Entrata proptech firm establishes Canadian presence | RENX
EntrataThe only Canadian employee of joined the company less than three months ago, but the Utah-based property management software provider has big plans for international growth.
Entrata was born in 2003 after its founders won a business plan competition at Brigham Young University for a cloud-based property management system.
âHowever, as we went into the market, we discovered that there were niches that weren’t being addressed,â President and COO Chase Harrington told RENX. âThe main thing was the ability to pay your rent online and log in to fill out applications, connect with the community and that sort of thing.
âSo the business really pivoted and when we went into the market that was our focus. We have become the largest provider of real estate payment portals in the United States.
The business has grown to the point where it now processes over $ 20 billion (all figures in US dollars) per year in rent payments, mostly for the multi-family asset class.
Extension of original services
Entrata also reverted to its original business plan of providing a property management system and a complete platform for all real estate operations in 2010. Its single sign-on, open access platform serves over 20,000 communities. of apartments across the United States.
The app offers more than 50 products on a global cloud-based platform, which allows it to provide a wide variety of online tools including websites, mobile apps, payments, signing of leases , accounting, utility management, insurance and resident management.
Entrata claims to be the fastest growing real estate software company with over $ 200 million in annual recurring revenue and over 2,100 employees. It is expected to add hundreds of employees in 2021 alone.
Entrata announced on July 7 that it had raised $ 507 million from various investors in its first institutional fundraiser since the company was founded.
The infusion will allow the company to more than double its spending on research and development in the years to come, to expand internationally, to invest in staff and to improve the efficiency of the customer experience. .
Entrata has moved to Canada, Mexico, Ireland, UK and Spain, and is working to expand into other markets including Chile, Brazil, Australia and Japan. It has an office in the Netherlands as European headquarters and a development office in India.
The Canadian expansion of Entrata
Shannon Hylton joined Entrata as Regional Vice President of Sales for Canada in early June after holding property management roles for BentallGreenOak, but Harrington said the company had been working on expanding into Canada for about a year.
âAbove all, we wanted to ensure that we understood the operations and needs of the Canadian market as well as to localize the system, in particular to be able to offer it in French and in English.
Yardi is the dominant provider of similar services in Canada and Harrington believes the market is ripe for a viable alternative.
Hylton told RENX that she is in the prospecting and communication stage and cannot name any Canadian clients other than the student housing provider. University communities.
âI will be building links in Canada and hope to attract Canadian businesses to the platform,â Hylton said. âI’m going to spread the word and promote Entrata and what it has to offer, and I hope it will be as successful in Canada as it has been in the United States and other countries.
Entrata has a small office in Toronto, but Hylton is primarily working from home at this point and will travel to Canada when needed. The plan is to establish a presence in Toronto, increase market share, and then add more people and offices in Canada.
âThe Canadian real estate industry is going to hear and see a lot of the Entrata name over the next few months,â said Hylton.
Entrata’s future growth
Entrata can service multi-family housing, student and senior housing, and commercial buildings, and has certain capabilities to work with short-term rentals in the multi-family sector.
It primarily serves office and retail users as part of mixed-use buildings with a multi-family component, but Harrington said the company is increasing its presence in office and retail buildings.
Harrington said he was delighted with the focus on proptech and the increased adoption of technology in the real estate industry in recent years. He thinks Entrata is a leader in space.
âWe are constantly releasing and releasing new products and services for the proptech industry. Finally, we are witnessing a breakthrough in an industry that historically has not adopted new technologies quickly enough. We’re starting to see this change and it’s exciting.
Entrata is focused on increasing the use of artificial intelligence and robotic automation in its platform, according to Harrington, who believes it will help users make better business decisions.
EDITOR’S NOTE: This article was edited after publication to update the number of products offered on the platform – the correct figure is “over 50” based on updated information provided by Entrata.