Client Spotlight – Simplifyy
Paul Worcester, Founder and CEO of the first modern Property Management solution, Simplifyy, began his career investing in multifamily real estate in 2008 together with his two brothers in Oregon. Over the course of 12 years, he has built a portfolio of over 4,000 multifamily apartment units and relocated to Kansas City.
As he built my real estate portfolio, he was disturbed to see the various ways that property management was failing to empower his real estate properties to produce the income that they were capable of. Residential property management practices have been left crude and uninnovated, as management companies have used the same outdated and ineffective methods for decades. The property management industry today invests a mere 3 cents in technology for every payroll dollar as compared to the ride sharing industry which invests $2.53 per payroll dollar.
Worcester was not the only apartment owner experiencing the backfire of the industry’s lack of innovation, so he fastened his belt and decided that if true innovation was to be brought to the property management industry, somebody must step up and charge at it, headfirst. Simplifyy was founded with an initial $5M investment of founder funding and two years of software development completed.
He launched Simplifyy in response to the lack of innovation in the multifamily property management industry, with tech-savvy genius, Jake Lisby. By leveraging emerging technology, the two were able to radically improve a property’s operations, increase resident satisfaction, and improve owner’s NOI. By implementing technological solutions to age old problems within the industry, the issues that were previously deemed irremediable were able to be resolved. The need for on-site employee presence was greatly reduced as technology could now handle manually intensive work instead of people.
Today, Simplifyy is valued at $15M and its goal is to be valued at $100M next year, and $1B by 2025. The company is currently in the midst of its first fundraising campaign since the initial founder investment of $5M. Returns for investors are expected to be at 400% by next year, and 3,000% by 2025.
“I’m honored and excited to be able to connect with you all throughout this incredible journey, all by means of this Family Office Network. Feel free to contact me for any questions, investment inquiries, or even just flat out networking purposes. Whichever path you are on, I wish you all the best, and look forward to getting to know you and what Family Office Network means to you,” said Worcester.
For information, email [email protected] or call (816) 233-7253