RealPage Strengths, Domain Expertise, and Key Differentiators
RealPage, Inc. is a provider of technology to the real estate industry, helping owners, managers and investors. The Company's property management solutions are referred to as Enterprise Resource Planning systems. Its on demand platform provides a single point of access and a repository of real-time lease transaction data, including prospect, renter and property data. Its platform consists of four primary categories of solutions: Property Management, Lease Management, Resident Services and Asset Optimization. These solutions provide complementary asset performance and investment decision support; risk mitigation, billing and utility management; resident engagement, spend management, operations and facilities management, and lead generation and lease management capabilities that collectively enable its clients to manage all the stages of the renter life cycle. In addition, its open architecture allows third-party applications to access its solutions using its RealPage Exchange platform.
RealPage Recent Developments
In July 2021, RealPage has launched a new prepaid Mastercard debit card solution designed to modernize the funds distribution systems within the real estate industry. This first-to-market service will transform the way properties provide refunds, reimbursements and incentives or rewards to their residents, while reducing operating costs and addressing obstacles around cumbersome and expensive paper-based payments practices.
Identity fraud is a pervasive issue, and the problem has accelerated in recent years. Therefore RealPage has launched Identity Verification, in June 2021. RealPage IDV is the industry’s first comprehensive solution designed to prevent fraud at multiple touchpoints across the leasing and payments process, saving property management operators over $30 per unit per year.
2020 is the year of innovations for RealPage. In July 2020, RealPage released the general availability of Online Vendor Payments automating the entire vendor payment process from procurement to purchase order, invoice processing and payment. Online Vendor Payments, which is part of the RealPage Accounting and Financial Suite, enables property management companies to easily reduce expenses and eliminate 100% of paper checks and other manual processes that can lead to errors and slow down the procurement lifecycle. It also lowers risk and increases ROI, all while providing complete visibility into payments status real-time.
RealPage Online Vendor Payments incorporates the AvidXchange network of over 680,000 suppliers processing $140 billion in vendor transactions in 2019 and integrates with RealPage Accounting and Spend Management, allowing users to track and manage expenses from a single platform.
In May 2020, RealPage has added an AI chatbot to its 24/7 Virtual Leasing Office. The chatbot, part of RealPage Contact Center 3.0, is designed to provide an additional communication option to customers who are working with limited or reduced onsite staffing without compromising the quality of their customer service or missing incoming leads. RealPage’s chatbot includes Augmented Intelligence, delivering the highest quality AI by automatically warm-transferring a prospect to a live Contact Center agent if the request is outside the chatbot’s scope of support. Prospects also have the option to request a live agent at any time.
In February 2020, RealPage has launched AI Revenue Management, a multi-dimensional revenue optimization solution that executes across price, demand, credit and workforce to increase revenues. Early adopters in its beta program are generating 100-200 bps of incremental yield. AI Revenue Management is designed to drive incremental yield through:
Demand Optimization – sending demand triggers to stimulate more leads just when they are needed by bedroom type
Credit Optimization – modulating credit acceptance criteria based on the imbalance of an asset’s supply and demand
Amenity Optimization – for the first time, using statistical analysis of internal and external benchmarks of amenity pricing and unit level days on markets to improve revenue through reduced average vacant days and maximized pricing opportunities
Workforce Optimization – leverages a bedroom type level exposure signal that prioritizes leads where there is overexposure, identifying the leads with the highest impact to revenue
Rent Control – maximizing new lease pricing is more critical than ever in a rent controlled environment. Through a service compatible with both YieldStar and LRO, RealPage provides optimized pricing in adherence with current legislation
Performance Advisors who execute across all four pillars of revenue
With additional capabilities expected to be released throughout 2020, AI Revenue Management capitalizes on the foundation of industry leaders YieldStar and LRO and leverages RealPage’s data platform to provide an AI engine that sends optimized signals to execute dynamic marketing spend, modulate credit criteria, and optimize leasing agent focus.
At the beginning of 2020, RealPage has launched its enhanced Contact Center 3.0, which combines AI technology, live agent services, marketing and data analysis to support lead to lease conversion. The solution transforms a prospect’s leasing experience with continuous engagement and personalized attention that helps them choose the best community to live in.
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RealPage Mergers and Acquisitions (M&A) Activities
In April 2021, Thoma Bravo has acquired RealPage for approximately $10.2 billion. With the completion of the acquisition, RealPage becomes a privately-held company, and its common stock ceased trading and will no longer be listed on the Nasdaq stock exchange.
In January 2021, RealPage has acquired WhiteSky Communications, and entered into deffnitive agreement to buy G5 Search Marketing one month later, in the same year.
At the beginning of 2020, RealPage has acquired Modern Message, Inc., the multifamily real estate industry’s leading resident engagement solution. Modern Message has seen rapid adoption of its platform by over half the property management companies in the NMHC Top 50. Modern Message’s flagship resident engagement platform, Community Rewards, builds meaningful engagement through a fully mobile UI that is motivating, rewarding, fun and interactive for property residents. Higher engagement leads to greater resident loyalty and referrals, which boosts property reputation and value.
In December 2019, RealPage has acquired Investor Management Services, LLC (“IMS”). IMS provides an Investor Relationship Management (IRM) platform with an investor dashboard, an investor portal to manage investor relations, and a comprehensive waterfall engine for distributions. The combination of IMS with the RealPage AIM platform will service nearly 600 general partners supporting nearly 90,000 limited partners. Upon completion of the acquisition, RealPage plans to incorporate IMS into AIM and market a fully integrated asset & investment management platform (RealPage AIM) to drive improved return on investment by providing 360 degree data visualization, performance monitoring, benchmarking and valuations across the entire investment lifecycle.
In November 2019, RealPage has purchased Buildium, a property management provider, for $580 million. The acquisition, which is one of at least seven RealPage made since the start of 2017, is part of the company’s efforts to target different parts of the real estate market — smaller multifamily, single-family, HOA and Condo associations as well as commercial properties. Buildium currently manages around two million residential units and serves more than 17,000 customers in more than 50 countries.
At the end of July 2019, RealPage has acquired the assets of Simple Bills Corporation, an innovative utility management service dedicated to the student housing market. SimpleBills currently provides utility services to over 125,000 students in the U.S. SimpleBills’ unique solution vastly simplifies utility management for both properties and students. The company bills and collects from residents directly, offering significant time savings to properties. Site staff can avoid tedious billing tasks to focus on other operations.
In June 2019 RealPage has acquired substantially all of the assets of CRE Global Enterprises, LLC, a holding company for Hipercept. Hipercept provides data services and data analytics solutions to institutional real estate owners with over $500 billion in assets under management operating in the US, Asia, Canada, and Europe, addressing the incredibly complex problem of aggregating, reporting and benchmarking real estate across multiple asset classes, property management platforms and external data sources.
RealPage Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying RealPage applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of RealPage and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified OneSite, Propertyware, Buildium, RealPage Financial Services, Kigo, Spend Management Solutions, SmartSource IT, EasyLMS customers.
RealPage Overview
Ownership: - Thoma Bravo
Number of Employees: 7000
Functional Markets: Analytics and BI, Content Management, CRM, ERP Financial, ERP Services and Operations Management, HCM, PPM, Procurement,
Key Verticals: Real Estate,
RealPage Key Enterprise and Cloud Applications
OneSite, Propertyware, Buildium, RealPage Financial Services, Kigo, Spend Management Solutions, SmartSource IT, EasyLMS
RealPage Revenues, $M:
| Type/Year | 2020 | 2021 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
RealPage Revenue Breakdown By Type, $M:
| Type | License | Prof. Services | Hardware | Support & Maintenance | SaaS | PaaS | IaaS | Other (Non Enterprise Application Revenues) | Total |
|---|---|---|---|---|---|---|---|---|---|
| % of Total Revenues | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | 100% |
| Revenues, $M | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe |
RealPage Enterprise Applications Revenues By Functional Markets, $M:
RealPage Enterprise Applications Revenues By Verticals, $M:
RealPage Revenues By Region, $M
| Region | % of Total Revenues | 2021 Total Revenues, $M | 2021 Enterprise Applications Revenues, $M | 2021 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
RealPage Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
RealPage Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified RealPage Customers
No. of RealPage Customers: 29800
No. of RealPage Enterprise Applications Customers: 29800
No. of RealPage Cloud Customers: x
No. of RealPage Cloud Subscribers: x
RealPage serves to more than 29800 clients worldwide from offices in North America, Europe, and Asia. They are devoted to developing long-term client relationships and working closely with them to configure the solutions to meet the evolving needs of the rental real estate industry. Their client list includes: REITs, leading property management companies, fee managers, regionally-based owner-operators, vacation property owners, and service providers. Among them are: Ambling Companies, Brookdale, Pacific West Management, Columbia Property Management, Patrician Military Housing, Yarco, Nolan, WestCorp and many others.
RealPage Market Opportunities, M&A and Geo Expansions
The total addressable market (TAM) for RealPage current portfolio of data analytics and on demand software solutions is approximately $18.9 billion across approximately 64.6 million units.
RealPage made a significant change in leadership and appointed Dana Jones as Chief Executive Officer, in June 2021. As a seasoned executive with a successful track record of transforming enterprise software companies into innovative market leaders, plus her deep understanding of RealPage from her work as a Board member, Dana is the perfect choice to lead RealPage through its next phase of growth.
Being acquired by Thoma Bravo opens a new chapter in the RealPage journey. RealPage technology has revolutionized digital transformation in the real estate industry. As Thoma Bravo brings significant expertise from its deep experience with software companies, RealPage believes that together they will continue to create value for their customers, employees, and partners. They see an opportunity in this acquisition and believe that it can accelerate RealPage’s momentum as it innovates on behalf of its customers.
RealPage Risks and Challenges
Integration of the latest acquisitions and multiple product suits under one umbrella will be a challenge for RealPage.
RealPage Ecosystem, Partners, Resellers and SI
In June 2021, RealPage has made a partnership exclusively with Airbnb to launch its apartment home sharing solution Migo, which will make it easier for residents and apartment owners to share their space on Airbnb and benefit from home-sharing.
RealPage sells its rental real estate software and services mostly through its direct sales organization.
RealPage tends to maintain relationships with a variety of technology vendors and service providers to enhance the capabilities of our integrated platform of solutions. This approach allows them to expand their platform and client base and to enter new markets. RealPage has two types of strategic relationship and that are: Technology Vendors,whose products they integrate into their platform or offer to complement our solutions, and Service Providers. Service providers offer complementary services that integrate into their platform and address key requirements of rental property owners and managers, including credit card and ACH services, transaction processing capabilities, and insurance underwriting services.
RealPage Cloud Infrastructure Insights
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- RealPage Public Cloud and Infrastructure (IaaS)
- RealPage Platform (PaaS)
- RealPage Application Delivery
- RealPage Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
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