Tom Bumpass, Executive Director, Technology, Greystar
Tom Bumpass
What emerging technologies are having the biggest impact on the industry multifamily today?
AI agents: The ability to engage with customers or potential customers in a reasonably predictable fashion with AI-based agents is having a significant impact. While not perfect yet, these technologies are starting to expand the time that customers can engage (not just when the office is open), creating capacity for existing office team members and reducing the need for call centers.
What are some of the most promising proptech solutions you’ve recently adopted or are considering?
There is a growing trend toward a new level of customer engagement. Loyalty and reward solutions are starting to emerge as an enhanced offering. Greystar has recently adopted Bilt and is rolling this out within our portfolio. We anticipate that this program will enhance engagement with residents and create more of a membership environment.
With this enhanced customer engagement comes a goal to better understand customer sentiments, lifestyle needs, and personalize interactions. We believe that our portal and app experiences have the potential to become more tailored and expansive. By providing access to lifestyle services that go beyond a traditional relationship with their community, we aim to enhance residents’ living experiences, drive convenience, and foster long-term connections.
How do you ensure seamless technology integration across a diverse portfolio of properties?
This is an incredibly complex challenge for Greystar. We work to align with owner preferences when providing management services, which in some cases results in a more fragmented technology experience for residents and staff.
First, we have identified products and services that work together seamlessly. We guide owners toward technology solutions that align with Greystar’s preferred platforms within their communities.
If owners choose solutions outside of this preferred framework, we have a team of technology integration specialists that help ensure smooth implementation. This includes working with vendors, testing solutions, and maintaining long-term stability as products evolve.
There is no perfect solution to this challenge. Success requires a combination of internal expertise, strong vendor relationships, and clear communication about trade-offs.
What strategies do you use to future-proof your tech stack in a rapidly evolving digital landscape?
Our goal is to work with core platform providers that have an open architecture and an adaptable mindset. This flexibility allows us to integrate new technologies that enhance our tech stack over time.
Greystar spends significant time and resources assessing emerging property technologies to ensure we remain at the forefront of innovation. We prioritize partnerships with vendors that share this forward-thinking approach.
How are you managing the rising costs of implementing and maintaining new technologies?
While our industry has benefited from a wave of new technology solutions in recent years, each new platform comes with costs. In many cases, these are additional expenses rather than direct replacements for existing costs.
Introducing new technology requires careful cost-benefit analysis. Solutions need to improve efficiency, mitigate risk, or enhance business performance. Quantifying these benefits is challenging but necessary.
At Greystar, we evaluate the trade-offs of adopting new technology versus maintaining existing solutions. Key considerations include customer experience, operational impact, cost, and the ability of a new solution to integrate smoothly with existing systems.
What are the biggest barriers to technology adoption in multifamily, and how do you overcome them?
The biggest barriers to technology adoption for Greystar are integration, cost, and owner alignment.
Given the scale of our portfolio, rolling out new technology across 3,000-plus communities is a significant undertaking. While we pilot and test many technologies, full-scale adoption requires a long-term commitment.
Regarding owner alignment, we engage in ongoing discussions with our clients to balance their objectives with Greystar’s recommendations for optimizing community performance. Some owners appreciate our continual innovation, while others may prefer a more measured approach to change.
How are you leveraging data analytics to optimize asset performance and decision-making?
Greystar uses significant data analytics capabilities to drive decision-making. By aggregating data from 15 to 20 key sources, we gain deeper insights into each community beyond what traditional property systems provide.
Our analytics tools help identify performance trends, highlight inefficiencies, and enhance financial reporting.
With increasing cyber threats, what best practices are you implementing to ensure data security and protect resident information?
Greystar has stringent information security practices that prevent unauthorized access to our platforms.
Ongoing training and education on data security are a priority, with required training for all team members and regular testing to reinforce awareness of cyber threats.
Our legal team establishes strict security standards with vendor partners that handle resident data. Often, the most sensitive information remains with these partners rather than being directly accessible to Greystar team members.
Finally, we take a proactive approach to addressing resident concerns or potential incidents related to data security.
If you had unlimited resources, what’s one technology you would implement across all multifamily properties today?
Smart-home and smart-access technology with a managed Wi-Fi backbone would be a game-changer across all communities. This enhances the resident experience while improving operational efficiency.
These features should be mobile-enabled, allowing residents to access spaces seamlessly with proximity-based entry.
While many new developments are incorporating this technology, retrofitting legacy properties remains a challenge for the industry.
Looking to the future, what emerging technologies do you see having the biggest impact on the multifamily industry?
I think most of us would say AI in response to this question—and I agree. AI will reshape our industry in a way not seen since the advent of the internet.
Over the years, we have seen technology transformations like the personal computer, the internet, and the smartphone. At first, they were met with skepticism and uncertainty. But as adoption increased, they became essential. AI is following a similar trajectory.
We are still in the early stages of AI adoption, but it will continue evolving and have a profound impact on multifamily operations, customer engagement, and efficiency.
