Ben Wright

Scaling isn't hard. Scaling without culture is. Most founders obsess over growth metrics. ARR. Headcount. Funding rounds. But they forget the invisible foundation that holds everything together. Culture isn't ping pong tables and free snacks. Culture is belonging. And belonging comes from one thing: Cadence. The Monday email you send to your team. The weekly culture call where someone shares a book they love. The consistent appreciation you show for the janitor and the COO equally. Every Monday. Every week. Every interaction. When systems break (and they will), culture forgives. When you write that email on a bad day... Culture gives you the benefit of the doubt. When market conditions shift... Culture rallies around the vision. Here's the truth most leadership gurus won't tell you: You can't define culture before it happens. You can only build it through the daily cadence of communication and care. I write my top 10 wins every Friday. We used to have 30-minute culture calls every week. Someone would share one thing they loved. Could be a book, a story, a Wikipedia page. Simple? Yes. Easy? No. Transformative? Absolutely. While your competitors chase vanity metrics... You're building something that scales infinitely: People who believe in the mission more than the paycheck.

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Do value-add renovations still work amidst high supply, high concessions and high rates? Apparently so ... if done right. It's yet another data point that -- in the market-rate apartment sector -- we're in more of a "flight to quality" environment than a "flight to affordability" one. To renovate aging units, you obviously need a higher rent to justify those costs ... and you need renters (who have a lot of options today) willing and able to pay that premium. That may not work everywhere, and certainly it's happening less today than a few years ago. BUT ... Several REITs are reporting successful renovation programs right now. Here's some real stats from Q2'25 earnings calls: Camden: $150/unit rent lift and 8-10% return MAA: $95/unit lift rent lift, 19% return AND leasing renovated units 9.5 days FASTER than non-renovated units IRT: $259/unit rent lift and 16% return NexPoint: $73/unit rent lift and 26% return All four REITs operate in supply-heavy markets where rents are down. How do they get rent premiums for renovated units in that environment? Camden -- which has around 3,000 units slated for renovations this year -- offered some great color, via CFO Alex Jessett: "We continue to go after repositions. It just makes a ton of sense to us ... It makes sense no matter where you are in the cycle, but when you're in the point of cycle where you've got a lot of excess supply, realize that if you can go in and you can do a kitchens and bathrooms program, you can effectively make an asset that's 15 years old look like it's brand new. And that is a huge competitive advantage when we've got brand-new assets directly next door to us because that brand-new asset has got a much higher basis than we have, and therefore, they've got to charge much higher rent. Our asset has a lower basis, but it looks just like a brand-new asset because we've gone in, we've refreshed that kitchen, we've refreshed the bathroom." Of course, this won't work for everyone everywhere. Capital structure matters, and REITs have an advantage there over most private owners. But there's likely a sweet spot in: a) locations that can support higher rent b) properties where you can renovate but still keep your rents well below the range of new supply offering concessions c) properties where most of the renovations can be cosmetic upgrades that renters will pay for, as opposed to heavy and higher-cost deferred maintenance. Renters have choices today in a high-supply, elevated vacancy market. It's a renters' market. But the results show renters in the right spots WILL pay and ARE paying more for renovated units versus non-renovated units. That's a win/win: Renters get what they want, and operators get a return on investment. The MAA stat is telling: Renovated units leasing 9.5 days faster even with a rent premium. That's a "flight to quality" market -- a good sign of financial strength among the mid/upper incomes in market-rate apartments. #apartments #rents #multifamily

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Housing costs drive almost everything in the economy, and there is arguably no consumer process more painful, slow, and expensive than the residential transaction. The system is still anachronistic. But what is different right now is the convergence of AI, regulatory change, and new consumer expectations. That is what is making the category exciting again. AI-native tools will not replace agents. They will massively advantage the professionals who embrace them. It was great being back on-stage with Brad Hargreaves at Inman Connect New York talking about where we think the next wave of residential PropTech is headed. At Fifth Wall, we are investing behind platforms that directly compress friction and cost across the housing stack, from James Harris' Breezy (AI-native agent workflows + Underbuilt), to Mike Chambers' Ridley (simpler, fixed-price home selling), and Ankur Jain's Bilt (bringing modern consumer finance into the ownership lifecycle). Appreciate Nick Pipitone for the thoughtful write-up. 🗞️ https://bit.ly/3OAXsKA

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Spot the outlier. Since Zonda tracks sales and supply at over 15,000 actively selling communities across the country, we use our builder survey to provide real-time feedback on builder sentiment and topical issues. A consistent question we ask relates to how the market ‘feels.’ Last March, 5% of builders said, “demand is slower and causing concern.” That shot up to nearly 40% this March. Builder comments include: - “We are not seeing the traffic I anticipated given it is March.” - “Buyers are out, but moving more slowly and feels lighter than a typical March.” - “Traffic/prospects are down. Customer feedback is about the economy and job security.” - “Sales volume is still below typical March.” - “We have not seen a seasonal uptick in traffic.” So what is going on? Well, the “hard” economic data (data that is measurable and objective) is not bad, but the “soft” (data through surveys and polls) is. I mentioned in a previous post that we released a report to our clients last week called The Current Confidence Crisis. The report highlighted how sentiment from investors, consumers, and businesses has soured. As a result, the resurgence of the word “recession” in discussions, job market fears, and low housing affordability appears to finally be weighing on prospective homebuyers. So how worried do we need to be? At least a little bit, but any kind of blanket statement on the housing market will lead to false conclusions. There are markets and price points where the affordability and macro backdrop are too much to handle, pushing consumers to the sidelines. Others still find this market navigable, especially if life circumstances support a move. Ultimately, we know that sentiment can turn on a dime, but we are at least waving the yellow flag in many markets across the country. Tim Sullivan Sean Fergus Bryan Glasshagel Evan F. Susan Heffron #housing #homesales #newhomes

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Rent Manager quietly powers 5.5 million rental units across the US. But here's another open secret - they've also built one of the most founder-friendly integration programs in multifamily proptech. While many of their competitors have approval processes that can take months and cost tens of thousands of dollars, Rent Manager gets you live in 48 hours. Total cost? Under $5K for full API access. One of our customers contacted Rent Manager, was approved for API access, and had a working integration live in 3 days. And they don't require mutual clients for API access. Mutual client policies present startups with a Catch-22: the startup needs a customer for API access, but the customer demands a functional integration in order for the startup to win the deal. With Rent Manager, no clients is no problem. Start building immediately. Leading proptechs like Flex, EliseAI, and HappyCo all have integrations with Rent Manager. And I'm seeing an increasing number of new AI startups start building their first integrations on the Rent Manager platform, especially because the annual fee provides access to all of the APIs. That makes it easy for companies to expand into new use cases quickly and for no additional cost. Rent Manager is encouraging proptech innovation by making integrations cheap, fast, and comprehensive. And that's worth celebrating. #PropTech #PropertyManagementSoftware #PropertyManagement #RealEstateTech #ApiIntegration

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Why don't we hire more CMOs in multifamily? Last week at AIM, I sat down with David and Nicole Staley for an episode of The Digible Dudes podcast. David asked me a simple question: “Why don’t we have more CMOs in multifamily?” It caught me off guard, not because it was surprising, but because it was true. I’ve been thinking about it ever since. I’ve talked with friends, gathered perspectives, and read an article by Carla J. Alicea, Director of Research and Performance at SatisFacts & ApartmentRatings, that added even more to the conversation. Let me start by saying this: we do have CMOs in our industry. But not nearly enough (IMO), considering the size of our organizations, the revenue at stake, and the complexity of what marketing leaders are being asked to do. This post kicks off a four-part series I’m writing about marketing leadership in multifamily. Do I have all the answers? No. I have questions (and some opinions) and I think through ideas by writing about them, so here we go. First up: why CMO roles are still so rare. Here’s what I’ve been hearing, seeing, and yes, feeling: - Marketing is still treated as a cost center, not a driver of revenue or asset value - Fee-managed structures deprioritize brand and long-term marketing infrastructure - Teams are siloed across digital, CX, leasing, ops, and creative with no unifying strategy (no, not always, but often) - We optimize for occupancy but undervalue lifetime resident value or brand equity - We often elevate leaders to VP, SVP, or EVP roles, but without executive authority or budget As Carla puts it: “It’s a system that looks good on paper but often fails in practice.” When I answered David’s question, I said that being a CMO isn’t about status. It’s not an honorary title. A true Chief Marketing Officer is part of the executive team. Their job is to drive business performance through marketing strategy, customer experience, technology, and brand. In other industries, that’s a given. It’s time we treat it that way here, too. If you’re a CMO in multifamily, I’d love to hear your perspective in the comments. What’s unique about the role in our space? How is it different from VP or SVP? Next up, I’ll explore what makes the CMO role uniquely valuable in multifamily, and what other industries have already figured out that we’re still catching up to. I’ll share Carla’s article in the comments. Join the conversation below; I’d love your take. Let's go duckies! 🦆 ❤️LZ

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One question turns failed PropTech pitches into closed deals. And most vendors never ask it. Here's the strategy alignment secret nobody's talking about. Last week, I watched another great product get rejected. Strong features. Clear value prop. But they pitched long-term efficiency to a merchant builder focused on exit value. Now they're wondering why the deal went nowhere. Here's how to align your pitch with their investment strategy: 1. Focus on strategy, not just asset type The secret isn't just knowing office from multifamily. It's understanding their investment timeline: Most vendors only see: • Office vs. retail • Multifamily vs. industrial • Class A vs. Class B Smart sellers also ask: • Hold period length • Exit strategy • Value creation timeline • Cash flow priorities Most fail because they stop at asset class. 2. Tailor your pitch to their timeline For long-term holders, focus on: • Operational efficiency • NOI improvement • Portfolio-wide impact • Solution stability • Compound ROI over time For short-term players, emphasize: • Repositioning acceleration • Lease-up support • Quick implementation • Flexible contract terms The timeline mismatch breaks more deals than price. 3. Ask the right questions first Start with: • "What's your typical hold period?" • "Are you looking to stabilize and hold or exit?" • "How do you handle property management?" • "What's your current solution stack?" Not: • "What types of properties do you own?" • "How many units do you have?" • "What systems are you using now?" • "When can we demo our product?" 4. Connect your value to their strategy Your pitch should show: • ROI within their ownership window • Value that matters to their strategy • Implementation that fits their timeline • Flexibility that matches their exit plans Never assume: • All owners want long-term savings • All GPs prioritize NOI • All buildings are forever holds • All operators think the same 5. Become a strategic partner Investment strategy changes everything: • It shapes their decision criteria • It determines their value metrics • It drives their timeline needs • It defines their success The difference between just another vendor and a strategic partner is understanding their investment strategy. Want to learn how the best PropTech companies align their pitches to investment strategies? Check out our free PropTech Pipeline Playbook email course in the comments.

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PropTech in multifamily is waking up… Over the past few years, I kept hearing from executives that they were slowing the pace of implementations, instead focusing on maximizing existing systems. But as the multifamily market as a whole starts to see upward momentum, PropTech adoption seems to be showing similar signs. We don’t track this as a market metric per se, but registrations to Multifamily Demo Day definitely give a glimpse to the market overall. It’s not a perfect corollary, as Demo Day has grown every year since inception, so it doesn’t completely track technology adoption overall, but we just saw a major signal: 𝐑𝐞𝐥𝐚𝐭𝐢𝐯𝐞 𝐭𝐨 𝐭𝐡𝐞 𝐬𝐚𝐦𝐞 𝐩𝐞𝐫𝐢𝐨𝐝 𝐟𝐨𝐫 𝐥𝐚𝐬𝐭 𝐞𝐯𝐞𝐧𝐭, 𝐃𝐞𝐦𝐨 𝐃𝐚𝐲 𝐫𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐚𝐫𝐞 𝐮𝐩 𝐚𝐧 𝐚𝐬𝐭𝐨𝐮𝐧𝐝𝐢𝐧𝐠 𝟓𝟓%. Owners and operators are definitely examining the technology space, which portends good things ahead for PropTech suppliers and technology adoption overall.

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Every Quarter we release our recurring Thesis Driven article called "What's Happening in Local Land Use", where we highlight the most interesting local land use decisions over the last 3 months. This Quarter it includes: - Seattle loosens ADU regulations --> allowing up to two ADUs per lot - Maine signs LD 1829 into Law --> groundbreaking changes to density, the review process, affordable housing, ADUs, and other development standards. Deep dive on Linkedin coming soon. - Pittsburgh reduces SFR minimum lot sizes. - New York approved the Atlantic Avenue Mixed-Use Plan --> rezoning 21 city blocks in Brooklyn & creating ~4,600 new units, ~1,900 of which will permanently be affordable. Data Centers: - Charlotte approves Data Center expansion. - Hayward's planning commission OKs Three-Story, 310k SF Data Center Campus. - Cheyenne approves a Master Plan for 19,032-acre Belvoir Ranch with the goal to include a data center in the future. Bonus: - Colorado Springs approves a tiny home community on a regular-sized SFR parcel --> what a cool way to make a big impact with small lots and tiny homes. You can find the link to the full article below.

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API Launch 🚀 Programmatic Access to Local Government Meetings — at National Scale Why? Local decisions drive markets. A single zoning vote can unlock or freeze millions in capital. Every RFP begins as a quiet agenda item in a local meeting. These early signals exist. Those who track them gain a real, repeatable advantage. We listen to 3200+ hours of meetings daily: 5700+ municipalities, 1700+ counties, 50 States. Our API is purpose-built for institutional data teams to help them understand what’s really happening in city hall meetings. What’s inside: 1️⃣ Transcript API — Access raw transcripts from government meetings by location and date. 2️⃣ Search API — Query local meetings by location, date range, and keywords. Get structured results instantly 3️⃣ Custom API — Tailored data feeds to match your unique use case. Flexible and scalable (we have tackled some complex challenges structuring large scale knowledge graphs) Our APIs are a step toward closing the information gap between local government and the rest of the economy — enabling analysts, journalists, investors, and institutions to see what’s coming before it hits the headlines. Explore more here: https://gathergov.com/api Proud of the GatherGov team 🙌 Jayanth K. Hardik Bansal Ovishek Paul Jeevanth R Alexandre Kaiser Prem Kumar Gupta Mainul Hasan Gaurav Kashyap Poulami Paul Nazmus Sadat Shohag #LocalGovernment #RealEstate #DataIntelligence #GovTech #TownHalls

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I’VE BEEN CAST IN THE MULTIFAMILY INTERROGATION ROOM A filmed discussion between suppliers and operators, moderated by THE Tony Sousa 🌐 As a vendor in the multifamily industry, there’s a fundamental truth we need to address head-on: Vendors are funding the entire operational ecosystem. Every day, vendors front the cost of labor, materials, supplies, equipment, technology,insurance, fuel, overhead, etc — while operators often pay 30, 45, 60+, 90+, 120+ days later... or not at all... That delay isn’t just an operational gap. It’s a 0% interest loan that vendors provide to the industry —without compensation, and with all the risk. The property benefits immediately. The vendor waits. And that imbalance has become so normalized that many don’t even see it anymore. In The Multifamily Interrogation Room, we’re going to talk about it — directly, openly, and without tiptoeing. Because the future of this industry depends on fairness, solvency, and respecting the vendors who keep communities running. More to come. 🎬

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$20,000 checks can hold-up a $20,000,000 project. • I’ve seen developers lose financing, • I’ve seen developers delay closings, • I’ve seen developers get replaced. Simply because they neglected to collect lien releases from subs and vendors (as well as the GC). Here’s how it usually happens: • The GC gets paid. • But the sub doesn’t. • Or the supplier doesn’t. • The sub/supplier wants to get paid. • And now there’s a lien on your project. Even if you did nothing wrong, title is now clouded. • You can’t sell. • You can’t refinance. • You can’t draw on your loan. And the lender starts asking questions. That’s why we have a strict rule: No payment without all lien releases. And not just one kind—both: • Conditional lien waiver: submitted before the payment clears. • Unconditional lien waiver: submitted after the funds hit. It’s basic risk management. But I’m shocked how many operators skip it. And don’t verify supplier waivers downstream. The standard you set for lien releases says everything about your readiness. If you’re trusting a handshake over paper, you’re betting your project on luck. And that’s not a strategy worth investing in. P.S. What’s your protocol for lien release tracking? Curious how others handle this.

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In Bisnow, Camber Creek portfolio company HappyCo CEO Jindou Lee describes how his team is helping building owners save money and stay ahead of the competition with AI. “'I think the fast will eat the slow, but the slow will die very slowly,’ said HappyCo CEO Jindou Lee, whose firm utilizes AI to assist with apartment maintenance. ‘Real estate adopts tech very slowly, so attrition will stretch out for the slower players.’” #AI #realestatetechnology https://lnkd.in/e9giF3wb

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