About Steve Lefkovits

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So far Steve Lefkovits has created 4 blog entries.

Income Generating Tech

By Steve Lefkovits

Multifamily technology and innovations drive new revenue. As technology increases in complexity and scope, the need for a cross-functional sponsor that can advocate for the entire organization and anticipate the competing demands of the enterprise is becoming a requirement. Responsibility for profitable innovation is shifting to dedicated senior executives and new roles like Chief Experience Officers, Innovation Officers and Vice Presidents of Strategic Initiatives. These roles open up new responsibilities beyond simply implementation, but thoughtful consideration on impacts to the organization when making a change.

Consider some of the new revenue being driven (or projected to be driven) by new-ish tech. Unlike the point solutions of the last decade, today’s tech touches most or all departments in a company, and impacts core operations:

  • Amenity services like dog walking, catering, laundry outsourcing, and retail experiences may soon earn a portfolio $5-10 per unit per month. In order to achieve this, the management company and its service provider must coordinate access (operations), setting up an app (marketing), marketing to residents (legal, vendor), insurance (risk management) and resident engagement (operations again.)
  • Smart home upgrades from companies like Stratis and SmartRent promise operational savings (reduced staffing, self-guided tours), enhanced monitoring of […]
By |2020-06-22T10:18:29-06:00June 22nd, 2020|

A Business of Pennies

By Steve Lefkovits
Partner

I live in a 55 unit condo community, with seven separate buildings. Like many people in commercial real estate, I’ve ended up serving on the condo board by default. Our excellent manager recently questioned a 28% increase in our costs for the eight copper, analog telephone lines that run to our ancient building callboxes, from $63 monthly to $81 monthly. That’s eight total phone lines for the property.

Even by the standards of phone companies, this increase seemed egregious. So I called a company that RealtyCom works with and refers to its clients to evaluate the expense and find us some options. We don’t do this specialty work, but know its importance. Within two days we learned:

  • Without changing infrastructure, we could lower our paid telephone expense 66%.
  • That savings translates into $6,600 of annual savings on our small property
  • Our partner would do all of the paperwork and manage the cost for a 3-year period
  • The work that they did inside of a week is completely outside of the scope of anything that our manager, or me as a real estate professional understood.

We will save $120 per unit per year from a third-party audit.

In 2018-2019, this same telephone […]

By |2020-04-29T10:57:27-06:00April 29th, 2020|

How Multi-family Should View the 5G Network Benefit

Written by Steve Lefkovits

In the future (according to “futurists”), we will be served by myriad robotic helpers orchestrating every aspect of our busy lives while we catch up on GOT and other bingeable shows. Seriously, if you listen to trendsetters like Fast Future’s Rohit Talwar, who developed various industry projections with China-based telecommunications company Huawei, there’s no doubt that 5G is the digital future. From entertainment to driverless cars, education and science, 5G, which is 10 times faster than current 4G LTE, is expected to expand the lifestyle capabilities of every home, workplace and community.

Back to the Future?
The four major telecommunications companies operating in the U.S. – AT&T, Verizon, T-Mobile and Sprint – have plans to roll out 5G in urban areas. Deployments are expected to take place in select cities with commercial building applications up to three years out, with early launches in large areas (like stadiums).

But if you’re getting that “déjà vu all over again” feeling, you’re not wrong. In fact, owners whose memories stretch all the way to 1995 will recall the giddy, wild west atmosphere surrounding “blazing fast 1 MB Internet.” History reminds us that the transition from 3G to 4G presented a lot […]

By |2020-03-06T14:30:06-07:00March 6th, 2020|