Lucas Haldeman, Founder and CEO
Smart home tech has made life a lot simpler for homeowners. Voice assistants like Alexa and Google Home are among the most popular smart home devices in the market today, but they are merely the tip of the iceberg. The way electronic devices interact with each other and transform our lives is increasing at a rapid pace. Technology innovations like the Internet of Things (IoT) can turn a regular home into a smart home and have become increasingly affordable in recent years. From streaming services to HVAC to security, the future of smart homes is based on seamless integration. While several companies provide home automation solutions, one startup stands out with products aimed at maximizing efficiency, increasing convenience, overseeing asset protection, and more.
Arizona-based SmartRent is an enterprise smart home automation company that develops software and hardware to empower property owners, managers, and home builders to effectively manage, protect, and automate daily operational processes. The company's products are designed to provide property managers seamless visibility and control over all assets while delivering additional revenue opportunities through all-in-one home control apps for residents. SmartRent offers a range of home automation solutions such as Access Control, Asset Protection, Connected Communities, Community WiFi, parking Management, Self Guided Tours, and more.
A Major Milestones Along the Way: SmartRent Goes Public
On April 26, 2021, SmartRent went public and registered itself at the National Association of Securities Dealers Automated Quotations (NASDAQ) via a $2.2 billion merger with a proptech-focused special purpose acquisition company (SPAC), Fifth Wall Acquisition Corp. I (NASDAQ:FWAA). On August 6, the Securities and Exchange Commission (SEC) declared effective the Registration Statement on Form S-4 (Registration Statement) filed with the SEC in connection with SmartRent's business combination with Fifth Wall Acquisition Corp. I. "The SmartRent team is thrilled to have crossed a critical threshold in our journey to becoming a publicly-traded company, and look forward to successfully completing the proposed business combination with FWAA," says Lucas Haldeman, Founder and CEO of SmartRent. The declaration of effectiveness by the SEC and the filing of the definitive proxy statement is an essential step in SmartRent becoming a publicly-traded company, with the goal of being listed on the New York Stock Exchange (NYSE) under the symbol "SMRT" at the close of the transaction.
Integrating Self-Guided Tours with Knock
In November 2020, SmartRent announced the integration of its Self-Guided Tours with Knock, an intelligent front office platform that includes industry-leading CRM and analytics technology. This new integration has transformed the prospect experience by combining the automation of Knock's self-scheduling technology with SmartRent's Self-Guided Tours technology. Renters can easily schedule self-guided tours from any source, which are seamlessly captured by Knock's platform to enable better tracking of the prospect journey. This enables apartment operators to use critical, accurate, and real-time records of self-guided tours to provide relevant follow-ups, delivering a seamless customer experience.
In December, SmartRent announced its partnership with Funnel CRM to enable communities to better follow up with prospects after a self-guided tour. Funnel increases conversion rates by automating manual processes and providing an easy, instant, and modern leasing experience. This partnership will allow the companies' systems to sync prospect data from our Self-Guided Tours solution and enable communities that use Funnel to manage and automate messaging from one platform.
Fueling Market Growth with Product Expansion
Last month, SmartRent unveiled its in-house intercom offering. The new Smart Intercom can be installed on any building entry point, such as lobby doors or perimeter gates. To further expand its access control offerings, the company also announced the launch of Alloy Access Solo, a single door access control solution that can be retrofitted on virtually any door or perimeter gate using WiFi or cellular connectivity. Through its intercom combined with access control, self-guided tours, and enterprise smart home technology, SmartRent is poised to lead the industry in transforming apartments into connected communities.
Smart Intercom provides SmartRent-enabled properties with an additional layer of security and accessibility to the broader apartment community. Visitors can use the device for two-way communication with residents or staff, who can unlock the door or entryway directly from their mobile device while on call. The device also accepts credentials like pin codes, making access frictionless for guests, vendors, and deliveries. While the intercom can be deployed as a standalone product, its integration with the rest of SmartRent's product suite creates the most seamless and connected access control experience on the market.
SmartRent's Alloy Access – a standalone perimeter and common area access control solution, now incorporates Solo technology and brings it into the cloud. The Solo device decentralizes access control, which is imperative for apartment communities using self-guided touring. The integration provides a seamless transition from legacy credentials to more mobile technology. In January, the company announced its new smart parking management system, Alloy Parking, introducing new features that leverage the latest IoT technology to streamline the parking space management process for multifamily site teams while increasing revenue by monetizing underutilized spaces. "Alloy Parking modernizes the parking model in a time when both residents and property owners want smarter solutions. We saw the need for a seamless software interface that reacts to parking needs in real time, making the parking experience frictionless for residents and flexible for managers," says Haldeman.
For a recently founded company, SmartRent boasts an impressive track record and accolades. Before SmartRent's launch, the co-founders built a similar home automation platform for single-family rentals that was successfully launched in over 25,000 homes spanning across 15 states. Through this platform, they were able to test the performance of many different types of IoT devices and perfect the platform to handle the concept of dual smart home management properly. After years of platform iterations and a lot of innovation, SmartRent has been able to expand product offerings, platform integrations, hardware partners as well as the industries it serves.