This is a summary of the article Acquisitions: The Benefit of Timing written by Lucas Haldeman, CEO of SmartRent and originally published on multifamilyinsiders.com. Read the full article here.
Mergers are most successful when both parties are ready to take things to the next level. When it comes to partnerships and acquisitions in multifamily, timing is everything.
Such was the case last year when SmartRent acquired SightPlan, effectively establishing an intrinsic alignment between smart home and workflow technologies.
SmartRent, with its reputable smart hardware and software lines, already recognized the value of a collective Internet of Things (IoT) in self-guided touring and overall operational efficiencies. But it also identified further multifamily applications for IoT connectivity. The SightPlan communications, maintenance workflow, and inspections platforms substantially extended the scope and impact of SmartRent’s IoT influence. The SmartRent + SightPlan combination resets the bar for property oversight, performance, and protection, while vastly improving the user experience for prospects, residents, and operators.
Here are some of the other top industry-shaking moves that have redefined property management.
2012
AvalonBay Communities and Equity Residential combined to acquire Archstone apartments, setting up both to be among the top five apartment owners.
2017
RealPage acquired Rainmaker, bringing two major revenue management and market data systems together to base pricing based on real-time market trends.
2020
Greystar acquired Alliance Residential’s property management business, merging two of the top four multifamily operators and expanding Greystar to more than 660,000 units.
2022
Alfred acquired RKW Residential, marking one of the first examples of a proptech firm acquiring a property management company.
RealPage acquired Knock, combining a top CRM and front office technology provider with AI and yield management expertise to establish a next-generation operating platform.
SmartRent acquired SightPlan, consolidating smart home and touring technology with communications, workflow, and inspections platforms to create unprecedented efficiencies, as well as asset protections and oversight.
Grace Hill acquired Edge2Learn and Ellis Partners in Management Solutions. This move brings together two innovators in talent, learning, and customer management to further optimize how companies engage, empower, and retain top talent.
With new proptech and software entering the market on a regular basis, often mirroring or enhancing existing products, 2023 could be another landmark year for mergers and acquisitions in the multifamily industry — that is, if the timing is right.
This is a summary of the article Acquisitions: The Benefit of Timing written by Lucas Haldeman, CEO of SmartRent and originally published on multifamilyinsiders.com. Read the full article here.