Initial portion of investment will power
advancements in Smart Operations Solutions
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.
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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.
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version on businesswire.com: https://www.businesswire.com/news/home/20241216532452/en/
Media Contact Amanda Chavez - Vice President, Marketing
and Communications media@smartrent.com
Investor Contact Kelly Reisdorf - Head of Investor
Relations investors@smartrent.com
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