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Not all tech vendors are created equal. While some add costs without delivering measurable ROI, others become critical to operations and essential revenue drivers. In today’s competitive multifamily market, proptech partnerships must align with strategic and quantifiable portfolio goals—higher NOI, better retention, stronger operational efficiency—to prove true success and justify continued investment.
As recently mentioned by Kevin Jacobson, CEO of Foxen, operators are facing flat rent growth, inflation, and rising insurance costs, a combination that is “putting a ton of pressure on NOI.” As a result, owners and operators are prioritizing partnerships that do more with less by blending efficiency, revenue generation, and resident value.
A prime example is Coastal Ridge Real Estate, which achieved an over $600k boost in revenue from Foxen’s Waiver Program in just one year, with 80%+ resident enrollment and complete renters insurance compliance across its portfolio.
Ensure your partnerships are setting your portfolio up for similar long-term success by aligning to the right priorities and asking the right questions—focusing on efficiency, measurable ROI, and creating value for both your operations and your residents.
Tip #1: Seek Multi-Solution Efficiency
The best proptech partnerships create operational simplicity, not complexity. Working with vendors that offer multiple solutions or a solution that offers value to multiple teams reduces administrative friction and tech sprawl, while maximizing efficiency and investment.
As outlined in the Maximizing Multifamily NOI guide, multifamily leaders should “work with vendors that offer multiple solutions and flexible PMS integrations” to build strategic vendor relationships and get more value from existing partners.
This integrated approach minimizes “tool overload,” streamlines workflows for onsite teams, and helps future-proof operations as technology evolves.
Tip #2: Choose Partners That Generate Revenue
Technology shouldn’t just save time—it should have direct impact on growing your NOI. Look for vendors whose solutions create economic benefits through revenue sharing or ancillary income streams, rather than adding line-item costs.
Foxen’s Property Damage Liability Waiver Program is a strong example. Under this model, residents pay a small monthly fee to ensure compliance with the insurance requirements in their lease, while the property gains increased protection from unexpected out-of-pocket costs. A portion of that fee stays with the property, creating a recurring income stream.
As mentioned, Coastal Ridge was able to boost revenue and compliance without taking on any up-front financial burden with Foxen’s renters insurance compliance monitoring solution and property damage liability program.
“There is financial benefit to the property, both in terms of protection of investors by way of the protection offered, but also through [the ancillary income generation].” — Joe McDiffitt, Managing Director, Coastal Ridge Real Estate.
Tip #3: Focus on the Resident Experience
Technology should enhance convenience and property appeal not add new hurdles to the resident onboarding and living experience. The most effective solutions operate seamlessly in the background, improving satisfaction while also increasing efficiency for management teams.
Foxen’s Rentistry solution demonstrates this balance. It allows residents to build credit by reporting on-time rent payments to the major credit bureaus, a benefit that strengthens financial wellness while boosting on-time payments.
A TransUnion study cited in the playbook found that 61% of renters are more likely to lease from properties that report rent payments, and 83% say they’d be more likely to pay rent on time if their payments were reported.
“One of the amenities residents value is technology that makes their day-to-day lives easier and more convenient.” — Squire Aschinger, Vice President of Product, Foxen.
If you can find partnerships that deliver these types of friction-less benefits to residents and site staff, you’ve struck gold.
Tip #4: Set ROI Goals Before You Commit
In today’s high-cost environment, every dollar counts. As McDiffitt notes, “To add an expense without a really demonstrable ROI is a tough sell.”
Before rolling out across your entire portfolio, test a new platform in a limited pilot to verify its impact on NOI, operations, and resident satisfaction. True proptech partners will help you track measurable outcomes such as enrollment rates, ancillary income, or time savings, not just software adoption metrics.
If possible, ask for a variety of customer references with similar goals and portfolios. Prioritize meetings with these references to dig into their experiences, what they liked and disliked, and if they have any recommendations as you move forward.
Tip #5: Evaluate Long-Term Fit and Scalability
Even the best product fails if it doesn’t fit your existing workflows. When evaluating vendors, consider their integration capabilities, adaptability, and ongoing support. Pull your technology, operations, and product teams in early and often. Not only will these steps help uncover new use cases, but they will ensure implementation is smooth and that the right parties are in alignment.
“It can’t be a good solution in a standalone environment. It has to fit into our existing operating workflows and integrate well.” — Joe McDiffitt, Coastal Ridge Real Estate.
Look for proptech partners that evolve with your portfolio, whether by expanding into new markets, scaling services, or aligning with future technologies like AI-driven automation.
Conclusion: The Partnership Payoff
Strategic proptech partnerships are essential to maximizing NOI in a competitive market. By focusing on efficiency, revenue generation, resident experience, measurable ROI, and long-term scalability, multifamily leaders can turn technology investments into enduring competitive advantages.
Ready to evaluate your next vendor partnership? Download the full Maximizing Multifamily NOI guide or schedule time to meet with our team today.
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