This year’s National Multifamily Housing Council (NMHC) OPTECH 2024 Conference and Exposition was hugely successful, bringing together thousands of rental sector professionals at the Gaylord National Resort & Convention Center in National Harbor, Maryland.
With a focus on technological transformation and its potential to reshape rental housing, the event offered some fascinating insights into the pivotal shifts and emerging trends for the sector, culminating in the launch of The Real Estate Technology and Transformation Centre (RETTC) – a progressive hub for real estate professionals that will offer networking opportunities, knowledge building, advocacy, and convening.
For PointCentral, the conference gave us the opportunity to connect with existing and potential customers, as well as take in what was a fascinating seminar program that included key policymakers, innovators, and even Ameca – the world’s most advanced humanoid robot.
From regionalized management approaches to AI-driven centralization and effective data management practices, OPTECH 2024 highlighted a forward-thinking trajectory for the industry. Here’s a closer look at the major takeaways from our team:
Decentralization vs. centralization: a balanced approach
A notable trend at this year’s OPTECH was the move towards regionalized management, an approach that blends central oversight with regional autonomy. This shift aims to leverage localized control to improve responsiveness and operational effectiveness. Unlike traditional centralization, which can risk a “one-size-fits-all” rigidity, regionalized management enables localized teams to adapt to market dynamics and cater to community-specific needs.
This approach raises essential considerations for multifamily properties:
- Enhanced Responsiveness: Regional teams closer to renters can make quicker, more informed decisions that better align with resident expectations and preferences.
- Operational Efficiency: Regionalized management allows central operations to support high-level strategy and technology, while regional managers focus on resident relations and property-specific issues.
Balancing regional flexibility with central oversight promotes better control and consistency in service quality across all properties without sacrificing adaptability.
AI as a driver for seamless centralization
AI emerged as a key player in enhancing operational efficiency, from eliminating data silos to unifying information flows. With AI-driven tools, property managers can achieve seamless data integration across multiple platforms, significantly improving data accessibility and decision-making.
Key AI-driven innovations discussed included:
- Automation and predictive insights: By automating routine tasks like communication, maintenance schedules, and leasing inquiries, AI frees up human resources, allowing staff to focus on more complex and strategic roles. For instance, AI-powered platforms can now handle initial inquiries, resulting in faster response times, which renters prefer.
- Centralized data for cross-property insights: AI helps to create unified renter profiles across properties, allowing teams to track cross-property leasing trends and brand loyalty. Data revealed that renters increasingly prefer brand consistency, with a notable 36% signing leases at a different property under the same management company.
By providing consistent experiences across properties and assisting staff in handling higher-level tasks, AI centralizes operations and offers career growth opportunities for employees by empowering them to focus on strategic work over routine tasks.
Effective data management: navigating information overload
With data centralization comes the risk of information overload. OPTECH 2024 highlighted a need to ensure that data centralization results in manageable insights and not a chaotic influx of information. To address this, property managers should prioritize structured data strategies that focus on the quality and usability of information rather than sheer volume.
Rather than storing every piece of data, management teams should leverage filtering tools and algorithms that isolate key metrics like occupancy trends, lead quality, and resident satisfaction indicators.
The concept of data-driven renter insights emphasized that data collection should center on actionable insights, such as tracking popular touring preferences and common pain points. For example, nearly 20% of renters now prefer digital tours and contactless move-ins, reflecting a growing demand for flexible, tech-enabled leasing processes.
By structuring data management effectively, property managers can gain meaningful insights to improve renter experience and optimize property performance without overwhelming their systems or teams.
A new leasing journey: The shift toward digital and self-guided tours
Reflecting today’s renter preferences, digital and self-guided tours are transforming the leasing experience. Flexibility has become a top priority, with an increasing number of renters opting for contactless and virtual leasing options. In fact, data presented at OPTECH 2024 shows that one in five renters now sign leases sight unseen, relying entirely on virtual tours. This trend is more prevalent among younger renters who appreciate the autonomy to explore spaces without a leasing agent present.
Data also demonstrated the power of AI for faster engagement with potential prospects. Figures suggested that immediate responses are often more effective than detailed, slower replies showing the potential for AI to streamline the communication process, benefiting both property managers and renters.
The industry’s adaptation to these evolving preferences reflects the push towards a renter-first approach, offering prospective residents the convenience of exploring properties at their own pace, on their own time.
Debunking concerns about AI-driven job displacement
The adoption of AI in property management has sparked concerns about potential job displacement. However, industry experts at OPTECH maintained that AI offers more opportunity than threat when it comes to staffing. By automating routine tasks, AI enables staff to take on higher responsibility roles, fostering career growth and improving job satisfaction.
For example, automation in leasing management can mean more strategic roles for staff, such as overseeing larger portfolios or focusing on customer relations rather than paperwork.
Similarly, the automation of maintenance processes, like scheduling and inventory tracking, allows maintenance staff to work more efficiently while minimizing errors.
AI in multifamily property management thus supports operational efficiency while opening doors for employees to take on more specialized roles.
The path forward: a technologically driven, resident-centric future
The conference painted a picture of an industry embracing digital transformation and placing a stronger emphasis on resident-centric strategies. Multifamily property management is leaning into AI and automation, not only to streamline operations but to enhance resident experiences and empower staff. As regionalized management, AI, and effective data practices come together, the sector is set to create a more responsive, efficient, and fulfilling environment for both residents and property teams.
Want to find out more on how you can prepare your property management company for 2025? Read our blog on the ways multifamily technology can get you set for budget season.
