Alex Kennedy Career Background
What is your biggest career achievement?
- My biggest career achievement would be when I assisted with Trilogy’s 880-unit acquisition in Ann Arbor, Michigan in 2021. This task was a great growth opportunity and pushed me out of my comfort zone, I was in a new region with non-Trilogy employees. Trilogy trusted me to encompass the company culture and bring it forth to our new employees.
One of the most important parts of a takeover is determining if the right team members are in place. With this transition, only a handful of the current team members did onboard with us, which meant that post-COVID we had to work to onboard and fill positions for two properties in the area. I was tasked with onboarding five employees at the time of transition. I was extremely nervous but knew I had what it took to successfully onboard these team members because of the training and knowledge I had gained since being with Trilogy.
Additionally, I gained the opportunity to be involved with due diligence before the acquisition, assisted with the collections process, and audited files. As well as working through the transitions of management, software platforms, file management and implementation of ideas to enhance the workflow. This transition was challenging for the seven months I was there. There were learning curves that our company and myself had to face due to being in a new market with a new clientele. It was such a rewarding experience to go through this transition which helped navigate me to where I am today. It built up my confidence and encouraged me to take the lead while being onsite.
It was a bittersweet moment when I had to leave Ann Arbor and move on to our next project, but I felt confident knowing the team members were well-trained and prepared to keep the ball rolling.
Given your past experiences, what event/ project or moment would you revisit and how would you go about it differently based on your current frame of mind?
- One project I would revisit is the acquisition in which Trilogy was acquiring a 138-unit property in Chicago, despite learning so much during a short amount of time. I felt confident taking this project on as this was going to be my third management takeover with this company. At the time Trilogy’s portfolio did not have any existing properties that offered affordable housing. So, this project introduced me to ARO (Affordable Rental Ordinance) units. Additionally, there were specific city/county laws that were imperative to be aware of when it came to the renters, which I had not experienced prior. Learning how to properly process an application for an ARO unit was overwhelming, all while working through the kinks of our systems, and online payment portal and working to gain the trust of the current residents.
If I could revisit this project with what I learned, I would have dedicated more time to learning the specifics of this property/city ordinances, rather than having to educate myself on something new during the transition. Had I done that, I would have felt more confident in the day-to-day operations and provided team members, residents, and prospects with information and answers in the moment versus doing research and following up.
From your perspective, what is the industry lacking to support the modern renter and how do you plan to help supply that need?
- There are quite a few things that I believe this industry is lacking that would help support the modern renter. One obvious need that I’d like to address is the need for EV charging stations in properties or the ability to provide residents with hook-up opportunities within their own private garages (if applicable). Electrification and the road toward zero emissions is the future, and although not directly applicable to our industry, it will affect us. The road to electrification will be a lengthy one but we should begin working towards preparing for it in apartment communities nationwide.
Another need that comes to mind almost instantly is Artificial Intelligence. AI is also the future, and of course, the multifamily industry has already taken advantage of this technology to assist with the leasing process; however, what about after we get “the sale”?
The utilization of this convenient tool disappears after they become residents and they’re forced to handle issues during business hours, which isn’t convenient to most renters (who also work similar hours to the leasing office). Making it easier for residents to do business with us after “the sale” is imperative to retention. We live in a world where everything can be completed on a device with a click of a button, shouldn’t this be as simple as asking a question for your leasing staff and getting a response immediately? You have seen many Fortune 500 companies shift from call centers to automated texting for quicker responses and less wait times. Need groceries? They can be delivered to your door within an hour via an app and you can even text your shopper! Need to change your flight? You can do so in real-time within the app or via text message. Need to extend your hotel reservation or car rental? You can extend within the app, without speaking to a person. Instant gratification and reaction consume us, and our industry shouldn’t be any different and should continue to evolve.
AI within properties will enhance automation and lower operational costs by increasing efficiency and ultimately that is what we are all aiming for. Not to mention, help keep residents happy with the instant reaction of responses.
I plan to support this need by staying on top of the newest trends and technologies coming into the market and always advocating for my residents and company. Additionally, bringing this to our properties will help boost productivity, which in return would allow the team members to focus on the matters at hand onsite that AI software wouldn’t be able to handle.