Tenant Membership Economy | REIal Talk | EP. 44

Foreign.

Hi guys. Welcome back to another episode on Real Talk. We are on episode number 44 and I am here with a familiar face, our senior property manager, along with some other titles in there, Chris Sonnino. And today we are going to be talking about tenant membership economy.

Yeah, yeah, that's. We were talking right before we hopped on, I feel like I said every single podcast. Oh, we were talking right before.

Yeah.

But no, we were talking about what this, what we wanted to do with this podcast for several weeks leading up to this and what it needed to be about and what we wanted our viewer base to be. So we're gonna be filling in some voids for our residents that may have questions for our clients, potential clients, and also other PM companies that have been thinking about how to get your residents a little bit more involved. I think some of these things we're talking about gonna spur some questions, maybe answer some that you didn't know you had. Yeah. So I'm pretty excited about this one.

Yeah, I am too. Cause like, I know about it, but I don't know a whole lot about it.

Yeah, you definitely helped me on the marketing end of it.

I was like, this is gonna be episode for me too.

Right.

So first question is, what exactly is this membership?

Yeah. So that's a two tier type idea. So I read this book, literally found out there's literally just called the Membership Economy. And the staple of the book was talking about like our society and how we all kind of want like our innate sense to belong to something and businesses, big corporations like Amazon, Google and other ones, Planet Fitness, they, they appease that nature of us by developing a membership.

Yeah.

That has different tiers and different levels and different perks for each different level and all that. And it kind of brings value to services we already use. So one of the big things they talked about with Amazon is like their products aren't necessarily superior to anybody else's products.

Yeah.

But because they make us feel warm and fuzzy about this awesome two day shipping or same day shipping, I mean, I bought stuff before we showed up that afternoon. We feel like we're getting the superior product. And honestly, it's just slightly better service with a product that's probably the same, if not worse than what you can get at Walmart or anywhere else. But it's that, it's that membership that, hey, I'm buying into the service, I mean, that makes them feel so awesome. And then of course me, my PM brain, I'm just like going through it, like, how can I bring that back to what we do in a way that impacts all stakeholders in a positive way. And so my brain got the wheels turning a little bit and then we. I went to a conference, the narpam, national association of Residential Property Managers conference. And they started talking about what a lot of PMs are doing when it comes to their resident communities. And they brought up this idea of a resident benefit package.

Okay.

Where I think we're going to talk about that a little bit more detail, but it kind of just added to our community idea.

Okay.

Yeah. That's where I want to start with that.

That, that alone just cleared up a lot for me. Just the backstory alone on what it was formed off of, because I had no clue. And so that clears up a lot for me. And it, the process and everything, the marketing materials we put together now make.

A little more sense. Yeah, yeah.

So you have all that. So now how is it being rolled out?

Yeah. So obviously like what Flip used to say, the. The best way to eat an elephant. Not that you ever would. PETA, don't come after me for this, please. Is one bite at a time. So you know what your goal is. We had to take it in little digestible pieces in order to get to the finish goal. So our finished product is. I'd like to. We want to be in a position where built out this multi, tiered, literally membership.

Okay.

Where residents have some sort of login. We could probably build it off our website or something and you're going to use your expertise on that. But they'll have some sort of point system and there'll be some sort of buy in and there's some rewards. We talk about gift cards and different things that they have access to above and beyond. Just paying their rent and reporting their, you know, work orders and stuff to give it a little bit more of a membership feel. Make it a community.

Yeah.

Because you know, we're trying to flip the script on residents. We're not just renting properties. We're providing a valuable service. And part of that is the community we build. And it's a long. I mean it's not something we can just flip a light switch and it's there. It's every little bit, every little communication transaction, every opportunity. So in my mind, we have this big thing, this big lofty goal of what we want our community to be. And within that we have all the owner stakeholders and all of our employees and all of our vendors that all have to be kind of on the same page. And moving with that.

Right.

The first logical Step was building something that was tangible the residents could feel immediately.

Right.

Without adding all the other layers and complexities. Right. Keep it super simple. That's where the resident benefit package comes in. Because just the name alone, it's a benefit to the resident.

Right.

Kind of giving them access to things that they already kind of have, but kind of putting a name on it. So like a service that we provide is we allow online payment as well as like payment via cash or check at like drugstores. Like they can go into cvs, Walgreens, Walmart. I think I added to that a couple other general stores to pay their rent. And, and cause we don't accept cash payments. So it gives them multiple opportunities to pay. We don't necessarily have to do that. Actually a lot of property management companies only accept cash or they accept PayPal and all those other services. So we were just like, hey, we provide these for you. And so their resident benefit package kind of includes, that includes access to insurance, renters insurance because we require them to lease and some people just don't know how to set that up. So we have a backend way to force insurance policies that kind of adds them under an umbrella account. The resident benefit package goes toward that. They still have to pay the premium, but the actual service of having the insurance at discounted rates, that's built in there, they can get it directly from their portal. That's again, that's something else that we just provide. Okay. One that's, that's something that also helps our clients. Right. Because they have now renters insurance policies.

Yeah, that's huge.

One other thing that helps our clients drastically that residents are responsible for. But it's hard sometimes to monitor H VAC services filter changes. So in the next couple of months, part of that package is going to include like delivery of furnace filters to their home. Now I can either take on the them installing it or us installing it, but it's part of that package. Minimal fee to the owner, but huge impact on the long term.

Absolutely.

Another thing that's kind of rolled out for tenants and it's optional as part of that package is we've partnered with a, with a group that does like reduced rate utilities. So for electric and gas services, it's a little bit cheaper per unit than it is if they were just to go to DPNL or Vectren or whatever they're called now to get that service. So we have a backdoor and just using our account number, we can set them up for that and that'll save them Pennies. But over the course of many months, like hundreds of dollars, ultimately, again, just trying to provide some service to the residents specifically to make their lives easier and make them want, hey, guess what my landlord's doing. They're doing this awesome thing and then hopefully at the end of the year, be able to show them some of that benefit. Like, actually, I just had a lease signing earlier today where we went over the resident benefit package, and she was really, really. She's like, oh, I didn't know all this cool stuff. Now it is a cost of the tenant. I mean, it's not. It's not free.

Right.

Because it's a cost to us to be able to provide these services.

Right.

So. And this kind of feeds into another podcast that we're doing about the, like, client. The fee structure that we're doing for clients.

Yes, yes.

The resident benefit package is 13.99 right now. A lot of larger PM companies are doing like 34, $50 per month to tenant.

Okay.

We set ours based on the services we're we're providing versus the cost and kind of given a little bit of a balance there. But 1389, the tenant pays that each month with their rent, and that allows us to give them the additional services.

Yeah.

Like I said, this is also a starting point. There's a lot more to build on it as we go.

Yeah. I took a couple of notes as you were talking about. You were talking about furnace filters. That's huge. And it ties in with the podcast that was released last week about extending the longevity of your asset.

Yeah, absolutely.

That's changing your furnace filter. And keeping up with that is, like you guys said, it's going to extend the asset that is in your asset.

Right.

So that's huge. And then the second one I wrote is the package from a renter's point of view, going back to when I was in college and we were looking at apartments, that would have been something if, like, if it's highlighted on a website or a listing, what have you. That's going to be something that's going to intrigue me because I'm going to be like, okay, what is this? What is this going to benefit? What am I going to gain from this?

Yeah, yeah. So we try to present it. You know, like I said, there's some. There's. There's a certain stigma to what residents should or shouldn't be responsible for. If you're renting, honestly, a lot of our residents feel like they shouldn't have to pay for anything other than rent. But providing this as a benefit, like, hey, this is going to benefit you and it's not optional. Like, there are certain pieces of it that are optional. Like, you can definitely get more value if you select other things. But for $14, you just have that assurance that I'm going to be taking care for these things. My PM company is going to provide these things. And by the way, like, $13, it costs us more than $13 per tenant.

Yeah.

I mean, I don't have the exact number, but it's definitely more than $13 per tenant to have these services. So it's not like we're making a bunch. Like, we're not making a lot of money on this. We're trying to provide some value, just like we're trying to provide value to our clients with the same package.

Right. I mean, and even going back to the furnace filters, I mean, though, if to get a good furnace filter that is actually going to work properly the way it should.

10 to 15 bucks, depending on what grade and what size furnace.

Right, Exactly. So, I mean, that there alone, I mean, and that's something that you don't have to worry about either. I know. I mean, I'm. I try to change mine every three months because I have a dog, but I forget about it. I mean, sometimes I will go for maybe five months on accident, but because it's not something that you think about daily. And I'm not the only one. And so just having that and not having to think about it, or not having to go to the store and have a whole selection and be like, oh, no, what size is. What size do I need again?

20 by 20 by 1 or the weird one that's 22 by 20.

Yeah. Or what level should I get?

Right, right.

It's already there for you.

Right.

And then having the option to have our maintenance crew install it for them too. I remember the first time I changed my furnace filter, I didn't know what way it went. Oh, yeah. And I put it in backwards. But I mean, it happens.

It does happen.

And that's something that this whole package and membership is going to be, again, useful for, for the clients as well. You know, our investors, they don't have to worry about whether their furnace filters are being put in incorrectly or not.

Right, Right. Yeah, it's definitely. I mean, there's probably a pretty long laundry list of things that this package is generally is going to be helpful to client.

Right.

The second piece of it is, you know, we're trying to get resident engagement. So part of that stigma Is that, like I said, residents, generally speaking in this field are not responsible for the performance of the property other than paying rent. Like, they just have a. Just. And it's okay that they feel this way, but. And I think our society just allowed this to happen, but they feel like they're owed, like, oh, my rent check is due on the first. Here's my rent. Oh, by the way, here's ten work orders.

Yeah.

So this package is more this economy. Like I said, the package is just the step toward the whole membership economy is the membership piece of it is like, this is your property, this is your asset just as much as the owners.

Yeah.

Not from a legal standpoint, but like you have to have some ownership.

Yeah.

And how this goes. So we're working on like some events. I know we've been kind of putting the back burner because Covid was happening. And then also like, how do you get 500, you know, units in like seven different counties with single family and multifamily, like on the same page.

Yeah.

To do like fourth of July.

Yeah.

Or something. So there's some logistical things there. But we're trying to get people involved in the community and like, for them to rent properties from us because they know that they're going to receive superior, like a family feel and that we generally care, because we do. We don't. We generally care. Like they're not just a person with a piece of paper that says they live in a property. These are people. These are people we care about, care for. So the membership piece of it is going to evolve over the next year, two years, as technology evolves, as our portfolio evolves. You know, we may eventually get into different types of real estate, you know, SRT, short term rentals or STRs, things like that, you know, so this whole thing is going to evolve. But you know, I think the resident benefit package is the first step in that direction. It also feeds into another podcast about like, we're stripping down some fees and providing value other places. And this is one of those things. Yeah, it's new. You talk about Aaron talking about run the experiment like it's a multi stage process right now. We've let, we let all the residents know that effective January 1st, any new lease that hasn't already been signed or renewal offer that hasn't already been sent. Yeah. They'll be automatically signed up for this. We've already had a couple people are like, oh, but I don't use the online portal. I'm like, it has other perks other than a particular portal, they still have access to it. But so as we go throughout the year, everybody will slowly be involved and signed up. They have access now. Like, nothing really changes from a logistical standpoint. It's just. It'll be added. Their leases, they renew. And for our clients, like, we've already kind of let them know, like, you're reaping the benefit now. And then as we evolve and we add more things, like, there'll be updates like, hey, new to the benefit package. Of course, your department marketing is helping a lot with keeping branding the same and making sure that things get posted to Facebook and other social media sources so that everybody's in the know. We do things like this, the podcast.

Yes.

To kind of keep people informed.

Yeah.

So, I mean, I'm excited. I'm sure we're going to be back here at some talking more about it too, as it grows. But yeah, it was kind of a multifaceted thing, and I apologize, delayed that we didn't kind of just keep you in the loop of what exactly was happening.

Right.

I just started saying, hey, make this for me.

Yeah, it's okay. It's okay. It's all right. But I mean, kind of going back a little bit to the community. I mean, building that community and establishing that is going to be big, too. Previously, before I came to frag and family of companies, we. I worked at an apartment complex, so it was a little different. And one of the things that we were doing, we were trying to completely rebrand that property. We didn't necessarily come out with a membership by any means, but one of the things that we were trying to do were more resident events. And the more we did and the more, like, we encouraged the residents, the bigger turnouts we got. And we ended up coming to a point where we just had residents come to the office and just, like, hang out for, like, 20, 30 minutes as they were pulling into the property. And so building that and letting them know, like, we are here, we are providing this service, like, and establishing that is going to be huge. Yeah, I think it's going to be a true game changer. And I'm excited. I'm excited to see it roll out.

Yeah, I'm. Yeah, I'm really excited about it. And part of the vision is, you know, like, our co founders are growing in the multifamily space. That doesn't necessarily mean that we're going to be the ones managing for them as I pm, but knowing that they're growing to that space and we're kind of growing our Focus on our investment strategies as an organization. Having stable programs like this built and actually displaying that they're working and that people really want to stay in our communities. That helps every facet of our industry, including, like, leasing. Like, all of a sudden, people are just saying, oh, hey, this property hit the market. I love these guys. Like, you got to rent this place. We're not. We're not 100% there yet. But I mean. I mean, like I said, it's just slow moving. And then our apartment communities, the ones that are what I'm considering apartments, anything larger than 10 units. 10 units in A, you know, a parcel or whatever you want to call it, like, community is big. It's actually more important than, like, duplexes and quads.

Yeah.

Because now, so you got, you know, 12 or more families just in a building together. So having that friendly competition slash just environment where everybody, you know, knows and trust the property manager, but they also trust their. That their neighbors aren't criminals and misfits and all those great things like that community is very, very important. And then also, like I said, like, it's. It's developing. So what it looks like right now is going to be different in six months. You know, hopefully, you know, we have another multifamily contract at that point, and we're going to get some new ideas. Like, we're also asking for their feedback, too. Hey, I think we did a Father's Day. Father's Day last year.

Yes.

Some of the feedback from that was, like, it was good getting some of that, you know, the ability to interact.

Yeah.

And that's what we're trying to get ultimately, like, having people interact and communicate with us and tell us what they want. We don't know what we don't know. We keep toying with this idea of having, like, a Halloween trunk and treat thing.

Yeah.

And I haven't seen a lot of responses of people actually wanting that. So I don't think that's. I think that's why it hasn't happened yet. But this year might be the year. Right. So. But getting the community involved definitely gives us what we need in order to keep developing things for our tenants.

Yeah. And I think starting this now and really, like, rolling it out and pushing and encouraging, I think, like that trunk or treat example that you were talking about. I think come Halloween this year, we will have enough momentum that we will have the interest that we're looking for.

Absolutely.

So, like I said, I'm excited for it. I attended every resident event that we did previously, and it was fun. I mean, that also gives the team an opportunity and the resident opportunity to get to know each other a little better. More one on one, not so professionally business based. Not that obviously you want to get too personal, but still, like, show like, you know, like, we are human. Like, we're not just here just to collect your rent. You know, we. We want to do so much more for you than just. Just that.

Absolutely. Yeah.

All right. That was good. I think we kind of answered everything my ne. You kind of answered all my questions. I was gonna say, why was. Why was this determined? You kind of hit that a little bit.

Yeah. Well, honestly, the. The wheel started really turning when we started measuring owner joy. I feel like all major decisions that ipm, like I've made in IPM or we've made it as an organization have been coming off the coattails of that decision of, hey, let's measure Ivan. Let's figure out how this guy's feeling. Because he's our key stakeholder, and without him, like, we wouldn't have seven companies.

Right.

Identifying that. All of a sudden, all these ideas starts coming in like, okay, well, I don't deserve. In my position, like, I don't just serve him. Like, I also have residents I have to take care of and vendors and our employees and all of those parties feed back into his experience.

Right.

So I can't just. I can't tell Mr. Client that, hey, we care. Oh, by the way, your residents ticked off, and we're not doing anything about it.

Right.

Like, we have to actually. We actually care. I mean, we can't just say we care. We have to care.

Right.

And the biggest thing is residents being heard. But how do you open up the doors of communications when the industry as a whole. Your tenant just pay rent, you know, so. And I'm not. Okay. I'm not badmouthing anybody. It's just generally the vibe that we get from tenants.

Yeah.

Is that, you know, I'm just going to pay my rent this month. So we started thinking about those things. And then, like I said, I read a good book that just showed up my house one day. I honestly didn't buy it. I don't know, I assumed it was Danny, but it was probably somebody's organization being sweet and.

Yeah.

Um, but it's changed everything that I've done since then. So whoever you are, thank you. Um, and then, like I said, we went. I went to a conference, and they just kind of re solidified that having a community feeling is going to be the best, is going to be the future. Um, I mean, you see it in Facebook. The only reason why Facebook is anything today is because people want to socialize.

Yeah.

People want to have visibility. We could very well go back to the caveman days and just write letters and not communicating over the phone, but instead, people want to be connected. So why not connect our residents?

I mean.

I mean, that's just where we're at.

Yeah. Even this podcast, for example.

Right.

I mean, people want to be engaged. They want to know what is going on.

Right.

They want to know what they can learn. They want. There's so many different things with that. That was a very valid point.

And they want to be heard.

Yeah.

So. And this is a platform. Like, it's not just me saying, here, I'm providing services to you. Pay me. It's also, I'm providing services. We're trying to make this better and a better experience for you. Give me feedback. So one thing we started doing this year is we're also measuring resident joy now. So there's a couple key points in the resident's experience where measuring how they feel is going to develop our community, because then we can make micro adjustments and try to iron processes and improve. Like, everything we're doing this year is around residents being happy, because they need to be happy.

Absolutely. Yeah. That's. And for any resident or investor listening when we send out those surveys, or even if you're listening on this on YouTube, what have you let us know? Because we really, truly are listening, because we want to help you. And the best way to do that is to hear what you have to say on what we can be doing better, what we can alter. What have you.

Yeah. And this. And to kind of push that further. Like, these surveys are not just some, like, analytic thing where we're trying to measure. I mean, we do measure clicks, we do measure responses. We open. We measure open and close rates and all of that, because if we have the tools, why not?

Right, Right.

We have to know that our marketing is working. But, like, I personally read every single one of them, every single space. Those survey responses I personally read and I track, and we talk about them weekly in our meetings. And it's because of. It's because of things like this that we take those things to heart. Because if we're not doing a stellar job, we need to know. And residents being engaged is the best way for us to be able to measure that.

Yeah. And I mean, literally, just earlier this afternoon, we were talking about the surveys, and I was like, hey, did you see this? Response come through.

Yep.

I mean, so we are on top of that and we are trying to improve for you guys. All right. That was good. I learned a lot from all this. Things I didn't know. I'm thinking back to whatever. I was an apartment in college and I was like, I wish. And that's a college town. Like, you would.

Like Bowling Green.

Yeah. Like, residents there, like, they're looking to be involved. And I'm just thinking, I'm like, dang, like, if more.

Yeah. I mean, we started. I mean, you started in a resident newsletter. I mean, that's kind of part of this whole.

Yeah.

Membership economy, too. Like, you're belonging to this thing. We keep people informed, post a lot on social media. All it's about engagement. We don't always get the greatest responses. Sometimes they're like, we had one the other day last week that was like, I'm having a really bad experience with leasing.

Yep.

I wouldn't have known that unless you gave me that feedback. Right. Yes. We were able to shift and take care of that situation. So we always talk about communication, and we're not always perfect at communication, but no communication. We don't know how to fix situations we don't know about.

Right, right.

So this. This community I'm very eager to see, like I said, we're only like 45 days in to this new resident benefit community membership thing. It's too early to gauge right now, but I'm very eager to see where we're going to be in the next few months. And I think we've got some more big stuff coming down the pipeline for this later this year. So I'm really, really excited. And you know what? And to be honest, like, you know, Aaron says run the experiment. There's going to be parts of it that don't work out very well. There's going to be some pain points. We may realize that, you know, 1399 isn't the best price. That's why Netflix just increased their prices for the sixth time this past year because they have to be able to cover their services. And, you know, I'm begrudgingly still paying the $20 a month for Netflix. But, you know, if that's. I mean, but they got me hooked. Like, I can't not.

And, you know, that's like Planet Fitness. They have those two membership options that you can choose from.

Right. But if you don't have the black card, you might as well not have a membership.

Well, that's like, I have the black card and my excuses because, like, oh, well, they have tanning beds and the massage beds.

Right.

I can't tell you the last time I used either of them, but I still have it.

Right. But it's that value that that thing brings. And honestly, like, when you use it, it's phenomenal and you love it, but it's like, am I really getting my value for that? So we want to make sure we're bringing the value. And like, like I said, we're too early to say, okay, this has impacted this directly.

Yeah.

But based on all the research I've done, like, we're trending the right direction. And I think, I mean, we've already seen an increase in resident engagement just by being more open and available, making it known that we're reading the surveys, that they're not just automatically getting them from our system. Yeah. We're starting to already see an uptick in those things, so that's a good thing to have right now.

Yeah. And the newsletter, we've been seeing an increase in that too. And we put valuable information in there, including contests and giveaways.

Yes. Properties in a month so they can refer their buddies. There's a referral program. So all those things collectively, I think, build into that. And then, I mean, I'm. I'm in so many property management Facebook groups that I'm always looking for new ideas.

Yeah.

That other people are doing. I mentor some people that are in Canada, which have different rules.

Yeah.

When it comes to property management. But they've got some pretty awesome ideas when it comes to getting their residents engaged and. And loving the asset. So, I mean, very, very intrigued by what's going to be coming.

Yeah. I don't know why, but almost as whole conversation, I've kind of been thinking of this and don't take this way I'm about to say it, but it almost like it's like a warranty kind of. That's how like the feeling I get from it. Like, if I was a resident, that's how I would feel about it. Not that it is a warranty, but that's that kind of like vibe that you get from it.

Right. Well, I mean, we go back to Amazon. Like, part of you buying a product for them is they have an extended return period. You don't like what you bought or doesn't work out, or if you bought a size large and they sent you a small for some freaking reason, like you're able to return it, no worries. Like, honestly, a lot of times they front you the money before they even get the product. Back. I mean, so yeah, you can kind of view it as almost like a warranty. Like, hey, I'm telling you, I'm doing this. This is what it costs. Hold me to this. I mean, yeah, in some ways that, I mean, no matter what we do, we have that same thing with management fees. Like, you know, we're charging those because we've collected rent. There's some performance requirements there. So. Yeah, I mean, that's a good way to look at it. I'm not going to call it a warranty, but.

No, right? Yeah, yeah, yeah. Trying to.

Yeah. But no, I mean it's definitely, it's definitely really. I think it's a really good step in the right direction. You know, I was telling Aaron, we were talking the other day that, you know, we, we are more in the business of managing emotion and expectations than we are actually managing assets.

Yes.

We manage that through the asset. Right. But honestly, like I'm in the people business. Like these people happen to rent properties from us and our clients, but ultimately the ownership and the communication and they're feeling associated is what keeps this, keep this whole thing afloat.

Yeah.

Residents are now, it's one of those things. Without residents we wouldn't have clients, but without clients we would have residents. Residents feeling a sense of belonging is where PM should be.

And it's should be. It's a mutual feeling too for knowing that your resident is happy, makes you happy, makes the client happy. Like it's, it's a warm feeling knowing that you are doing the most you can and it is paying out on both ends or either end of the spectrum. I could go on and on about my previous job in leasing. We had this resident, she start, she moved in kind of like in the middle of us, like revamping everything so things were kind of like slowly starting to pick up and she, we did short term leases there and long term and she ended up leaving for some reasonings. But when she gave us her notice, she was like heartbroken. She was like, I don't want to leave here. She's like, you guys like are amazing. Like, I've never been to a place like this. And so knowing that that is the direction that we are headed in again, it makes me so excited because that's that mutual feeling.

Yeah.

And it's very rewarding.

Yeah. You know, I think back to when I was renting and like a couple not so great landlords, but one in particular, like the reason why like her rent was even at the time was really high, but at the, at that time, like, I was in a pinch. I needed to get something, make the budget work. But the experience that she provided up to the point we moved out was quite pleasant.

Yeah.

And a lot of that was this idea of membership in a way, without paying like a flat fee for the services. But like, I'm not saying we're gonna do this, but like, she, when we moved in, she provided us a one page of all of her contractors. And she's like, when you have a work order or something that's gone wrong, call these people and they're gonna bill me directly. I'll pay for it. But like, that alone. Yeah, like, was brilliant.

Yeah.

Because then I knew that I wasn't having to wait for her to respond. And she was older and had grandkids, so I know, like, she may not have had all the time to respond to me, but also, like, part of me is like, it's a brilliant idea.

Yeah.

But I mean, like I said, I'm probably not gonna do that, but, you know, but it's still like, it gave me some ownership of the fact that I now have a part and how this property is going to put form.

Yeah.

Which is probably in the back of my head when I was building this out is that I own, like, we own it. The renter owns that. It's not. They're just not going to check. Right. Their 600 goes further when they own it.

Yeah.

So, yeah, like I said, I'm really, really excited.

I am too. I am too. I. I'm. I'm excited for it and I can't wait to do like a follow up. Yeah. I was gonna say a year from now, like listening back to this podcast and thinking like, oh my gosh, look at where we are now.

Listen some clips.

Yeah, yeah, I'm excited to see it go out. You were talking about Ivan and Ivan's process earlier. For those of you who are wondering, we do have another podcast and a vlog episode about Ivan's process. He's. It is this kind of like, profile we put together on how we, from start to finish, of our investors journey and how we can make it better for them and make it and grow and everything. And so if you guys want to learn more about that on YouTube, I will put a link in the description and on this video that references it. But again, it's also on all of our major streaming platforms on the podcast, Spotify, Apple, Google podcasts, what have you. I don't have anything else to add. Do you want to add anything else?

No, I Guess one little thing. So, you know, this is a resident fee. So the resident benefit package is a fee to the tenant. There aren't many fees of the tenants that aren't like punishment.

Right, right.

This is like an upfront thing, like, hey, you're getting this stuff. This is what it cost to you. We do, we do supply disclosures at. The tenant goes, well, what is this 1399 paying for exactly? Like, I get a little bit more involved at that point. Usually the team just takes care of that communication. But we break it down a little bit of what, like what value that brings to them more than just a one page document that says, this is what you get. The other thing is, and like I said, we're having. I think there's another podcast that's coming that's about ownership fee structure, like owners client fee structure and what we've done to revamp that for 2022 going forward. Part of that decision to do that for our clients was to get the residents involved in how the property performs, lightening the fee for a client, adding a fee for the resident to kind of mutually ascend what we're trying to do, which I will explain in that segment, but I think that's next week. Is that next week?

I believe that's next Tuesday.

Me and Aaron are recording that one.

Yes.

But, you know, it's one of those things where everything we do is a decision made unilaterally across all stakeholders. So I just want to keep that in mind for our investors that we're not just adding something for your tenants to be greedy. It's definitely a strategy to try to increase the cash flow for our clients and the experience for both our clients and our residents, which ultimately brings back more for our owners and allows you guys to be able to achieve your financial goals and buy more properties.

Yeah. Yeah. Great ending. Yeah, it's very true. I mean, I. I don't have anything else to say. You said it all and there's no other way to say it. You said it all. All right, well, we always like to end these with invest smart and live happy. Thanks, guys.

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