Property Vista Grows and Expands Property Management Capabilities | RENX
When Leonard Drimmer was CEO of TransGlobe Property Management – predecessor of Starlight Investments – he was not satisfied with the property management software systems of the time. These platforms dealt mainly with accounting and he wanted more.
So he founded View of the property in 2011 to deal with all aspects of the apartment rental process.
Property Vista is a software solution that integrates the tools property managers need to effectively oversee their properties and improve the tenant experience, from potential tenant inquiries to moving inspections, and everything in between.
“Our big focus, and where we really shine, is in the multires,” Drimmer told RENX in an interview that also included Richard Robins, Experience Director of Property Vista.
Apartments make up the biggest part of Property Vista’s business and it also wants to get more involved in housing for students and seniors. A few owners of offices and industrial buildings also use the intuitive cloud-based platform.
Drimmer said eight of the top 10 property managers in Canada, by number of units, use Property Vista. Its partnership with Starlight has enabled it to add approximately 27,000 housing units to its platform after Starlight and KingSett Capitalthe acquisition of Northview REIT for $ 4.9 billion last November.
Sixty people work for Property Vista today, compared to 15 a few years ago.
Yardi is the company’s biggest competitor in Canada, but Drimmer said the companies have a good working relationship. He noted that other small businesses are involved in various aspects of property management technology, but said they don’t offer complete solutions like Property Vista.
What Vista does with the property
“We really want to create value for the owners of the asset and do it by connecting everything in it, inside and out, to create a better experience,” said Drimmer.
Property Vista allows property owners and managers to fill vacant homes with an Internet listing service, marketing software tools and customizable and flexible website templates. They can then select potential tenants and support successful candidates throughout the rental process.
The system will also handle evictions, if necessary, at the other end of the cycle.
Property Vista’s tenant portal connects residents with property managers, staff and landlords via email, text, and phone to communicate, make rent payments and maintenance requests, purchase tenant insurance and stay in the know of what is happening on the property.
The Toronto-based company’s maintenance and inspections module provides an end-to-end solution, from managing maintenance requests to generating purchase and work orders to mobile inspections.
Property Vista’s accounting software allows managers and accountants to manage rent payments, purchase orders, accounts receivable and payable, property valuation and reports.
Recently acquired Vista property LeadManagement, a platform for real-time communication and follow-up of prospects. The technology is based on integrated communications technologies and measurable metrics, enabling property management companies to capture, convert and visualize residential rental activity.
The purchase price of the company, located in the city of Cambridge in the Greater Toronto Area, has not been disclosed.
“This acquisition represents the continued execution of our growth strategy and our commitment to our customers,” said Robins. “We can digitally transform the way property management companies interact and understand their prospects and tenants to deliver powerful data-driven insights throughout the rental cycle.
“LeadManaging makes the Property Vista solution stronger than ever, a game-changing game that enables our clients to accelerate innovation in every part of their business. “
Revenue, funding and growth
The company has a software-as-a-service business model and offers three levels of packages that provide different levels of service. Property Vista’s Essential plan costs $ 1.40 per unit per month and the Premium plan costs $ 2.20 per unit per month.
There is a minimum monthly charge of $ 250 for Essential and $ 400 for Premium.
Those interested in the highest level can contact the company about the Enterprise package.
Property Vista also secured $ 3.8 million in financing from Capital of firepower and National bank of CanadaTechnology and Innovation Banking Group in April to support continued customer growth, talent acquisition and product development efforts.
“We have added significant product improvements every year for the past 10 years,” said Drimmer. “We are now making a bigger push into the US market and are looking at expanding the UK market as well.”