OAKLAND, CA--(Marketwired - Oct 25, 2016) - Today, Mynd, a simpler and more transparent way to manage rental properties, announced it secured $5.5 million in Series A funding, led by Canaan Partners, and the opening of its service to investors with rental units in the San Francisco Bay Area. Mynd provides full-service property management for residential buildings 50 units and smaller. Mynd's technology-based approach to property management brings a new level of efficiency to the industry, by combining technology and on the ground local experts.
"Property management is a $55 billion industry that's overdue for a resurgence," said Rich Boyle, venture partner at Canaan Partners. "The team behind Mynd knows the industry well both from personal success in real estate investing and professional experience creating solutions that solve common property management pain points."
The founders of Mynd, Doug Brien and Colin Wiel, are experts in the technology and operations needed to be successful in the single-family rental industry. Prior to Mynd, they co-founded Waypoint Homes, the first property management company to deploy technology at scale, where they oversaw 17,000 properties and 550 employees. With Mynd, they are bringing this approach from Wall Street to Main Street, with the intent of building a national property management company for individual investors.
"Mynd's combination of technology and people has proven to increase profits for property owners by 5-10 percent, on average," said Mynd co-founder Colin Wiel. "As real estate investors ourselves, Doug and I know first-hand how difficult it is for residential real estate investors to scale in quantity and across regions. We created Mynd to make their growth virtually limitless."
There are abundant benefits to Mynd's method of integrating deeper technology into property management by way of electronic communications, easily accessible data, real-time systems and dashboards, and mobile-based leasing and task management:
- Improved efficiency means lower management fees than the industry average
- Decreased maintenance spend through dedicated vendors, volume discounts, pricing data, scoping and quality check process
- Minimized vacancy and maximum revenue through leveraging data-informed rent setting, self-showings, other income opportunities and a mobile-based leasing and screening process
- Guaranteed compliance with local regulations
"The property management industry has traditionally been difficult to scale, limited by high-touch interactions and transactions," said Mynd co-founder Doug Brien. "Through our mobile-first approach -- and the Mynd app -- we're transforming the property management industry. Investors now have a more efficient and profitable approach to property management with a full view into operating performance metrics."
Mynd is a simpler, more profitable way to own and profit from rental properties. It provides a way to manage properties with unparalleled transparency that delivers an increased return on investment, and peace of mind. The duo behind the company, Doug Brien and Colin Wiel, are industry leaders with a proven track record in real estate technology and operations as former co-founders of Waypoint Homes. To learn more or be notified when Mynd expands to more markets, please visit www.Mynd.co.