The RealWorld 2024 conference brought together property management professionals from across the industry to explore innovative technology solutions and discover how RealPage is shaping the future of property management. The event highlighted key trends that are transforming the multifamily housing sector, with a focus on efficiency, resident satisfaction, and data-driven decision-making. Here’s a breakdown of the most important takeaways from the conference.
1. Optimizing Utility Expense Management for Better Control
One of the key innovations discussed was RealPage’s advanced utility expense management capabilities. The platform now provides property managers with the tools to more accurately track and categorize utility costs. With real-time insights into utility usage and automated invoice processing, property managers can identify opportunities for savings and reduce late fees. This improved visibility allows for better expense management, ultimately boosting operational efficiency.
2. LOFT: A New Platform Redefining Resident Interaction
RealPage introduced LOFT, a mobile-first platform designed to enhance the resident experience. This user-friendly app allows prospective tenants to complete their entire leasing process—from application to move-in—on their mobile devices. For existing residents, LOFT offers seamless functionality for rent payments, maintenance requests, and community updates. The platform’s integration with local service providers and its loyalty program also allows property managers to engage with residents through targeted marketing, promoting local businesses and fostering community ties.
3. Leveraging AI for Smarter Property Management
Artificial intelligence (AI) is making waves in property management, and RealPage is at the forefront of this transformation. The company showcased how generative AI and large language models are being integrated into their platform to improve operational efficiency. One of the standout features is RealPage AI Screening, which uses machine learning to assess tenant applications. By analyzing a vast database of lease records, the AI system can predict tenant reliability, reducing financial risks for property owners. This has proven to be a valuable tool, saving an average of $39 per unit annually by minimizing errors in risk assessment.
4. Centralized Software Solutions for Enhanced Efficiency
RealWorld 2024 also spotlighted the power of centralized property management solutions. RealPage’s OneSite software consolidates essential property tasks—such as data forwarding, move-outs, and account finalizations—into one platform. The integration of a new dashboard allows property managers to access critical information across multiple properties in real time, reducing processing times dramatically. The software’s bulk month-end close tool also streamlines financial reporting, significantly cutting down the time required to close out monthly accounts.
5. Strengthening Security with AI-Driven Identity Verification
Security is a top priority in property management, and RealPage is advancing the way identity verification is handled. The new AI-powered system enhances the accuracy of applicant verification by cross-referencing social media data with personal information. This not only helps prevent identity theft but also improves fraud detection by analyzing contextual data. Machine learning algorithms assess risk levels, and biometric verification adds an extra layer of security to ensure accurate identification.
6. Business Intelligence: Data-Driven Decisions for Better Outcomes
Another highlight from the conference was RealPage Business Intelligence, a tool that empowers property managers with actionable insights. By consolidating financial data and rent roll reports from multiple properties, the platform provides a comprehensive view of portfolio performance. RealPage’s integration with major operating systems ensures that the data is always up-to-date, allowing managers to make informed, real-time decisions. This solution supports diverse property types, from student housing to affordable housing, enabling more precise and effective management.
Conclusion
The RealWorld 2024 conference showcased how RealPage is leading the charge in modernizing property management with cutting-edge technology. From AI-driven tenant screening and advanced utility management to centralized software solutions and enhanced security, RealPage is setting the stage for a more efficient, data-driven, and resident-focused future. As the property management landscape continues to evolve, embracing these innovative solutions will be key to staying competitive, improving operational performance, and increasing resident satisfaction.
By staying ahead of technological advancements and partnering with trusted providers like RealPage, property management companies can successfully navigate the complexities of the industry and secure long-term growth.
