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Tech companies look to portfolios of apartments

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As for property management companies and technology supplier partners, this year’s script has been reversed as a technology company showing greater interest in acquisitions than servicing these companies.

These innovation companies looking to build their brand can boost their revenue growth through acquisitions. This is due to Sterling Weiss, Head of Business Development at Lighthouses, a multi-family tool, recently talking to a REIT in court from such a company.

So far, tech companies are happy to deal with small and medium-sized apartment owners and managers.

Twice this year, the short-term housing platform has made this possible. The guild purchased CREA Management in January and Alfred purchased RKW Residential in March. Brand Guild purchased CREA Management.

Both deals stand out among the few in the apartment management world, with many looking to see what happens next. Some industry observers expect more such transactions to occur in the future.

This could be a potential win-win, as these tech companies believe they can drive net operating profit more effectively at the real estate level.

They find that the apartment industry is ripe for innovation, and that there are few better ways to help them embrace, develop and test their techniques through their own housing portfolio.

Data scientists find property management niches

Alfred, based on recent research by Statista, McKinsey and Deloitte, is unlike other innovative industries that invest close to 10%, and today an average of less than 1% of real estate budget is spent on technology. I am reporting that there is.

For RKW Residential, Alfred’s technology will make operations more efficient, said Joyapavesi, Executive Vice President of Marketing at RKW Residential.

It was a bonus as Alfred’s more than 40 software engineers are working on our behalf. She said there are more engineers than some of the largest apartment operators employ.

The merger gives Alfred the opportunity to monitor how the technology is being used by clients and ensure that its functionality is fully realized.

Pay close attention to this trend

Zain Jaffer, Investor and Entrepreneur, Zain Ventures Jaffer states that these companies have a strong incentive to acquire real estate management companies to quickly expand their portfolio.

According to Jafar, it’s clear that AI has the potential to completely change the nature of asset management, as we know it. As more and more technology companies enter the real estate management space, we will see truly accelerating growth. I think this tends to be very careful.

Todd Butler, Senior Vice President of Flexible Living at RealPage, focuses on the short-term rental platform Migo and points out large-scale NOI opportunities mixed with resident needs for flexibility for owners to live / work / travel. doing. That way it’s always done.

Sources

1/ https://Google.com/

2/ https://www.globest.com/2022/06/16/tech-companies-cast-their-eyes-on-apartment-portfolios/

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