The last time we spoke on Latch, the SaaS company helmed by Ring founder, Jamie Siminoff, the company was in the process of slicing half its workforce in a bid to better align itself for growth. Now, Latch, Inc. is announcing the launch of its property management division, Door Property Management, LLC (DPM).
The company has also acquired the property management arm of The Broadway Company, a technology-based real-estate investment platform, which, according to Latch, will allow the company to collect insights from direct management on a small portfolio of units in the Boston area.
Delivering a twinned portfolio of hardware and software solutions, Latch has primarily worked in the access control space with software integrations that allow it to either act as or integrate with access management services for property managers.
The company also sells several smart sensors and cameras to further round out its access management offerings for MDUs.
Historically, Latch states while speaking on the formation of Door Property Management, LLC, smaller buildings have been much less efficient to operate than larger properties.
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According to Latch, TBC’s longstanding investments in and operations in value-add, small, multifamily properties align with the company’s current focus on generating net operating income (NOI) for customers.
The company even went so far as to brand its latest marketing campaign “Don’t Die, Get NOI,” citing that its suite of products can help owners and operators increase and create operational efficiencies.
“Managing a small portfolio of properties enables us to shorten the product invention timeline and ultimately accelerate our ability to offer more services and technologies that increase NOI,” said Jamie Siminoff, now being called Chief Doorman.
“We believe that by vertically integrating technology and engineering with property management operations, we can reduce the cost of operating a building and deliver products that make residents’ lives better. Boston is the perfect testbed for us with a diverse real estate market with new and old buildings in a range of population densities.
“I am excited for what we can invent and build when we are not only developing and selling the products that make buildings more efficient, but also fully integrating them into the actual management of the buildings.”
In other, relevant news, the company is also renaming itself to Door.com.
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