RealPage to Acquire Knock to Provide Core Centralized Leasing

Real estate software firm RealPage on Sept. 30 announced a definitive agreement to acquire Knock CRM, giving its property management platform highly reputable centralized leasing functionality, according to Dana Jones, CEO of RealPage.

Knock CRM is a leading provider of customer relationship management (CRM) and front office technology software in the multifamily industry.

This strategic acquisition combines Knock’s suite of products with RealPage’s expertise in artificial intelligence (AI), yield management and smart property management solutions.

The transaction is subject to customary closing conditions and is expected to close in the coming days. Financial terms were not disclosed.

The companies announced Sept. 30  that all 182 full-time Knock employees will be retained and that the company, for now, will be called, “Knock, a RealPage company.”

“Acquiring Knock accelerates our strategy to deliver a next-generation front office platform that supports centralized leasing,” Jones said.

“Today’s market conditions are driving property owners and operators to rethink operations to drive efficiency. Together with Knock, RealPage will meet our customers’ needs with a connected platform that enables an AI-driven virtual operating model.”

‘Operating Models are Evolving’

Jones, named CEO 14 months ago, then embarked on a client listening tour.

“I heard from customers that operating models are evolving,” Jones tells GlobeSt.com. “Many property owners and operators are centralizing front office activities to allow their leasing teams to focus on prospects and residents.

“We listened; RealPage is investing to support our customers’ needs, and acquiring Knock accelerates our strategy to enable centralized leasing.”

Prior to this agreement, Knock’s operating system was supported by RealPage. Knock’s API-first platform integrates into any property management system and will maintain this flexibility as it becomes part of RealPage’s open, PMS-agnostic front office platform.

RealPage, Knock Share ‘Identical Vision’

Founded in 2014, Knock has scaled its core CRM product to serve millions of apartment units across North America with an integrated suite of front-office technology, providing multifamily owners and operators the capabilities they need to acquire and retain residents more profitably, according to a joint company release.

Demetri Themelis, CEO and co-founder of Knock, said in prepared remarks, “RealPage and Knock share an identical vision for a truly connected and intelligent front office. Together we will realize this vision faster, and the combination will enable us to go even further on our commitment to delivering both the technology and customer service our customers need to offer a best-in-class prospect-to-resident experience.”

Jones added in prepared remarks, “This is as much about the team as it is the technology. There’s a reason Knock has such a tremendous reputation in multifamily. We’re excited to begin working together as one team to drive greater value and the best possible experience for our customers.”

Knock has raised $47 million in venture capital and recently hit the milestone of having a customer base of 2,000,000 units.