Realcomm 2024 brought the heat—and we’re not just talking about the 90-degree Florida weather. This year’s conference united industry leaders, innovators, and tech enthusiasts to dive into the transformative power of technology in real estate with one obvious focus: artificial intelligence. AI is dominating conversations in politics and economics, and Realcomm was no different. Industry pioneers showcased how technology is revolutionizing the dynamic real estate landscape, packing sessions with innovative and insightful ideas.
Key Takeaways from Realcomm 2024
AI: The Undeniable Disruptor for PropTech
AI was the star of the show, with discussions on how businesses can use it to boost operational efficiency, enhance decision-making, and deliver personalized tenant experiences. From predictive analytics to marketing automation, the consensus was clear: AI is essential for future-proofing property businesses. Opinions varied, with some professionals excited about the future and others urging caution and governance over this powerful yet largely unknown technology. However, one thing is certain: opportunities abound in the AI race, and early adopters are setting themselves up for success.
An Evolving Workplace and Workforce
Covid has redefined where and how we work. Discussions centered on the changing roles of employees in PropTech, driven by the shift towards remote and hybrid work models. Speakers debated whether traditional asset classes should be redefined, given the rise of dynamic multi-use spaces from co-working to office-multifamily conversions. Flexibility and adaptability were emphasized as critical in this evolving landscape, challenging the industry’s historical rigidity.
Cost Consolidation and High Capital Costs
With rising capital costs, cost consolidation has become a key strategy for landlords and leasing professionals. Sessions explored various approaches to optimize costs, from leveraging technology to streamline operations to forming strategic partnerships for shared resources and expertise. The high cost of capital was discussed as both a challenge and an opportunity for innovation in financing and investment strategies.
Changing Tenant Demands
Post-Covid tenant demands have shifted significantly, with a greater emphasis on health, wellness, and flexible living and working arrangements. Property managers are adapting by incorporating smart building technologies, enhancing air quality, and offering flexible lease terms. Meeting these new demands is vital for tenant retention and satisfaction.
Conclusion
Realcomm 2024 was in many ways representative of this pivotal time that we’re in as a society: the intersection of technology and artificial intelligence alongside a backdrop of economic hardship and political uncertainty. Nevertheless, this pursuit of innovation in the face of challenge is a testament to this industry’s ability to adapt to a changing world.
To learn more about how VTS is harnessing artificial intelligence, click here.
McKenna is an Associate Product Marketing Manager at VTS