"Live From MFE Conference In Vegas With Cris From SKBM", featuring a discussion between Guillermo from IrisCX and Cris from SKBM at the MFE Conference:
1. Introduction to SKBM: Cris explains that SKBM is a PropTech concierge specializing in consulting on real estate and technology solutions, particularly installations like access control, smart locks, and thermostats for multifamily properties.
2. Centralization and Technology in Real Estate: Cris highlights the growing importance of centralization and technology in multifamily real estate operations, predicting that adopting these tools will become necessary to stay competitive.
3. Competition in Multifamily Markets: The discussion touches on how new developments and increased supply are putting pressure on older buildings, particularly in markets like Austin and Nashville, making it crucial for property managers to adapt to retain tenants.
4. Lower Barriers to Change in Multifamily: Unlike single-family homes, multifamily properties face lower costs for change, making it easier for operators to adopt new technologies, which helps create a hospitality-like experience for residents.
5. Tech Solutions for Tenant Retention: Implementing technology can improve tenant retention by enhancing operations and providing a better experience, especially as centralization and automation free up resources to focus on resident engagement.
6. The Role of Operations in Tenant Experience: The video stresses that tenant experience is tied directly to operational efficiency. Centralizing operations, such as maintenance, leads to better outcomes for residents and improved retention.
7. Challenges of Staffing: Cris mentions that there's a growing shortage of maintenance staff, so centralizing operations can help make on-site workers more efficient and reduce their workload, improving tenant satisfaction.
8. Balancing Affordability and Tech Adoption: The conversation emphasizes that even B and C class properties need to adopt technology to remain competitive, as managing operational costs (OPEX) is critical to maintaining profitability and increasing NOI.
9. Building Business Cases for Technology Adoption: Cris discusses how asset managers and property managers can build a business case for adopting centralized technology, starting with data collection and understanding the unique challenges at different management levels.
10. Innovation Driven by Competition: The video concludes with a discussion on how competition among property management companies is driving innovation. Operators need to bring new solutions to the table to win contracts and improve NOI, especially in a budget-conscious environment.
