When I recorded Episode 1,553 of The Multifamily Collective podcast, I was inspired by a compelling narrative around innovation and disruption using the story of Dyson vacuum cleaners. Dyson challenged the status quo in an industry that operated on the same “buy cartridges, dispose of cartridges” premise that razor companies employ. The overarching message was about breaking molds and embracing change—a universal tenet not exclusive to the vacuum cleaner industry but exceptionally pertinent to property management.
Changing Consumer Behavior: The Headwinds
Dyson had to fight against consumer behavior and existing industry norms. In the multifamily industry, there are similar circumstances. We often find ourselves stuck in methods and strategies simply because that’s how they have always been. The inertia of the past can be a significant obstacle to transformational change. The biggest hurdle often isn’t the introduction of new technologies but rather the necessity of retraining a consumer base conditioned to traditional practices.
The Multifamily Industry: Poised for Change
In light of the rapid pace of change and technological advances in artificial intelligence, internet accessibility, and social media, I contend that the multifamily industry is at a pivotal juncture. In my head, there will be massive shifts in the next 18 to 36 months. One example is the potential phasing out of computers from desks. BOLD, I know! But these changes aren’t mere adjustments but foundational changes that will redefine the industry’s operations.
Voice Command and User Experience
I speculate that voice-activated AI interfaces, like Google Voice, Siri or Alexa facilitated through your iPhone or other handheld device, will become increasingly pivotal. Physical screens might become obsolete as we transition to voice-command systems that allow us to execute operations. Imagine querying the status of a specific apartment’s availability through voice commands, eliminating the need for multiple software interfaces. The interface and the experience (UI and UX) will become increasingly invisible, more nuanced, and extraordinarily efficient.
The Dyson Takeaway
The Dyson paradigm is an allegory for the multifamily industry. We’re on the precipice of colossal changes impacting everything from managing portfolios to engaging with technology. The question isn’t if these changes are coming but how swiftly we can adapt and innovate.
The Need for Proactive Measures
For those multifamily industry veterans, considering contrarian technologies and embracing revolutionary ideas should be the way forward. From blockchain for transparent transactions to augmented reality for virtual property viewing to touchless e-commerce apartment leasing transactions—these are not pie-in-the-sky ideas but the near future. Those who act decisively now will be the ones shaping the future landscape.