The RealWorld 2024 conference was held from August 11th to August 13th. RealPage has hosted annual realty technology events for over two decades, making it valuable for industry professionals. Let’s explore key topics and takeaways gathered by HelpDeskRealty from this year’s conference.
RealWorld 2024 Key Topics
Topic 1: Digital Disbursements, Electronic Invoices, and Automation
Topic 2: The New Resident Experience
Topic 3: AI Opportunities, Challenges, and Oversight
Topic 4: Centralization, Consolidation, and Specialization
Topic 5: Identity Verification Developments (IDV)
Topic 6: RealPage Business Intelligence
What is RealWorld 2024?
RealWorld 2024 is RealPage’s event for multifamily rental housing professionals. It offers a chance to explore property management solutions and connect with industry leaders. Attendees can learn from RealPage experts, participate in interactive sessions, and exchange tips. They also gain valuable insights from presentations led by experts. This event aims to equip participants with practical strategies for their professional roles.
Topic 1: Digital Disbursements, Electronic Invoices, and Automation
This year’s RealWorld 2024 event discussed the latest digital payment capabilities within the RealPage platform. It focused on best practices for expense tracking, categorization, and achieving real-time financial visibility.
Those capabilities extend to RealPage’s utility expense management. That allows for efficient tracking of utility invoices, identifying usage spikes, and minimizing late fees through faster invoice processing and payment. As a result, it helps property managers control costs and visualize expenses.
Topic 2: The New Resident Experience
RealPage is rolling out a new residential experience called LOFT. It allows prospects to complete the entire leasing process through a mobile app, from application to move-in. Residents can use the same login to pay rent and submit work orders, ensuring a smooth experience.
The RealWorld 2024 conference further discussed how LOFT enhances the moving experience. It offers a customized checklist and seamless integrations with local service providers. That makes the transition for new residents more efficient and less stressful.
Additionally, LOFT introduces a payment system and a loyalty program to improve the living experience. The payment system offers various tools that help residents build credit and reduce payment risks. The LOFT Loyalty program gives residents points for various actions, such as referrals or lease renewals. Points can be exchanged for various rewards, promoting engagement and retention.
Topic 3: AI Opportunities, Challenges, and Oversight
Chief Operations Engineer Vinit Doshi was a featured guest at RealWorld 2024. He discussed the potential of generative AI and large language models in enhancing operations. Demonstrations showed how AI will be integrated into the RealPage software. For example, it’ll help simplify access to support databases and facilitate operational inquiries across domains.
One notable development is RealPage AI Screening. It leverages machine learning and a database of over 30 million lease records to predict tenant reliability. This system can significantly reduce financial losses. By improving the accuracy of assessing applicant risks, it provides an average savings of $39 per unit per year.
Topic 4: Centralization, Consolidation, and Specialization
Case studies at RealWorld 2024 illustrated the benefits of centralizing tasks traditionally handled by property staff. This includes consolidating duties like forwarding the property’s date, managing move-outs, and finalizing account statements to streamline monthly closeouts.
RealPage’s OneSite software has introduced features that greatly improve the efficiency of move-outs and month-end closeouts for multifamily properties. A new dashboard also provides real-time visibility across all properties. It displays account statements, inspections, ledgers, and related documents in one central location.
This centralization reduces the time processing move-outs and final account statements. That time has dropped from 30 minutes to just five minutes. Additionally, the bulk month-end close tool completes closings across multiple properties. That reduces the time needed from around seven minutes to less than 30 seconds on average.
Topic 5: Identity Verification Developments (IDV)
Advancements in RealPage’s identity verification system, which now incorporates AI technology to enhance verification processes, were showcased at RealWorld 2024. The system compares social media against personal information to prevent identity theft.
Machine learning helps analyze risks and contextual data, stopping fraud early in the leasing process. This proactive approach ensures a secure and efficient operation, reducing financial losses from fraudulent renters.
Additionally, AI supports income verification, providing secure banking, payroll, and document verification options. Modernized identity checks include biometric analysis, allowing quick and accurate identity confirmation. These steps significantly enhance the security and integrity of the leasing process.
Learn More With HelpDeskRealty
Topic 6: RealPage Business Intelligence
RealPage Business Intelligence was another highlighted topic at RealWorld 2024. It offers utility in pulling and consolidating financial data and rent roll reports from multiple properties. This capability allows companies to make more direct and informed financial decisions.
It enhances multifamily property management by offering real-time, precise insights into portfolio performance. This analytics solution streamlines data handling, improving operational efficiency and profitability. It features customizable dashboards, detailed reporting, and actionable scorecards. That allows managers to identify risks, opportunities, and performance drivers quickly.
Integrated with major operating systems and updated daily, RealPage provides comprehensive data, including transaction-level details and external datasets. This information supports effective decision-making across property types, including standard, student, senior, and affordable housing.
Key Insights from RealWorld 2024
As a three-day event, RealWorld 2024 covered a lot of ground. With everything from AI integration to improving the new resident experience, there have been a lot of improvements in realty technology. Here are some of the key insights from this year’s conference:
- RealPage has streamlined utility expense management, enabling quicker resolution of cost inefficiencies. These enhancements help reduce late fees and improve financial management.
- The rollout of LOFT introduces a seamless leasing process via a mobile app. Integrating daily transactions with a loyalty program enhances resident retention.
- AI integration in RealPage’s operations, notably through AI Screening, enhances efficiency and tenant reliability. Significant reductions in operational risks and costs are achieved as a result.
- The implementation of RealPage’s OneSite software speeds up tasks like month-end closings and move-outs. Operational time is reduced, and consistency across properties is improved.
- Improved identity verification processes use AI to bolster fraud prevention. Secure leasing processes are ensured by thoroughly vetting tenant backgrounds.
- RealPage’s business intelligence tools enable real-time, data-driven decisions. By consolidating financial data and rent roll reports from many properties, they provide actionable insights.
Questions About RealWorld 2024 or Realty Tech? Get in Touch
As with every annual conference, RealWorld 2024 contains a lot of information to digest. While we covered most of the key information, you may have more questions about the event or the technology.
If you’re seeking deeper insights or need help navigating realty tech, HelpDeskRealty is ready to help. Their experts are well-versed in industry-leading software such as RealPage, AMSI, and Yardi, providing targeted support to optimize your property management systems. Get in touch for personalized advice and solutions that drive efficiency and growth.
Email: [email protected] | Phone: 901-365-1362
