LeaseHawk joined more than 1,700 apartment executives and technology partners at the 2017 National Multifamily Housing Council (NMHC) OPTECH Conference & Exposition in Las Vegas, Nevada. The conference is known as the “premier destination” where upcoming trends and new ideas come to life for the multifamily industry.

The LeaseHawk team nested up at Booth #235 with some familiar faces including industry icon and technology innovator, Mike Mueller, and 2018 Chairman of the Board for the NAA National Suppliers Council, Jeff Smedley. To celebrate the spirit of viva Las Vegas, they helped draw the names of the two winning multifamily professionals who took home LeaseHawk’s $250 Poker Chip Giveaway. Needless to say, Jeff was more than happy to join the winners later across the convention centre at the casino in Mandalay Bay.

If you weren’t able to join the 2017 OPTECH Conference and may be suffering from a small case of FOMO (Fear of Missing Out), simply continue reading on. Here are 3 key takeaways from the event that are bound to be big trends for multifamily.

1. Use technology to make data-driven decisions.

The multifamily industry has had data overload for many years. It has become increasingly difficult to sift through all the data and identify areas of focus and concern. What has been missing is a business intelligence solution that gives instant visibility into key performance metrics that impact your marketing effectiveness and employee performance.

BI (Business Intelligence) tools, such as HawkEye® Business Intelligence, were demoed throughout the OPTECH Conference. These tools were designed specifically for the multifamily industry and are giving executive level decision makers immediate access to digestible data that can pinpoint areas that need focus in order to maximize lease conversion.

The multifamily industry is now getting access to the same technology used by companies like Nasdaq, NASA and eBay to make it easier to visualize complex data. With access to this consolidated data, you will be able to quickly measure, refine and improve the effectiveness of your marketing and your people.

2. AI (Artificial Intelligence) is not only accepted, it’s expected.

To meet the needs of today’s tech savvy renter, management companies are embracing technology to enhance engagement. With Virtual Reality, prospective renters no longer have to wait for a building to be completed in order to lease. They can view exactly what their unit will look like and even experience a virtual walking tour.

The “Robots are here! Artificial Intelligence is not to be feared,” panel discussion focused on how it is being used in a variety of ways in a multitude of industries. Airlines, hotels, and banks all harness the power of AI to handle customer inquiries and support requests.

Our industry is getting more exposed to AI as companies offer solutions like conversational assistants and chat bots to improve the customer experience. As the panel concluded, technologies like AI should be embraced as they can be used as a tool to streamline processes that can improve operational efficiencies and customer engagement.

3. Smart home living is the next big thing.

The Millennial generation, today’s largest renter population, is mobile first and tech savvy. 39% interact more with their smartphones than with other humans and they spend more than 4 hours a say on their mobile phone. They not only embrace smart technology, like Amazon Alexa and keyless access solutions, they expect it. According to Nielsen, 74% of millennials feel new technology makes their lives easier and would pay more for a smart apartment.

As smart home technology continues to evolve, the industry needs to implement innovative solutions to meet the demand. The challenge management companies face will be evaluating privacy and security as well as cost savings and benefits.

Are your properties already following these 3 trends? We hope to see you at the 2018 NMHC OPTECH Conference & Exposition to discover more leading-edge ideas for our industry.