Have you ever heard of a company called Plentific? If you haven't, it might be because you're simply not in the market to find out more about this particular company. On the other hand, it might be because they're still relatively new, at least by most industry standards. Simply put, the company exists for the purposes of property management on a digitized scale. They take information about various rental properties and digitize issues related to maintenance, complaints from tenants, and history of the property. If you want to know more about them, consider the 20 things listed below.
1. The company got its start in London
This is a company that is very new, having only launched back in 2018. Despite that fact, it has been growing by leaps and bounds. The company first got its start in London, exceeding all expectations in short order. That caused those involved with the corporation to consider expanding into other markets throughout the world, something that has now become a reality.
2. They are the first company to make this type of information digital
It only stands to reason that a company would eventually merge the worlds of property management and technology into a single entity. In fact, it's rather surprising that it took as long as it did for this to happen, especially given the fact that virtually everything is digitized these days. That said, Plentific is the first company to actually make this a reality. Digitizing all information concerning property management is a huge undertaking, one that can potentially be very labor-intensive. It's not just about including the initial information, but also about ensuring that information is kept up to date in real time. That may not be such a big deal for a company that only manages a few properties, especially if they have agents that are dedicated to those properties alone. However, when you consider the number of properties that Plentific manages, in the hundreds of thousands, it's an entirely different story.
3. The company intends to expand into new markets
Despite the fact that the company is already far larger than anyone could have ever anticipated, the decision was recently made to expand into new markets. On one hand, it's easy to understand why they would be anxious to do this. On another hand, it leads one to wonder whether or not the company is expanding faster than it was ever prepared to do. For now, they seem to be handling things just fine. When it's all said and done, only time will tell if their decision to expand was a good idea or one that they will come to regret.
4. They have a special interest in expanding into the United States
Why do they want to expand into the United States Market? It all comes down to the fact that the US has hundreds of thousands of properties that could successfully be managed by the company. Even in relatively small cities, there are dozens upon dozens of apartments that could benefit from this type of property management. That doesn't even include the countless numbers of houses that are available for rent. It is an untapped market, one that the company simply can't pass up.
5. They eventually plan to incorporate AI into their business
How can one company possibly keep up with managing hundreds of thousands of properties in various places across the globe? For Plentific, it all comes down to the desire to use Artificial Intelligence as a means of keeping a digital record of the property management as well as providing real-time updates to landlords and contractors alike. Keeping up with this type of information in this volume would be impossible, even with an entire team of individuals dedicated to doing nothing but providing updates. However, bringing AI into the fold changes things considerably.
6. So far, they have raised more than $141 million
If you think investors would be wary to spend money on a corporation that is basically blazing a trail into a relatively new area, all while planning to use AI technology in the process, think again. In fact, the company just underwent its fifth round of fundraising. All totaled, they have raised more than $141 million so far. Obviously, investors are very interested in what they have to offer.
7. They do have competition, but they also know how to handle it
It's important to note that they do have competition. While they were basically the first company of their type to get into this particular market, it didn't take long for other companies to come along. That said, there is no question that they are the most prolific company in this particular area. Furthermore, all indications have investors and property owners alike believing that they will continue to be the one leading the pack for some time to come.
8. Think of their service as an open job board for contractors
If you're still unsure what to make of the company, think of them as if they were an open job board for contractors. The process works like this. Landlords sign up with the company, complete with a team of their preferred contractors that they typically work with. They can add new contractors as they wish. When a particular job becomes available, that job has been posted with information including what needs to be done, the location, and even how much the property owner is willing to pay. Contractors then have an opportunity to bid on the project digitally without going through the long-drawn-out process in a more traditional manner. On the other side of things, real-time information is provided about repairs that have been done as well as scheduled repairs. In short, it gives property owners an opportunity to stay on top of every aspect of their rental property through a digital platform. It streamlines things by negating the need for everyone to be in the same room together in order to get something accomplished.
9. They currently have more than 350,000 properties as customers
Clearly, this is something that property owners have taken note of. In fact, more than 350,000 property owners are currently customers with Plentific. These include some of the most well-known property management firms in existence throughout the globe. Obviously, many of them are based in and around London since that is where the company got its start. However, it has also begun to expand into other countries, thereby expanding the number of companies that they routinely do business with.
10. The whole idea is to make things easier for landlords
The reason that the company was developed in the first place is to make things easier for landlords. It can be difficult to keep up with things like repairs and tenant complaints, especially for the larger companies that operate dozens of properties in various locations. A single apartment complex can require a great deal of repairs. Multiply that by 20 or even 30, and it becomes easy to understand why a service like that provided by Plentific is not only welcomed, but necessary.
11. It’s supposed to make things better for tenants, too
While the service is geared toward making things easier for both landlords and contractors, it makes things easier for tenants by default. When individuals don't have to track someone down every time they need to request that something be repaired, it automatically becomes easier to get those repairs done in a timely fashion. Ask any tenant that has ever had to call their landlord 15 times in order to get a faucet fixed and they will tell you that this is a much better method.
12. Landlords can save money using this platform
Another reason that many landlords are fond of using the program is because it offers them an opportunity to save money. Many of them have decided to pass those cost savings on to their tenants by reducing rent in various areas, something that benefits everyone involved. Money is saved through streamlining operations and staying on top of repairs before things become worse, which would obviously cost more to fix in the long run.
13. Contractors can be found faster
One of the reasons that repairs can be made so quickly is because there is a waiting list of contractors that landlords are already comfortable using. Therefore, whenever a repair is logged, contractors can immediately bid on those jobs and end up making the repairs as early as the next day. It's also possible to have contractors on retainer that can fix things in emergency situations. In those cases, they can be physically on the property in a matter of hours or even minutes.
14. The end result is a more competitive, streamlined approach
All of the digital information provided is designed to make things more streamlined. In some cases, it does make things more competitive as well. That translates into cost-savings which might then be passed on to tenants, another benefit of using the services that Plentific has to offer.
15. The service is designed to improve communication between landlords and contractors
In the end, the service is really designed to improve communication between all parties involved. Initially, it was designed to make communication more effective between landlords and contractors, but it would be a mistake to leave tenants out of that particular loop. Since they are the ones that often request repairs, it would be impossible to have a fully comprehensive system without involving them in the process as well. By being able to log on digitally or use an app to request repairs, it makes the entire process much easier, more streamlined and more efficient for all parties involved. It also means that it cuts down on the frustration by eliminating the need to call and leave one message after another in an attempt to get in touch with someone whenever an issue arises.
16. They’ve also expanded into Germany
As previously mentioned, they have a strong desire to expand into different parts of the globe. While that includes expanding into the United States, they have also recently expanded into Germany. At the moment, they are focusing most of their attention on these three regions, London, the United States and Germany. However, there is every reason to believe that they will eventually expand into other major markets as well.
17. The company is 17 times larger than they just three years ago
There is no doubt that the company has been growing at a remarkable, almost frightening rate. In fact, they are now doing 17 times the business that they were doing in 2018. That's great, but only in some aspects. Most companies find it very difficult to manage that type of growth over such a short amount of time. That is one of the biggest concerns with Plentific, that they are growing far faster than they are able to handle. For now, they seem to have things in order but some people have started to express concern that it's possible for them to become too popular.
18. Customers can see analytics in real time
Despite the concerns about growing too rapidly, property owners love that they can see what is being fixed and what needs to be addressed in real time. In fact, it appears sort of like a ticker on both the website and the app, giving property owners a heads up before most tenants would even have an opportunity to call them.
19. The company is trusted by some of the biggest property firms in the world
As such, the company is trusted by some of the biggest property firms throughout the globe. In fact, the firms that owned the highest number of properties in one of the three regions served by Plentific are typically the first ones to sign up for their services because it makes it so much easier to manage a large number of properties.
20. They are breaking new ground when it comes to the use of technology
There is no doubt that it would be impossible for them to do what they do without the use of modern day technology. That is precisely why they want to bring AI technology on board. As this technology becomes more mainstream, it will obviously be easier for them to manage property concerns for even more customers in the future.
Written by Allen Lee
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