BOSTON & ST. LOUIS – Latch, soon to be Door.com, have announced the launch of its property management division, Door Property Management, LLC (DPM), and the acquisition of the property management business of The Broadway Company (TBC).Latch’s acquisition will enable DPM to collect insights from direct management on a small portfolio of units in the Boston area, the company said. Latch stated that this strategic acquisition represents an opportunity for them to operate the entire property stack from physical management to advanced technology solutions and enables Latch to gain hands-on experience in property management to further refine and optimize its products and services.“Managing a small portfolio of properties enables us to shorten the product invention timeline and ultimately accelerate our ability to offer more services and technologies that increase NOI,” said Ring founder and Latch’s Chief Doorman, Jamie Siminoff. “We believe that by vertically integrating technology and engineering with property management operations, we can reduce the cost of operating a building and deliver products that make residents’ lives better. Boston is the perfect testbed for us with a diverse real estate market with new and old buildings in a range of population densities. I am excited for what we can invent and build when we are not only developing and selling the products that make buildings more efficient, but also fully integrating them into the actual management of the buildings.”Since its inception, Latch notes that TBC has invested in and operated value-add, small, multifamily properties. Latch believes with its focus on generating NOI for customers, as reflected by its recent “Don’t Die, Get NOI” marketing campaign, that its suite of products can help owners and operators increase rent and create operational efficiencies.
