Property management startup Doorstead raises $12.5 million

Remember when carpooling seemed like a radical idea? Now, Uber is as much a verb as it is a brand name. A few Uber veterans are doing property management what Uber did in the taxi industry.

But the company doesn’t just manage rental properties, Doorstead also guarantees the monthly rent.

Jonathan Tsai used to spend nights and weekends helping his parents maintain the family’s rental properties in Northern California.

When that got too much, he signed up with Doorstead – a high-tech solution for property management.

“Basically I just sign up at Doorstead and collect the rent, I pretty much get money deposited in my bank,” landlord Jonatan Tsai said.

Doorstead guarantees landlords monthly rent, even if the property is empty or tenants can’t pay.

“So we make sure the tenants we approve have really good income, credit, background checks and reference checks as well,” Doorstead co-founder Jenn Bronzo said.

However, to secure the income, it takes some high-tech know-how to get the property rightly priced and rented out quickly.

Using approximately 11 million data points from different properties that are substantially similar, we can see what other properties are getting and how long it took them to exit the market, to go from listing to signing.” , said Ryan Waliany of Doorstead.

Doorstead rented one of Jonathan’s properties in just five days.

“For me to do rentals, in my experience it would have taken me three weekends just to do open houses and wait there all day at the property and that’s my life,” said Jonathan said.

And his professional life as a software engineer manager has also improved thanks to Doorstead. The company handles tenant claims, maintenance, rent collection and evictions.

The two-year-old company manages about 300 properties in the San Francisco area.

This week, the startup raised $12.5 million and launched the service in LA and Orange counties.

Doorstead’s charge of 8% of rent is comparable to that of traditional management companies. There is also a 50% commission on the first month’s rent once a position is filled.

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