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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“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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Replying to @AMartinCastro
All sorts of things: encouraging tenants to file tickets and get updates about them, automating the turnover process and sharding between contractors who take photos to substantiate that work is done to standard, email marketing for potential tenants, automate rent, etc x 500.
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Basically “any time we need to physically touch atoms we should have a local actuator do that, but historically landlords spend most of their labor on project management and tenant relations and we should decrease those by 90%++.”
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