Kevin Jacobson https://www.linkedin.com/in/kevin-b-jacobson/ and Mike Brewer https://www.linkedin.com/in/mikebrewer discuss the importance of compliance in multifamily property management, focusing on renter's insurance, pet policies, and how technology can streamline operations, reduce risks, and create NOI opportunities.
In this episode:
- Importance of renter's insurance compliance
- Risks of insurance policy lapses and cancellations
- Technology solutions for compliance tracking
- Pet policy management and screening
- Opportunities to increase NOI through compliance
Chapters
00:00 Introduction and Industry Problem
00:30 Why is Renters Insurance Compliance a Persistent Issue?
01:02 Common Reasons for Policy Lapses and Cancellations
02:13 Risks of Uninsured Incidents in Multifamily Properties
03:01 Understanding Lease Requirements and Resident Liability
04:13 Impact of Policy Lapses on Property Risk
05:26 False Security in Compliance Reports
06:56 Technology Solutions for Tracking Insurance and Pet Policies
08:14 Industry Adoption of Proptech and Digital Tools
09:27 Addressing Tech Fatigue in Property Management
12:47 Operational Gaps in Insurance and Pet Policy Enforcement
13:32 Managing Compliance During the Year
15:19 Pet Policy Management and Screening
17:31 Impact of COVID on Pet Ownership in Multifamily
18:47 Launching Pet Compliance Solutions
20:18 Achieving 100% Compliance and Tenant Waivers
22:40 Technology for Certificate of Insurance Verification
24:36 Reducing Administrative Burden with Automation
26:37 Additional NOI Opportunities from Compliance Programs
28:59 Insurance Premium Discounts and Risk Management
33:11 Streamlining On-Site Team Operations
34:30 Key Questions for Evaluating Proptech Solutions
39:02 Kevin Jacobson’s Final Advice and Contact Info
Foxen is a leading proptech innovator delivering value-add solutions and services that increase revenue and reduce risk for multifamily owners and operators. Our fully integrated platform enables 100% renters insurance compliance, rent reporting and credit building programs for residents, and streamlined pet management.
Learn more about Foxen: https://www.foxen.com/
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