The recent OPTECH 2023 Conference and Expo served as a comprehensive exploration into the technological landscape reshaping the multifamily industry. From insightful discussions to emerging trends, here are some significant takeaways shared by our team.
Generative AI and the Data Strategy that accompanies it
The talk around generative AI is growing, but powerful real-world use cases remain limited. There’s an increase in interest but a scarcity of practical applications. The rapid evolution of data analytics and AI underscores the necessity of robust data strategies tailored to meet business needs. Without these strategies, businesses risk making costly decisions that might need rectification in the future.
Get Ready to dive deeper into Multifamily’s AI ever-changing landscape with REBA’s AI POV.
The Continued Data-Centric Focus
Data solutions and Business Intelligence (BI) are currently the buzz in the multifamily sphere. Data-centric discussions dominated, signifying the industry's growing emphasis on leveraging data to drive operations and decision-making.
REBA knows data visualization is the key to storytelling - but is only as good as your data. There are so many levels of understanding when it comes to data, so it is important to use visualization to communicate with everyone. you must solve for disparate data before you can focus on centralization.
PRM Software Buzz
More than two decades ago, the original PRM options changed how the industry prices; and for several years, PRM was a “hot topic” at conferences such as OPTECH. In the following ~15 years, not so much as PRM was considered to be “done.” As companies are now looking for options, including better “total cost of ownership” solutions, improved abilities to handle concessions and rent constraints along with other “special cases” like small count unit types, renovation, and lease-ups, PRM is back in the “buzz.” The recent release of REBA RentTM has people talking about new and exciting opportunities to move pricing forward.
Continuing Connectivity Conversations
The theme of connectivity remains a prominent aspect in multifamily tech discussions, underlining its significance in the industry's future.
OPTECH 2023 illustrated the significant shifts within the multifamily landscape. The evolving data landscape, AI advancements, and diverse software platform approaches indicate the dynamic nature of the industry. The necessity for sound strategies and adaptability has never been more pronounced. Embracing innovation and foresight will define success in the multifamily sphere.
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