Takeaways from the 20for20 Webinar – 2024 Edition

In a webinar discussing the 2024 edition of the 20for20 Whitepaper, experts shed light on the evolving landscape of property management, specifically highlighting the shifts toward centralization and the ongoing battle against fraud. The event was hosted by Dom Beveridge, Principal at 20for20, and included a panel of multifamily technology leaders including our very own Tony Conary, SVP of Sales. The webinar covered insights into the challenges and opportunities facing the multifamily industry, with Dom and the panelists sharing their perspectives on these pivotal topics, weaving a narrative of innovation and resilience in the face of emerging challenges.

Centralization: Efficiency and Scalability at the Forefront

One of the key findings in the 2024 edition of the 20for20 whitepaper is that all companies surveyed shared they will be centralizing admin functions, have started or are already centralized. A highlight of the conversation on centralization was Dom’s assertion that “With admin, there’s no reason why that work needs to be done at the property level at all. For example, who compiles the month-end account is irrelevant to the resident.” This statement captures the essence of centralization’s value proposition: detaching administrative tasks from physical locations to harness efficiencies and scalability.

Echoing this sentiment, Tony discussed the industry’s drive towards doing more with less, emphasizing the need for enabling technology that can multiply an individual’s productivity. “The two biggest catchphrases we hear are, ‘do more with less’ and ‘we need to become more efficient’… And how can we give them the appropriate tools?” Tony emphasized, suggesting that technology is key to reimagining roles and processes within the industry.

The Continuous Fight Against Fraud

Addressing the issue of fraud, Donald Davidoff, CEO of Real Estate Business Analytics (REBA), underscored the power of knowledge and technology in pre-empting fraudulent activities: “Knowledge is power… and manual processes are not sustainable or scalable.” This perspective was reinforced by Tony’s practical insights into the prevalence of fraud and the strategies to mitigate risks, highlighting that while technology “may not prevent a bad actor from getting into the apartment, at least we can prevent a bad payment from happening afterwards.” 

With tools like Domuso Payment Insights, multifamily owners and operators get comprehensive reporting capabilities via a centralized dashboard, enabling informed decisions on payment processes and strategies. It’s also an instrumental tool for identifying potential risks, thus contributing significantly to fraud prevention efforts.

Navigating the Digital Transition in Payments with Rewards

On the topic of payments, Tony highlighted the obsolete nature of paper transactions and the industry’s pivot towards going digital. It’s hard to centralize if you’re still accepting paper payments. “So how do we entirely remove paper from the process?” he asked, underscoring the drive towards fully automated, digital payment systems that streamline operations from the resident’s payment to deposit in the property’s bank account. Furthermore, how do we get residents to get on board with digital payments? “This starts to go into the idea of how you’re incentivized to use a specific airline or go to Starbucks; they get you to do what they want through rewards and incentives, and we can do the same thing on the multifamily side to help our centralization efforts.” By offering appropriate and tangible incentives for digital payments, properties can not only improve their operational efficiency but also enhance the experience for residents.

In Conclusion

The 2024 20for20 Whitepaper webinar underscored a pivotal shift in property management towards centralization and digital transformation. The insights reflect a sector ready to embrace change, leveraging technology not only to streamline operations and enhance efficiency but also to safeguard against fraud. As the industry moves forward, these strategies represent a blueprint for others in the sector to follow, highlighting a clear path towards a more efficient, secure, and scalable future. Go beyond these takeaways, and be sure to download the 2024 edition of the 20for20 whitepaper and watch the webinar recording to get all of the insights.