PropTech has transformed commercial real estate by helping owners, operators, and occupiers improve efficiency, simplify operations, and make better decisions. In this VTS Innovators Spotlight, MRI Software CEO Patrick Ghilani discusses why customer-driven innovation, technology partnerships, and connected platforms have allowed MRI to remain a leader in the PropTech ecosystem for more than 50 years. He also shares how the future of commercial real estate technology will depend on flexibility, collaboration, and solving real customer problems.
Over the past decade, PropTech has become one of the fastest-growing segments within commercial real estate. As owners and operators continue to modernize their businesses, the demand for connected technology platforms, property management software, and data-driven decision-making has never been greater.
However, while many technology companies entered the market during the PropTech boom, only a handful have continued to grow through changing market conditions.
In this edition of the VTS Innovators Spotlight, we spoke with Patrick Ghilani, CEO of MRI Software, about the evolution of the PropTech ecosystem, what makes technology companies successful over the long term, and what commercial real estate customers are really looking for from their technology partners.
The Evolution of PropTech in Commercial Real Estate
How PropTech Has Changed Over the Past Decade
VTS:
Patrick, thank you so much for joining us today.
Starting in the early 2010s, PropTech SaaS as a category experienced explosive growth. Significant investment entered the market, unicorns emerged, and strategic partnerships were formed.
Interestingly, just as quickly as many companies entered the industry, many also disappeared.
Why do you think MRI has maintained its position before, during, and after the early PropTech boom?
Patrick Ghilani:
Appreciate the opportunity to be here.
MRI has occupied a unique position because we've served the commercial real estate industry since 1971.
Back then, terms like software, technology, and PropTech didn't even exist.
What did exist were the challenges owners, operators, and occupiers faced while managing large-scale real estate portfolios.
With MRI specifically, we've continued to thrive because we've always focused on solving the most important problems that help people become more productive, effective, efficient, and ultimately more profitable.
In the core part of our business, we provide property management and accounting solutions.
Managing properties and managing people's money have been responsibilities for generations.
Because those needs remain constant, they've created a level of long-term customer trust and stickiness that many newer technology companies haven't been able to replicate.
The industry has continued to mature, and many of the foundational capabilities we've developed over the years have evolved into much larger and more advanced technology businesses.
Why Customer-Driven Innovation Matters in PropTech
The Shift Toward Client-Centric Technology Solutions
VTS:
What's also interesting about the early PropTech boom is that it happened during a period when the office market was performing exceptionally well, and many owners didn't necessarily feel pressure to digitize their operations.
What do you think originally motivated owners to invest in PropTech, and has that reason changed given today's market conditions?
Patrick Ghilani:
I think consumer expectations ultimately shape how businesses adopt technology.
Historically, commercial real estate has been slower to adopt new technology.
Years ago, a relatively small group of owners managed large real estate portfolios independently.
Information wasn't shared as openly, and collaboration wasn't viewed as a competitive advantage.
The residential real estate market developed differently.
Even before the internet, multiple listing services made property information widely available.
Commercial real estate operated much differently.
The mindset was often, "I'll show you what I have available, but not necessarily what's across the street."
Over time, consumers began expecting their professional experiences to feel more like their personal experiences.
That shift encouraged owners to adopt more technology.
At the same time, younger generations entered the commercial real estate industry with different expectations.
Rather than focusing solely on physical buildings and architecture, they began thinking more about digital innovation and new ways to create value.
Why Flexible Technology Platforms Win
VTS:
MRI has expanded significantly in the way it serves customers.
During your time as CEO, has the company's strategy been driven primarily by changing market conditions and customer requests, or has it been focused on anticipating future customer needs?
Patrick Ghilani:
I'd like to say it's a combination of both, and there are certainly examples of each.
But if I'm being honest, for more than 50 years we've remained a client-driven and client-centric business.
We build solutions around the needs of our customers.
That makes us different from many companies that entered the industry with a great idea and hoped customers would adopt it.
Our approach has generally been responding to customers saying, "We need this now. Can you help us build it?"
That has become our operating philosophy.
One of the biggest outcomes of that philosophy has been building what I believe is our greatest strength, a platform-centric business.
MRI offers hundreds of different modules.
Some customers may use one.
Others may use fifteen.
Many also use technology from other providers.
What customers really want is flexibility.
They want technology solutions that work together like building blocks, allowing them to create something that fits their specific business needs.
We often describe that as giving customers the freedom to choose the solutions that work best for them.
We also recognize that commercial real estate is supported by a broad technology ecosystem filled with valuable partners.
Rather than forcing customers into a single solution, we've focused on making it easier for them to select the technologies they prefer and personalize their overall technology strategy.
That freedom has become an important part of our long-term vision.
Building a Connected PropTech Ecosystem Through Partnerships
The Growing Demand for Technology Consolidation
VTS:
That platform approach has also led to several strategic partnerships across the commercial real estate technology industry.
One of those is the partnership between MRI and VTS.
How do you evaluate partnerships like this, and what role do they play in delivering more value to customers?
Patrick Ghilani:
Partnerships are incredibly important because no single technology provider can solve every challenge within commercial real estate.
Customers don't want disconnected systems that require duplicate work or constant manual processes.
They want technology that works together.
That's exactly how we think about partnerships.
When we evaluate a technology partner, we first ask whether they're solving an important customer problem.
Next, we look at whether our products naturally complement each other.
Finally, we consider whether working together creates a better overall experience for the customer than either company could deliver independently.
When all three of those things align, partnerships become valuable for everyone involved.
Our partnership with VTS is a great example of that philosophy in action.
Both organizations focus on improving different parts of the customer journey while making it easier for owners and operators to connect their technology stack.
Instead of asking customers to replace existing systems, we help them maximize the value of the technology they already use.
That creates a much better long-term experience.
As commercial real estate technology continues to evolve, connected platforms will become even more important. Organizations looking to improve tenant experiences alongside operational efficiency can also explore AI Technology for Tenants, which highlights how digital experiences strengthen engagement across the tenant lifecycle.
Why Simplicity Is the Future of Commercial Real Estate Technology
Lessons from the MRI and VTS Partnership
VTS:
Many commercial real estate companies now have dozens of technology vendors.
Do you think the industry is moving toward more consolidation, or will open technology ecosystems continue to grow?
Patrick Ghilani:
I think customers will always prefer simplicity.
That doesn't necessarily mean fewer technology providers.
It means fewer disconnected experiences.
If different technologies work together seamlessly, customers receive the benefits of specialized innovation without increasing operational complexity.
That's ultimately where the industry is heading.
Customers want their technology to feel connected.
They don't want multiple logins, duplicate data entry, or systems that don't communicate with each other.
Integration has become just as important as innovation.
Technology companies that understand this will continue creating more value for customers.
Those that focus only on building standalone products may find it increasingly difficult to compete.
What the Next Generation of PropTech Looks Like
Commercial real estate continues to change rapidly.
Customer expectations continue to rise, technology continues to evolve, and new innovations—including artificial intelligence—are reshaping how owners and operators manage portfolios.
Despite these changes, one principle has remained consistent throughout MRI's history.
Success comes from listening to customers and solving real business problems.
Technology should make commercial real estate simpler—not more complicated.
That philosophy has guided MRI for more than five decades and continues to shape how the company approaches innovation, partnerships, and customer success today.
The Future of PropTech and Strategic Technology Partnerships
Looking Ahead
The commercial real estate industry continues to evolve, and so do the technology expectations of owners, operators, and occupiers.
While new technologies will continue to emerge, long-term success will depend less on adopting every new tool and more on choosing solutions that solve meaningful business challenges.
Throughout this conversation, one theme remained consistent: customer needs should continue to drive innovation.
Organizations that invest in flexible technology platforms, connected ecosystems, and strategic partnerships will be better positioned to adapt as market conditions change.
Technology should simplify operations, improve collaboration, and help customers make better decisions—not create additional complexity.
As artificial intelligence becomes increasingly important across commercial real estate, companies that already have connected systems and reliable data will be in the strongest position to benefit from future innovations. If you're beginning that journey, What It Takes for AI in Commercial Real Estate to Work explains why data quality, integration, and operational readiness are essential before implementing AI solutions.
Likewise, organizations looking to improve investment strategies and portfolio performance can explore The Complete Guide for AI in Asset Management, which outlines how AI is helping commercial real estate teams make faster, more informed decisions.
For owners and operators focused on improving the customer experience, Technology for Tenants also provides practical insights into creating more engaging, connected, and digitally enabled tenant experiences.
Frequently Asked Questions
What is PropTech, and why is it important in commercial real estate?
PropTech refers to technology designed for the real estate industry. It helps owners, operators, investors, and occupiers improve efficiency, streamline operations, and make better business decisions.
How has PropTech changed the commercial real estate industry?
PropTech has introduced digital platforms, automation, data analytics, and connected technology solutions that improve property management, leasing, tenant engagement, and portfolio performance.
Why do commercial real estate companies prefer integrated technology platforms?
Integrated platforms reduce manual work, eliminate disconnected systems, improve data accuracy, and create a more seamless experience across leasing, property management, and operations.
What are the benefits of strategic technology partnerships in PropTech?
Technology partnerships allow companies to connect complementary solutions, giving customers greater flexibility while reducing operational complexity and improving overall efficiency.
How can property management software improve operational efficiency?
Property management software centralizes operations, automates routine tasks, improves financial management, enhances reporting, and helps teams manage portfolios more effectively.
What trends are shaping the future of PropTech?
The future of PropTech is being driven by artificial intelligence, connected technology ecosystems, flexible software platforms, automation, data-driven decision-making, and customer-focused digital experiences.
Key Takeaways: Customer-Driven Innovation Will Shape the Future of PropTech
The PropTech industry has changed dramatically over the past decade, but one thing has remained constant: technology delivers the greatest value when it solves real customer problems.
As Patrick Ghilani explained, MRI Software's long-term success has been built on listening to customers, developing flexible technology solutions, and creating an open ecosystem that allows organizations to choose the tools that work best for their business.
Rather than forcing customers into a single platform, the focus has remained on collaboration, integration, and strategic partnerships that simplify operations while improving productivity.
As commercial real estate continues to embrace digital transformation, artificial intelligence, and connected platforms, organizations that prioritize flexibility, strong technology partnerships, and customer-centric innovation will be best positioned for long-term success.
Whether the goal is improving operational efficiency, enhancing tenant experiences, or preparing for AI-driven decision-making, investing in connected commercial real estate technology creates a stronger foundation for future growth.
Want to learn how connected technology can simplify commercial real estate operations? Explore the VTS platform to see how integrated solutions help owners, operators, and leasing teams improve decision-making, streamline workflows, and deliver better customer experiences.
Want to learn more about our partnership?
Don't miss Gijo Mathew, Product Officer, VTS, speaking at MRI Ascend on October 26.
Or, catch VTS on the showroom floor at booth #709. See you there!
