Key takeaways
Listen to our “deep dive” recap of OpTech 2024:
Multifamily is evolving faster than ever. It can feel like staying ahead of the curve is no longer a choice—it’s now a necessity.
Imagine for a moment being able to transform your property’s operations and marketing strategies with cutting-edge technologies, all while delivering exceptional resident experiences and boosting your bottom line. That future is here, and it’s driven by AI, automation, and data-driven insights – and it was on display in full force at this year’s NHMC OpTech event.
Whether you were there or not, our recap will guide you through the key themes of the conference, which reflect the broad challenges and opportunities facing multifamily leaders as you navigate today’s rapidly evolving landscape.
Education Themes from OpTech 2024
First, let’s look at the education sessions and panels. Here are the top themes that stood out for us from the conference stage, along some concepts that your executive team might be examining or might want to learn more about:
⚛️ AI, Automation, and Robotics
Many sessions explore the future impact of AI and automation on property management, with discussions on both opportunities and challenges. Executives are interested in how AI can enhance efficiency, streamline operations, and potentially replace or supplement human labor, as well as strategies for integrating these technologies responsibly.
⚛️ Data-Driven Insights and Resident Experience
A significant focus is on using data and AI to enhance resident experiences, from crafting personalized interactions to tracking performance through key metrics. The use of AI for predictive insights, fraud prevention, and improving renter confidence highlights the growing reliance on data analytics in decision-making.
⚛️ Cybersecurity and Privacy
With the rise of digital ecosystems in apartment communities, data security, compliance with new regulatory frameworks (including HUD’s AI guidance), and the protection of resident information are critical concerns. Sessions emphasized the importance of strong cybersecurity practices and understanding the evolving privacy landscape.
⚛️ Connectivity and Smart Living
As multifamily buildings become more digitally integrated, sessions focus on building “intelligent” communities through smart tech, managed WiFi, and next-gen connectivity solutions. Executives are interested in learning about the infrastructure required to support smart living and enhance resident engagement through technology.
⚛️ Tech-Driven Operational Efficiency
Centralization, proptech innovations, and automation of back-office functions are driving operational transformation in multifamily management. Executives are seeking ways to streamline operations, reduce costs, and address staffing challenges by leveraging technology, such as AI-driven property management and fintech solutions for payments.
⚛️ Leadership and Strategic Tech Adoption
Leadership sessions stress the importance of driving a tech-forward culture while balancing technological advances with the human touch in resident engagement. Governance, ethics, and the role of leadership in navigating these transformations, along with advocacy and policy implications, are key areas for executives shaping the future of their organizations.
⚛️ Sustainability and Electrification
With growing pressure to balance environmental impact and fiscal responsibility, electrification trends and energy-efficient solutions for multifamily properties are increasingly important. Executives may want to explore how tech innovations can contribute to more sustainable, efficient building operations, particularly those that can significantly impact the bottom line.
Make those themes work for you.
At 30 Lines, we live and breathe this stuff … and we view these themes through the lens of marketing and customer experience. So we want to take this a step further and look at each one from the perspective of *you* – the apartment marketer (who probably already has too much on your plate as it is, right?).
Where are the opportunities here to leverage technology to move your organization forward? And how can you best make the case for the investments you believe will support that forward motion?
As an apartment marketer, your messaging to your stakeholders always needs to address the core concerns of your property owner – maintaining high occupancy, maximizing ROI, and efficiently managing operations. By focusing on the themes that reflect both market trends and owner priorities, you can position your properties (and *you*) for greater success.
Here’s how to incorporate these themes into your messaging to your stakeholders, along with strategies to leverage them for optimal results:
✅ Maximizing ROI Through Data-Informed Marketing
Messaging Focus: Property owners are primarily concerned with the financial performance of their assets. Highlight your ability to use data-informed marketing strategies that increase lease conversions, improve retention rates, reduce vacancy loss and excess ad spend, and improve overall marketing efficiency.
Key Strategies:
- Showcase how you use analytics to track campaign performance, adjust spend efficiently, and target high-intent renters.
- Use metrics such as occupancy rates, average time to lease, customer lifetime value, and marketing ROI to demonstrate the financial impact of your strategies.
- Communicate the value of long-term data insights and being able to quickly identify trends or opportunities to optimize property marketing and operations over time.
✅ Improving Occupancy Rates with AI and Automation
Messaging Focus: Property owners want to minimize vacancies as efficiently as possible. The best way to keep current residents happy and renewing is focus on exceptional customer service, which means taking tedious tasks off the plates of the on-site teams. Highlight how your use of automation, self-service tools, and AI-supported workflows in marketing can attract high-quality prospects and respond to their needs quickly and efficiently, while giving back that critical time for customer service.
Key Strategies:
- Reinforce personalization and speed at scale through automated follow-up systems, AI leasing assistants, and self-service scheduling to streamline leasing processes. This makes you easier to do business with on the renter’s time (not just when your office is open).
- Emphasize how automation and effective follow-up (including strong storytelling) can reduce the time it takes to convert leads into residents, ensuring steady occupancy levels.
- Show how targeted digital advertising and dynamic retargeting campaigns increase lead quality and drive faster leasing.
✅ Creating Exceptional Resident Experiences to Drive Retention
Messaging Focus: Piggybacking off the previous message, retaining residents is more cost-effective than acquiring new ones. Today’s renter has higher expectations, largely established through their day-to-day interactions with other brands outside of multifamily. Emphasize how you’re crafting exceptional resident experiences to increase retention and reduce turnover, which helps maintain consistent cash flow.
Key Strategies:
- Show how your marketing efforts build a strong sense of community and enhance resident satisfaction.
- Program your community – promote amenities, services, events, and loyalty/rewards programs that improve resident quality of life. In your stakeholder messaging, link these directly to reduced vacancy loss and higher renewal rates.
- Highlight the role of personalized communication (through email, apps, and portals) in proactively addressing resident concerns, leading to longer stays and higher lifetime value.
✅ Leveraging PropTech to Reduce Operational Costs
Messaging Focus: Owners are focused on managing expenses. Highlight how your marketing strategies tie into tech-driven solutions that optimize property management operations and reduce costs.
Key Strategies:
- Emphasize the cost-saving benefits of centralizing property management functions, reducing reliance on on-site staff and moving tasks like collections, lead management, and content creation to specialized roles.
- Incorporate messaging that highlights smart home technologies, energy-efficient systems, and self-service tools that improve resident satisfaction while cutting operational costs.
- Promote the long-term financial benefits of tech adoption in reducing maintenance calls, streamlining operations, and increasing asset value.
✅ Adopting Sustainable and Green Practices
Messaging Focus: Sustainability traditionally hasn’t been a focus in multifamily, but it’s an increasing priority for some property owners, especially when it can positively impact the bottom line. Highlight your property’s sustainability initiatives and their appeal to environmentally-conscious renters.
Key Strategies:
- Market energy-efficient features (smart thermostats, EV charging stations, solar panels, etc.) and their ability to reduce operational costs and improve long-term asset value.
- Tie green marketing to renter demand for eco-friendly living, positioning it as a differentiator that increases property desirability.
- Emphasize the financial and reputational benefits of sustainability in both marketing and operational practices, such as attracting renters willing to pay a premium for sustainable living.
✅ Boosting Property Value Through Premium Branding and Positioning
Messaging Focus: Positioning a property as a premium living option can enhance its perceived value and allow for higher rents and/or fewer concessions. Focus on brand-building strategies that differentiate the property and your overarching property management brand in the market.
Key Strategies:
- Create and promote a strong brand identity for each property and the property management company, emphasizing unique selling points (USPs) that appeal to high-income renters.
- Use storytelling and high-quality content (videos, social media, and testimonials) to elevate each property’s image and attract a more desirable resident base.
- Showcase how thoughtful marketing and premium positioning can lead to increased rental income, property appreciation, and higher resident satisfaction.
✅ Proactive Risk Management Through Marketing
Messaging Focus: This one sound weird at first blush, right? But owners are concerned with minimizing financial and operational risks. Show how proactive marketing can mitigate risks related to compliance, resident turnover, and competitive market conditions.
Key Strategies:
- Highlight your focus on Fair Housing compliance, ADA accessibility, and cybersecurity in your marketing efforts, positioning these as ways to protect your property from legal and reputational risks.
- Use market data and consumer behavior insights to anticipate leasing trends, allowing you to pivot quickly and avoid periods of high vacancy.
- Emphasize risk mitigation through regular resident feedback loops and satisfaction surveys, which can reduce unexpected turnover and improve retention.
✅ Improving Operational Agility and Scalability
Messaging Focus: As owners expand their portfolios or manage multiple properties, they need scalable marketing solutions that can be easily replicated across locations. Focus on how your marketing strategies are flexible, scalable, and aligned with their long-term growth goals.
Key Strategies:
- Showcase your ability to roll out marketing campaigns across multiple properties with a consistent, high-quality brand experience.
- Demonstrate how centralized digital marketing platforms and automated systems reduce the complexity of managing campaigns at scale.
- Highlight case studies or examples of how scalable marketing strategies have driven success across diverse portfolios or markets.
✅ Appealing to a Tech-Savvy Renter Base
Messaging Focus: Owners are increasingly aware that their target audience (across all demographics) is becoming more tech-savvy. Showcase your ability to attract these renters by marketing smart living solutions, digital engagement tools, and seamless online shopping experiences.
Key Strategies:
- Promote tech-forward living environments (smart home features, resident apps, etc.) in your marketing campaigns.
- Highlight how digital experiences (virtual and self-guided tours, online leasing, and app-based communications) create a more attractive offering for modern renters.
- Use tech-focused marketing to differentiate properties in competitive markets, appealing to younger, tech-driven demographics who value convenience.
That’s … a lot. You can’t do it all, and you shouldn’t even try. But by focusing on the themes that make the most sense for your properties, you can craft compelling, data-informed messaging that speaks to your property owners’ financial and operational priorities.
This will not only help drive stronger performance at individual properties but also enhance owner satisfaction, positioning your marketing team as a key contributor to their long-term success.