In the multifamily industry, staying ahead of the competition is crucial. That’s why R. Gray Lane, Director of Marketing Operations at ECI Group, is the go-to expert for valuable perspectives on the 2023 multifamily trends. Gray’s expertise in digital marketing within the multifamily sector informs his insightful predictions and expertise presented in the 2023 Multifamily Trends Guide, making it essential reading material for any organization looking to stay ahead.
Here are some of Gray’s key insights:
Less Reliance on ILS Partners, More Focus on ‘Owned’ Digital Experiences
This trend has been on the horizon for a while, but the economic uncertainty expected in 2023 will undoubtedly push it further. Despite massive investments and consolidation in the ILS platforms from their parent companies, operators are at a breaking point with ILS spending. Marketing budgets are often scrutinized when the bottom line drops.
With the significant increases the major ILS partners pushing, operators are shifting their budgets and focusing towards “owned” experiences. Investing in digital assets and finding ways to showcase them on their websites while driving traffic towards them is becoming more prevalent among operators. The mentality of increasing ILS exposure is less common now as more operators realize the benefits of creating a unique digital experience for their properties.
Optimizing Automation with a Human Touch: AI to Human Handoff Considerations
Automation, AI, and Machine learning are some of the hottest topics in the multifamily industry. While these technologies have been around for a while, we are starting to see buttoned-up solutions in the market, and their use is becoming more widespread. However, PMCs are becoming more aware of the strengths and weaknesses of these technologies. Rather than automating for the sake of automating, PMCs are adopting a more mindful approach.
They understand that automation has a place, not just in marketing and funnel optimization but operationally too. The PMCs that can effectively manage when a human can take over a task that has already been started via automation will be the biggest winners. In the end, multifamily is a people business, and PMCs cannot lose sight of that. Balancing automation and human interaction requires a perfect balance.
Data, Data, Data
The abundance of data available to PMCs is one of the most significant changes we’ve seen in the PropTech space over the last few years. We have never had this much data, from marketing funnels to hiring processes and intelligent asset optimization and maintenance teams. With the post-2020 and covid era beginning to normalize, PMCs are investing time and resources to make that data actionable while remaining flexible enough to follow what the information dictates.
Organizations are making decisions that, at first glance, might seem puzzling but are ultimately successful because they follow the numbers. In the multifamily industry, conventional wisdom can be tough to crack. Still, with the abundance of data and actionable insights, we expect to see some change in the next few years.
These predictions and insights merely scratch the surface of the multifamily trends expected in 2023. To maintain a competitive edge, download the free 2023 Multifamily Trends Guide now. This guide includes valuable expert insights and forecasts on significant trends such as data abundance and automation, making it essential reading material for those seeking to influence the industry’s future.