Latch Unveils New Campaign, ‘Don’t Die, Get NOI,’ Amid Renewed Focus to Generate More Net Operating Income (NOI) for Multi-Family Buildings

Rhea-AI Summary

Latch, Inc., now Door.com, introduced a new suite of smart sensors and IoT products to help monitor buildings and boost NOI. The affordable sensors aim to prevent damage and enhance the resident experience at a reasonable cost.

Insights

Market Research Analyst

With the introduction of a suite of smart sensors and IoT products by Latch, Inc., there is a tangible potential for market expansion and customer base growth. The affordability and ease of installation of these products are poised to disrupt the traditional market for building monitoring systems, which have often been associated with high costs and complex setups. The ability to monitor various aspects of a building's environment, such as temperature, humidity and potential water leaks, can lead to significant cost savings for building owners and operators by preventing damage and reducing maintenance expenses.

The focus on Net Operating Income (NOI) is strategic, as it speaks directly to the financial performance of property investments. By positioning their products as tools to boost NOI, Latch is targeting a key metric that resonates with their customer base. A higher NOI can result in increased property values and attract potential investors, indicating a positive impact on the stock market for companies with real estate portfolios.

The projected five-year battery life and quarter-mile coverage of the Field Station suggest a low maintenance and high reliability value proposition, which could be a decisive factor for customers when choosing Latch's products over competitors'. This long-term reliability may also reflect positively on Latch's brand reputation and customer loyalty.

Financial Analyst

The launch of Latch, Inc.'s new products is expected to contribute to the company's revenue stream, starting as early as Q2 when shipping begins. The pricing strategy, with products like the Latch Leak Detector priced at $15, indicates a competitive entry point that could drive volume sales and market penetration. It is crucial to monitor the adoption rate of these devices, as it will be a key indicator of future revenue projections and stock performance.

Investors should pay close attention to the sales figures following the product launch, as these will provide insights into the market's reception of the new suite. The cost-effectiveness and self-installation feature of these products could lead to a rapid adoption curve, especially in the multi-family buildings segment which has historically been underserved by smart technology due to cost barriers.

Additionally, the 'Don't Die, Get NOI' marketing campaign, coupled with the provision of test kits to potential customers, is a strategic move to drive brand awareness and product trial. If successful, this could result in a positive feedback loop, where increased product usage leads to more data on cost savings and NOI improvements, further convincing prospective customers and investors of the product's value.

Technology Industry Analyst

The integration of smart technology into the real estate sector represents a growing trend known as PropTech (Property Technology). Latch's new IoT suite is a significant addition to this sector, potentially setting a new standard for smart building management. The products' compatibility with existing Latch locks and access control solutions suggests a cohesive ecosystem approach, which is a trend gaining traction in the IoT space.

Moreover, the emphasis on easy-to-use and self-installable devices reflects the industry's move towards user-centric design. This approach not only enhances the user experience but also reduces the need for professional installation services, lowering the overall cost of ownership. As smart home and building technologies continue to evolve, companies like Latch that prioritize affordability and ease of use may gain a competitive edge.

The PropTech industry is also closely watched by investors for its potential to offer innovative solutions that address the operational inefficiencies of the real estate market. Latch's efforts to provide affordable, scalable solutions could attract interest from venture capitalists and institutional investors seeking to capitalize on the digital transformation of real estate management.

The company’s new suite of smart sensors and IoT products is expected to enable customers to easily monitor their buildings and, in turn, boost NOI

ST. LOUIS--(BUSINESS WIRE)-- Latch, Inc., soon to be rebranded to Door.com, today unveiled a new marketing campaign: “Don’t Die, Get NOI.” As part of the campaign, Latch launched a suite of new, affordable smart sensors and IoT products for apartment buildings to enable facilities managers to monitor their buildings from the Latch Manager app. The sensor suite provides an affordable option for building owners and operators to monitor everything from burst pipes to doors left open, and also includes smart thermostats and light switches, as well as temperature, humidity, and motion sensors. All of the sensors work alongside the current suite of Latch locks and access control solutions to help Latch customers generate more NOI.

Latch today unveiled a new marketing campaign: “Don’t Die, Get NOI.” (Photo: Business Wire)

“Our vision is to deliver affordable and easy-to-use products and services that generate NOI for our customers. In the end, what makes technology ‘cool’ is when it can bring a beneficial impact to its users,” said Jamie Siminoff, Chief Doorman. “The costs of monitoring buildings and repairing damage from leaks or other avoidable events are NOI killers for multi-family buildings of all sizes. Without visibility over their properties, it is almost impossible for a building owner to prevent damage and maintain the best experience for residents at a reasonable cost. Until now, sensors and smart devices for multi-unit buildings have largely been cost prohibitive and hard to deploy. We’re excited to bring an accessible, easy to self-install solution to market as we help our customers fulfill our mantra: ‘Don’t Die, Get NOI.’”

The first devices launching today at Latch.com include the Latch Leak Detector ($15), Latch Lasso ($17.50), and Latch Field Station ($15). The Leak Detector and Lasso connect to Latch’s Field Station, which offers up to a quarter mile of coverage and easy installation, meaning building owners no longer need complex and expensive infrastructure to monitor residential units or upgrade them with smart IoT features. With a five-year battery life, the Leak Detector and Lasso, which comes with a water sensing cord for even more coverage area, monitor for water leaks to prevent damage. The new products are expected to begin shipping in Q2, with additional sensors and devices expected to launch later this year.

With this launch, Latch is sending a “Don’t Die, Get NOI” test kit to current and potential customers, including: a Field Station, a Latch Leak Detector, a Latch Lasso, and a can of Liquid Death water to put these products to the test. To request a kit, click here. For sales support and to purchase an IoT bundle, email sales@door.com or Head of Sales, Chris Peckham, at chris@door.com.

About Latch, Inc.

Latch makes spaces better places to live, work, and visit through a system of software, devices, and services. For more information, please visit www.latch.com.

Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “would,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking information includes, but is not limited to, statements regarding: the company’s future products and product releases, performance, and operations, and the related benefits to stockholders, customers, and residents; and the company’s branding and strategy. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including: the company’s ability to implement business plans; installation and implementation of new products by customers; and delays suffered by the company or third parties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Report. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the company’s Annual Report on Form 10-K filed with the SEC on March 1, 2022, and other documents filed by the company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. The company does not give any assurance that it will achieve its expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240213118387/en/

Media Contact:

press@latch.com

Source: Latch, Inc.

FAQ

What new campaign did Latch, Inc., now Door.com, unveil?

Latch, Inc., soon to be rebranded to Door.com, unveiled the marketing campaign 'Don't Die, Get NOI.'

What products were launched as part of the new campaign?

Latch launched a suite of new smart sensors and IoT products, including the Latch Leak Detector, Latch Lasso, and Latch Field Station.

How do the new products help building owners and operators?

The new products provide an affordable option for monitoring buildings, preventing damage from leaks, and upgrading them with smart IoT features.

When are the new products expected to begin shipping?

The new products are expected to begin shipping in Q2, with additional sensors and devices launching later this year.

How can customers request a 'Don't Die, Get NOI' test kit?

Customers can request a test kit by clicking on the provided link in the press release.