The tech-powered property management company
manages over 7,500 doors across seven states and plans to double
their presence in 2022
CUPERTINO, Calif., March 28, 2022 /PRNewswire/ -- Poplar Homes, a
leading tech-enabled property management company for single family
rental (SFR) investors, announced it has raised $53M in Series B funding led by LL Funds with
participation from new and existing investors including Crescent
Cove Advisors, AGNC Ventures, LLC, the corporate venture capital
arm of AGNC Investment Corp. (Nasdaq: AGNC), well known computer
scientist Jeff Dean, proptech VC
Zain Jaffer, and other seed investors.
![Poplar Homes logo Poplar Homes logo](https://mma.prnewswire.com/media/1775043/Poplar_Logo.jpg)
The company also announced a series of strategic hires, doubling
the size of the team and bringing on key executives including
Travis Buchanan as Chief Operating
Officer (formerly of American Homes 4 Rent), Scott Breon as Chief Strategy Officer (formerly
of Vacasa), Carolyn Landis as
Executive Vice President of Corporate Development, and Justin
Lieberknect as Vice President of Marketing (formerly of American
Homes for Rent). Poplar also made nine acquisitions of property
management companies in multiple high-growth markets across the
country ranging in portfolio sizes from 200-1,000 doors. Poplar
plans to continue to leverage strategic hires and acquisitions to
drive its growth strategy.
For individual property owners, who own 90% of the SFR market,
Poplar eliminates the burden of maintaining a rental home so that
the investment is as easy as managing a stock portfolio online.
With 67% of Poplar's customers previously self-managing their
properties, the company's platform and service is specifically
designed for the 7 million independent SFR landlords. Poplar Homes'
property owners on average own 1.4 homes, making them truly
"mom-and-pop" investors that have historically been unable to
access the technology and custom-built property management
platforms used by large commercial institutions. Using technology
designed specifically for the individual property owner, Poplar
Homes helps keep tenants in their homes - and paying rent - longer
than traditional property management companies.
"Single family rentals are an increasingly valuable asset, and
Poplar is at the forefront of bringing institutional operating
power to Main Street real estate investors, who are often spending
hundreds of hours a year on everything from leasing and maintenance
to legal issues and accounting," said co-founder and CEO
Greg Toschi. "We're well positioned
with 7,500 doors and growing to help everyday property owners
nationwide improve their margins on their rentals while also adding
real-time transparency into the day-to-day operations, robust
financial reporting, and guaranteed rent payouts."
Poplar's tech-enabled service is setting new standards in the
$100 billion fragmented property
management industry. Considered the first to offer guaranteed rent
and eviction protection to landlords in 2014, Poplar's cutting-edge
approach has found traction with 5,000+ property owners and has 95%
adoption of its platform for all maintenance and payment
activities. Today, the company has local teams in all 13 major
cities it serves, a centralized 24/7 support office, and an Owner
Dashboard where customers can track leasing, maintenance, and
financial performance real-time. Customers can manage a
geographically-dispersed portfolio of rentals with Poplar,
benefiting from the company's institutional systems, while still
retaining the local expertise. This year, Poplar will manage over a
quarter billion dollars in rent volume with the fastest rent
payouts in the industry averaging 1.5 days.
For renters entering the market, Poplar Homes rebalances the
power dynamic and makes it easy to get approved, view available
properties, and rent a home online. Prospective renters can browse,
access virtual tours, get approved and rent instantly through
Poplar's site - all remotely without having to spend the time and
money traveling to see homes. Once in the home, renters can easily
solve maintenance issues with Poplar's automated troubleshooting,
which leverages 3D imaging and machine learning to resolve 65% of
all maintenance issues remotely. Poplar's StreetCred program also
helps renters achieve their own dreams of home ownership - creating
future Poplar owners in the process.
"When we lived in the Bay Area CA, Poplar made finding a rental
home easy for us, but as with many families, an ultimate goal was
to own a home to provide more stability for my family and I," said
James Booth, a Poplar renter turned
homeowner. "When Poplar launched the StreetCred program, we were
able to use a percentage of the money we paid in rent towards the
purchase of our home, even though we ended up buying all the way
across the country in Pittsburgh
PA. We wouldn't be where we are today without Poplar
Homes."
"We're thrilled to partner with and be part of the journey with
the Poplar Homes team to transform the property management
experience for landlords and their tenants," said Jim Morrissey, Partner at LL Funds and new
Poplar Homes board member. "With the continued growth of the large
single family rental market coupled with a highly fragmented
service provider network, Poplar Homes provides a cohesive,
technology-driven platform and digital first solution. The Poplar
platform unlocks tangible economic benefits to property owners and
investors, and a better living experience for their residents. In
addition to providing products and services to homeowners and
investors, Poplar Homes is building trusted relationships with
tenants at the early stages of their real estate lifecycle creating
numerous downstream product opportunities."
About Poplar Homes
Poplar Homes is a
technology-powered, full stack property management company that
empowers both property owners and residents throughout their
lifetime real estate journey. For renters entering the market,
Poplar Homes rebalances the power dynamic and makes it easy to get
approved, view available properties, and rent a home online. Once
in the home, Poplar's easy-to-use platform makes everything from
paying rent to requesting maintenance a breeze. For property
owners, Poplar Homes makes maintaining a rental home as easy to
manage a stock online. Poplar Homes has a global workforce of 244
employees and manages 7500+ doors in California, Washington, Colorado, Nevada, Texas, Missouri, and North
Carolina. For more information, please visit
www.poplarhomes.com.
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SOURCE Poplar Homes