Property Management Platform Hemlane Raises $9M Series A – Trade Observer

To meet the property management and leasing needs of the growing cohort of small multi-family buildings and single family rental owners, Hemlane raised a $9 million Series A round, it announced on Tuesday.

Hemlane leverages software, a technology operations team and a local brokerage marketplace to provide owners flexibility in managing their assets from anywhere in the world, according to the company’s funding announcement .

“We basically came to market with a new category in the industry: flexible property management that was enabled remotely,” said Dana Dunford, CEO and co-founder of San Francisco-based Hemlane. “In other words, you can sit in New York, you can have property in Florida, and you can manage it from your computer.

Among the features of Hemlane’s remote rental and property management platform are advertising rental properties on multiple listing websites, rent collection and automatic fee payment, Dunford said. . The company’s average customer owns eight properties, she said.

“We have a market of local agents who can help show rental property, move tenants in and do annual inspections,” she said. “We’ve fostered that and growth through partnerships. We are the property management partner for California Association of Realtors and Georgian Association of Estate Agentsand we just signed Florida Association of Realtors. We are also the partner of RE/MAX and Keller Williams. We use their network of local, licensed agents who understand real estate to help us, and then we do the last extra mile with a state-of-the-art operations team. »

Founded in 2016, Hemlane operates 14,000 rentals in all 50 states, according to the company.

“Hemlane defines and leads a new category of remote property management, enabling the full suite of features owners need at a price unmatched by other full-service solutions in the industry” Sam Clayman, a partner at Asymmetric and a board member at Hemlane, said in a statement. “Their platform approach, quality of their core products, and efficiency in customer acquisition and retention create true differentiation in a crowded marketplace.

Ranked #1 in property management by technology research and advisory firm Gartner last year, Hemlane is processing nearly $200 million in annualized payments and plans to use its remaining funds to sign more partnerships and expand. its services.

Philippe Russo can be contacted at [email protected].