3. Build vs. Buy Multifamily Technology
The final topic I spent a lot of time thinking about was build versus buy when it comes to multifamily technology.
I’m certain we are going to see more companies building internal systems. AI tools and modern development platforms have lowered the barrier to entry dramatically. It didn’t go unnoticed to me that 2 of the 5 startups selected to present were offering solutions to help owners build in-house solutions.
But I also think people who have never built a tech platform underestimate the ongoing cost of ownership.
Building software is not just about getting Version 1.0 live. You need to budget for ongoing management and maintenance, security, training, and continuous feature development, not to mention the cost of LLM usage and maintaining integrations, if applicable.
In practice, that means you really need someone acting as a fractional CTO or AI specialist who owns the system long term.
This becomes especially critical when integrations with property management systems are involved. If a leasing integration breaks, if pricing stops syncing, or if lead flow fails, those are not minor inconveniences. They directly impact operations and revenue. I can tell you from experience that sometimes property management software companies change integrations without providing any real warning.
In those situations, having someone dedicated to your systems matters. You do not want a critical integration sitting in a queue behind ten other clients at an agency or development shop.
That said, I absolutely think there are areas where building internally makes sense. Some operational tools and workflow improvements are easy to build and realistic to maintain.
For example, systematizing the creation of 3D floor plans or automating internal marketing workflows that run when you onboard a new community are great examples of systems that can create real efficiency gains without becoming enterprise-level software projects. The key is understanding the difference between building a helpful tool and building a mission-critical platform.