About RealPage

RealPage, Inc. provides software and data analytics to the real estate industry worldwide. The company’s platform of data analytics and software solutions enables the rental real estate industry to manage property operations (marketing, pricing, screening, leasing, and accounting), identify opportunities through market intelligence, and obtain data-driven insight for better operational and financial decision-making. Its integrated, on demand platform provides a single point of access and a massive repository of real-time lease transaction data, including prospect, renter, and property data. By utilizing data, as well as integrating and streamlining a range of complex processes and interactions among the rental real estate ecosystem (owners, managers, prospects, renters, service providers, and investors), the company’s platform helps its clients improve financial and operational performance and place and harvest capital. The company sells its solutions through its direct sales organization. RealPage Solution The company provides a technology platform of data analytics and on demand software solutions that integrates and streamlines rental real estate management and property operations. Its platform provides the analytical and software solutions necessary to optimize operational yields and returns on investment, and contributes to a property management process and a better experience for all of the constituents involved in the rental real estate ecosystem. Solutions and Services The company’s platform is designed to serve as a single system of record for all of the constituents of the rental real estate ecosystem; to support the entire renter life cycle, from prospect to applicant to residency or guest to post-residency or post-stay; and to optimize operational yields and returns on investment. Common authentication, workflow, and user experience across solution categories enables each of these constituents to access different applications as appropriate for their roles. Its platform consists of four primary categories of solutions: Property Management, Resident Services, Leasing and Marketing, and Asset Optimization. These solutions provide complementary asset performance and investment decision support; risk mitigation, billing and utility management; resident engagement, spend management, operations and facilities management; and lead generation and lease management capabilities that collectively enable its clients to manage all the stages of the renter life cycle. Each of the company’s solution categories includes multiple product centers that provide distinct capabilities that could be bundled as a package or licensed separately. Each product center integrates with a central repository of lease transaction data including prospect, renter, and property data. In addition, the company’s open architecture allows third-party applications to access its solutions using its RealPage Exchange platform. The company offers different versions of its platform for different types of properties in different real estate markets. Its platform supports the specific and distinct requirements of conventional single family properties, conventional multifamily properties, affordable Housing and Urban Development (HUD) properties, affordable tax credit properties, rural housing properties, privatized military housing, commercial properties, student housing, senior living, homeowner association properties, short-term rentals, and vacation rentals. Property Management The company’s property management solutions are referred to as ERP systems. These solutions manage core property management business processes, including leasing, accounting, budgeting, purchasing, facilities management, document management, and support and advisory services. The solutions include a central database of prospect, applicant, renter, and property information that is accessible in real time by its other solutions. The company’s property management solutions also interface with general ledger accounting systems through its RealPage Exchange platform. This makes it possible for clients to deploy its solutions using its accounting system or a third-party accounting system. The company’s property management solution category consists of the following primary solutions: OneSite, Propertyware, Buildium, CommunityConnect, RealPage Financial Services, Kigo, Spend Management Solutions, SmartSource IT, and EasyLMS. OneSite: OneSite is the company’s primary on demand property management solution for multifamily properties and is tailored to the specific needs of different property types (conventional multifamily properties, rural housing, privatized military housing, senior living, student living, and commercial). OneSite offers functionality that generates lease documents, manages service requests, reports acuity of senior residents, enables senior community management, and manages procurement activities. Propertyware: Propertyware is the company’s on demand property management system for single-family properties and small, centrally managed multifamily properties. Propertyware functionality includes accounting, maintenance and work order management, marketing, spend management, and portal services. In addition, the company offers its screening and payment solutions through its Propertyware brand to single family and small, centrally managed multifamily properties. Buildium: Buildium is the company’s on demand property management solution for the small and medium-size market segment, which includes small multifamily, single-family, associations (HOA and condo) and commercial real estate market segments. Buildium provides customer support and self-provisioning. The company acquired Buildium in 2019 to expand this platform, incorporating ‘click-on’ capabilities that improve the renter leasing and living experience, improve the recovery of utility fees, enhance payment processing capabilities, enhance risk management through resident screening capabilities, and expand insurance offerings. CommunityConnect: CommunityConnect is the company’s smart building suite that enables Smart Access, Smart Wi-Fi, and Smart Apartments, allowing residents to experience easier living and working from the latest generation of connected apartment buildings. Capabilities have been developed from product functionalities gained through various acquisitions during 2020: Stratis, Chirp, and WhiteSky. CommunityConnect provides single-source, mobile-credentialed Smart Access to the entire community, including building entry, amenities, elevators, garages, storage, and resident units for staff, maintenance, visitors, guests and residents. CommunityConnect also provides gigabit speed Wi-Fi specifically designed for the density of multifamily and student housing. RealPage Financial Services: RealPage Financial Services is an on demand offering of products and services for all back office accounting. The RealPage Financial Suite includes budgeting, property accounting, corporate accounting, job cost, and investment accounting. SmartSource Accounting provides for outsourcing of back office accounting services. Kigo: Kigo is the company’s on demand vacation rental property management system. Kigo offers solutions for vacation rental property management that include vacation rental calendars, scheduling, reservations, accounting, channel management, website design, payment processing, and other tasks to aid the management of leads, revenue, resources, and lodging calendars. Spend Management Solutions: The company’s spend management solutions enable property owners and managers to better control costs. Spend management functionality includes purchase order automation; automated approval workflows, including mobile approvals; eProcurement solutions and services leveraging its volume to negotiate vendor discounts; budget and spend limit controls; centralized expense reporting; invoice management; bid management for capital projects; automated vendor compliance tools, and the Vendor Marketplace hub, which connects vendors with clients. SmartSource IT: SmartSource IT provides outsourced IT management and support services to allow property owners and managers to focus on core competencies and scale operations as portfolios adjust with lower risk and flexibility. SmartSource IT services include end user desktop support for both corporate and property employees, IT purchasing, Office 365 license management, server hosting, and resident technology services. This set of IT services reduces IT complexity and lowers the total cost of technology ownership while providing security and performance. EasyLMS: EasyLMS is a learning management system for property management professionals and their staff. EasyLMS substantially reduces training time by compartmentalizing subject matter and disseminating lessons in 10 to 15 minute increments for easier consumption during the workday. The system also incorporates gamification and active engagement to enhance the effectiveness of the learning solution and knowledge retention. Resident Services The company’s resident services solutions provide a platform to optimize the transactional and social experience of prospects and renters, and enhance a property’s reputation. These solutions facilitate core renter management business processes, including utility billing, renter payment processing, service requests, lease renewal, renter’s insurance, and consulting and advisory services. Its resident services solution category primarily consists of the following solutions: Resident Utility Management, SimpleBills, Resident Payments, ActiveBuilding, Contact Center Maintenance, and Renter’s Insurance. Resident Utility Management: Resident Utility Management is the company’s on demand billing and utility management platform. In 2016, the company augmented its utility management solutions with the acquisition of NWP Services Corporation, and it further expanded the service through its acquisition of American Utility Management (AUM) in 2017. In 2018, the company acquired BluTrend, LLC (BluTrend) to expand its utility management platform with automation technology that speeds up invoice processing by extracting invoice data directly from utility companies, thereby eliminating the time to mail invoices. Combining the complementary functionalities of these solutions with its existing platform offers its clients automated convergent billing, utility invoice processing, utility cost management, automated energy recovery, infrastructure services (accounting, community energy, media, data, and telecom), the ability to benchmark energy consumption, and cost, and sub-metering services. SimpleBills: SimpleBills is the company’s on demand utility management solution dedicated to the student housing market. The company acquired SimpleBills in 2019 to expand its Resident Utility Management family of products. SimpleBills’ solution bills and collects from residents directly, allowing students to split water, electric, gas, cable bills and other shared utilities among roommates, as well as manage their utilities without paying deposits, utility provider setup fees, or contacting providers. Because of SimpleBills’ direct relationship with students, properties could experience significant time savings, as site staff could avoid tedious billing tasks, and the company could deploy it independently of any student solutions companies already use, saving the time and expense of integration. Companies could then outsource their utility needs to the company. SimpleBills is the company’s on demand utility management solution dedicated to the student housing market. The company acquired SimpleBills in 2019 to expand its Resident Utility Management family of products. SimpleBills’ solution bills and collects from residents directly, allowing students to split water, electric, gas, cable bills and other shared utilities among roommates, as well as manage their utilities without paying deposits, utility provider setup fees, or contacting providers. Because of SimpleBills’ direct relationship with students, properties could experience significant time savings, as site staff could avoid tedious billing tasks, and the company could deploy it independently of any student solutions companies already use, saving the time and expense of integration. Companies could then outsource their utility needs to it. Resident Payments: Payments is the company’s on demand payment-processing platform that enables electronic collection of rent and other payments. Provided through its RealPage Payments subsidiaries with both operator and renter processing options for fee reduction, the platform accommodates the processing of multiple payment types including check, money order, automated clearing house, debit cards, and credit cards. Acceptance of check payments is facilitated by the Lockbox solution, launched in 2020. The company’s acquisition of ClickPay Services, Inc. in 2018 expands its footprint into the HOA owner-occupied segment of real estate, broadens its presence in the New York metropolitan market and solidifies the integration of its front-end leasing platform into third-party property management systems. ActiveBuilding: ActiveBuilding is the company’s on demand resident portal solution for facilitating renter transactions, social engagement, and community management. The solution features an industry-specific eCommerce platform that allows residents to pay for amenities, spaces and events directly, enabling multifamily property managers to generate revenue from their existing assets and through third-party service providers. Transactions are facilitated by a mobile app, custom-branded to the property, that enables residents to make purchases and manage apartment-related needs. Contact Center Maintenance: Contact Center Maintenance is the company’s on demand platform for service request management. Functionality from the platform includes service call, email, and chat routing technology; service request tracking; and remote agent staffing, on a permanent or overflow basis to optimize the service request process. Enhancements include automated answering services and other features that amplify the ability of multifamily property managers to communicate with their residents. Renter’s Insurance: Renter’s Insurance is part of the company’s risk mitigation platform to reduce liability and property damage risk. The platform offers liability and content protection renter’s insurance under the consumer-facing brand name ‘eRenterPlan’. Liability policies protect property owners and managers against financial loss due to renter-caused damage, while content protection provides additional coverage for a renter’s personal belongings in the event of loss. The company also offers insurance and security deposit alternative products that satisfy lease obligations through DepositIQ, obtained in the On-Site Manager acquisition in 2017, and LeaseTerm Solutions which it acquired in 2019. Leasing and Marketing Leasing and marketing solutions aim to optimize marketing spend and the leasing process. These solutions manage core leasing and marketing processes, including websites and syndication, paid lead generation, organic lead generation, lead management, automated lead closure, lead analytics, real-time unit availability, automated online apartment leasing, applicant screening, and creative content design. The company’s leasing and marketing solutions category consists of the following primary solutions: Online Leasing, Contact Center, Websites & Syndication, Intelligent Lease Management, LeaseLabs, Modern Message, AI Resident Screening, and MyNewPlace. Online Leasing: Online Leasing is the company’s on demand leasing platform that transacts the entire leasing process online. Among other functions, the platform utilizes widgets that enable renters to confirm unit availability, generate a price quote, apply for residency, and execute a lease. Contact Center: Contact Center is the company’s 24/7 on demand lead closure and resident maintenance support solution. Contact Center provides both live agent and automated platforms. Communication channels and functionality include call, web chat, email with instant call reply, chatbot, email for leasing, as well as RealPage Live Agent calls and answer automation for maintenance support. Contact Center is a strategic service partner offering a combination of people, process, and technology to track all leads, schedule visits, and capture emergency and non-emergency maintenance requests on behalf of its clients. The solution includes an augmented intelligence based chatbot that addresses prospects’ requests in a conversational manner and transfers the prospect to a live Contact Center agent when the request is outside its scope or the prospect requests a live agent. Websites & Syndication: Websites and Syndication anchor the company’s on demand organic lead generation platform. Functionality includes property website design and enhanced search engine optimized (SEO) content (high-resolution photography, video tours, animated tours, 3D floor plans, and interactive site maps), mobile applications and integration with online leasing to drive traffic and lead quality. Syndication tools ensure consistency across multiple marketing channels and include classified directory campaign services, renter social referrals, reputation management, surveys, real-time reporting, and enhanced lead management. Intelligent Lease Management (ILM): ILM is a product in the multifamily industry that scores every inbound and outbound interaction with prospective renters to enhance leasing performance. The solution also provides near-real-time metrics to deliver insight into the effectiveness of a community's marketing and advertising sources in attracting qualified prospects. LeaseLabs: LeaseLabs provides digital marketing services and software. The company acquired LeaseLabs, Inc. (LeaseLabs) in 2018 to extend its marketing platform by adding marketing analytical services, creative content design, direct marketing through social media channels, reputation management and geo-targeting solutions. LeaseLabs combined with its other solutions provide marketing content, content management, and digital rights management from PropertyPhotos.com, websites and microsites, and ILM. This combined offering would be branded as the Go Direct Marketing Suite. Modern Message: Modern Message, acquired in 2020 and integrated into ActiveBuilding, features the resident engagement, rewards, and loyalty platform Community Rewards, which builds engagement that boosts leasing, retention, revenue, and reputation scores. AI Resident Screening: Screening is part of the company’s risk mitigation platform to reduce rental payment delinquency. RealPage AI Screening, the first AI-based screening algorithm built specifically for the multifamily industry, enables property management companies to identify high-risk renters with accuracy and speed that exceeds the performance of traditional scoring models in the industry. The AI Screening algorithm combines data-derived renter insights, machine learning techniques, the company’s massive, proprietary database of renter outcomes and consumer financial data to predict a renter’s financial performance over the course of a lease. The model delivers reduction of bad debt and financial loss to owners and operators without negative impact to occupancy or revenue. MyNewPlace: MyNewPlace is a paid lead generation site that helps renters find rental housing options utilizing functionality that includes enhanced photography, 3D floor plans, SEO-enhanced descriptions, and neighborhood information. The company’s acquisition of Lease Rent Options included the Rent Jungle product, which added additional functionality to its lead generation and leasing solutions. Asset Optimization The company’s asset optimization solutions aim to optimize property financial and operational performance and provide comprehensive analytics-based decision support for optimum investment performance throughout the phases of real estate investment (acquisition, operation, renovation, and disposition). These solutions facilitate core asset management, business intelligence, performance benchmarking and investment analysis, including real-time yield management, revenue growth forecasting, key variable sensitivity forecasting, internal operating metric benchmarking and external market benchmarking. Its asset optimization solution category consists of the following primary solutions: Revenue Management, Business Intelligence, and Investment Management. Revenue Management: Revenue Management is the company’s on demand yield management platform. The platform includes real-time statistical models leveraging a repository of lease transaction data to calculate optimal rent for each rental unit, pricing management advisory services, and MPF Research, an apartment market research database. The data coverage and forecasting capabilities of this platform were expanded through its 2017 acquisitions of Axiometrics and Lease Rent Options. Augmenting its data science talent and modeling tools through these acquisitions allows the company’s customers to achieve better harvesting and placement of capital in the rental housing industry. Business Intelligence: Business Intelligence is the company’s on demand business intelligence platform designed to enable property owners and managers to outperform their peers. The company owns Rentlytics, Inc. (Rentlytics) that expands its business intelligence and performance analytics platform to provide owners and operators with normalized data across multiple third-party systems in order to resolve system incompatibility, data accuracy issues and time-to-analysis delays. Business Intelligence functionality includes customized internal reporting at any aggregation level and during any time horizon, simultaneously leveraging operational, financial and marketing data. In addition, the platform includes a peer-benchmarking component that leverages a massive repository of lease transaction data for assessing both internal and external market performance metrics, economic tools for revenue forecasting, and key operating variable forecasting. Investment Management (IM): IM is an integrated analytics and visualization platform providing stakeholders in the private and public capital markets with increased transparency into their investment portfolios. IM is the integrated platform stemming from the acquisitions of AssetEye in 2016, Hipercept and Investor Management Services in 2019, as well as internal RealPage development efforts. The platform includes five key capabilities, including Asset Investment Management, Asset Management, Asset Modeling, Business Intelligence, and Investor Reporting. These five capabilities are anchored by a common global data warehouse that leverages a unified data structure to align stakeholders in the investment ecosystem to collect, share, analyze, and report on performance of the investment, portfolio, and asset. Professional Services The company’s consulting and implementation methodology leverages the nature of its on demand software architecture, the industry-specific expertise of its professional services employees, and the design of its platform to simplify and expedite the implementation process. Its consulting and implementation services include project and application management procedures, business process evaluation, business model development and data conversion. The company’s consulting teams work with customers to facilitate the smooth transition and operation of its solutions. The company offers training programs for training administrators and onsite property managers on the use of its solutions. Training options include regularly hosted classroom and online instruction (through its online learning courseware), as well as online webinars. The company’s clients could integrate their own training content with its content to deliver an integrated and customized training program for their on-site property managers. On Demand Delivery Infrastructure The company’s IT infrastructure operates four redundant 40 GBPS dedicated fiber links connecting data centers containing various servers and multiple storage area networks. This architecture makes it possible to expand the data center incrementally with little or no disruption as more users or additional applications are added. With approximately 8,500 virtual servers, 835 physical servers and 16.8 petabytes of data storage, the company utilizes this infrastructure and repository of lease transaction data to power its platform of solutions. Its infrastructure is based on an open architecture that enables end users and third-party applications to access its suite of property management-based software-as-a-service (SAAS) hosted applications through its public and private web services, web applications and application program interfaces. Billions of web transactions are processed per business day through its SAAS offering hosted on this expandable and open architecture based interface. RealPage Support The company’s clients could access its support professionals by phone, web, chat or email for assistance in resolving issues and general questions about its solutions. The company offers two product support options: Standard and Platinum Support. Standard Support includes product support during business hours Monday through Friday. Platinum Support includes the features of Standard Support, with customized engagement that includes a designated senior product support liaison. The company also sponsors the RealPage User Group to facilitate communications between it and its community of users. The company’s support group had a total of 615 employees at December 31, 2020. The RealPage User Group is governed by a steering committee of its clients, which consists of two positions and subcommittee chairs, each representing a RealPage product center or group of product centers. Sales and Marketing The company sells its rental real estate software and services through its direct sales organization. The company organizes its sales force by geographic region, size of its prospective clients, and property type. In addition to new client sales, the company sells additional solutions and consulting services to its existing clients to help them manage their properties as the rental real estate market evolves and competitive conditions change. Strategy The key elements of the company's strategy are to acquire new clients; increase the adoption of the RealPage platform; add new features and functionality to its real estate industry platform; and pursue acquisitions of complementary businesses, products, and technologies. Clients The company’s clients include REITs, property management companies, fee managers, regionally based owner operators, vacation property owners, and service providers. As of December 31, 2020, the company had approximately 31,700 clients who used one or more of its on demand software solutions to help manage the operations of approximately 19.7 million rental real estate units. Its clients include each of the ten largest multifamily property management companies in the United States, ranked as of January 1, 2020 by the NMHC, based on number of units managed. Competition The company competitors include Yardi, Inc., Entrata, Inc., MRI Software LLC, AppFolio, Inc., and CoStar Group, Inc. History RealPage, Inc. was founded in 1998. The company was incorporated in 2003.