Exclusive: Buildium Raises $65 Million for Landlord Software
Summary
Monteiro and his co-founder Dimitris Georgakopoulos created Buildium to solve their own problem: While working as technology consultants for Sapient, theyd purchased several homes to rent to college students in Providence, Rhode Island. Buildiums ambitions escalated once they found that property managers with hundreds of rentals needed a streamlined way to do everything, including advertising their units, screening and performing background checks on tenants, creating leases, handling monthly payments, tracking maintenance requests, and coordinating with vendors. Unlike competitors RealPage and AppFolio, Buildium focuses exclusively on small and medium-sized customers in the property management category, Monteiro says. The market is fragmented, with 95% of U.S. rental properties managed by small businesses with less than $20 million in revenue and fewer than 10 employees. Buildiums selling point is that it helps property managers find other landlords to work with, thereby expanding their business.
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