Think Of Your Business as a Tech Firm First

Multifamily property managers need to start thinking of themselves as technology firms first, or they will be left behind. Experts on the Tech Tank panel at Real Share Apartments this week on October 29 and October 30 in Los Angeles are gathering to talk about the important impact that technology is having on the multifamily business—and the impact is big. The panel will include John Helm, managing director at Real Estate Technology Ventures; Michael Beckerman, CEO of CREtech; and Amber Schiada, senior director of research at JLL, and will feature leading tech companies, like Domuso, a payment technology company for the rental industry; SmartRent, a smart home automation for renters and property managers; and CloudKeyz, a company reinventing access management.

“Technology is driving a fundamental shift in commercial real estate, and those who do not keep up will be left behind,” Michael Lightfoot, co-founder and COO of Domuso, tells GlobeSt.com. “Multifamily property management groups need to start thinking of themselves as technology firms first. The role of the property manager will also change with technology, as certain processes related to payments, collections and risk management become automated. As the industry becomes more tech oriented, Domuso will grow along with those trends. Specifically, we see our application becoming more resident facing, including more mobile accessibility and the delivery of more customized point-of-sale financial services for residents.”

Domuso is infusing technology into the rent collection component of commercial real estate—which is integral to all real estate owners. While the company provides a real estate service, it is also a tech company. “Driven by data and technology, Domuso provides new digital payment options that streamline the rent payment experience for residents and improve individual property financial performance,” adds Lightfoot. “Fully integrated with leading accounting systems and property management platforms, Domuso is the only provider to offer alternative credit, digital certified and automated logic-driven payment options.”

Technology is becoming the cornerstone of every day life, and the solution to every day problems. Users of real estate will naturally want to use technology for every day transactions, like rent payments, but these technologies also help to streamline real estate operations and create efficiencies. “As a technologists with roots in multifamily property management, we think about payments differently which allows us to innovate more quickly and creatively,” says Lightfoot. “Our fundamental belief is that technology, not people, should manage rent, and our mission is to do everything we possibly can to help property owners and managers achieve that objective.”

Some examples of Domuso’s products include Online Certified, which eliminates the need for money orders and cashier’s checks. The product gives owners an immediate cash equivalent in certified funds. The company also has an Installment Loan product, which allows residents to finance a month’s rent or the security deposit, but gives immediate payment to the landlord. These are win-win technology solutions for tenants and owners.

Technology is still new to the commercial real estate industry, and while there are many ways that technology is making a meaningful impact, there is still a lot to learn. “We’re dedicated to industry education and sharing our perspective on the future of technology in the multifamily payments industry,” adds Lightfoot. “We think the Tech Tank session can act as a practical forum to educate property owners about how technology can save them millions of dollars by doing the work necessary to go paperless. There is so much room for improvement and we’re excited to share how Domuso is actively creating solutions to move the industry forward.”

For more information on multifamily news, join us at RealShare APARTMENTS in Los Angeles, CA from October 29-30, 2018. This event attracts more than 1,000 of the industry’s top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! This conference is powered by GlobeSt.com, the go-to-source for multifamily news and analysis. To register for RealShare APARTMENTS visit: https://www.eiseverywhere.com/ehome/302312/653773/.