Rental property management software is a crowded area in proptech, but a Miami-based startup claims to have developed a better, faster and cheaper offering.
DoorLoop said this week it raised $10 million in seed funding in a bid to dethrone the massive public and private companies that have dominated the field to date, including AppFolio, Yarde and RealPage.
Existing industry products are cumbersome and outdated, DoorLoop co-founder and CMO David Bitton said in an interview.
“There’s a lot of competition, and we like that because it tells us there’s a big need in the market,” he said.
DoorLoop’s six co-founders, who have a background in software and real estate, led the round along with other private investors, according to a statement.
DoorLoop, like its competitors, allows landlords and property managers to automate listing, tenant screening, rent collection, maintenance, and moves. The company says it makes onboarding potential customers faster and cheaper, plus it offers a more intuitive product with an open API that can be integrated with other software.
The company also claims it provides better customer service — a primary justification customers give when questioned, according to Bitton.
“As a startup, we can go really fast,” Bitton said. “Today they can get a demo. Tomorrow they can get training and start using it. Our competitors can take weeks or months to do that.
Founded in 2019, DoorLoop launched its services in early 2021. The platform is used in 1,700 cities around the world as of mid-September, per Bitton. The business will be profitable “very soon”, he said.
The company targets the middle market, including property managers with up to 10,000 units. According to Bitton, DoorLoop does not yet have the brand recognition to attract larger managers overseeing 10,000 to 100,000 units.
“We target everyone, but those who sign up are the little ones,” he said.
A Series A raise isn’t short-term, Bitton said.
“We’ll see how far this money will take us.”