The multifamily real estate industry’s relationship with technology can best be described as complicated. While the years leading up to 2024 saw steady, if not explosive, growth in tech adoption, a lingering sense of unfulfilled promises and dashed expectations persisted. Early optimism about tech’s transformative potential often collided with the realities of implementation, cost, and demonstrable ROI.
Ryan Wells
Founder & CEO, INQUO
Former Founder & COO, Onboard powered by Conservice
– Taylor Wiederkehr Founder & CEO of PropTech IQ
–Scott Casey, President & CEO, ROVR
Then came 2024 . . ..
The challenging market environment served as a stark wake-up call for both real estate and tech companies. Capital conservation became paramount, forcing both sides to scrutinize every expenditure. While real estate owners tightened their belts, tech companies, to their credit, didn’t stand still. Innovation continued, and the rise of AI began to permeate both new and existing technological solutions, offering the promise of tangible efficiency gains.This juxtaposition created a fascinating dynamic. Real estate, facing increased pressure on margins, couldn’t afford not to explore the potential of these new advancements. However, the scars of past disappointments remained. Simply put, multifamily real estate was no longer buying the hype; they needed proof.Now, as we look ahead to 2025 and beyond, the landscape is shifting again. Fed rate cuts are starting to loosen capital markets, fueling renewed activity in new development and property trades. This increased competition will further intensify the pressure on owners and operators to optimize performance and differentiate themselves.Tech companies, sensing a potential gold rush, are ramping up their efforts. Sales teams are expanding, pitch decks are being refined, and solutions are consolidating. AI is supercharging existing technologies, creating a wave of new possibilities. A full-court press is on to sell to real estate.And herein lies the danger.There’s pent-up demand in real estate. “We need tech” meetings are suddenly filled with eager real estate professionals, ready to explore solutions and catch up with the latest advancements. This desire to finally realize the impact of technology on NOI, through cost efficiencies and revenue generation, is palpable. Real estate, long a laggard in economic productivity, is looking to tech to achieve a multitude of goals: improved tenant retention, increased leasing velocity, better staff retention, and operational centralization, to name a few.“There is no investment that will more positively affect the value of an asset more than an investment in technology.“—Sandy Jack, Director of Strategic Relations – Multifamily, Nomadix, an Assa Abloy CompanyThis confluence of factors—pent-up demand, readily available capital, and a surge of sophisticated tech solutions—creates a perfect storm. While the desire to embrace technology is understandable, the risk of making bad decisions in this rush is significant. The sheer volume of tech salespeople, the allure of AI-powered solutions, and the pressure to quickly demonstrate ROI can lead to hasty and ill-considered investments. Real estate companies must be wary of falling prey to slick presentations and over-promised results.The Current State: A Critical Inflection Point
Real estate has traditionally been reluctant to change. However, we are now at a critical inflection point where investing in technology is more important than ever. The reset of 2024 gave the industry a year to digest past disappointments and reassess its needs. There’s no one-size-fits-all solution, and many tech companies are still building solutions looking for problems, rather than addressing existing needs within real estate.“Today’s owners and technology providers are moving beyond traditional service models and expectations. We’re at a pivotal moment in multifamily, where residents demand—and regulators require—clear, actionable insights into how services are delivered. Data and service transparency from owners, managers, and vendors isn’t just a bonus; it’s essential. When your key metrics are clear, choosing the right vendor becomes straightforward, and empty promises are easy to spot.”—Ryan Wells
Founder & CEO, INQUO
Former Founder & COO, Onboard powered by Conservice
The Complication: Tech is Scary
Tech is scary for many in real estate. They are experts in real estate, not technology. They don’t know who to trust and have been burned by vendors overselling solutions in the past. So why now?Several factors are converging: residents, especially those transitioning from student housing to their first apartment, increasingly expect technology. We are currently confronting the largest generation of home seekers since the Baby Boomers. Competition is heating up as new developments, equipped with the latest tech, enter the market. There’s growing pressure to address long-standing issues like staff retention. Critically, new tech now offers demonstrable impacts on NOI, backed by data. In fact, instead of piloting tech, there is tech that uses data from years of prior tech deployments tot demonstrate the full financial and operational impact of tech. More technology is available that addresses actual real estate pain points, like knowing ahead of time the impacts of selected tech… if you can find it.“Multifamily real estate can no longer afford to adopt technology based on hype or hesitation. At this critical inflection point, real estate owners need more than sales pitches; they need clarity on which solutions truly align with their operational and financial goals.”– Taylor Wiederkehr Founder & CEO of PropTech IQ
The Implementation Hurdle:
Tech is scary to implement. Successful implementation requires cheerleaders and buy-in from all stakeholders. Customized training is essential. Too often, tech decisions are made top-down, neglecting crucial input from those on the front lines. Real estate needs a trusted advisor, not just a collection of point solutions. They need someone who can effectively match technology with their specific pain points.Setting the Stage for Discussion:
The current state of proptech in multifamily real estate presents a complex and nuanced landscape ripe for discussion. Several key themes emerge that warrant further exploration:- Bridging the Communication Gap: How can we facilitate better communication and understanding between tech companies and real estate professionals? Can we establish common language and frameworks for discussing needs and solutions?
- Data Utilization and Actionable Insights: How can real estate companies effectively leverage the vast amounts of data available to them? What tools and strategies are needed to translate raw data into actionable insights that drive better decision-making?
- Addressing FOMU and Fostering Innovation: How can we mitigate the fear of messing up (FOMU) and encourage a more open and experimental approach to technology adoption? How can we balance the need for proven ROI with the potential of cutting-edge solutions?
- The “One App to Rule Them All” Dilemma: Is a single, comprehensive platform a realistic goal for multifamily proptech? What are the challenges and opportunities associated with integrated solutions versus specialized point solutions?
- Focusing on Key Challenges: How can technology be better targeted to address the most pressing challenges facing multifamily real estate, such as staff turnover and tenant retention? What specific solutions are needed in these areas?
- Building Trust and Expertise: How can real estate companies identify and engage trusted advisors who can help them navigate the complex world of proptech and effectively match solutions to their needs? How can they develop internal expertise to evaluate and implement new technologies?
- The era of blind faith is over: Real estate professionals are now much more discerning. They’re demanding clear, measurable ROI and demonstrable value from any tech investment. Vague promises and “nice-to-have” features are no longer enough.
- AI is the game changer, but proceed with caution: The integration of AI into existing and new proptech solutions is finally starting to deliver on the long-promised potential. However, it’s crucial to understand the nuances of each AI implementation and avoid being swept up in the hype.
- Integration is key: Standalone solutions that don’t seamlessly integrate with existing systems are a hard sell. Real estate companies are looking for platforms that streamline operations and provide a holistic view of their portfolio.
- Focus on the bottom line: Ultimately, the success of any tech adoption will be measured by its impact on the bottom line. Whether it’s reducing operating costs, increasing revenue, or improving resident retention, the benefits must be tangible and quantifiable
–Scott Casey, President & CEO, ROVR
I’m Intrigued—What Now?
Now is the time to find a trusted tech advisor—someone with experience in real estate tech that understand the real estate side of the business and listens to what real estate’s pain points are. That’s what makes a good advisor, tech or otherwise, they listen and they speak your language. They do not try to sell you a one-size-fits-all solution and they are vendor agnostic. They talk in data points and not what-ifs. No empty promises, no over-inflated expectations. A trusted tech advisor can move the your status from “it’s complicated” to “in a relationship”—with tech.Cris Kimbrough, SKBM Smart Technology
Dr. Cris Kimbrough, PMP is the Chief Strategy Officer at SKBM Smart Technology, where she drives innovative proptech solutions for the multifamily industry. Previously, Cris led strategic smart building initiatives at Greystar to boost tenant satisfaction, streamline operations, and enhance revenue. At CBRE, she pioneered in-building connectivity and co-founded a building technology consultancy, crafting nationwide strategies that improved occupancy and NOI. Known for bridging emerging technologies with real estate, she is a sought-after speaker providing actionable insights to the industry. Cris holds a PhD in Anthropology from NYU, with research that spans archaeological digs in Turkey, Syria, France, and the U.S., including a Fulbright Fellowship that deepened her global perspective.If you want to talk tech and real estate with someone who knows both sides of the business, Cris can be reached at cris@skbmsmarttech.comSince 2018, SKBM Smart Technology has been revolutionizing multifamily housing with cutting-edge PropTech solutions. We empower property owners to achieve peak efficiency, enhanced security, and greater profitability through our comprehensive, tailored approach. With a proven track record—having connected over 450,000 multifamily units with access control, WiFi, and more—we know what works based on real-world property goals. Our deep industry expertise and commitment to delivering tangible value continue to drive our success.For more information, see: www.skbmsmarttech.comGuillermo Salazar, IrisCX
Guillermo Salazar has over 25 years of experience centralizing field operations across multiple industries, including some of the most remote and harsh environments in the world. He is now the CEO of IrisCX, an AI-powered TeleMaintenance software for property management. IrisCX customers resolve 60% of resident issues remotely in about eight minutes, delivering an 85 NPS experience while saving costs, time, and lease renewals. With IrisCX, property managers can centralize maintenance in just one day.If you are frustrated with the legacy approach to maintenance & are curious about other alternatives, visit www.iriscx.com.Acknowledgements
Many thanks to those who provided their thoughts on this article, including those quoted above, Leigh Anne Self, and George Hechtman.Our mission is to simplify the homeowners & home builders customer experience. Let Iris do the work.
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