Travtus at OPTECH
Once again, the NHMC’s annual gathering at OPTECH provided insight into the real estate industry. With a long list of housing providers, suppliers and startups attending, the schedule was - as always - comprehensive, covering topics as wide-ranging as AI, centralization, automation and resident experience.
AI was in the Spotlight
The potential of AI and machine learning to optimize operations and drive executive decisions was a trending topic this year. Industry doubts around gathering enough clean data remain, but when possible, owners and operators of all sizes are noting that AI can add value throughout their business, from operational benefits to intelligence-led, top-line decisions.
Centralization is Happening
Centralization is moving from being often misused industry buzzword to operational strategy, with marketing and leasing leading the way. The centralization of maintenance and back office staff into multi-community clusters is next on the agenda, driven by the problematic churn of Multifamily employees (more on that later).
UDR’s Josh Gampp summed up the all-or-nothing organizational challenges of centralization “You have to be bold. If you want to move toward centralization, start by going to your CEO. If you don’t get their buy in, give up.”
Streamlining Tech is Easier Said Than Done
The evergreen challenge of managing complicated tech stacks is still causing consternation across the industry. Stretched by decreasing tech budgets, multifamily operators struggling with the demands of running and integrating various software platforms are becoming increasingly focused on streamlining their technology stack while still requiring specialized solutions for their individual requirements. This streamlining means favoring platforms that can provide a menu of solutions or agile companies that can respond to off-menu needs efficiently.
Properties Need Managed Services
“Managed services” are coming to the fore, with a single network providing residents connectivity and supporting advances in intelligent buildings. But as technology marches ever forward, developers and operators are struggling to future-proof communities. Experts favor a future-friendly approach to upgrading existing properties using conduits and pathways to allow easy upgrading in the future.
Staff Problems
With the average tenure of an apartment industry worker reported to be at a shocking 2.5 years only, the industry is still struggling with retaining talent. It seems good old-fashioned word of mouth is a key recruiting method, with employers who put effort into employee well-being finding it easier to recruit and retain talent.