Mynd Property Management More Than Triples Its Size in 2019
M&A growth, organic sales growth and tech improvements assisted in expanding the firm’s management portfolio to over 9,000 units.
OAKLAND, Calif., Jan. 7, 2020 — Mynd Property Management, a property management firm serving the small residential sector with a combination of on-the-ground experts and innovative technology, announced today that it has achieved a number of significant growth milestones in 2019. The company has tripled its size through M&A and organic sales, debuted its Think Like an Investor Fund, and improved the resident and renter experience through technology advancements.
Here are Mynd’s key accomplishments of 2019:
- Over the past year, Mynd has acquired or merged with eight real estate companies, more than tripling its size to more than 9,000 units under management. The firm merged with RentVest in May, which doubled Mynd’s management footprint nationwide. The partnership also created one of the largest small residential property management companies in the U.S. In July, Mynd acquired Irvine, Calif., -based HomeUnion, a real estate investment company that enables small residential investing via its online home valuation tool, INVESTimate. The tool allows individual investors to invest in rental property nationwide, regardless of their geographic location.
- Mynd’s executive team, led by co-founders Doug Brien and Colin Wiel, placed an emphasis on growth companywide to provide best-in-class customer service. The company grew to more than 247 employees nationwide year-to-date, marking a 116.7% year-over-year increase. These new hires help Mynd provide more and improved local resources to both residents and owners. Mynd has also achieved a significant direct sales milestone, reaching the $1 million market in Q3. As part of its push to double-down on growth, Mynd has invested in many educational resources to help investors build wealth through real estate investing, including appointing Alex Osenenko as chief growth officer and launching the first season of The Myndful Investor podcast show. The podcast explores the benefits and challenges of real estate investing through interviews with industry experts.
- Mynd launched Think Like an Investor Fund for employees. To reward employees and to help them think like real estate investors, Mynd launched the Think Like an Investor Fund. Administered by Mynd, the fund invests in rental properties with healthy returns. Mynd expects to hold the fund for four years. Upon liquidation, all of Mynd’s employees will receive a distribution that includes an initial grant, plus gains/income. Currently, properties in the feature IRR of between 10% and 15%.
- Tech-driven solutions to improve the resident and renter experience debuted in 2019. Mynd created a completely digital leasing experience that enables residents to pay rent and submit R&M requests online. It also allows renters searching for a property to lease that unit faster than normal with self-showings.
- The use of self-showings eliminates the need for real estate agents, giving renters a competitive edge in markets like the Bay Area, Seattle, San Diego and Sacramento.
“Our goal to provide happy homes for residents and healthy investments for property owners nationwide has fueled Mynd’s explosive growth in 2019,” explains Brien, who is also the CEO of Mynd. “Since founding this company three years ago, we have worked diligently to scale the small residential sector, and made it more efficient for private investors to own and acquire real estate. We did this by applying a modern, data-driven approach to management, which helps optimize the performance of our owners’ rental assets and provides residents with more responsive customer service,” Brien concludes.
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Media Contact: Stacey Corso
About Mynd Property Management
Mynd Property Management serves the small residential real estate sector with a combination of on-the-ground experts and innovative technology that empowers investing in any market in the U.S. Headquartered in Oakland, Calif., Mynd manages over 9,000 units in 16 markets and offers small residential rental properties for sale in 20 metro areas. Mynd’s end-to-end management and real estate investment solution is powered by INVESTimate, a home-valuation tool that determines the investment potential of any home in the United States using AI and machine learning.