Interesting line about American Fanily Homes 4 Rent (a REIT which runs a portfolio of X0,000 single family homes): “This business was impossible prior to being able to issue servicing employees smartphones. You couldn’t cost-effectively manage heterogenous assets across US.”
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Reading their annual report they talk about “proprietary technology” and while they probably mean “we have an in-house CRUD app” it is simultaneously obvious that that company has to be a software company and wild that that is true.
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(If they’re not a software company they have single-digit years until a software person figures out that business, including financing homes at scale and running a leasing operation, and runs rings around it.)
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“I think you’re underestimating how deep a field real estate in.” My father was in it his entire career, and I respect the depth, but it’s easier for software people to identify, hire, and manage real estate expertise than vice versa. (Or that would be my bet.)
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End of conversation
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