A European proptech company is entering the United States to help multifamily and single-family owner-operators and property managers improve work flows as well as provide better resident experiences.
Plentific, a fully integrated, real-time property operations system, provides an end-to-end property solution, including tracking, executing, inspecting, and invoicing for repairs, renovations, and unit turns.
It has over 1 million multifamily housing units on its platform in the United Kingdom and Germany. According to the company, its U.K. landlords utilizing the platform have reported a 54% decrease in turn time maintenance and a 3.5% increase in annual rental income.
“Plentific addresses the biggest pain points, such as apartment turn times, that property managers face in an intuitive, real-time platform,” says co-founder and CEO Cem Savas. “We’re excited to help U.S. multifamily owners reap the benefits that owners across Europe have embraced.”
According to the company, Plentific integrates with existing property management technology platforms, such as Yardi and MRI Software, to manage everything from work orders and inspections to invoices and resident communications. It has a marketplace that offers a robust selection of vetted contractors, such as plumbers and electricians, to help owner-operators and property managers expand their supply chains. In addition, the dashboard helps users make real-time decisions to streamline the process of hiring and paying contractors, completing inspections, and resolving issues.
Savas says the time is right for the U.S. launch, noting that the industry’s pain points here are similar to those in Germany and the U.K.
“What’s really interesting for us is we’re building a new operating model in a way—redefining how a workflow should really function from a technology perspective and underlining that by looking at data in real time,” he says.
Plentific has worked with pilot clients in the U.S. on both the owner-operator and property management sides in New York, San Francisco, and the Midwest. One early adopter is Income Property Specialists (IPS), a third-party property management company in the San Francisco Bay Area. The firm is implementing the platform throughout the 2,500 units that it manages.
“Since I began in the property industry over 40 years ago, many technologies have emerged that have helped us operate more efficiently, increasing net operating income for our clients,” says Robert Salwasser, president of IPS. “Yet, until now, we still had gaps in viewing and managing operations across our business. Plentific solves an industrywide issue, and IPS is proud to be at the forefront of the sector’s technology transformation.”
According to Savas, his goals for this year are to add 10 to 15 enterprise clients, to scale in the New York and San Francisco metros where Plentific already has clients, and to gain access into one more metro area.
“That’s the goal for this year to get to those numbers and then next year scale up the team and client base,” he says.