“The macroeconomic environment is pushing institutional capital towards multi-family real estate at an accelerated rate”, Vik chawla, a partner in Fifth Wall’s real estate technology investment team, said in the announcement.
Amid the pandemic, virtual rental and digital property management have exploded in popularity, both as a way to practice safe social distancing measures, and as a way for buyers and tenants to make significant changes in their lives. life – leaving cities behind and replacing them with houses that offer more space and a place to preserve their health and wellbeing.
One year after the start of the pandemic shows the difference: as Americans migrate, rents in suburban areas are on the rise, while large cities hit hard by the coronavirus, such as New York and San Francisco, are seeing their rents drop.
Knock provides bundled CRM and performance management to multi-family property management companies, according to the announcement. The company will use the funding to expand services such as its virtual and self-guided tour capability, candidate selection and hire, smart forecasting, centralized sales and hire management, fraud prevention and communications. by artificial intelligence (AI).
Knock also plans to allow its customers to manage more units with automated workflows in its rental technology, the statement said.
“[Knock’s] The platform optimizes the entire tenant relationship – from marketing to retention – and serves as a workforce management solution for training and productivity monitoring, ”Chawla said in the press release.
Even before the pandemic, digital property management was on the rise; Integrated platforms give owners the ability to capture all the moving parts of the rental business in one tool. In the 2020s, PYMNTS previously reported, “there will be more such efforts in the global rental space.”
The funding round brings the company’s total fundraising to $ 47 million. Other investors include Second Avenue Partners, Lead Edge Capital, Madrona Venture Group and Seven Peaks Ventures.
Knock has more than 1.5 million homes on its platform, according to the press release, and plans to expand its teams.