Cris Kimbrough, Chief Strategy Officer, SKBM Smart Technology
The multifamily real estate world is buzzing about PropTech. Everyone’s searching for that magic bullet, the “future-proof” solution that will solve all their operational woes and drive unprecedented ROI. But let’s be realistic: in a rapidly evolving tech landscape, the quest for a truly future-proof PropTech solution is often a fool’s errand.
Think about it: Do you buy a lifetime supply of groceries every time you go to the store, “just in case”? Of course not. You buy what you need for the near future, knowing you can always go back for more. The same logic applies to technology, especially in the multifamily space. Trying to anticipate every possible future need – from evolving resident expectations to emerging smart building technologies – leads to analysis paralysis, preventing you from even making a decision in the present.
The problem with “future-proofing” isn’t just its impracticality. It also sets unrealistic expectations. The term implies a level of certainty and longevity that’s simply not achievable. What seems like a cutting-edge feature today – say, a specific resident portal integration – might be outdated or irrelevant in a few years. Chasing the “future-proof” unicorn can lead to wasted resources and frustration when the inevitable changes occur.
This desire for the “future-proof” solution has only intensified. While the multifamily real estate market largely remained stagnant in 2024 due to challenging economic conditions, the tech world continued its relentless march forward. Advancements in AI, IoT, and other areas have raised the bar and fueled expectations. Now that the market is showing signs of recovery, everyone’s eager to catch up, searching for that silver bullet, that “flying car” of PropTech, that will catapult them ahead of the competition.
But here’s the truth: There is no flying car. And trying to find one will only distract you from the real work of building a solid tech foundation for your multifamily business.
Instead of chasing an impossible dream, multifamily property managers and owners should focus on building adaptable and resilient systems. This means prioritizing PropTech solutions that offer:
- Open APIs and Integrations: Choose platforms that seamlessly integrate with other systems and allow for future expansion. Flexibility is key. You want a system that can adapt as your needs – and the broader tech ecosystem – evolve.
- Scalability: Whether you manage 50 units or 5,000, your PropTech should be able to grow with you. Look for solutions that can handle increasing data volumes and user traffic without sacrificing performance.
- Focus on Core Needs: Don’t get distracted by flashy features you might not actually use. Prioritize solutions that address your core operational challenges, whether it’s streamlining maintenance workflows, improving resident communication, or optimizing rent collection.
- Vendor Partnerships, Not Just Products: Choose vendors who understand the multifamily landscape and are committed to ongoing development and support. A true partner will work with you to adapt their solutions to your evolving needs.
Cultivate a mindset of continuous learning and improvement. Recognize that the PropTech landscape is constantly changing. Encourage your team to stay informed about industry trends and emerging technologies. Regularly evaluate your existing systems and be prepared to make adjustments as needed.
Finally, use more specific and measurable language. Instead of talking about “future-proofing,” discuss specific features, capabilities, and expected lifespans. For example, “integrates with leading property management software,” “offers mobile-first functionality,” or “designed for easy implementation and training.” This approach provides a more realistic and actionable framework for decision-making.
The quest for a “future-proof” PropTech solution is often a fool’s errand. Instead, focus on building a tech stack that’s agile, adaptable, and ready to embrace change. That’s the real secret to maximizing your ROI and staying ahead in today’s dynamic multifamily market.
Stop Chasing Unicorns: Agility is Your Superpower
Forget about finding the “future-proof” PropTech solution. It doesn’t exist. The multifamily operators who are winning aren’t waiting for magic—they’re building their success with adaptable, scalable tech that delivers results now and can roll with the punches of tomorrow’s market.
Are your PropTech choices setting you up for long-term wins, or are you lost in a maze of “what ifs”? Let’s ditch the analysis paralysis and craft a smarter, more resilient tech strategy for your properties. Ready to make technology your ally, not your adversary? Connect with us today, and let’s build a tech foundation that sets you up for success—now and down the road.
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Cris Kimbrough, SKBM Smart Technology
Dr. Cris Kimbrough, PMP is the Chief Strategy Officer at SKBM Smart Technology, where she drives innovative proptech solutions for the multifamily industry. Previously, Cris led strategic smart building initiatives at Greystar to boost tenant satisfaction, streamline operations, and enhance revenue. At CBRE, she pioneered in-building connectivity and co-founded a building technology consultancy, crafting nationwide strategies that improved occupancy and NOI. Known for bridging emerging technologies with real estate, she is a sought-after speaker providing actionable insights to the industry. Cris holds a PhD in Anthropology from NYU, with research that spans archaeological digs in Turkey, Syria, France, and the U.S., including a Fulbright Fellowship that deepened her global perspective.
If you want to talk tech and real estate with someone who knows both sides of the business, Cris can be reached at cris@skbmsmarttech.com
Since 2018, SKBM Smart Technology has been revolutionizing multifamily housing with cutting-edge PropTech solutions. We empower property owners to achieve peak efficiency, enhanced security, and greater profitability through our comprehensive, tailored approach. With a proven track record—having connected over 450,000 multifamily units with access control, WiFi, and more—we know what works based on real-world property goals. Our deep industry expertise and commitment to delivering tangible value continue to drive our success.
For more information, see: www.skbmsmarttech.com
Todd Thorpe
As a trusted advisor with 25 years of experience in multifamily and student housing, Todd helps owners and developers assess their opportunities, increase NOI, and maximize ancillary revenue by leveraging PropTech and Telecommunications. He is currently the Director of Business Development for Cambium Networks, a leader in purpose-built technology solutions for multifamily, student housing, senior living and affordable communities.