Our team of local professionals at Mynd Property Management are different from other Charlotte, NC property managers. Servicing rental properties in Charlotte and the surrounding Gastonia, Concord and Lake Park areas, we leverage real-time data to consistently better our services, providing owners with seamless management experience.Customers working with Mynd can rely on us as their trusted partner, providing them with a healthy investment, and their residents with a happy home. Residential real estate now joins the financial sector, food and beverage and the motorsports industry as Charlotte’s biggest moneymakers. It’s time to make your real estate investment work for you.
If we place a resident and they fail to pay rent at any time during their lease, we reimburse you up to $5,000 in lost rent while we resolve the situation.
If a resident we place moves out and leaves behind property damage in excess of their security deposit, we will cover the difference, up to $5,000.
If a Mynd-placed resident fails to pay rent and an eviction is required, Mynd will cover the court costs and legal fees up to $5,000.
Your rental property is one of your most valuable assets. You expect concrete, tangible results, and Mynd delivers. We focus on measurable results that you can see.
Quicker than average leasing times.
Less than 4 business hours for owners, less than 8 business hours for residents.
Higher than average resident quality score (720+)
No need to worry about rental payments, less than 2% delinquency.
Consistently high customer satisfaction scores (Better than 4/5)
Net Promoter Score of 58 versus industry average of 7
We start by hiring the best people with deep local expertise.We equip them with the tools, technology and data. You get results.
Kaitlyn has been in the Property Management and Real Estate Development industry for 5+ years, with an initial focus on Commercial (Retail, Office Space, Restaurants) spanning nationwide. Since then, she has transitioned into residential management by joining Mynd. She strives to create a strong working dynamic between Mynd and the client that is built on communication and teamwork. Kaitlyn is here not only to meet your immediate property management needs, but also to help you in achieving your overall real estate goals.
Mynd’s property management team has local experience in the Charlotte area. We know that multiple banks and other companies have corporate headquarters in the area, and those employees make for great residents. Charlotte, NC is home to East Coast Operations of Wells Fargo, Bank of America, TruIst Financial and other large corporate headquarters. Your Charlotte rental property is bound to attract a steady flow of residents due to the bountiful job opportunities in the area. Not to mention, you will benefit from the additional shopping, dining, community centers and other developments that have taken place to provide for the new wave of residents in the Charlotte, NC area!Mynd Property Management offers a team of professionals striving to continually provide a quality of service differing from any other management company in the Charlotte, NC area. We know the local residents, the Charlotteans, are excited about the city being the 3rd fastest-growing major city in the United States and all of the new opportunities this will likely bring to the city.
Charlotte City Center, 525
North Tryon Street, Suite 1600,
Charlotte, NC 28202
The City of Charlotte is also home to many notable attractions and sports teams, which is bound to attract residents to your Charlotte rental property. Explore our Charlotte property management and investing resources below to learn more the area!
Thinking about purchasing a rental property in Tacoma, WA? Learn how looking at the rental statistics, the demographics, and having a local property manager as a partner can ensure you are looking at real numbers when deciding if the area fits your investment strategy.
Before investing in an area, you will want to look at the demographics, home prices vs rental prices, forecasted economic growth, and other important statistics to see if it fits with your investment strategy to help you reach your goals. Will the area give you the cash flow or appreciation you are looking for?
Tacoma, WA, one of “America’s Most Livable Cities”, is a port city on the Puget Sound and is known for being one of the most walkable cities in the US. From its beautiful waterfront to its numerous city parks that include the country’s second largest city park (700 acres), the area has seen a 12% population growth since 2010.
Tacoma offers more affordable investment opportunities than the Seattle area which can be expensive. Cash flow opportunities are better in Tacoma because the prices of homes are not as high.
Median home price: $354,019
Home prices have gone up 9% in the past year.
Commuters – Many choose to work in Seattle but live in Tacoma because it is more affordable.
Students - Several universities are in the area including the University of Washington’s Tacoma campus, so there are a lot of student renters.
Military - McChord Air Force Base is South of Tacoma, so there are military families renting in the area as well.
Between the port, universities, military presence, and proximity to Seattle, Tacoma is a great area for investors looking for an area whose economy is being fueled by a diverse mix of industries.
Tacoma is the 7th busiest container-handling port and attracts businesses in multiple industries. It is known for its high-tech industry that includes Intel and Expedia which are headquartered there. Agricultural and forest products are also large contributors to the local economy.
Tacoma has seen steady job growth over the last 10 years and expects 39.9% in future growth. With its strong industry presence and growth record, it is a great place to invest in rental property for less than a home in a Seattle would cost.
If you are considering investing in Tacoma, contact us at Mynd. We can help you determine if this market fits your strategy to reach your goals. If it doesn’t, we have offices in 19 markets and can help you find an area that does.
The rental market is cyclical, so you want to make sure you set rent to match today’s prices. Just because you rented your property for a certain amount 3 years ago doesn’t mean it will rent for that amount today. The price could be higher or lower depending on what the market says is the going rate. To avoid extended vacancy time, you will want to accurately price the property, so you are getting the maximum return while also filling the vacancy quickly.
Steve Rozenberg, Head of Investor Education for Mynd, says he sees this as a good, steady mix of renter/owner occupied homes which makes it a great market to have a rental property. You should always be able to find a renter.
Knowing the trends and statistics for the area is key to your success as an investor. Consider hiring a local Tacoma property manager like Mynd who can help you determine the correct rent rate. Mynd has access to proprietary information so you are getting current, accurate numbers to base your decision on. If you want to know what you can expect to rent your home for, Mynd offers a FREE rental analysis.
They take care of the day to day operations required when you own a rental property such as:
Do you have the time to manage the property? How valuable is your time to you? If you are managing it yourself, do you know that you are doing it correctly and following the laws?
Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them. If you must evict a tenant, there may be new laws in place that limit how you can do that. If managing property isn’t your full-time job, you are more likely not up to speed on current laws such as:
There are a lot of laws that have to do with tenant’s rights, and you must be sure you comply. If you aren’t up on the laws, you may find yourself getting in trouble which can cost you $1000s in fines and court costs.
Our Tacoma property managers can help you make smart decisions and ensure your property is following the laws. Mynd has in-house counsel to help ensure your property is complying with the laws. Contact us today at Mynd about property management in Tacoma or finding your next investment property in one of the19 markets we serve.
As an investor, you want to know that investing in a rental property in Everett, WA aligns with your strategy and helps you achieve your goals. Identifying the right data and numbers to calculate your return is an important step in making an informed, smart decision. Having a local partner like a property manager makes this process easier.
Are you looking for monthly cash flow? Is the property you are looking at going to give you what you need to at least cover your expenses? Are you only interested in appreciation or debt paydown? Your strategy must be defined before you start looking for a property.
Everette is a coastal city on the shores of Port Gardner Bay and is located 25 miles north of Seattle. It attracts families with its world class schools, over 30 city parks, and numerous outdoor sports, activities, and art experiences.
The median income for the area is about average for the US, but the home prices are significantly higher than average. You might be able to make enough cash flow to cover your expenses, but you are more likely looking at making your money in appreciation.
Boeing’s 747, 767, 777, and 787 Dreamliner airplanes are constructed in the world’s largest building located in Everett, and they offer a popular tour of the facility. Everett’s proximity to Seattle is an advantage because it is going to be fed by the strong industry nearby.
When you buy a property in one of the more popular areas, you are probably going to see more appreciation. With an average age of 33, residents are likely families interested in the quality schools in the area. They are also more likely looking homes with multiple bedrooms for their growing families.
Talk to an Everett, WA property manager about the local market and what trends they are seeing. They can answer questions like:
These are the questions you want answered before purchasing a property, so you have the proper expectations. Contact us at Mynd for more information on the Everett area. They can tell you what types of properties are renting quickly, what renters are looking for, and more.
If Everett doesn’t fit your strategy, we can help you find a market that does. Mynd has offices in over 19 markets. Our local property managers can use Mynd’s proprietary data to help find you properties that match your strategy, whether you want to invest locally or diversify across several markets.
It is important to know what the market is dictating when setting rent for your Everett rental property. The goal is to get the right amount of rent while leasing it quickly, so pricing it right is critical.
You might not be able to get the same amount of rent if you lease your property in the Winter (off season) vs the Spring/Summer months (peak season).
If the industries in the area are in a downturn or upturn, that can influence the rent you can expect to receive.
The rent amount will vary depending on the property type, square footage and number of bedrooms. When comparing rents, look at properties that are the same as yours. Being that many of the homes are older, you may find you can get a little more money in rent by doing some updates to the property.
When you own a rental property there are a lot of day to day operations to take care or not to mention all the ever-changing laws you must follow. Should you continue to do this yourself or does it make sense to hire an Everett property management company?
If you own multiple rental properties or plan to in the future, the tasks required increasingly take up more of your time. Keeping up with all the laws you must comply with can become a heavy burden. Maybe you got into investing because you wanted a safe, secure retirement investment or passive income, but you did not realize the amount of time that was involved in managing it yourself. You thought you were gaining free time and ended up having a second job.
It is entirely possible that you will not end up where you hoped because you may not be doing something right. Not complying with a law could result in your ending up in court owing $1,000s in fines.
Getting that great deal when you buy the property is only the first step in the process that leads to your success. Steve Rozenberg, Head of Investor Education for Mynd, thinks it is important to have a team to help you maximize your return.
They take care of the day to day operations required when you own a rental property such as:
You must follow Federal, state, and local Property Code that dictate how a property must be maintained. When it comes to fixing things in the property, who is responsible for them? The tenant or the landlord? There are things you can’t ask on an application or during the screening process.
Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them. If you have to evict a tenant, there may be new laws in place that limit if or how you can do that.
Mold can be a problem in the Everett area due to the amount of rain it gets. You will need to make sure the roof, ventilation, and plumbing is in good shape to prevent mold. There are laws that protect the tenant to ensure they have a safe home to live in. Property managers know what you have to do to comply with any laws in regards to Property Codes.
If you don’t have the time or desire to keep up with the laws and regulations, it might be a smart decision to hire a knowledgeable property manager. Mynd has local property managers that know the laws to ensure you are following them as well as in house legal counsel.
A good property manager helps you make smart decisions and ensures your property is following the laws. Contact us today at Mynd about property management in Everett or for help in finding your next investment property in one of the 19 markets we serve.
On August 31, 2020, California Governor Gavin Newsom (D) signed AB 3088 into law, providing state-wide protections for tenants and landlords in the face of the ongoing coronavirus pandemic. The safeguards extended to tenants worrying about evictions and to landlords concerned about foreclosures.
AB 3088 limits a landlord’s ability to evict a tenant for non-payment of rent. To make use of this protection, the tenant must submit a declaration signed under oath of financial hardship due to the financial burden experienced between March 4 – August 31. A valid declaration will prevent evictions from occurring before February 1, 2021.
For hardship stemming from the coronavirus pandemic between September 1, 2020 – January 31, 2021, tenants are expected to pay 25% of expected rent to avoid eviction by January 31, 2021.
The expectation of rent has not been eliminated. Instead, unpaid rent cannot be the reason for eviction for tenants that have experienced financial hardship and submitted a valid declaration. Tenants will still be responsible for paying back rent to landlords, who can begin to recover their debts through a civil small claims lawsuit on March 1, 2021.
The jurisdiction of small claims courts will be temporarily expanded to allow landlords to recover unpaid rents.
Unpaid rent isn't waived under AB 3088. Instead, it's converted into consumer debt collected in small claims court as early as March 1, 2021. If a tenant cannot meet the 25% rent minimum, AB 3088 would only provide eviction protection until February 1, 2021. If a landlord attempts to use extrajudicial self-help, such as shutting off utilities, threats, or coercion, to generate an eviction, then the landlord may face penalties as high as $1,000 to $2,500.
The following legal and financial protections will be extended to tenants:
AB 3088's protections are extended to most tenants if they sign a declaration that they've been financially impacted due to the pandemic. What constitutes "COVID-19-related financial distress" includes:
When a landlord delivers an eviction notice for failure to pay rent, a financial distress form must be provided. The tenant has 15 days to sign and return the financial distress form. The economic distress form does not cover months to come, so that the process may be repeated on a month to month basis. The declaration is signed under "penalty of perjury,” so if a tenant provides knowingly false information, they can be charged with perjury.
Lawful eviction that has nothing to do with unpaid rent caused by the coronavirus pandemic can move forward as early as September 2, 2020. That means landlords will be able to pursue:
Evictions for unpaid rent will resume on October 5, 2020, for tenants that do not submit a financial distress declaration.
Evictions for reasons other than nonpayment of rent cannot be performed as retaliation against nonpayment of rent due to the coronavirus pandemic.
Individual cities may have their own eviction moratoriums, and tenant and landlord protections that may be more robust than that provided by AB 3088. For this reason, it's critical to consult both the stipulations outlined by AB 3088 and the stipulations, if any, of one's local jurisdiction.
If a locality passed a new moratorium after August 19, 2020, then it cannot take effect until February 1, 2021. Ordinances that expire before February 1, 2021, cannot be extended until February 1, 2021. Finally, if a local jurisdiction establishes its repayment period, it must begin on or before March 1, 2021.
Given the complicated nature of the law, it's advised that tenants contact an attorney if a landlord provides notice of eviction. There are many free legal aid foundations to reach out to. The Legal Aid Foundation of Los Angeles, for example, offers free legal services to over 100,000 residents of the greater Los Angeles area.
AB 3088 does not protect landlords from foreclosures, nor does it require banks to provide forbearance. Instead, mortgage servicers must contact borrowers before pursuing foreclosure proceedings with forbearance options.
Dual tracking, when a provider initiates foreclosure proceedings while considering loan modifications with the borrower, is also forbidden.
If forbearance is not an option for a small landlord, then the mortgage servicer must provide a written explanation. These protections extend to January 1, 2023.
Due to AB 3088, California will keep a dramatic increase in residential evictions at bay through the early part of 2021. Although, further action by the federal government is required to ward off the true extent of the pandemic's effects.
If you have rental properties, your property manager should be able to support you in navigating the changing regulations around tenant protections. To learn more about Mynd Management's services, contact email@example.com
Known for its financial services and distribution, Charlotte is home to 12 Fortune 500 companies and 15 Fortune 1000 companies. Bank of America, Lowe’s and Duke Energy are a few located here. Charlotte draws in close to 100,000 new people every year, making it the largest metropolitan area between Atlanta and Washington, D.C. With a projected 23.7% increase in population from 2014-2025, the area will soon hold a total of 2.8 million people. The region is expected to be home to 14 Fortune 500 companies by 2025. The expansion of technology companies and low cost of living leaves Charlotte as solid buy for investors and is ranked #6 for lowest cost of living, compared to salary, out of all the tech hubs in the U.S.
Expected growth rate of each individual sector from 2015 to 2025:
The northwest is appealing to those interested in outdoor activities such as whitewater rafting, hiking, and camping. Lake Norman, a popular site for outdoor activities, is close to Huntersville, which is one of the top 5 highest performing school areas that have affordable housing. The northwest also has a newly constructed $600 million dollar casino.
The newly developed Blue Line Light Rail Extension provides alternative transportation for those in the area. Exponential economic growth expected from the project making the Northeast one of the best long-term places to invest. The area also includes UNC Charlotte and IBM Innovation Center. The best school district in the northeast is Mooresville, ranked #4 in all of Charlotte. Cabarrus County is projected to have a 24% increase in population by 2025, which is the 2nd largest population increase in all of the Charlotte counties.
Having the Charlotte Douglas International Airport and best public schools in Charlotte, the southwest includes 3 of the top 5 suburbs based on performance of schools nearby. The top suburbs in Charlotte are (#1) Tega Cay suburbs, (#2) Fort Mill suburbs, and (#5) Lake Wylie suburbs. Additionally, a popular location within Charlotte is the Ballantyne zip code (28277), which is ranked as one of the top 5 areas with affordable housing next to great-performing schools. However, not everyone can afford to live next to Lake Wylie. On top of the best schools in Charlotte, the southwest is a short commute to watch NFL, NBA and NHL games downtown.
Union County public schools ranked #4 in all of North Carolina; there is a predicted increase of population of 23% by 2025 in the county. Both the 28270 and 28105 (Matthews) are ranked as two of the most affordable housing areas with great local schools. As a whole the area is well priced and located next to great-performing schools. But another upside to the southeast is the short commute to the busy Stonewall Street, which has Stonewall Station, Whole Foods, and newly built hotels.
For more information refer to our Knowledge Center and visit our Charlotte, NC Property Management page for local landlord tips and information. Our team has vast knowledge and experience in local Charlotte, NC property management and can help you to have a better investment experience. We educate on topics in the Charlotte, NC area ranging from repairs and maintenance, leasing, local laws and regulations and more!
We look forward to furthering your rental property education.
Known as the “Research Triangle,” the Raleigh-Durham area is home to IBM, Cisco, SAS, and Wells Fargo. Not only does the area offer a wide range of career opportunities, but it also has affordable housing and walkable neighborhoods. According to U.S. News, Raleigh is among the best places to relocate to. In 2019, there were over 38,000 job openings alone. Duke University, UNC-Chapel Hill, and Davidson University are some of the top schools in the area along with quality state schools (NC State). Raleigh-Durham continues to be the fastest-growing metropolitan area while remaining among the 30 most affordable housing markets in the U.S.
The northwest region of Raleigh is home to some of North Carolina’s best places to live, such as Morrisville, Cary, and Chapel Hill. It includes more than 200 companies that draw in thousands of college graduates a year. On top of great universities, Chapel Hill School District is ranked #1 in all of NC according to patch.com. With 3 prestigious Universities nearby and thriving businesses, the northwest will always have a large population and demand for housing.
Northeast Raleigh is close to multiple nature preserves and is a short drive to Lake Falls. Wake Forest suburbs generate strong family demand with great neighborhoods. Surrounded by parks and athletic centers, it is projected to increase in population by 24.5% by 2025. In addition, the schools in Wake County are ranked #9 in all of North Carolina according to niche.com.
The southwest region of Raleigh has a wide variety of shopping and entertainment. It is also home to two of North Carolina’s top places to live, Cary and Apex. These suburbs in Wake County ranked high on niche.com, largely due to the short commute to the city, great school systems, and neighborhood safety.
The southeast region of Raleigh is rich in culture, making it home to some of the most historical landmarks in NC. The area has access to the I-95, I-40, and U.S. 70. As living standards in southeast Raleigh continue to improve, the area as a total is growing at a fast pace.
Johnson County represents a particularly exceptional area of growth right now. With access to major freeways, Johnson County is projected to grow by 27.3% by 2027. The southeast is a great place to invest because of the cheaper housing and option to live either downtown or a slower atmosphere outside the city.
For more information refer to our Knowledge Center and visit our Raleigh, NC Property Management page for local landlord tips and information. Our team has vast knowledge and experience in local Raleigh, NC property management and can help you to have a better investment experience. We educate on topics in the Raleigh area ranging from repairs and maintenance, leasing, and much more. We look forward to furthering your rental property education.
A former NFL player a software engineer are teaming up to alter the property management industry for the long haul.Maybe it sounds like the beginning of a joke: A retired NFL pro a software engineer start a company together. Wait, two companies, one after the other! But nope, that’s just reality. Former football placekicker Doug Brien engineering consultant Colin Wiel first joined forces to create Waypoint Homes (), partially in response to the 2008 financial crisis. Home prices were crashing, the catastrophic low seemed like the right time to ramp up their real estate investments. The pair started with their own money, then went to banks private equity firms for more.Wiel said he Brien “were both talking about this same idea, of buying single-family homes as a long-term real estate investment, as a rental property. That hadn’t really ever been done at scale before we did it with Waypoint.”The company grew to hundreds of employees billions of dollars’ worth of properties under their management. Eventually, Waypoint merged with Starwood Property Trust went public. But after a year on the NYSE, Wiel departed, followed by Brien in early 2016. Both men longed for the exhilarating challenge of building an early-stage company.
Last year Brien Wiel launched Mynd as co-CEOs. Their new venture is a tech startup with gr ambitions to transform property management , ultimately, the whole single-family rental industry. n October 2016, Mynd closed a Series A round with Canaan Partners, raising $5.5 million. The company is funded through 2017, but the founders plan to raise their next round before the end of the year.The Mynd office is located downtown in Oakl, California. t has the vibe of a typical Silicon Valley startup—twentysomethings in jeans hoodies bent over their computers, hard at work, but there’s a ping-pong table near the entrance. Neither of the co-CEOs dresses formally for work.“We’re trying to create a culture that’s more akin to a technology company,” Brien explained. “We’re also trying to bring in lots of different people, not just people who have real estate property-management experience. We’re trying to create a culture where people speak up share their ideas,” because the status quo is not always the best way of doing things, he said.Wiel said Mynd is “an opportunity to really make a dent in the universe,” the founders see themselves exping far beyond their current 30 or so employees. Wiel’s five-year prediction is bold: “We’ll be in many markets across the country. We will be, at that point, having a dramatically different offering than owners of residential properties can get anywhere else. And we’ll be a very large very successful company, known as the company in residential property management.”Currently Mynd’s core product is in private beta, meaning their software is still being developed is not yet available to the public at large. Twelve customers, with roughly 150 rental units under management, are participating in the private beta. Mynd’s official launch is pegged for March 1, 2017.
Neither the average startup founder nor the average real estate investor is a retired pro football player. Doug Brien is both, he seems unfazed by it.Brien grew up in the Bay Area, where Mynd is now based. Originally, his sport of choice was soccer, but in high school, Brien said, “ got talked into being the kicker for the football team my senior year ended up being pretty good at it.” The blasé phrasing is typical of how Brien recounts his achievements, which exceed the norm—even in high-powered Silicon Valley.Joining the high-school team “was a pretty big turning point,” Brien said, because it secured a scholarship to the University of California at Berkeley. “ figured the opportunity to attend Cal, whether ended up playing football or not, was too good to turn down.” He majored in political economics, with a minor in conservation resource studies.Brien was the lucky college walk-on—or talented walk-on, others might say—who made it onto the field. “ sat on the bench for two years, basically learned,” he explained. Once Brien made the starting position, he said, “ worked really hard at it, kind of turned it into a craft that studied. worked on both the physical game, learning techniques how to be better, but also the mental side of the game.”Brien said business seems like a breeze after the stress of winning or losing in the stadium. “The stakes aren’t as high, the pressure isn’t as high, in business,” Brien told DS News. First in college then in the NFL, Brien put a lot of effort into coping with the pressure. “ learned to meditate, found mental coaches,” like the ones professional golfers have. Brien reflected, “t’s one thing to tell someone, ‘Focus, don’t get distracted by all the externalities.’ Well, actually doing that is a very different thing. you practice. There are actually drills different types of exercises you can do. Every single day, had an hour a day set aside that did mental training.”The CEO of a public company, which Brien was at Starwood Waypoint, faces high-pressure situations as well—earnings calls, important speeches, board meetings among them. But, Brien pointed out, “t’s not so binary. As a kicker, it’s like, it’s either good or it’s not. t’s three points, or it’s zero. There’s no two or one. Whereas in you can kind of do okay wish you did better. t’s rarely do or die.”Brien’s real estate investment career overlapped with his tenure as a pro placekicker. “t’s a pretty tumultuous existence, being an NFL placekicker. mean, you’re only as good as your last kick. never knew how long it was going to last. was making good money, wanted to look at making investments that would produce cash flow for me later in life, real estate is a good way to do that.” A family friend helped him get into the business. “As invested more, wanted to educate The myself more underst more about it,” Brien said. “And so ended up getting involved with doing due diligence on new properties spending some time in the office with them, managing some of the properties.”By the time Brien retired from football in 2005, he had been investing for almost a decade. While playing for the New Orleans Saints, he got an MBA in real estate finance. Brien said he has carried many insights from the world of sports over into business.“Just by being around all those different coaches, picked up a lot about how they treat people, how to build camaraderie, how to build a team, show people you trust them, show people you believe in them,” he said. For Mynd to tackle the market they’re targeting, a solid team will certainly be necessary.
The property-management industry is larger than a layperson might expect, according to co-CEO Wiel.“n our sector, which is buildings that are 50 units smaller—so, apartment buildings up to 50 units in size plus all single-family homes— we think it’s about a $27 billion-a-year industry in the U.S.,” he said. “Just the fees collected by third-party property management companies.”This isn’t implausible, since BSWorld’s industry research pegs the entire industry’s revenue at $73 billion.“t’s a big industry,” Wiel continued, “but there are no large companies in the space. Which is fine, but there are also no companies in the space that have really embraced technology.”Mynd its investors are betting that technology will have the same transformative effect on property management that it’s had on other industries. They’re drawing on their experience with Waypoint to support their thesis.“The conventional wisdom was, you have to be really hs-on with single-family rental, that’s why people had done it with 50 units or 100 units, but nobody had done it with 5,000 units,” Wiel said. “ we sort of respectfully disagreed with the people that were telling us that, said, ‘We think with technology, if we create an end-to-end cloud computing, mobile computing infrastructure, we can systematize automate a lot of the business, really empower our property managers to be much more efficient much more diligent about the follow-through.’ Because things are automatically happening there are lots of systems in place to make sure everything’s being done really well.”t took some time to nail down a solid strategy, but eventually it paid off.“t was over the course of seven years that we did this,” Wiel continued, “with a lot of trial--error figuring out what works. But once we really got it figured out, we realized, ‘Wow, this is a total game-changer. We’re able to do this much, much better, we’re able to bring the costs way down, do it all with fewer people, our people are much more effective.’”After leaving Waypoint, Wiel Brien saw how they could leverage their experience.“We looked around at the overall residential lscape in America,” Wiel said. “There are over 30 million units that are in buildings 50 units smaller, plus single-family, that are owned almost all by individual investors, who are either hiring a third-party property manager or self-managing, most likely because they can’t find one they can trust.”The fees for managing a fraction of those units could rise into the billions, Mynd’s founders aren’t the only ones who’ve noticed the tempting breadth of this market. Wiel named startups OneRent Castle as competitors, along with the traditional property-management firms Renter’s Warehouse HomeRiver. OneRent in particular seems to be offering the exact same services that Mynd’s initial product will offer.Brien Wiel said their competitive selling point will be their years in the industry their takeaways from having built Waypoint’s internal property-management systems.“That’s a big moat,” Wiel said, “to have the combination of deep property-management expertise deep technology experience, which is the core of the partnership between Doug me.”And the potential of that combo seems to be huge, according to Brien.“We’re saying that we’re going to manage hundreds of thouss of units,” he said. “t’s really our experience at Waypoint that gives that goal credibility.” He also cited “synergies” between the co-CEOs, both men noted that they have complementary strengths. Brien specializes in operations human logistics, whereas Wiel gravitates toward technology. They share a focus on Mynd’s strategy going forward.
“Historically, property management has been done in a very ad hoc, manual, paperbased way,” Brien told DS News. “To create the paradigm shift do something different in real estate, which is needed, you have to come at it from more of a technology perspective. Having said that, you could definitely err on being too technology-centric build technology for technology’s sake. You can sit in a room think, ‘Oh, these tools will be so cool,’ but then you take them out to the market nobody cares about them. t has to be both, having that balance is important.”n keeping with Brien’s comments, Mynd is trying to strike the perfect balance. The company is a continuation of the co-CEOs’ work at Waypoint. Underlying both companies is the fundamental bet that software can reduce—or even eliminate—the time-intensive logistical headache of managing a rental property, thus increasing the effective RO of the investment, allowing the management system to scale to a very large number of units. , they got up to 17,000.However, Mynd is not trying to do away with humans altogether. The company’s operations sales will require manpower to support the digital component.“Our whole philosophy—that think was a big part of our success at Waypoint— was marrying the benefits of scale the technology platform with local experts that are boots on the ground,” Brien said. “Real estate is always will be a very, very local business. No matter how great of an operating platform we build, if we didn’t have the right people on the ground, it wouldn’t work. would say that our philosophy is very much about making people more efficient.”me of those people on the ground may be independent contractors or part-time employees, potentially reducing Mynd’s costs.When the product opens up to the public in March, Mynd’s co-CEOs intend to acquire customers through a mix of digital traditional avenues. Brien Wiel expect to ramp up content marketing in 2017, using articles, webinars, similar means to build name recognition generate inbound leads. Still, Mynd will have a stard sales department.“t’s always going to be a fairly high-touch sales process,” Brien explained. “For most people, a majority of their net worth is tied up in this real estate. We met with someone today; he’s probably got a million dollars of equity in his building. don’t know of any asset class when people are talking about million-dollar investments where they just kind of haphazardly decide to try something.”Mynd’s CEOs hope to charge lower fees than the current crop of non-digital property managers, while offering a more convenient, more transparent experience for owners. Their platform will coordinate things like dispatching a plumber to fix a leaky faucet without having to align three different people’s schedules. Data about what’s happening at each property will be easily accessible to users. Brien emphasized the mobile app, calling Mynd’s approach “real-time property management”.“Once we build our system we have all the data in our system,” he said, “we can start to provide owners with lots of interesting information. think in the future, we’ll transform ourselves from more of a quoteunquote ‘property manager’ to an investment manager.”“Transforming the asset class” is a focus of Brien’s.“There’s a lot of people on the sidelines who just don’t know how to manage the properties themselves aren’t impressed enough with existing property-management companies to allow them to manage for them,” Brien said. “ think those people will come off the sidelines, think people who own property today will be more willing to invest more capital into the asset class if we can make it more like other asset classes.”Already, Brien is sure.“There’s a belief out there that property management is going to change,” he said. “ mean, it doesn’t take much to look at how property management is done, to have some understing of new technologies that are used in other industries, to ask yourself the question, ‘Why is property management still done this way?’ don’t think that’s too big of a leap of faith.”Taking away the headache for owners who manage their own rental properties offering a better service than the traditional property managers, is what Brien Wiel see as the key to unlocking this potential.“The ability to allow an owner to have complete transparency into the operations of their real estate,” Brien said, “to make investing in single-family homes small apartment buildings more like owning a stock or a bond, where you can go online any time find out how your investment is performing— mean, why can’t you do that with investment real estate?”f Mynd can make good on its potential, the answer will be, “You can do that with investment real estate."This article originally appeared in the February 2017 issue of DS News magazine.
By nya Mann DS NewsTackling Tech, February ssueFebruary 1, 2017