What We Learned at NMHC OPTECH 2021
On November 8–10, 2021, the Alfred team attended and exhibited at NMHC OPTECH 2021 in National Harbor, MD.
The rental market is radiating growth, with an absorption rate of 100,000 units per month over the last quarter. Rental rates are increasing at a rapid pace and with that, industry leaders are looking for ways to meet renters’ expectations, including the switch to being fully digital. With resident demands becoming increasingly more sophisticated, the level of service expected requires technology to bridge the gap in communications, convenience, and connection.
With hundreds of solutions providers exhibiting in the Expo Hall at the Gaylord National Convention Center, including rent payment security startups, AI leasing and energy management reporting platforms; it was clear that there has been an uplift in innovation over the past couple years when it comes to providing multifamily properties with the access and visibility that help drive both employee and resident engagement in the real estate industry.
Despite the innovation boom, one priority remains for all property owners and operators: the ability to give their employees and their residents flexibility through choice. One of the major challenges faced by property leaders is attracting and retaining top talent, with post-pandemic behaviors culminating in a re-evaluation of our personal core values and the desire for flexibility and culture. Residents are continuing with a hybrid work schedule, which means more time spent in the home and as a result, a heavier reliance on their property amenities and staff to support their day to day activities.
One of the main stage panel discussions opened with business strategies for the continued navigation through the uncertain pandemic landscape. We learned that data and tech solutions have accelerated property operations to a point where the industry always needed to go. COVID-19 was the catalyst for this growth and innovation and we’re so excited to be on the journey to building the future of living.
Not only has the pandemic changed the need for sophisticated use of technology, including virtual leasing solutions and data reporting, but has pulled the trend forward on health and wellbeing with an emphasis on ESG initiatives that support the triple bottom line: people, planet and profit. With these environmental and social impact initiatives still being a new concept to the real estate industry, the questions still remain around how to harness the power of data in responsible reporting, while balancing the need to meet the goals and objectives of all stakeholders, including the residents.
After a full day of sessions, networking and exhibiting at our booth, the Alfred team hosted an After Hours Speakeasy event at a local venue in National Harbor, complete with traditional cigar rolling, whiskey flights and a magician. Both solutions providers and property leaders enjoyed being transported back to the 1920s with the buzz of a jazz club ‘till late into the night.
For many in the industry, it was the first time ever meeting in person, as past conferences and real estate events had either been cancelled or postponed due to the pandemic. The Community by Alfred solution, with endlessly unique experiences and events, provides an opportunity to build trust and retain a sense of normalcy to carry us forward not only for residents, but between property owners, operators and service providers as well.
We look forward to sharing more insights about Alfred’s new solutions and perspectives on multifamily living through technology and service at the upcoming Propel by MIPIM conference December 8–9th, 2021.
Get in touch with us at firstname.lastname@example.org to learn more.