Helping landlords set rents might be its most well-known service, but property management software giant RealPage now counts condo lenders, title agents and escrow officers as clients with the acquisition of Rexera.
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Rexera, a 2024 Inman AI Award winner, has developed customizable AI agents that automate workflows on condo sales by obtaining HOA documents and public records, extracting data and flagging potential issues.
RealPage — perhaps best known for its controversial price-setting algorithms used by landlords to set rent — said it will marry Rexera’s agentic AI capabilities with an HOA platform developed by another one of its subsidiaries, HomeWiseDocs.
The result is “the first nationwide platform capable of delivering real estate transactions and operations services at scale,” RealPage announced Tuesday. Terms of the deal were not disclosed.
The new offering, “will directly address some of the most time-consuming, manual pain points in real estate: HOA document retrieval, lien searches, mortgage payoffs and compliance workflows,” the company said.
Founded in 1998, Richardson, Texas-based RealPage was acquired by private equity firm Thoma Bravo in 2021 in an all-cash deal that valued the company at $10.2 billion.
RealPage then went on an acquisition spree, snapping up G5 Search Marketing Inc., HomeWiseDocs and Knock CRM, a provider of customer relationship management (CRM) and front office technology to multifamily property owners.
RealPage came under scrutiny after a 2022 data analysis by ProPublica suggested landlords might be using the company’s algorithm to collude with each other in setting rents.
That article led to civil lawsuits and a 2024 antitrust complaint against RealPage filed by the U.S. Department of Justice and eight state attorneys general.
The lawsuit, which is ongoing, was amended in January to add six landlords that manage 1.3 million U.S. rental units as defendants.
Attorneys general in 10 states — California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, Tennessee and Washington — are pursuing the complaint.
New Jersey Attorney General Matthew Platkin filed a separate lawsuit against RealPage and 12 property management firms in April, accusing them of colluding in a rent-raising scheme that violated state and federal antitrust and consumer protection laws.
RealPage maintains that its software is designed to comply with the law, and a spokeswoman for the company said Platkin’s suit was “recycling the inaccuracies of predecessor cases to blame RealPage for New Jersey’s housing affordability challenges.”
RealPage has challenged Berkeley, California’s ban on rent-setting algorithms, and might have been spared such battles in the future under the House version of the “Big, Beautiful Bill,” which included provisions that would have prevented state and local governments from regulating artificial intelligence and automated decision systems for 10 years.
Those provisions were stripped from the Senate version of the bill, leaving states and localities free to continue regulating AI systems, attorneys Guy Brenner and Jonathan Slowik of the law firm Proskauer Rose LLP wrote this month.
Colorado, Illinois and New York City already have laws on the books regulating the use of AI, and similar legislation is under consideration “in several other states,” Brenner and Slowik said.
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