A Broken Workflow Needing Maintenance: Why We Invested in Plentific
Maintenance is in desperate need of repair
Anyone who has ever lived in a multifamily apartment building has dealt with the headache of submitting a maintenance work order. Air conditioners break, refrigerators stop working, and pipes invariably clog over time. When this happens, tenants face headaches — an average wait period of 10 days for a repair, disruption to their day-to-day in scheduling a contractor for repair work, and zero visibility into what is happening behind the scenes after the work order has been submitted.
Property managers also feel the pressure — they want to delight their tenants with high-quality, responsive, and efficient repairs, and to ensure their assets are safe from a fire, electrical, and gas safety perspective. Ideally, they would manage this workflow in a single system that not only tracks activity and shares progress with the tenant, but can also serve as a solution to engage with their contractors — from selecting vendors to submitting payment. Historically, property managers have had to choose between several poorly-integrated systems or using no system at all.
As the owner of nearly 60,000 multifamily apartments, Brookfield knows these challenges all too well. Following an extensive evaluation of technologies in this space, both incumbent and emerging, Brookfield Technology Partners is thrilled to announce our investment in Plentific, a leading property management SaaS platform. Led by Cem Savas, an investment-banker-turned-landlord, Plentific is shifting the paradigm for property managers by unifying the systems used to (i) manage the maintenance workflow and (ii) engage with contractors who perform the work. In doing so, Cem and his co-founder Emre have created alignment across the maintenance ecosystem by solving for the needs of each stakeholder: the Landlord, the Contractor, and the Tenant.
Landlords want repairs that are high-quality, speedy, and cost-effective
Landlords love Plentific. The platform is a workflow solution that speeds up the repairs process without compromising quality. 95% of Plentific’s jobs are resolved within 72 hours versus an industry average of 10 days. Plentific also creates competition for each job by surfacing the work order to its marketplace of over 18,000 trusted contractors, with landlords receiving up to five quotes on each work order. This competitive bidding process results in operational cost savings of 25% on average. After the repair is completed, Plentific prompts tenants with a satisfaction survey, enabling the property manager with performance data to inform future vendor selection.
Contractors want a trusted system to find work and get paid quickly
Contractors love Plentific. The platform is a full-service marketplace that provides access to jobs, tools to communicate with both the tenant and property manager, and direct payment to their bank accounts. This more effective system enables Plentific contractors to achieve a first-time fix rate of 93% versus 75% for the industry, saving contractors both time and money from having to go back to the field. Once the job is completed, average payment is received within 4 days from invoicing versus lengthier industry payment cycles of 30–60 days. Further, each job on the platform is exclusive to Plentific, thanks to its installed base of 350,000 units and growing, and pre-approved, meaning no need to negotiate price once the contractor’s bid is accepted.
Tenants want their repairs done quickly and done right the first time
Tenants love Plentific. In a recent renter satisfaction survey, over 20% of tenants responded that having an easier way to request repairs would improve their renting experience and landlord relationship. With Plentific’s mobile app, repairs are easy to request and track, and more likely to be fixed quickly and correctly the first time around. On average, Plentific repairs are resolved in 72 hours, with 90% positive resident feedback.
The better way to manage a property
We are honored to partner with Cem and Emre in the next chapter of Plentific’s growth, and to be working alongside our co-investors Sam Brooks and Helena Prokhorenko at Highland Europe, as well as our friends at RXR, Mubadala, Target Global and A/O Proptech. Plentific — welcome to the Brookfield family, we are excited to support you in “fixing” maintenance for property managers!