Senior technology executives from top multifamily firms—AvalonBay Communities, CAPREIT, Fogelman, Greystar, RPM Living, and Southern Land Co.—discuss the latest innovations shaping the industry, strategies for future-proofing tech stacks, and the game-changing technologies they would implement with unlimited resources. From artificial intelligence (AI) and smart-home integrations to data analytics and cybersecurity, these experts reveal how they are navigating the rapidly evolving proptech landscape.
Tim Berger, Senior Vice President, Information Technology, Fogelman
What emerging technologies are having the biggest impact on the multifamily industry today?
Thoughtfully implemented AI is having a significant impact across the multifamily industry, especially now as the ability to do more with less is critical in times of economic uncertainty. We’re leveraging AI tools to service basic prospect and resident questions, detect anomalies in financial transactions and applications, and proactively predict when maintenance issues are likely to occur. The use of AI improves the level of service we can provide to residents and frees up the on-site teams to focus on other priorities. Additionally, more advanced fraud detection systems have proven helpful in ensuring appropriately qualified applicants are approved, which has a direct impact on the bottom line.
What are some of the most promising proptech solutions you’ve recently adopted or are considering?
We are continuing the broader implementation of a fully integrated unit entry and access control system, which will have a wide range of benefits to the resident and the on-site team. A single credential for residents to access all common areas of the community and their unit streamlines their experience and provides peace of mind. For the on-site team, automated provisioning and deprovisioning of residents based on their status in the property management system ensures that only leaseholders are given access to the community. Overlaying this with smart-home technology, including sensors and thermostats, provides the maintenance team with the added benefit of getting ahead of significant maintenance issues related to mold, leaks, and various other situations.
How do you ensure seamless technology integration across a diverse portfolio of properties?
Our technology team partners with all areas of the business early in the discovery process of new platforms and technologies. We outline critical technology and security requirements and are flexible enough to pivot and be creative when necessary. This approach helps unify platforms, drive efficiency, and improve the user experience by ensuring all systems work together smoothly.
For example, as we expanded our business intelligence (BI) and reporting offerings, we engaged with all reporting data consumers early and often in the process. This collaboration allowed our subject matter experts to create the most agile and efficient outcome for our users, ensuring seamless integration and maximum value across our portfolio.
Additionally, as we bring on new ownership partners, we take the time to understand their existing technology and operational needs, along with any contractual obligations. While our goal is to maintain a unified technology stack, we recognize that some partners may prefer ancillary systems based on historical use. In these cases, we make reasonable accommodations while demonstrating the value of the primary tech stack we deploy. Often, we can showcase the advantages of transitioning to the technology we support across our owned assets, reinforcing consistency and efficiency across the portfolio.
What strategies do you use to future-proof your tech stack in a rapidly evolving digital landscape?
One way we future-proof our tech stack is by avoiding significant customization of off-the-shelf products. Once significant customization is made to core functionality, the ability to update the underlying technology could be negatively impacted. Additionally, customization makes changing vendors or technology more difficult, which can inadvertently lock you into a product that lacks innovation. We also maintain strong vendor relationships so we can stay informed about upcoming updates, new features, or shifts in technology that could impact our systems. Regularly providing feedback to our vendors ensures they remain proactive in advancing their products.
How are you managing the rising costs of implementing and maintaining new technologies?
We start by formally assessing the technology already deployed across the organization. In our industry, it is common to have multiple competing tools with similar capabilities, so we prioritize streamlining our tech stack to eliminate redundancies. It is also important to have a seat at the table when solutions are proposed or vetted across the organization because once a team or business unit has adopted a tool, it is more challenging to ensure it aligns with technology and business needs.
To manage rising costs, we also focus on leveraging technology to scale efficiently without compromising quality. By using data-driven decision-making, balancing automation with human interaction, and targeting the most receptive audience, we optimize operations, reduce inefficiencies, and drive operational excellence.
What are the biggest barriers to technology adoption in multifamily, and how do you overcome them?
The main barriers to adopting technology in multifamily are high costs, uncertain return on investment (ROI), and lengthy decision-making processes. To overcome them, we aim to reduce financial barriers through comprehensive analysis upfront, offering clear projections of financial impact and speeding up the evaluation process. Additionally, we define goals and objectives for every project that can be easily monitored and reviewed regularly by the project team.
How are you leveraging data analytics to optimize asset performance and decision-making?
We leverage data analytics to significantly enhance asset performance and decision-making in multifamily by providing actionable insights and optimizing various aspects of property management and investment. Tracking KPIs such as net operating income (NOI), cap rate, and cash-on-cash return allows us to assess an asset's performance and identify areas for improvement. Analyzing rental trends, occupancy rates, and demographic data helps us understand market conditions and make more informed decisions about pricing and marketing strategies.
We also use resident preference and behavior data to shape our decisions on amenities and services, improving resident satisfaction and retention. At Fogelman, every business unit actively analyzes data, while our technology team ensures data integrity and maintains accessible, user-friendly platforms for analysis.
With increasing cyber threats, what best practices are you implementing to ensure data security and protect resident information?
Fogelman’s best practices for ensuring data security include comprehensive risk assessments, establishing a strong security policy framework, implementing access controls and encryption, and regularly updating and patching systems. These measures help safeguard our sensitive data and comply with regulatory requirements. In addition, we educate the on-site teams on how to handle personal identifiable information (PII) securely, which is critical to protect our residents, prospects and vendors.
If you had unlimited resources, what’s one technology you would implement across all multifamily properties today?
The answer varies based on the hat I am wearing on any given day. From a network security and infrastructure perspective, I would deploy a consistent network, security, and telecom stack to each property with the highest level of security features available. From a data analytics perspective, I would target deploying a fully integrated data warehouse that is kept up to date in as close to real time as possible to ensure we can leverage our reporting platforms in the most efficient manner possible. Operationally, I think there is huge value and potential in leveraging a centralized model for duties that require the most administrative effort for the on-site teams. Layering in advanced AI solutions and fraud detection technology as part of that effort allows the on-site teams to focus on the property, residents, and prospects, resulting in a more customer-focused environment.
Tom Bumpass, Executive Director, Technology, Greystar
What emerging technologies are having the biggest impact on the industry multifamily today?
AI agents: The ability to engage with customers or potential customers in a reasonably predictable fashion with AI-based agents is having a significant impact. While not perfect yet, these technologies are starting to expand the time that customers can engage (not just when the office is open), creating capacity for existing office team members and reducing the need for call centers.
What are some of the most promising proptech solutions you’ve recently adopted or are considering?
There is a growing trend toward a new level of customer engagement. Loyalty and reward solutions are starting to emerge as an enhanced offering. Greystar has recently adopted Bilt and is rolling this out within our portfolio. We anticipate that this program will enhance engagement with residents and create more of a membership environment.
With this enhanced customer engagement comes a goal to better understand customer sentiments, lifestyle needs, and personalize interactions. We believe that our portal and app experiences have the potential to become more tailored and expansive. By providing access to lifestyle services that go beyond a traditional relationship with their community, we aim to enhance residents’ living experiences, drive convenience, and foster long-term connections.
How do you ensure seamless technology integration across a diverse portfolio of properties?
This is an incredibly complex challenge for Greystar. We work to align with owner preferences when providing management services, which in some cases results in a more fragmented technology experience for residents and staff.
First, we have identified products and services that work together seamlessly. We guide owners toward technology solutions that align with Greystar's preferred platforms within their communities.
If owners choose solutions outside of this preferred framework, we have a team of technology integration specialists that help ensure smooth implementation. This includes working with vendors, testing solutions, and maintaining long-term stability as products evolve.
There is no perfect solution to this challenge. Success requires a combination of internal expertise, strong vendor relationships, and clear communication about trade-offs.
What strategies do you use to future-proof your tech stack in a rapidly evolving digital landscape?
Our goal is to work with core platform providers that have an open architecture and an adaptable mindset. This flexibility allows us to integrate new technologies that enhance our tech stack over time.
Greystar spends significant time and resources assessing emerging property technologies to ensure we remain at the forefront of innovation. We prioritize partnerships with vendors that share this forward-thinking approach.
How are you managing the rising costs of implementing and maintaining new technologies?
While our industry has benefited from a wave of new technology solutions in recent years, each new platform comes with costs. In many cases, these are additional expenses rather than direct replacements for existing costs.
Introducing new technology requires careful cost-benefit analysis. Solutions need to improve efficiency, mitigate risk, or enhance business performance. Quantifying these benefits is challenging but necessary.
At Greystar, we evaluate the trade-offs of adopting new technology versus maintaining existing solutions. Key considerations include customer experience, operational impact, cost, and the ability of a new solution to integrate smoothly with existing systems.
What are the biggest barriers to technology adoption in multifamily, and how do you overcome them?
The biggest barriers to technology adoption for Greystar are integration, cost, and owner alignment.
Given the scale of our portfolio, rolling out new technology across 3,000-plus communities is a significant undertaking. While we pilot and test many technologies, full-scale adoption requires a long-term commitment.
Regarding owner alignment, we engage in ongoing discussions with our clients to balance their objectives with Greystar’s recommendations for optimizing community performance. Some owners appreciate our continual innovation, while others may prefer a more measured approach to change.
How are you leveraging data analytics to optimize asset performance and decision-making?
Greystar uses significant data analytics capabilities to drive decision-making. By aggregating data from 15 to 20 key sources, we gain deeper insights into each community beyond what traditional property systems provide.
Our analytics tools help identify performance trends, highlight inefficiencies, and enhance financial reporting.
With increasing cyber threats, what best practices are you implementing to ensure data security and protect resident information?
Greystar has stringent information security practices that prevent unauthorized access to our platforms.
Ongoing training and education on data security are a priority, with required training for all team members and regular testing to reinforce awareness of cyber threats.
Our legal team establishes strict security standards with vendor partners that handle resident data. Often, the most sensitive information remains with these partners rather than being directly accessible to Greystar team members.
Finally, we take a proactive approach to addressing resident concerns or potential incidents related to data security.
If you had unlimited resources, what’s one technology you would implement across all multifamily properties today?
Smart-home and smart-access technology with a managed Wi-Fi backbone would be a game-changer across all communities. This enhances the resident experience while improving operational efficiency.
These features should be mobile-enabled, allowing residents to access spaces seamlessly with proximity-based entry.
While many new developments are incorporating this technology, retrofitting legacy properties remains a challenge for the industry.
Looking to the future, what emerging technologies do you see having the biggest impact on the multifamily industry?
I think most of us would say AI in response to this question—and I agree. AI will reshape our industry in a way not seen since the advent of the internet.
Over the years, we have seen technology transformations like the personal computer, the internet, and the smartphone. At first, they were met with skepticism and uncertainty. But as adoption increased, they became essential. AI is following a similar trajectory.
We are still in the early stages of AI adoption, but it will continue evolving and have a profound impact on multifamily operations, customer engagement, and efficiency.
Rukus Esi, Senior Vice President and Chief Digital Officer, AvalonBay Communities
What emerging technologies are having the biggest impact on the multifamily industry today?
At AvalonBay, we’re seeing transformative impact from emerging technologies, particularly in the realm of AI and automation. We’re focused on leveraging these tools to enhance the prospect and resident experience and streamline our operations. Specifically, we’re deploying AI-powered solutions to address customer inquiries instantly. This isn’t just about providing quick answers; it’s about driving process standardization and simplification across our portfolio.
In today’s fast-paced world, residents expect immediate responses. Why should they wait minutes, hours, or even days for an answer when technology allows for solutions in seconds? We’re moving away from traditional, often fragmented communication channels and embracing AI-driven platforms that can provide consistent, accurate information in real time. This not only improves resident satisfaction but also allows our on-site teams to focus on more complex, value-added tasks.
By automating these interactions, we ensure every resident receives a consistent and efficient experience, regardless of location or time of day.
This standardization is crucial for a large portfolio of 300-plus communities like ours.
Ultimately, we believe that the future of multifamily lies in seamless, technology-enabled experiences. By prioritizing AI and automation, we’re not just keeping pace with industry trends; we’re actively shaping the future of how residents interact with their homes and communities.
What are some of the most promising proptech solutions you’ve recently adopted or are considering?
AvalonBay is focused on strategic proptech solutions that drive tangible improvements in both customer experience and operational efficiency. We're particularly excited about the potential of AI-powered communication and robust customer relationship management systems.
We’ve partnered with the AI platform EliseAI for the past four years to proactively engage potential and current prospects and streamline the leasing process. Its ability to handle a high volume of queries 24/7 is invaluable, ensuring consistent and efficient communication. This technology significantly improves our responsiveness and frees up our on-site teams to focus on more complex tasks.
In addition, we continue to leverage and expand the capabilities of customer relationship management (CRM) systems to gain a more comprehensive understanding of the resident journey. By integrating our CRM with other key systems, we can anticipate resident needs, personalize communications, and ultimately enhance satisfaction. This data-driven approach allows us to optimize processes and make informed decisions, ensuring we deliver exceptional customer experiences.
These technologies represent our commitment to staying at the forefront of innovation, ensuring AvalonBay remains a leader in resident-centric multifamily living.
How do you ensure seamless technology integration across a diverse portfolio of properties?
At AvalonBay, we are fortunate to own all the properties we operate, which provides us with significant flexibility to implement scalable solutions and standardize their deployment across our portfolio. Our approach begins with identifying the key stakeholders and personas involved, as well as thoroughly understanding the business processes we aim to improve. By leveraging best practices from product management and Agile software development, we can pinpoint challenges early and iterate frequently to refine our solutions. This iterative approach enables us to address issues proactively and ensure we achieve seamless, effective outcomes.
What strategies do you use to future-proof your tech stack in a rapidly evolving digital landscape?
Our core strategy is focused on owning key competencies in-house, product management and UX design, software architecture and engineering leadership, and data science. As a result, we’ve built a platform that prioritizes minimizing our technology switching costs and reducing our long-term maintenance costs. It enables us to own our destiny, providing us with the flexibility to build differentiated capabilities, buy and integrate off the shelf solutions, or rent solutions that fit our overall business needs.
What are the biggest barriers to technology adoption in multifamily, and how do you overcome them?
The biggest barriers to technology adoption in multifamily are costs and complexity. There are high upfront costs and complexity involved with integrating new vendors and systems and training associates. In order to overcome these barriers, there must be a clear approach to showing return on investment, simplified integrations, and strong partnerships with vendors that solve problems holistically.
With increasing cyber threats, what best practices are you implementing to ensure data security and protect resident information?
AvalonBay prioritizes stringent data privacy and security protocols to protect resident information in the face of increasing cyber threats. We implement multilayered security measures, including robust encryption of data in transit and at rest, strong access controls, regular security audits, and penetration testing. We also conduct ongoing employee training on data security best practices.
Vibha Gore, Chief Technology Officer, Southern Land Co.
What emerging technologies are having the biggest impact on the industry multifamily today?
As smart devices are rapidly becoming standard among multifamily communities, integrating various smart features like locks, thermostats, water leak sensors, access control, and lighting systems enhances security, convenience, and energy efficiency for renters. Additionally, the implementation of similar technology within amenities and communal areas, including touchless entry systems and advanced booking software, elevates each space and enhances the overall resident experience.
With increasing awareness of eco-friendly solutions, technologies such as solar panels and energy-efficient appliances are being increasingly adopted within multifamily communities. The addition of these features both reduces a building’s environmental impact and serves as an attractive feature to eco-conscious residents.
Technology plays a tremendous role in the efficiency and success of property management, leasing, and operations teams. Automation tools streamline tasks like lease management and maintenance requests, reducing the administrative burden on property management teams and creating more time for other essential tasks and resident-facing responsibilities. Consulting AI-driven solutions and data analytics enable on-site teams to make informed decisions by predicting maintenance needs and tracking occupancy trends, which help optimize the overall operations function.
For property management companies with multiple multifamily communities in their portfolio, the use of centralized platforms that integrate various functions simplifies the oversight and operation of large portfolios.
What are some of the most promising proptech solutions you’ve recently adopted or are considering?
We are implementing a solution that unlocks Internet of Things (IoT)-driven insights meant to optimize operations, improve safety, and boost performance. Using platforms like Scenera harnesses advanced AI for actionable insights and predictive analytics providing timely notifications, focusing on data collected from water leak sensors, security cameras, thermostats, and other external data sources while still protecting residents’ personal data.
A key tenet for Southern Land Co. (SLC) as a real estate developer and property management company is to elevate the resident experience by introducing features that foster community and adds conveniences to residents’ lives. In keeping with this mission, we recently partnered with Livly to bring their all-in-one apartment management app to residents across our multifamily portfolio, integrating all the smart services we offer for easy access and convenience, providing unique resident experiences and the feel of community.
How do you ensure seamless technology integration across a diverse portfolio of properties?
With more than 15 SLC multifamily and mixed-use communities in various phases of development nationwide, it is crucial that we implement and maintain standardized technology solutions and protocols across our entire portfolio to ensure consistency and efficiency. Using centralized platforms for property management and accounting needs allows us to have unified control and monitoring of technologies in these crucial functions.
We thoughtfully select technology that supports open standards and promotes collaboration, such as Open API, allowing various systems to effectively communicate with each other. Likewise, identifying and implementing scalable solutions to easily integrate new properties into our established systems saves time and reduces opportunities for major disruptions.
As SLC builds out the property management teams at each community, we prioritize providing comprehensive training, as well as robust support systems, to equip each team member with the knowledge that will ensure success.
Finally, we thoroughly research and implement strong cybersecurity measures to protect resident data and ensure compliance with privacy regulations.
What strategies do you use to future-proof your tech stack in a rapidly evolving digital landscape?
Being adaptable is key to making sure we stay competitive and current with emerging technologies and programs. We foster an agile mindset across our teams, encouraging them to quickly adapt to new trends by implementing proof-of-concept projects before wider rollouts. Our approach focuses on several strategic areas to ensure we’re not just responding to today’s needs but anticipating tomorrow’s challenges.
We have embraced cloud solutions to maximize flexibility and scalability. This approach allows us to implement updates seamlessly without disrupting our operations or resident experience.
Automation has become central to our strategy as well. For example, we’re currently implementing standardized workflows and protocols for our operations teams within our property management platform. This not only enhances efficiency, but significantly reduces manual workloads, allowing our teams to focus on more value-added activities.
Cybersecurity is nonnegotiable in our planning. We’ve strengthened our position through multi-factor authentication and regular security assessments. We are also careful to manage permissions and security groups aligned specifically to each property management team member’s job role.
Data analytics has become increasingly important for us. By investing in tools like Yardi’s Data Connect and Power BI, we are defining our data requirements and road map. We recognize that quality data fuels AI capabilities, which will be critical for future decision-making.
We are also modernizing or replacing outdated systems to prevent operational slowdowns and security risks. One recent example is our initiative to automate vendor sourcing and contract life cycle management.
Finally, I believe in staying connected with my growing professional network to share and exchange insights that can benefit our team and the overall SLC technology strategy.
How are you managing the rising costs of implementing and maintaining new technologies?
In the multifamily industry, every dollar invested—especially on the technology front—needs to show clear business value and ROI. Technology helps with automation efforts and enhances resident experiences that turn prospects into residents and maintain resident satisfaction—more leads, more conversions, and more resident renewals.
We also leverage demonstrated, low-cost technologies, like generative AI, to create content for our marketing and on-site teams to effectively communicate with prospects and residents.
When preparing to introduce new, uncharted solutions, we “fail fast,” implementing proof of concepts to prove a program or product’s business value, similar to how we perform pro formas for our properties. By starting small, establishing pilot programs, and noting benchmark results, we can best determine how a product can benefit the company and our communities. Once we have accomplished this critical step, we can strategize on how to best expand or scale these solutions one property at a time, measuring results and continuing to prove its value along the way.
What are the biggest barriers to technology adoption in multifamily, and how do you overcome them?
When planning to integrate new and updated technologies, we constantly have to evaluate cost versus value. Implementing new tech can be expensive. We thoroughly research and vet new technologies and partnerships to ensure that we are utilizing quality products and services while reducing unnecessary expenditures.
Operators often hesitate to invest in technology because the ROI can be unclear. In order to build the confidence of leadership, we present transparent, data-driven impact reports and enact pilot programs to demonstrate efficacy. Additionally, employees and management may resist adapting to new technologies. Effective change management, clear communication of benefits, and staff involvement can best mitigate this hurdle.
Limited resources and personnel, as well as budget constraints can hinder adopting cutting-edge and necessary technologies. Outsourcing specific tasks to specialists and centralizing operations can help optimize resources and allow team members to focus on their primary responsibilities.
New tech can be complex and require a steep learning curve. We ensure smoother transitions by offering comprehensive training to team members and offering ongoing support.
One significant challenge in implementing new technology in the multifamily industry is the lengthy construction timeline for new properties. By the time these properties are completed, the opportunity to integrate the latest technologies may have passed, especially if service contracts have already been signed. This misalignment can result in missed opportunities and the need for costly retrofits to incorporate newer technologies, ultimately impacting the property's appeal and position among competitors.
How are you leveraging data analytics to optimize asset performance and decision-making?
With access to various data sources like Yardi, Radix, and other project management and accounting systems, we can consolidate data to be accessible and readily available in day-to-day tools like Excel. Then, we can add additional context and dimensions to provide key analytics and reports, which can help predict future patterns. We are looking into other AI-based tools like Microsoft CoPilot for Power BI, which would add intelligence to our pro formas and financial models.
With the rise in cyber threats, what best practices are you implementing to ensure data security and protect resident information?
Given the increasing cyber threats, it's crucial to protect resident data and the systems storing PII. This year, we've launched a comprehensive cybersecurity program focusing on social engineering awareness and communication. We have implemented best practices such as multi-factor authentication, advanced security tools, and extensive training programs. Additionally, we rigorously vet any new platforms and integrations, ensuring vendors have proper SOC and ISO controls in place, as resident data will be stored in their cloud environments.
If you had unlimited resources, what’s one technology you would implement across all multifamily properties today?
It would be amazing to implement AI-based immersive experiences for virtual tours that would offer prospective residents a unique experience to preview their home before they move in. In this curated “metaverse,” they can explore floor plans, tour the amenities, and ask questions to a virtual agent touring them. This creates a new option for touring ideal for those unable to schedule an in-person tour. It would also exponentially increase the number of leads and prospects that could be converted to residents.
Looking to the future, what emerging technologies do you see having the biggest impact on the multifamily industry?
Here are the top three emerging technologies impacting the multifamily industry:
- Smart technology enhances security, convenience, and energy efficiency through devices like smart locks and thermostats.
- AI and data analytics enable informed decision-making, predictive maintenance, and operational optimization.
- Automated property management streamlines tasks such as lease management and maintenance requests, improving efficiency.
Savas Karas, Chief Technology and Transformation Officer, CAPREIT
What emerging technologies are having the biggest impact on the multifamily industry today?
AI offers the most promise, although many people are still figuring out how to use it, where to use it, and the return on investment. Of more immediate importance is the integration of multiple products into a single stack.
What are some of the most promising proptech solutions you’ve recently adopted or are considering?
Personal identification and validation applications are becoming increasingly important as fraud increases.
How do you ensure seamless technology integration across a diverse portfolio of properties?
Great question. It is hard and takes planning, maintenance, and a little luck. Integration never works as promised or how you think it will.
What strategies do you use to future-proof your tech stack in a rapidly evolving digital landscape?
We are constantly optimizing and transforming our tech stack. We constantly evaluate ROI.
How are you managing the rising costs of implementing and maintaining new technologies?
By simplifying our technology stack and removing unused software.
What are the biggest barriers to technology adoption in multifamily, and how do you overcome them?
The complexity of rolling them out to a decentralized user base whose priority is resident satisfaction, not operational efficiency.
How are you leveraging data analytics to optimize asset performance and decision-making?
We are diving deep into analytics to compare products, costs, revenue, and outcomes at a discrete level.
With increasing cyber threats, what best practices are you implementing to ensure data security and protect resident information?
Better and consistent user education, expanding the boundaries of what we protect, and increasing the speed at which we detect threats and issues.
If you had unlimited resources, what’s one technology you would implement across all multifamily properties today?
SAP customized to our needs.
Looking to the future, what emerging technologies do you see having the biggest impact on the multifamily industry?
Being able to better track and understand resident needs and having the ability to react to them quicker.
Scott Pechersky, Chief Technology Officer, RPM Living
What emerging technologies are having the biggest impact on the industry multifamily today?
The increasing use of AI agents as part of the leasing process is having the biggest impact. This has enabled us to respond immediately to all of our prospective tenants and has also enabled them to communicate with us at all times of the day.
What are some of the most promising proptech solutions you’ve recently adopted or are considering?
So much of the tech has been focused on property performance, but I am excited to see how we can leverage AI more effectively for our corporate departments. For example, we recently introduced a knowledge management system that is able to distill many of our documents so that we can reply to requests with an answer to a question versus referring someone to a webpage. The results so far have been promising. We are also starting a pilot program with Microsoft Copilot to see if there are additional ways we can automate and work more efficiently.
How do you ensure seamless technology integration across a diverse portfolio of properties?
At RPM, we have put together a core technology stack that covers most of the functions needed for a property to perform. Our stack has taken into consideration where we can leverage the property management software company’s native APIs and limit products that are not one of their integrated partners.
What strategies do you use to future-proof your tech stack in a rapidly evolving digital landscape?
Partnering with vendors that are nimble and have an aggressive development cycle allows us to stick with them longer and not have to change course every 12 months.
How are you managing the rising costs of implementing and maintaining new technologies?
I’m not sure if I agree that costs have been rising in terms of implementing and maintaining. I think the bigger challenge in rising costs comes from the need for additional niche functions that might require an additional tool to perform. I think we can manage this in the same way that we future-proof: by selecting partners with a road map that includes additional functionality as part of their core product offering with no additional costs.
What are the biggest barriers to technology adoption in multifamily, and how do you overcome them?
From an ownership perspective, the barrier comes from adding additional operating costs that haven’t resulted in savings at the property. We need to see a bump in net operating income that truly impacts the value of their asset.
From operators, our challenge is that they already work within too many different systems, which makes their day-to-day job very challenging. We try to overcome this by introducing a single sign-on tool to easily navigate around systems if we can’t provide this in a single-stack solution.
How are you leveraging data analytics to optimize asset performance and decision-making?
We have a comprehensive data warehouse that is used to track and report on KPIs that have the most direct impact on asset performance. Our operators are alerted of items trending in the wrong direction and our systems also serve up common suggestions to overcome these deficiencies to assist with their decision-making on how to improve.
With increasing cyber threats, what best practices are you implementing to ensure data security and protect resident information?
We have been enhancing our cybersecurity training to include specific trends. In addition, we have increased the frequency and the complexity of the phishing tests we send to our users to hopefully educate them even better.
If you had unlimited resources, what’s one technology you would implement across all multifamily properties today?
As the large technology firms are spending billions developing their AI, I would like an unlimited budget to concentrate and train models on all our data to create agents that could perform any function within our organization with a simple question by either our residents or associates.
Looking to the future, what emerging technologies do you see having the biggest impact on the multifamily industry?
For our industry, the focus on AI agents to perform many of our day-to-day functions, remove most cases of fraud, and automate many of our processes will be the thing that will impact how we operate our communities the most in the next two to four years.