Vibha Gore, Chief Technology Officer, Southern Land Co.
Vibha Gore
What emerging technologies are having the biggest impact on the industry multifamily today?
As smart devices are rapidly becoming standard among multifamily communities, integrating various smart features like locks, thermostats, water leak sensors, access control, and lighting systems enhances security, convenience, and energy efficiency for renters. Additionally, the implementation of similar technology within amenities and communal areas, including touchless entry systems and advanced booking software, elevates each space and enhances the overall resident experience.
With increasing awareness of eco-friendly solutions, technologies such as solar panels and energy-efficient appliances are being increasingly adopted within multifamily communities. The addition of these features both reduces a building’s environmental impact and serves as an attractive feature to eco-conscious residents.
Technology plays a tremendous role in the efficiency and success of property management, leasing, and operations teams. Automation tools streamline tasks like lease management and maintenance requests, reducing the administrative burden on property management teams and creating more time for other essential tasks and resident-facing responsibilities. Consulting AI-driven solutions and data analytics enable on-site teams to make informed decisions by predicting maintenance needs and tracking occupancy trends, which help optimize the overall operations function.
For property management companies with multiple multifamily communities in their portfolio, the use of centralized platforms that integrate various functions simplifies the oversight and operation of large portfolios.
What are some of the most promising proptech solutions you’ve recently adopted or are considering?
We are implementing a solution that unlocks Internet of Things (IoT)-driven insights meant to optimize operations, improve safety, and boost performance. Using platforms like Scenera harnesses advanced AI for actionable insights and predictive analytics providing timely notifications, focusing on data collected from water leak sensors, security cameras, thermostats, and other external data sources while still protecting residents’ personal data.
A key tenet for Southern Land Co. (SLC) as a real estate developer and property management company is to elevate the resident experience by introducing features that foster community and adds conveniences to residents’ lives. In keeping with this mission, we recently partnered with Livly to bring their all-in-one apartment management app to residents across our multifamily portfolio, integrating all the smart services we offer for easy access and convenience, providing unique resident experiences and the feel of community.
How do you ensure seamless technology integration across a diverse portfolio of properties?
With more than 15 SLC multifamily and mixed-use communities in various phases of development nationwide, it is crucial that we implement and maintain standardized technology solutions and protocols across our entire portfolio to ensure consistency and efficiency. Using centralized platforms for property management and accounting needs allows us to have unified control and monitoring of technologies in these crucial functions.
We thoughtfully select technology that supports open standards and promotes collaboration, such as Open API, allowing various systems to effectively communicate with each other. Likewise, identifying and implementing scalable solutions to easily integrate new properties into our established systems saves time and reduces opportunities for major disruptions.
As SLC builds out the property management teams at each community, we prioritize providing comprehensive training, as well as robust support systems, to equip each team member with the knowledge that will ensure success.
Finally, we thoroughly research and implement strong cybersecurity measures to protect resident data and ensure compliance with privacy regulations.
What strategies do you use to future-proof your tech stack in a rapidly evolving digital landscape?
Being adaptable is key to making sure we stay competitive and current with emerging technologies and programs. We foster an agile mindset across our teams, encouraging them to quickly adapt to new trends by implementing proof-of-concept projects before wider rollouts. Our approach focuses on several strategic areas to ensure we’re not just responding to today’s needs but anticipating tomorrow’s challenges.
We have embraced cloud solutions to maximize flexibility and scalability. This approach allows us to implement updates seamlessly without disrupting our operations or resident experience.
Automation has become central to our strategy as well. For example, we’re currently implementing standardized workflows and protocols for our operations teams within our property management platform. This not only enhances efficiency, but significantly reduces manual workloads, allowing our teams to focus on more value-added activities.
Cybersecurity is nonnegotiable in our planning. We’ve strengthened our position through multi-factor authentication and regular security assessments. We are also careful to manage permissions and security groups aligned specifically to each property management team member’s job role.
Data analytics has become increasingly important for us. By investing in tools like Yardi’s Data Connect and Power BI, we are defining our data requirements and road map. We recognize that quality data fuels AI capabilities, which will be critical for future decision-making.
We are also modernizing or replacing outdated systems to prevent operational slowdowns and security risks. One recent example is our initiative to automate vendor sourcing and contract life cycle management.
Finally, I believe in staying connected with my growing professional network to share and exchange insights that can benefit our team and the overall SLC technology strategy.
How are you managing the rising costs of implementing and maintaining new technologies?
In the multifamily industry, every dollar invested—especially on the technology front—needs to show clear business value and ROI. Technology helps with automation efforts and enhances resident experiences that turn prospects into residents and maintain resident satisfaction—more leads, more conversions, and more resident renewals.
We also leverage demonstrated, low-cost technologies, like generative AI, to create content for our marketing and on-site teams to effectively communicate with prospects and residents.
When preparing to introduce new, uncharted solutions, we “fail fast,” implementing proof of concepts to prove a program or product’s business value, similar to how we perform pro formas for our properties. By starting small, establishing pilot programs, and noting benchmark results, we can best determine how a product can benefit the company and our communities. Once we have accomplished this critical step, we can strategize on how to best expand or scale these solutions one property at a time, measuring results and continuing to prove its value along the way.
What are the biggest barriers to technology adoption in multifamily, and how do you overcome them?
When planning to integrate new and updated technologies, we constantly have to evaluate cost versus value. Implementing new tech can be expensive. We thoroughly research and vet new technologies and partnerships to ensure that we are utilizing quality products and services while reducing unnecessary expenditures.
Operators often hesitate to invest in technology because the ROI can be unclear. In order to build the confidence of leadership, we present transparent, data-driven impact reports and enact pilot programs to demonstrate efficacy. Additionally, employees and management may resist adapting to new technologies. Effective change management, clear communication of benefits, and staff involvement can best mitigate this hurdle.
Limited resources and personnel, as well as budget constraints can hinder adopting cutting-edge and necessary technologies. Outsourcing specific tasks to specialists and centralizing operations can help optimize resources and allow team members to focus on their primary responsibilities.
New tech can be complex and require a steep learning curve. We ensure smoother transitions by offering comprehensive training to team members and offering ongoing support.
One significant challenge in implementing new technology in the multifamily industry is the lengthy construction timeline for new properties. By the time these properties are completed, the opportunity to integrate the latest technologies may have passed, especially if service contracts have already been signed. This misalignment can result in missed opportunities and the need for costly retrofits to incorporate newer technologies, ultimately impacting the property’s appeal and position among competitors.
How are you leveraging data analytics to optimize asset performance and decision-making?
With access to various data sources like Yardi, Radix, and other project management and accounting systems, we can consolidate data to be accessible and readily available in day-to-day tools like Excel. Then, we can add additional context and dimensions to provide key analytics and reports, which can help predict future patterns. We are looking into other AI-based tools like Microsoft CoPilot for Power BI, which would add intelligence to our pro formas and financial models.
With the rise in cyber threats, what best practices are you implementing to ensure data security and protect resident information?
Given the increasing cyber threats, it’s crucial to protect resident data and the systems storing PII. This year, we’ve launched a comprehensive cybersecurity program focusing on social engineering awareness and communication. We have implemented best practices such as multi-factor authentication, advanced security tools, and extensive training programs. Additionally, we rigorously vet any new platforms and integrations, ensuring vendors have proper SOC and ISO controls in place, as resident data will be stored in their cloud environments.
If you had unlimited resources, what’s one technology you would implement across all multifamily properties today?
It would be amazing to implement AI-based immersive experiences for virtual tours that would offer prospective residents a unique experience to preview their home before they move in. In this curated “metaverse,” they can explore floor plans, tour the amenities, and ask questions to a virtual agent touring them. This creates a new option for touring ideal for those unable to schedule an in-person tour. It would also exponentially increase the number of leads and prospects that could be converted to residents.
Looking to the future, what emerging technologies do you see having the biggest impact on the multifamily industry?
Here are the top three emerging technologies impacting the multifamily industry:
- Smart technology enhances security, convenience, and energy efficiency through devices like smart locks and thermostats.
- AI and data analytics enable informed decision-making, predictive maintenance, and operational optimization.
- Automated property management streamlines tasks such as lease management and maintenance requests, improving efficiency.
