Brent Steiner | January 31,2019
Real estate technology companies continue to emerge with the goal of streamlining the industry’s inefficiencies at a seemingly breakneck pace. Now, a heartening trend is forming: an increasing number of industry leaders are seizing opportunities to share data and functionality with the goal of doing better, together. In order to rapidly meet the demand of the multifamily real estate sector, arguably the most active within the industry when it comes to adoption of new technology, companies are finding themselves partnering together to assist both the asset management and consumer-facing side of the business.
Adding significant momentum to the shift towards dependency on this shift is the modern renters’ demand for tools that support their desire for independence throughout the leasing process. Prospective renters today expect relevant information in real-time, with the type of immediacy already experienced across almost all other aspects of life, from ordering dinner to shopping for clothes and now, finding an apartment. Those partnering together on different integrations mean more flexibility and access for customers, but above all, a recognition that real estate technology companies are significantly more impactful working together than in silos.
Today, companies in similar spheres, some of which might at one point have considered themselves competitors, are finding value in sharing their product functionality. A few examples:
- ButterflyMX >< Mobile Doorman: A recent case of similar concepts merging together to provide a stronger platform is ButterflyMX, the smart intercom platform maker for buildings, teaming up with Mobile Doorman, a developer of custom-branded resident apps in the multifamily industry. The duo released a custom-branded resident application offering renters an all-in-one mobile portal for guests to control access to their building and apartment home. Now, consumers can utilize the best platform on the market instead of having to test different applications that accomplish the same objective.
- Engrain >< RealPage: Our collaboration with RealPage has amplified the sharing and access of data in the real estate industry. Our UnitMap platform is now a RealPage Exchange AppPartner, making it easy for properties who use RealPage to display critical metrics for asset managers, owners and property managers on a map-based platform.
- roOomy >< Matterport: roOomy, a virtual staging and 3D modeling platform, and Matterport, an immersive 3D media technology company, have collaborated to develop virtual staging of furnished spaces of apartments or homes. Essentially, the partnership allows property managers and real estate agents the ability to cost-effectively display units in a furnished state, enabling renters or buyers to make more informed, confident decisions during their search for a home.
- CompStak >< Dealpath: It’s not only the multifamily real estate space that is recognizing the strength in strategic partnerships; startups focusing on office leasing and other sectors are also teaming up to appeal to a broader chunk of their customer base. Earlier this year, real estate acquisitions management platform Dealpath and data company CompStak partnered to allow subscribers to both products to integrate seamlessly. Users can now view CompStak’s data on the Dealpath platform, allowing them to analyze data more closely when considering property acquisitions.
We built UnitMap as a tool to enable these types of collaborations. It combines property information with property and unit-level mapping data. For example, our SightMap asset intelligence platform is a visual tool so asset managers don’t have to spend time on tedious and error-prone tasks, such as Excel-based stacking plans or compiling and consolidating multiple reports. Through the partnership with RealPage, we deliver comprehensive reporting by displaying a heatmap view of property and unit-level performance including financial information and maintenance requests, which ultimately allows asset managers and owners to better direct assets more efficiently and successfully.
UnitMap itself isn’t limited to our products. Other partner companies that have property management systems, business intelligence, IoT, or custom operations tools are able to both feed data into UnitMap as well as leverage it to provide map visualizations and data overlays within their own solutions.
Real estate technology continues to expand daily by bridging the gap in various related, but previously siloed, areas across the industry. It’s a trend that’s unlikely to slow down; with technology’s ubiquitous role in society and the unrelenting demand for highly accessible information, real estate innovators will continue seeking new solutions to age-old industry challenges.
Today’s successful integrations are poised to driver greater overall adoption by what many consider an industry that has lagged in its embracement of new technology. Those who recognize the boundless potential presented through these strategic partnerships are best positioned to stand out among this increasingly crowded real estate technology scene.