Peter Lohmann's Newsletter - Issue #106

RentVine Closes $74M Round of Funding

RentVine has secured a $74M round of funding from private equity firm Mainsail Parters, CEO David Borden told me on the phone yesterday as he was moving between meetings in Austin, TX.

Dave and his co-founder Jonathan Ewen will maintain day-to-day control of the company and remain fully committed to the business. The investment will accelerate RentVine's growth plans, including faster feature development, enhanced customer support, and expanded legal and financial compliance capabilities.

"This partnership with Mainsail allows us to build on our success and take RentVine to the next level," said David Borden. "We're excited to leverage Mainsail's industry expertise as we scale our platform to serve even more property managers across the country."

Mainsail Partners has a strong track record in the property technology space, with successful prior investments in companies like Resman, Nexus and Paylease (now Zego). They’re also invested in home services software giant ServiceTitan.

RentVine's existing investors will have the opportunity to realize returns, with some early backers potentially seeing up to 12x returns in less than four years.

Congratulations to Dave, Jonathan, and the rest of the RentVine team!

If you haven’t already, be sure to check out my hour-long interview with Dave which was just released to my podcast feed (note, that interview was recorded before this deal was public).

THIS ISSUE IS PRESENTED BY OUR EXCLUSIVE UTILITY PARTNER:

Tenant Experience ⭐⭐⭐⭐⭐

Utility Profit makes it easy for tenants to set up utilities and internet. Tenants like that they can see precisely what’s available for their house and have a simple way to set up services online. This smooth experience is white-labeled for your company, giving you all the credit.

"Since the switch to Utility Profit, we have been batting 1,000% for tenant satisfaction. It makes it so easy for the tenants to get their utilities set up and for our team to confirm that they've been taken care of, so we can hand over the keys for move-in. The payments to us are a nice bonus. Utility Profit is our easy button!" -Dan McKee, Keyrenter Knoxville

Guest Pod Appearance Roundup

I recorded some guest podcast appearances a few months ago, before I swore off them through the end of this year. They just got released! Here are some great new episodes worth checking out:

1. Could I be tempted to sell my PM business soon? That was the topic for my appearance on “Inspired or Acquired” with Clint Fiore and Patrick Dichter, both great guys.

2. How do we make tenant screening more fair? I get into the details of our “blind” approach to approving rental applications in this episode of The Resident Experience Podcast.

3. How did we grow from 0 to 700 doors under management? Upkeep Media’s Stephen Fox invited me onto his show to discuss this, and it turned out awesome. Watch here.

New Property Management Companies For Sale This Week

• Here is a property management company for sale in Clark County, NV (asking $1.8M, 250 rental properties)

• Here are some property management accounts for sale in Bay Area, CA (asking $1.1M, 100+ accounts)

• Here is a STR management company for sale in Sarasota County, FL (asking $625k)

• Here is a property management company for sale in Chicago, IL (asking $500k, 100 units)

• Here is an HOA management company for sale in North Carolina (170 HOAs, asking $2.5M)

• Here’s a vacation property management company in Coachella Valley, CA (asking 345k).

• Here’s an STR management company for sale in Nashville, TN (asking 1.6M)

• Here’s an HOA management company for sale in Steamboat Springs, CO (asking 95k).

Industry News and Events

• Wednesday: Introducing the PM Operations Standards. I’m live with Daniel Craig, Wolfgang Croskey and Kelli Segretto to announce the first vision of the brand new Property Management operations standards. Register to join live.

• APM Help is producing a video series on setting up & using AppFolio. It looks really good. Watch the first video here.

• Fall conference season is gearing up. I’ll be speaking at NARPM National and LeadSimple’s LSU. Other great conferences this fall include Property Meld’s MX Summit & AppFolio’s FUTURE. Don’t miss the Systems Conference in January, either.

• Moses Kagan’s ReSeed is accepting applications for the Fall 2024 cohort. They are especially looking for property management operators. This is a life-changing opportunity for the right person/team (I do not use those words often or lightly).

Closing Thought

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Stats from last week’s issue:

Valid Recipients: 11,413

Open Rate: 58.5%

Clickthrough Rate: 6.3%

Most Popular Link (103 clicks): News article about PM “junk fees”

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That’s all for this week! Have a great weekend. -Peter

P.S. Have you checked out Crane, the private community for property management business owners? Join 60+ peers as we achieve time freedom together. Applications re-open September 13th.

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.