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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I don’t think anybody looked at the iPhone and said “*Finally.* There’s been an obvious hole in the property management market since forever and we can finally fill it.” but that’s a good skill to develop.
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(Almost all single family homes rented currently and historically are owned by mom-and-pop investors who most commonly own 1 to 2 rental properties.)
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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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Synthesizing a few things I read last night, so it’s a weird combo of “Not my original thought” and “Probably my articulation.” I didn’t keep a list of what I read; couldn’t sleep at 1 AM.
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