The Next Era of Real Estate Will Be Won at the Intersection of Technology and Humanity
At RETCON’s keynote session “High-Stakes & Bold Moves: Strategies for the Next Era of Real Estate,” the conversation wasn’t just about innovation. It was about how much the industry has changed and how much more it’s about to change.
Guiding the discussion was moderator Margette Hepfner, who kept the conversation moving across strategy, technology, operations, and leadership. Hepfner opened with a reminder of something that always been indicative of the industry: “the banter, the conversation, the sharing of information… it’s pretty amazing.”
But as she steered the discussion among the panelists (Walt Smith, Bill Shopoff, Kendall Pretzer, and David Schwartz) it quickly became clear that today’s leaders are navigating an industry that feels very different than it did even five years ago.
The pressures are clear: modernize, optimize, and differentiate. But doing that well means more than just chasing the latest tech trend. It requires building an infrastructure and cultivating a leadership mindset to make those smarter long-term decisions.
The Cycle Has Shifted
One of the most direct reflections on the current market came from Schwartz.
He pointed out just how dramatically the industry’s operating environment has shifted in a short period of time. “Five years ago our business was extraordinary. Appreciation had been on a 10-year streak, coming off 15–20% appreciation.”
Today, the equation looks very different. That reality forces operators to return to fundamentals. “We’re trying to grow our net operating income… because that creates value.”
And increasingly, technology is becoming part of that equation. “Technology plays a bigger role in the margins of that operating income, particularly AI.”
Data Everywhere — But Knowledge Is the Advantage
For developers, the biggest transformation may be the sheer volume of information now available. Shopoff reflected on how dramatically site selection and development analysis have changed. “Years ago you went out to do site selection. Now I have all that information on my desktop.”
But the real challenge isn’t gathering data. It’s making sense of it faster than competitors. “How do we decipher all that data and turn it into knowledge?” And speed now determines competitive advantage. “Decades of experience are useless if I can’t process that information faster than my competitor.” To close that gap, some development teams are turning to AI tools in increasingly practical ways.
Technology Is Reshaping Operations and the Resident Experience
While developers wrestle with data, operators are rethinking how properties are staffed and managed. Smith described how technology is reshaping operational models across portfolios. “We’ve evolved to take repetitive tasks off people so they can focus on the resident experience.”
Centralized teams — often supported by AI — can now handle many of the operational tasks traditionally performed onsite. That shift allows onsite teams to focus on service. “We’re selling the dream of the Pretzer brought another dimension to the conversation: how resident experience is increasingly powered by data. Collecting feedback is no longer the challenge. Using it effectively is. “If you build it… it doesn’t mean they will come.”
The next step is ensuring feedback actually drives operational change. “Data and knowledge are important — but it has to translate to action.” Pretzer described systems where resident survey responses automatically trigger training and operational workflows. Just as importantly, residents need to see their voices matter. “Residents need to see that something happens from feedback.”
The Art and Science of a Changing Industry
Value-add strategies are evolving. Traditional renovations (upgraded kitchens, amenities, and fitness centers) still matter, but the economics have shifted. As Schwartz explained, “A renovation now is so much more expensive than it was eight years ago.” That reality is pushing many operators to rethink where they invest.
Instead of heavy capital improvements, technology is increasingly becoming the new form of value-add. Tools like fraud-prevention platforms can protect revenue and streamline operations without the same budget impact. As Schwartz put it, “Technology is a better way to do value-add. It doesn’t hit the budget as much.”
Yet even with the rise of AI and automation, the panel emphasized that real estate will always remain a people business. Shopoff reminded the audience that relationships still sit at the center of successful development.
“There’s an art to real estate,” he said, describing how projects often move forward by working with communities, landowners, and local leaders to build trust and align interests. In his words, “My success comes from a mix of art and science.”
That balance requires constant learning — and unlearning. As moderator, Hepfner asked the panel to reflect on what they’ve had to rethink in their careers, and some of the answers highlighted how quickly the industry is evolving. Smith noted that traditional staffing models are being reconsidered while Shopoff emphasized empowering younger leaders earlier.
The overall takeaway: real estate continues to sit at the intersection of art and science. The leaders who succeed will be the ones willing to keep learning, adapting, and evolving as the industry changes. They will be redefining how people, data, and decisions come together. The next era of real estate will belong to leaders who can modernize operations, optimize decisions, and differentiate experience — while preserving the human relationships that have always defined the business.
Written By: Justin Dilley
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