Peter Lohmann's Newsletter: Proptech News Special Edition

Breaking: Property Meld acquires Mezo // Divvy Homes sold in "fire sale"

Author

Peter Lohmann
January 14, 2025

A no-fluff weekly publication for the property management industry.

There’s so much proptech news this week that I feel compelled to send a special issue mid-week to keep you informed!

Property Meld Acquires Mezo, AI Maintenance Software For Work Order Intake

Disclosure: I am a Property Meld customer.

Property maintenance powerhouse Property Meld has closed on the acquisition of Mezo, an AI tool used for streamlining the intake of maintenance requests. The sale price was not disclosed.

Mezo works by placing a virtual maintenance technician (Max) on the other end of a resident’s initial maintenance request. The AI technician assists the resident with diagnosis, troubleshooting, and clarification of the details of the request. In many cases, Max is able to help the resident solve the problem right away, without waiting for assistance from a human maintenance coordinator (much less a property visit). Mezo’s website boasts a 30% reduction in work order resolution time. The company, led by CEO Mike Travalini, was founded in 2020 and has raised a total of $14.8M. I spoke with Mike briefly yesterday, and he shared his perspective on the deal:

❝

I was trained as an owner/operator at Waypoint Homes. Mezo + Meld is actually a much better solution for me as an operator because it provides an end-to-end solution.

The visibility of the total platform is unmatched and wasn't something we could solve by ourselves, so this is an ideal outcome.

Mike Travalini, Mezo CEO

~ ~ ~

Property Meld has a unique vantage point on solving property maintenance pain points, having processed a total of 2.2M work orders last year across nearly 750,000 units. I received a demo of the AI technician (Max) from Ray Hespen, Property Meld’s co-founder and CEO. As someone who spent my formative property management years handling all maintenance requests myself, it was instantly obvious how useful, effective, and valuable this tool will be for property management.

Here’s a screenshot of Max handling a request regarding a toilet that’s not working. It flows like a text message conversation:

What doesn’t appear in the screenshot are the pre-populated suggested responses. The resident can easily tap the one that applies to their situation. This small detail makes the tool feel incredibly slick and easy to use.

Ray spoke with me last night about this new world of AI maintenance triage:

❝

It's not just about intake, it's about a surreal resident experience. It's about making the vendors thrilled because they know what's happening before they even show up.

You don't realize how archaic a form-based submission feels like until you use this. I think it's the death of form-based solutions.

Ray Hespen, Property Meld CEO

Ray will be sharing more details in a special live broadcast taking place today at 12PM ET. I'm joining Ray on the virtual stage to share my perspective as a PM business owner.

Property Meld expects to make Max available to customers as early as February—at no additional cost.

-Peter

THIS ISSUE IS PRESENTED BY SECOND NATURE

I’ll be at NARPM® Broker/Owner in Colorado Springs at the end of March. Want to attend as well?

NARPM® has teamed up with co-sponsors Second Nature, LeadSimple, and RentScale to cover event tickets and hotel room costs ($2,000+ value) for a select group of property managers. Just complete a 20-minute intro call with each co-sponsor prior to the conference.

This is THE event of the year for brokers, owners, and decision makers in our industry. Not just for the amazing content, but for the opportunity to network with like-minded professionals who face the same daily challenges. It’s hard to describe how validating it feels to meet other people who “get” you at a fundamental level (because they do what you do). You can experience that at this conference.

Second Nature has organized this offer for the past couple years, and it’s honestly amazing. I’ve run into multiple people at conferences recently who mentioned they heard about this deal in my newsletter and took advantage of it. You could be next!

Rent-to-own startup Divvy Homes sold to Brookfield Properties

From Inman:

Struggling rent-to-own company Divvy Homes is reportedly set to be acquired by Brookfield Properties’ single-family rental division, Brookfield Maymont Homes.

Neither Divvy Homes, Maymont Homes or Brookfield Properties responded to requests for comment on news that a sale is in the works. Fast Company reported Friday that Divvy Homes was being acquired “in a fire sale,” citing multiple anonymous sources.

A trade name of BSFR Property Management LLC, Charleston, South Carolina-based Maymont Homes acquires, renovates and manages more than 10,000 single-family rental homes across the Southeast and Midwest.

Divvy was once valued at nearly $2 billion and had raised money from large VC companies such as Andreessen Horowitz and Tiger Global Management (also raising $1 billion in debt).

Maymont Homes operates in thirty-some markets across the Midwest and southern parts of the country.

Other Industry News & Events

  • This publication incorrectly reported last week that Showdigs had shut down. I spoke with leadership at the company yesterday, and they have NOT shut down. Showdigs is fully operational and even onboarding new customers. I regret the error.

  • Are you a PM company owner located near San Diego or Phoenix? Please reply to this email if interested—I’m hosting a few small dinners over the next couple months.

  • Tickets are still available for the PM Systems Conference taking place later this month, a great hands-on event for PM owners & operators looking to optimize their property management business systems. I’ve attended this in past years and it’s a really great event. Use code PETER for $200 off.

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The content of this newsletter is for informational purposes only and does not constitute professional advice. I may have consulting agreements with, or financial interests in, companies mentioned in this newsletter. Additionally, some of the links included in this newsletter are affiliate links, meaning I may earn a commission if you make a purchase through these links. Always perform your own due diligence before making any financial or business decisions.