Doug’s Property Management Startup Raises $35.6 Million; Do You Mynd?

Thank you for joining us for another episode of The Property Management Show. Today, we’re talking to Doug Brien, who is the co-founder and CEO of Mynd.co, a property management startup. Before we talk about his innovative new property management platform, there are a few other things you need to know about Doug. First, he’s a former NFL kicker who went to the Super Bowl with the San Francisco 49ers. He also co-founded and led Waypoint Homes, a company managing 17,000 single-family homes in 13 different markets around the U.S. He personally has investment properties, and his entry into the property management business began with his inability to find effective and exceptional management for his own rental investments. Today, we’re talking about Mynd.co and how he’s using the lessons he learned at Waypoint Homes to make the property management industry better. A Property Management Startup Raised $35.6 Million Mynd.co is a venture-backed property management company that raised $35.6 million and has 2,500 units under management. This is significant. There’s a lot of momentum behind Mynd. With more private equity and VC-backed money in the property management industry, acquisitions and consolidations are moving rapidly, changing the landscape of this business. Technology and systems can scale the potential of property management businesses. This is what’s behind Mynd, and it’s not new to Doug and his team. This is what they began at Waypoint. The goal is to create a property management company that can perform at a level high enough to attract institutional capital. There’s a tremendous opportunity to build a 21st century property management platform by using technology to systematize and measure tasks and outcomes. You can’t improve something if you don’t measure it.  Data is the new oil – have you heard this saying yet? People are beginning to realize that data is the most important resource in the real estate business, and especially in property management. The companies that know how to collect it and harness its power can create simpler and more profitable investments for people who want to own rental properties. Property Management Performance Gaps: Lessons Learned One of the major performance gaps in the property management industry is the visibility and use of data, metrics, and reporting. The things that an individual investor wants in a financial package are much different than the things an institutional investor wants. End-of-the month statements are great if you’re looking back at your performance. But, your new investor clients may want real time data. When you can create real time visibility, you can use what’s happening right now to make adjustments and corrections. You can focus on the right things.    Vacancy is a problem for investors of every size. Data has shown that self-showings can make a big difference in lowering your vacancy rate. With smart locks that generate codes for limited periods of time, prospective tenants can see a property immediately. There’s no time to waste with scheduling and coordination. One of the biggest conversion fails is scheduling appointments with agents. With self showing technology, people can be pre-screened and given a code to let themselves into the property. Things move faster this way. The philosophy of Mynd is to meet people where they are and create a seamless experience. A mobile-enabled experience allows people to find an ad, see the property, apply for the home, pay a deposit, and sign a lease. It’s seamless and it’s faster. You rent the property quicker and to a better quality of tenant. These are tenants who are willing to self-serve. That shows you something about a potential resident.  This is not forced. Mynd offers both self-showings and appointment settings with an agent. A competitor of theirs, Progress Residential,