The Pioneers Behind PropTech: In Conversation With Ryan Elazari

This article is part of an ongoing interview series titled "The Pioneers Behind PropTech: Meet the Top Innovators Shaping the Future of Real Estate". In this series, we deep dive into where key industry thought leaders see PropTech heading.

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Our Co-Founder and CEO Emiel Bril recently sat down with Ryan Elazari, Senior Director and Head of Innovation at Empire Management, for an engaging discussion on the future of PropTech and its transformative effects on the real estate industry.

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Ryan leads the strategic implementation of cutting-edge technologies such as AI, Building Management Systems, and the Internet of Things across a diversified portfolio. He is also a CRE technology advisor, speaker, and co-host of the CRE Unplugged podcast. Ryan's leadership and expertise place him at the forefront of emerging CRE trends, making him a sought-after thought leader in the industry.

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Keep reading below for all of his insights.

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Can you walk us through some of the key moments in your career and tell us what led you to PropTech innovation?

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I grew up in a community where real estate was everywhere, so it naturally became a big part of my life. However, after college, I decided to explore other career paths and went into finance. I worked as a compliance officer for two years where my job mainly involved routine work with attorneys. 

Eventually, I realized I wanted to return to real estate, so I joined Empire Management as an associate. Over time, I worked my way up, and during this period, I also attended graduate school at Baruch College to deepen my understanding of various aspects of the industry.

In 2015, Empire began developing an app called Bixby to improve communication between tenants and property management teams. Mark Smuckler was part of the team working on this, and the app allowed tenants to pay rent on time and offered a unique tenant experience. It was groundbreaking for its time, and I was excited to be involved in that process. Later, we sold Bixby to Alfred, which sparked my interest in PropTech and innovation.

Soon after, Baruch College invited me to teach a course on real estate entrepreneurship with a focus on PropTech. I still teach it today, and I have my students work on projects where they develop a real estate product or service.

This experience led me to explore angel investing and to look at how we could integrate technology into our business at Empire, which ultimately led to my current role as Head of Innovation. Now, I focus on integrating technology like AI, smart building solutions, and IoT into our portfolio, working with our team to ensure these solutions bring maximum benefit.

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You've been a key advocate for tech and innovation in our industry. Tell us more about some of the initiatives you’re working on outside of Empire. 

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I’m the President of NAIOP NYC, where my main goal has been to bring tech and innovation to the forefront of the organization. NAIOP NYC has 200 members and NAIOP nationally has over 22,000 members, many of whom are legacy owners who may not be as aware of the latest advancements in this space. We host PropTech startup competitions which have been a big success. 

Beyond that, I’m also part of the Technology in the Built Environment Forum at NAIOP. That’s where I met my podcast co-host, Nadine Ezzie. We both realized that while conferences are valuable, many people aren’t always open about the real challenges in the sector. So, we created our podcast, CRE Unplugged, where we have honest, unfiltered conversations with our guests. Our mission is to educate people on technology, showing them how it’s relevant and helping them understand the key considerations for implementing tech in the industry.

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What do you think is the most important issue in real estate, technology, or innovation that we’re avoiding or overlooking—something that rarely gets the attention it deserves but really should?

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I think there’s a misconception around artificial intelligence. Many companies claim to be “AI-backed,” but in reality, they’re not fully leveraging true AI—they’re often just wrapping their solutions in a chatbot or basic interface that doesn’t go much deeper.

This can mislead property owners who want to integrate AI into their operations. They might try out these so-called “AI” solutions, only to find they don’t deliver the transformative impact they were hoping for. This can lead to a “one-and-done” mindset among legacy owners who think, “We tried AI,” even though they didn’t experience what real AI could offer.

Unfortunately, this limits the true potential for growth and innovation that AI could bring to owners and developers across the industry.

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What are you most excited about in the coming years? Looking ahead to the next 12 months and even the next 5 years, what do you think will be the real game-changers disrupting the industry?

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It’s all about artificial intelligence. There are so many ways AI can help companies manage their portfolios. For example, it can transform unstructured data into structured data, providing valuable insights.

We’re also exploring how AI can optimize space utilization, helping us make the most of our spaces and attract tenants to properties where leasing has been challenging.

Another major benefit is preventive maintenance—AI can detect issues early on that, if left unchecked, could cause millions in damage to a building.

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Many of us rely on large, long-standing ERPs, yet there are innovative, specialized solutions emerging in every domain. Given your forward-thinking approach and unique perspective, how do you think about balancing these two? 

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We’ve realized at Empire that we need to build a strong culture of change management because many of our property managers are still hesitant about new technology. It's crucial for us to create buy-in and help them understand the value tech can bring.

We also provide a lot of support for our end users; we know it’s not enough to simply introduce new technology and expect them to adapt. Instead, we guide them through the process step-by-step.

One approach we use is to keep the analog platform alongside the digital one. Once they feel comfortable with the digital side, we gradually phase out the analog, making it easier for them to embrace the tech. This approach has been really effective in driving adoption.

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Why do you think property managers may be averse to technology?

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Property managers and legacy owners tend to stick to the old ways. They’ve managed their portfolios successfully, so they’re often content and don’t immediately see the value in adopting new tech.

From my experience, many legacy owners prefer to adopt tech based on word-of-mouth rather than through formal research. If a trusted contact recommends a solution that’s worked for them, they’re far more likely to consider it. It reduces the perceived risk and makes the change management process a bit easier.

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How should we be thinking about overcoming these limitations and ultimately moving towards an ideal state, free from these constraints?

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I believe there’s always room for improvement. Property management platforms should explore ways to better integrate with property management teams and owners, ensuring they can effectively handle data, rent rolls, and other operational aspects to improve efficiency.

If these platforms focused more on enhancing efficiency—particularly by incorporating AI—they could have a significant impact. By doing so, they would not only improve tenant experience and retention but also boost asset performance. Ultimately, these platforms should ask themselves: how can we help owners become better at what they do every day?

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When you shift focus to the other side—the founders and vendors pitching their products—what do you think are some of the blind spots they’re facing, and what do you wish they understood better?

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There are a lot of tech platforms out there, but many fall into one of two categories: they either understand real estate but don’t grasp the technology, or they get the tech but lack real estate knowledge. This imbalance can cause problems. When these companies try to pitch their solutions, they often miss the mark because they don’t fully understand the real value their tech could provide.

Take, for example, a company focused on climate tech. They might pitch their solution for a building, but if they had done their research, they’d realize the Local Law 97 regulations in New York, which could lead to significant fines in the coming years. If they integrated their tech to help solve that issue, it would be a real, tangible benefit for property owners—something they’d really pay attention to.

I’ve been saying this on my podcast: property owners today—especially in this market—are looking for solutions that can either lower their expenses or increase their NOI. They want immediate ROI. If you can’t offer that, they won’t be interested. If your pitch doesn’t show how you’ll help with that, they’ll just prioritize someone who does.

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What are you working on next at Empire?

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We’re focusing on building technologies that can help with preventive maintenance, particularly in areas like leak detection and gas leak detection. These solutions directly address issues like Local Law 97, helping us manage carbon emissions, reduce building expenses, and avoid potential fines. To me, that’s incredibly valuable because it hits both ROI and risk mitigation.

With insurance premiums rising—ours have gone up by 40%—being able to prevent major damages is a huge win. Reducing those risks not only helps us save money but also strengthens our overall risk management strategy.

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