RealPage Launches eCommerce Platform, Closes Acquisition of Buildium
RealPage has delivered the industry’s first eCommerce platform for residents via its ActiveBuilding resident portal solution. It was designed to enhance the resident experience and drive incremental yield from amenities, spaces, services and events. A redesigned, custom-branded mobile app allows residents to make purchases and manage apartment-related needs.
Residents can reserve and pay for amenities, spaces and events directly, including parking, guest suites, self-storage, clubhouses, conference rooms, yoga classes, cleaners, childcare, dog walkers and more. Property management companies earn income from assets they already have and through third-party service providers. So far, clients have monetized 25 different amenities and rentables, with guest suites and parking generating the most incremental revenue with one client reporting over $150 per unit per year in revenue lift.
Property management companies can build their brand by custom-branding the app with a property’s logo, color palette and photography. This also makes it easy to provide a community’s branded resident portal to residents. Residents simply enter their community name in the app store and the custom-branded app will appear.
Residents can quickly make all reservations and purchases from the app. They can also renew their leases with just a few clicks. Residents were 2-3% more likely to renew, according to beta test results.
The company has also closed its acquisition of Buildium, a SaaS real estate property management solution provider with approximately 2 million units under management in the SMB market segment.
“The SMB market segment represents a tremendous growth opportunity for RealPage,” Steve Winn, CEO and chairman of RealPage, said in a news release. “This is an area where technology is underutilized, and currently served by myriad point products. Buildium in concert with RealPage enables us to reach deeper into that 50 million-unit market, with a best-in-class platform backed by data science.”
Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves more than 18 million units worldwide from offices in North America, Europe and Asia.
