SmartRent is revolutionizing the property management industry with next-generation solutions. Explore how SmartRent is shaping the future of rental housing, starting with innovative features in 2024 and continuing with a bold $10 million investment to fuel innovation and customer success in 2025.
Initial portion of investment will power advancements in Smart Operations Solutions
SCOTTSDALE, Ariz., December 16, 2024--(BUSINESS WIRE)--SmartRent, Inc. (NYSE: SMRT) ("SmartRent" or the "Company"), the leading provider of smart communities solutions and smart operations solutions for the rental housing industry, confirmed the launch of its recently announced $10 million investment program. This investment will initially focus on driving innovation, new features and functionality for the Company’s Smart Operations Solutions (formerly known as SightPlan, now "Smart Operations"), setting a new standard for property efficiency and performance in the rental housing industry.
The company’s Smart Operations Solutions optimize property performance, streamline tasks and improve collaboration for modernized community management. From automating maintenance workflows and inspections to enhancing resident and team communications, Smart Operations answers key operational challenges with offerings that:
Enhance centralization capabilities – Work Management and Answer Automation provide streamlined operations and improved communications through a simplified task management platform that allows teams to easily manage their entire portfolio.
Improve due diligence processes – Inspection Management and Audit Management automate the due diligence process to enable informed decision-making and reduce risk.
Empower residents and site teams – Smart Operations Solutions work seamlessly with smart home devices to create elevated experiences for residents and site teams when communicating, managing devices and more.
"Purpose-built innovation is at the heart of everything we do. Our goal is to accelerate the deployment of solutions and capabilities that build out and enhance our enterprise-level platform that many of the largest firms in the industry rely on to run efficiently and improve their residents’ experience," said Daryl Stemm, SmartRent Chief Financial Officer and interim Principal Executive Officer. "Our initial focus will be to transform Smart Operations. This investment enables us to continue pushing the boundaries of new solutions and possibilities in smart technology, and underscores our commitment to platform superiority and operational excellence."
Over the course of 2025, the company expects to invest in Smart Operations features designed to aid centralized property management, AI workflow and preventive maintenance to increase enterprise functionality and end-user and resident satisfaction for the rental housing industry. Several enhancements embedded in Work Management coming in the new year are:
Teams – Enables one team to work across a portfolio of communities by assigning tasks to teams of technicians and organizing work based on availability and skillset for optimal efficiency.
Increased Assets functionality - Additional, in-depth visibility into property and in-unit physical assets to lower spend and ensure supply chain availability.
Smart Launch – Empowers users to efficiently navigate and complete everyday tasks and boost productivity via AI capabilities.
The company’s 2025 investment plan builds from recently completed improvements, including enhanced dashboards for actionable insights into property performance and portfolio data and the automation of traditionally manual processes and workflows. Additional enhancements included upgraded task calendar views to drive productivity with a customizable monthly and weekly visualization of work across one community or an entire portfolio and resident-driven scheduling to empower residents to select service request time completion.
"As a long-term SmartRent customer, it has been exciting to see their technologies and solutions continue to meet needs we didn’t even know we had," said Amy Chien, Director of Strategic Innovations at BH Management. "We were thrilled to see the portfolio and property-level insights available in their recently launched dashboards. The thoughtful and customizable filtering options provide a quick view library that enables you to visualize operations progress like never before. SmartRent continues to deliver solutions that reshape the way we track and manage operations."
Maintenance teams using SmartRent’s Work Management appreciate its ease of use and ability to make operations more efficient. SmartRent customer Capital Square Living started transitioning its third-party managed portfolio to in-house management of its owned assets in 2024, which included adding Work Management to their technology stack.
"We wanted to be very selective and intentional about assembling our tech stack during the transition, and encouraged feedback from our service team," said Ryan Perez, Executive Vice President of Capital Square Living. "Several teams had been using SightPlan (Smart Operations) and were adamant about continuing to use it due to its superior functionality and user-friendliness. SmartRent checked all the boxes of how we envision our operations to function. Under SmartRent, the platform continues to evolve and improve its functionality, and the continued investment demonstrates their dedication to being the long-term partner who meets our needs for the foreseeable future."
About SmartRent
Founded in 2017, SmartRent, Inc. (NYSE: SMRT) is a leading provider of smart communities solutions and smart operations solutions to the rental housing industry. SmartRent’s end-to-end enterprise ecosystem powers smarter living and working in rental housing by automating operations, protecting assets, reducing energy consumption, enhancing the resident experience and more. The Company’s differentiators - purpose-built software and hardware, and end-to-end implementation and support - create an exceptional experience, with 15 of the top 20 multifamily operators and millions of users leveraging SMRT solutions daily. For more information, please visit smartrent.com.
Forward-Looking Statements
This press release contains forward-looking statements which address the Company's expected future business and financial performance, areas of focus, including our sales organization, the Company's approach to operational and financial discipline, leadership transition, expected growth, strategy, performance, financial review, stock repurchase program and expected benefits from stock repurchase program, and other future events and forward-looking statements. Forward-looking statements may contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," "will" or similar expressions. Examples of forward-looking statements include, among others, statements regarding the expected financial results, product portfolio enhancements, expansion plans and opportunities and earnings guidance related to financial and operational metrics. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, among other things, our ability to: (1) accelerate adoption of our products and services; (2) anticipate the uncertainties inherent in the development of new business lines and business strategies; (3) manage risks associated with our third-party suppliers and manufacturers and partners for our products; (4) manage risks associated with adverse macroeconomic conditions, including inflation, slower growth or recession, barriers to trade, changes to fiscal and monetary policy, tighter credit, higher interest rates, high unemployment, and currency fluctuations; (5) attract, train, and retain effective officers, key employees and directors and manage risks associated with the leadership transition; (6) develop, design, manufacture, and sell products and services that are differentiated from those of competitors; (7) realize the benefits expected from our acquisitions; (8) acquire or make investments in other businesses, patents, technologies, products or services to grow the business; (9) successfully pursue, defend, resolve or anticipate the outcome of pending or future litigation matters; (10) comply with laws and regulations applicable to our business, including privacy regulations; (11) realize the benefits expected from our stock repurchase program; and (12) maintain key strategic relationships with partners and distributors. The forward-looking statements herein represent the judgment of the Company, as of the date of this release, and SmartRent disclaims any intent or obligation to update forward-looking statements. This press release should be read in conjunction with the information included in the Company's other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand the Company's reported financial results and our business outlook for future periods.
