Lots of Pain, Some Gain

PropTech is taking a beating during the coronavirus crisis. But it’s not necessarily all doom and gloom. Here’s a look at seven areas of multifamily tech and innovation that can survive post pandemic.

By Karen Hollinger 

Karen Hollinger is the senior vice president of strategic initiatives at AvalonBay Communities. She is also the immediate past chair of NMHC’s Innovation Committee.

There was a time before COVID-19 and there will be a time after the virus. But the transition time between the two eras is proving abrupt, dramatic and painful. For some of the PropTech world, this means money, customers and demand have dried up. For others, this is shaping up to be a period of tremendous growth.

To that end, I have received a fair number of calls from PropTech investors asking me which types of PropTech companies will survive. Let me start by telling you what won’t: All of those businesses that add “one more app” to the mix, competing for a teeny slice or scope of a service or product. But the companies that can sustain—and some of the newcos that gain in this market—will be strongly aligned with multifamily owners to produce real ROI post COVID-19.

So, in no particular order, here are my two cents, from a multifamily perspective, on the tech and innovation that’s going to have durability post pandemic.