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OPTECH 2024: Charting the Course for Data Maturity in Multifamily Real Estate

The multifamily real estate sector is on the cusp of a data awakening, and so far the NMHC OPTECH 2024 conference is definitely a catalyst for change. Based on everything we’ve seen so far during the first day, OPTECH is changing the game for our industry’s data journey, propelling us forward in the realms of Data Confidence, Maturity, and Trust. Let’s chat a bit about how this year’s program at OPTECH 2024 is shaping the future of data in multifamily real estate.

Why Data Maturity is Critical for the Multifamily Sector

OPTECH 2024’s theme couldn’t be more timely: “Unlocking Innovation for Operational Excellence.” This focus underscores a crucial reality in today’s multifamily real estate landscape: true operational excellence is inextricably linked to data maturity. And maturity is a pretty big word to unpack – on top of the fact that it means different things to different people. But whether your focus on elevating your business capabilities is in line with operating model maturity, process maturity (and by maturity here, we mean efficiency), or the nuts and bolts of tech stack maturity – the commonality across all of these evolutions is basic – address the underlying data required to feed your operations and inform your decisions. Can you access it? Can you trust it? Do you understand what it’s telling you? 

As our industry faces unprecedented challenges and opportunities, from shifting demographic trends to evolving tenant expectations, the ability to leverage data effectively has become not just an advantage, but a necessity. For multifamily firms, this maturity is paramount across several key areas:

  1. Competitive Edge Through Technology: In today’s fast-paced market, multifamily companies with mature data practices gain a significant competitive advantage. By leveraging advanced analytics and AI, these firms can make faster, more accurate decisions on property acquisitions, pricing strategies, and operational improvements. This technological edge translates directly into improved NOI and asset value.
  2. Enhanced Resident Experience and Retention: Data maturity enables multifamily operators to truly understand and anticipate resident needs. By analyzing patterns in resident behavior, preferences, and feedback, companies can create personalized experiences that boost satisfaction and retention rates. In an industry where tenant turnover can significantly impact profitability, this insight is invaluable.
  3. Operational Efficiency and Cost Savings: Mature data practices allow multifamily firms to optimize their operations across the board. From predictive maintenance that reduces unexpected repairs to energy usage optimization that cuts utility costs, data-driven decision making can lead to substantial savings. Moreover, by breaking down data silos and integrating workflows, companies can eliminate redundancies and streamline processes, further improving efficiency.
  4. Risk Management and Compliance: As regulatory environments become more complex, especially around issues like data privacy and fair housing, mature data practices are essential for compliance. Advanced data analytics can help identify potential risks before they become issues, ensuring that multifamily firms stay ahead of regulatory challenges and maintain their reputation in the market.
  5. Informed Investment Decisions: For multifamily investors and developers, data maturity is crucial for making informed investment decisions. By leveraging big data and predictive analytics, firms can better understand market trends, identify promising locations for new developments, and optimize their portfolio strategy. This data-driven approach can significantly improve ROI and reduce investment risks.

The RETTC Revolution

We’re really excited about the launch of the Real Estate Technology and Transformation Center (RETTC) at OPTECH 2024. RETTC is poised to be a driving force in advancing our industry’s technological capabilities and Cherre is privileged to partner with OSCRE International to be a founding partner in this initiative. 

Wrapping Up: Your Ticket to Data Maturity

OPTECH 2024 is shaping up to be a roadmap for our industry’s data maturity journey. From AI governance to data standardization, from resident insights to data cleaning, this conference is where theory meets practice in the world of multifamily real estate data. 

Looking to pre-assess your organization’s data maturity, while uncovering just what should be considered as part of your comprehensive data management strategy in the first place? We got just the tool for you! Access Cherre’s Free Data Management Scorecard by signing up for our Data Confidence Bootcamp HERE. 

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