, but go into it
understanding that it is anobligation, not an opportunity.
Speaker 1 (42:12):
Yeah, what would you share about building that team?
I mean, that team needsdifferent things over those
stages and phases.
Speaker 2 (42:18):
I am blessed with great people and we, you know we
are slow to hire, even slowerto fire, and I mean we really
haven't fired anybody, but Ithink I've been the opposite at
times.
You worry about it, but I thinkthat we've been really lucky to
(42:39):
find the people that we have,and some of our folks are people
that I've worked with in thepast.
Our industry, like I said, is abig one and people have a
variety of experiences, and ifyou bring together the right
people and create a culture thatis team oriented you know we
(42:59):
don't do individualizedcommission plans or bonuses it's
all group, everybody shares inin the opportunity and the
benefits, and so that dynamicvastly alters the way that
everybody interacts.
There's no me or I, it's all ateam.
And I think that, fundamentally, finding the right people that
(43:22):
fit in your organization isprobably the hardest task to do.
When you're building andgrowing too quickly is also a
painful process because you willinadvertently bring on more
people than you're ready for inthe hopes or in the expectation
(43:43):
of new business.
And you know, being responsiblefor people's lives, their kids,
their spouses, you know is avery stressful burden, so you
need to make sure that you do itcautiously.
Speaker 1 (43:56):
Yeah, and then going to market sales.
I mean you guys have done sucha great job with with the brand.
What advice do you share there?
Speaker 2 (44:04):
I think the brand component and I've I've actually
struggled with this a few times.
You know, when we firstlaunched, we launched as Deposit
Cloud and pretty much ourentire existence has been under
that umbrella.
And then when we addedadditional service lines right
at the beginning of the pandemicand then post or through and
post pandemic, it becameconfusing Like, oh, who are you
(44:27):
with?
And you know, you describe whatyou do.
Oh, you're with that company,you know.
And so there was a confusion,which is what led to the
rebranding under Resident Radius, trying to create a connective
brand with those.
I think that pivoting like thatis hard because they hear or
know of your, you know adifferent name and so morphing
(44:49):
that into a new one or marketingunder that can be difficult.
But I think the brand, the mostsignificant piece of branding
(45:12):
that I, the multiple productsyou know, connecting everything
to the resident at the center.
So I think that marketing isreally important from the aspect
of having clean one pagers andhaving a website experience or a
marketing experience that canrelate what you do fundamentally
without spilling the secretsauce per se.
(45:33):
Um, so that's the difficultpiece for me is, you know, we
don't have, we don't have themarketing department that I
would like to have, and somedaywe will, uh, but it's, it is a,
it's a team effort and we have a, you know, a key marketing
person that helps to puteverything together.
Um, but it is.
But it is difficult from thebrand perspective to ensure that
(45:55):
people know what you do.
Speaker 1 (45:58):
Yeah, it's easy to clarify a message when you have
a focus and the ideal customerin mind.
You're kind of just arriving atthose needs.
Are there questions that Ishould be asking, that I haven't
asked, that you know, peopleshould know.
Speaker 2 (46:14):
Well, you've asked some really great questions,
I'll say so, I don't know that,as far as questions that you
should ask, I don't know thatthere's a question that you
should ask that you haven'talready asked.
There's, obviously, questionsthat I would love for you to ask
, but Well, let's go there.
What is that for you to ask?
(46:35):
But Well, let's go there.
What is that?
Well, I mean, it's a selfishmethod to ask, but I mean we
always try to figure out wherethe pain is within the
organization, and so, you know,we oftentimes get asked the
questions of.
You know, when you said youknow, what are you solving for?
It's more so, who are yousolving for and for us?
Like that, you know.
When you said you know what areyou solving for?
It's more so, who are yousolving for and for us?
Like that, you know the answerto that is that we're solving
(46:57):
for every layer of theorganization, whereas a lot of
products out there are solvingfor a specific pain point, not
necessarily who it serves or whoit solves for.
Speaker 1 (47:08):
So yeah, good people.
Speaker 2 (47:10):
Yeah.
Speaker 1 (47:11):
We're a people industry, you know ultimately.
Yeah, Anything.
Uh, maybe you can't say now,but anything on the horizon for
what's next for the brand?
Speaker 2 (47:21):
We specialize.
Our goal is to specialize anddo one thing better than
anything else, and that isthat's the cash management
deposit secure deposit piece.
The additional products thatwe've added have been supportive
, tied into or tandem with.
Next on our horizon is anoperational compliance platform
(47:44):
that all of those productsdovetail into, and so we're
looking to launch that in Q2, q3of next year.
We have a couple of clientsthat we're building it with, so
we're excited about that pieceof it, but that will be the last
additional service line that weadd.
We just don't want to.
(48:04):
We don't want to distractourselves from what is most
important.
Speaker 1 (48:08):
Yeah, I'm going to ask where people can.
We'll put all this informationin the show notes, but how?
How would you want people toreach out and connect?
Speaker 2 (48:17):
We have a sales email address sales at
residentradiuscom.
Our website isresidentradiuscom and they can
connect through LinkedIn withany of our team myself directly
with DMs and LinkedIn, with anyof our team myself directly with
DMs and LinkedIn.
We've got Wade McGowan,gabriella Jones, and they would
(48:38):
be happy to help anyone thatwants to find out more
information.
Speaker 1 (48:48):
Yeah, no, you've built what sounds like an
amazing product, great team, andI love the way that you show up
your heart to serve you know.
So it's always good when you'reinteracting with a brand and
they're there to make improvethe lives of the people they're
working for.
I love the center on the peopleyou meant.
I asked you the question around.
You know what problems you sawin the pain points and you went
to like well, who are we solvingfor?
At the end of the day, behindevery company is just a
collection of people, and if youcan make their lives better,
(49:10):
it's always a good thing.
Absolutely Well, listen, thishas been amazing.
I know we'll be following allof your success.
We're excited to see you at thesummit and hopefully we can
have you back on.
Do some more education and, ofcourse, our Friday meetings.
That'll be great to see youthere.
Speaker 2 (49:26):
Yes, love to.
Speaker 1 (49:28):
All right, good to have you on, thanks, thank you.
All right, so all aboutResident Radius.
Click the links in the shownotes and listen more Share if
you know anybody that would findthis episode valuable.
We'll see you in the next one.
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