Overview

Founded in 2014, Knock is an innovative and trusted performance management platform in the multifamily industry that empowers property management companies to profitably acquire and retain high-value, long-term residents. Knock offers customer relationship management (CRM) and AI software to streamline tasks involved with leasing processes, such as scheduling, marketing messaging, and task management. 

Knock supercharges the tech stack by solely focusing on revenue-generating tools that help property teams become more efficient, providing multifamily operations executives, marketing directors, and property owners one system-of-record to complete the leasing journey as well as the business levers they need to control leasing results.

Supernova Award Category

Next Generation Customer Experience

The Problem

Having lived in New York, San Francisco and Seattle, Knock’s co-founders Demetri Themelis and Tom Petry knew first-hand how outdated and inefficient leasing processes could be from the renter’s perspective. However, little did they know, the problem was just as bad from the perspective of property managers and leasing teams across the country. 

Especially in big, concentrated cities like New York, it’s no wonder property managers and their teams became overwhelmed with answering thousands of email inquiries one by one, conducting each tour in person, and somehow finding the time to follow up. 

Property managers and leasing teams lacked efficient operations and means of communication for faster response times and higher conversion rates, as well as organizational tools to manage and delegate tasks among leasing teams – both issues that Demetri and Tom knew the right technology and software could solve.

The Solution

Demetri and Tom embarked on a three-month, 10,000 mile tour across the country to ask property managers and leasing teams for their take on the lack of technology being used in the property management industry. 

The duo met with hundreds of property management companies to ask them how they communicate with renters, what the rental journey looks like, and where they could streamline things for the property manager.The main consensus across the country was that property managers knew they had these problems with inefficiencies and providing a less-than-stellar experience for renters, but they just didn’t have any solutions to fix it. 

By listening to property managers and getting to know their problems first-hand with a fully immersive method, Demetri and Tom realized that software with intelligence to automate tasks, streamline operations and lines of communication, as well as provide leasing teams with the data they needed to improve was the ultimate solution.

The results

Before Knock’s CRM software came on the scene, property managers and their teams were plagued with inefficient means of organizing tasks, reaching prospective renters, and maintaining a positive experience for current tenants. 

With Knock’s integrated suite of front office technology, multifamily owners and operators have the solutions they’ve always been looking for all in one place to improve efficiency, maximize NOI, and effortlessly guide renters from lead to lease to retained resident. Knock’s CRM software allows leasing teams to manage their tasks with a gamified leasing experience and have access to critical data points to help measure performance, while keeping high-quality leads in their company’s portfolio and provide prospects more opportunities to lease, all in one dashboard.  

Knock’s CRM software also allows renters to self-schedule tours and communicate with leasing teams across multiple marketing channels, creating a streamlined experience focused on connecting the renter with leasing teams as fast and efficiently as possible. 

Under the leadership of Demetri (CEO), Tom (Co-Founder), Jennifer Haas (CRO) and Manjit Singh (COO), Knock has grown from a startup to a leading innovator in the multifamily space, which has completely revolutionized how leasing teams and managers connect with prospective and current renters, which only shine through in higher revenue and maximized NOI.

Metrics

Knock’s platform and easy to use applications have helped property management companies far and wide across the US since 2014. 

One of its offerings, Knock Tours, is a fully integrated mobile app designed to turbo-charge close rates, protect communities from fraud, and improve leasing accountability, has helped First Communities increase its visit-to-lease rate by 63%. Additionally, Knock Quick Replies, which streamlines prospect communication without losing the personal touch, has helped The Standard at Eastpoint respond to 68% of their leads within the hour and 55% within 30 minutes.

Since implementing Knock’s CRM platform in November 2020, Living Well has seen striking results from implementing a new, automated communications strategy: Tours increased by 28%, approved applications went up by 45%, and their closing ratio improved by 46%. Georgia-based Daris Development also saw major results in their pre-leasing process, as they achieved 45 leases in just 4 weeks of pre-leasing using Knock’s front office SaaS platform. Lastly, from implementing Knock’s Voice App alone, Scott Management saw responsiveness increase 3% and average Engagement Scores increase by 10%.

The Technology

Knock offers two packages designed to help property management and ownership groups gain control over their business levers and drive higher NOI. Knock’s core CRM provides multifamily marketing, leasing, and operations teams the state-of-the-art sales, communications, and business intelligence tools they need to drive portfolio efficiency. Knock Tours is designed to help onsite teams turbocharge application volume and deliver more applications on the spot.

Disruptive Factor

Property management traditionally has been slow to adopt technology, which can be frustrating for prospective renters who are accustomed to digital transactions and interactions. Knock’s platform has enabled leasing teams to adopt multiple tools in a single API interface, helping them become more efficient and effective when communicating with leads.

Shining Moment

Since starting out in 2014 with little funding, Knock has secured a $10 million Series A round in 2018 and $20 million in growth funding in 2021 under the leadership of Demetri, Manjit and the rest of the Knock C-suite. Today, Knock proudly serves millions of units operated by fast growing management organizations in multifamily, and has been named multiple times to the Best Places to Work in Seattle and BuiltIn Seattle’s Best Small Companies to Work For, most recently in 2022.