By Vin Vomero, CEO 

Every year, I leave Las Vegas feeling inspired and energized by the forward-thinking sessions and discussions, exposure to new innovations and technology, and networking that is unique to the Blueprint Conference.  This was my third Blueprint Conference and this year’s conference was no different!

Naturally as the CEO of a  PropTech AI company, I did sit in on some AI sessions and also benefited from many of the informal spontaneous discussions as well.  Here are some key takeaways from the conference.

Opportunities to Connect and Collaborate

The atmosphere at Blueprint was buzzing with folks eager to explore the latest in PropTech. It was great to reconnect with familiar faces and equally exciting to meet new people who are pushing the boundaries of what’s possible in real estate. These interactions not only fostered meaningful conversations but also laid the groundwork for future collaborations that I’m truly excited about.

Understanding AI’s Role in Real Estate Portals and Search

One session focused on How the Rise of Gen AI Will Transform Real Estate Portals and Search. Contrary to some concerns, AI is not detrimentally affecting SEO, at least not yet. Instead, it’s adding an extra layer to the user journey, refining how potential buyers interact with listing portals.

The conversation also touched upon the limited use of custom GPTs by consumers. Rather than becoming a sprawling ecosystem akin to the Apple App Store, platforms like ChatGPT and Perplexity are ingesting listing data which may be used to optimize real estate searches directly in the chat, allowing users to find properties more efficiently before directing them to specific portals.

Interestingly, the traditional methods of filtering and sorting properties, such as by price, location, and size, remain the preferred way of searching on portals. With low inventory, there’s no need to use natural language or image search to filter only a handful of properties. Additionally, the property the user describes often doesn’t exist, and a search returns little to no results.

The capabilities of tech, specifically AI, are much further ahead than what the consumer currently needs. However, I envision a short-term future where AI continues to improve image tagging, captioning, and description writing for SEO and a long-term future where inventory increases, and powerful visual search tools become more useful for the consumer.

Deep Dive into AI in Multifamily Real Estate

Another insightful session delved into AI’s Impact on the Multi Family Sector, featuring innovative platforms like OnsiteIQ and Predict AP. The discussion highlighted how AI is revolutionizing operational efficiency and driving significant cost savings by identifying and rectifying mistakes before they escalate. A particularly compelling point was the balance between automation and the human workforce. By automating mundane tasks, AI allows professionals to engage in more meaningful and strategic work, enhancing job satisfaction and productivity. Understanding the demographics of residents through AI will further personalize and enhance the living experience, setting new standards in the industry.

Transparency emerged as a central theme, emphasizing the importance of clearly communicating AI’s capabilities and limitations. The panelists advocated for comprehensive education, detailed FAQs, and robust customer testimonials to build trust and secure executive buy-in. Key performance indicators such as response speed to tenant requests, employee experience, and cost reduction were highlighted as essential metrics to gauge the success of AI implementations.

Looking ahead, the panelists felt the future of AI in multifamily real estate is poised for exponential growth.

Embracing the Exponential Potential of AI

A recurring theme throughout the conference was the dramatic progression of AI technology. The consensus is clear: we are witnessing exponential improvements and growth in AI capabilities across real estate. This rapid advancement promises to unlock unprecedented opportunities where data-driven insights and automation can transform the tenant and customer experience, paving the way for a brighter future in real estate.

Attending the Blueprint Conference was an invaluable experience, offering a glimpse into the future of proptech. Here’s to embracing innovation and building a smarter, more efficient future in real estate!