On July 14, Local Logic’s Head of Industry relations, Sara Maffey, joined four other distinguished industry leaders in the proptech and data space for RETCON 2021 Multifamily Summit’s panel discussion on “Leveraging Data Through PropTech: How Technology Can Drive Business Decisions.” The panel highlighted recent innovations within the industry – access control, IoT, resident management systems – and how they are all collecting vital data for multifamily owners and operators.
Multifamily owners have a wealth of valuable information at their fingertips; however, it’s essential they are collecting the right data and using it correctly, to select the right technologies that are going to be best for their unique business needs. According to Sara, there’s so much data available right now that trying to find problems to solve based on this data may be overwhelming and feel unfocused, particularly for firms without a designated innovation or data role in house. Instead, she recommends doing the reverse.
For instance, Local Logic’s insights allow developers and investors to use data to quantify the value of being in a particular neighborhood and through machine learning, understand how that neighborhood’s selection of amenities and corresponding consumer preferences around a specific site will change over time, which can have a huge impact on the value of the asset and multifamily unit prices. Collecting alternative data and creating actionable insights on factors like noise, nightlife, traffic and public transit access – all vital ingredients to the sense of place and ecosystem around a given location – is key to better understanding shifts in market dynamics and consumer demand.
During the panel, Sara continues to discuss how Local Logic’s data allows multifamily developers and investors to own and differentiate their brand, find insights that are actionable and define predictability of value drivers of demand and submarket change. See below for the full panel discussion with Sara and other executives from Kastle Systems, Madera Residential and Steadfast Living.