Inhabit IQ Adds ResMan to its Suite of Solutions for Property Managers

Combination Adds Core Property Management Solution to Inhabit IQ’s Residential and Commercial Product Suite

KNOXVILLE, Tenn., and PLANO, Texas, August 27, 2021Inhabit IQ, a unique collective of tech-forward products serving the residential, commercial and vacation rental management industries, and ResMan®, a leading property management SaaS platform provider, today announced that Inhabit IQ has added ResMan to its suite of solutions for multifamily and commercial property management. Terms of the transaction were not disclosed.

ResMan offers an industry-leading property management platform that helps residential and commercial real estate managers operate more efficiently, thereby benefitting residents, managers and owners. The company’s technologies provide end-to-end visibility into both front- and back-office operations, including accounting, budgeting, maintenance, reporting, and end-to-end leasing, among other unique capabilities.

This transaction will give Inhabit IQ a core residential-focused property management solution, while further expanding Inhabit IQ’s presence in the affordable housing market. Inhabit IQ’s market-leading ancillary product offerings covering payments, screening, insurance, utility billing, document management, inspections, facility maintenance and learning management are highly complementary with ResMan, and the combination will enable the company to meet the evolving needs and priorities of property management companies. The platforms of both Inhabit IQ and ResMan will remain open to partnerships with other solutions providers, allowing customers the choice of best-in-class providers to manage and optimize performance.

“We admire the quality of ResMan’s products, team and customer-centric approach. With ResMan’s industry-leading technology platform, we will have a full suite of solutions that allow property managers for residential, commercial and vacation rental properties to seamlessly operate their businesses either exclusively with Inhabit IQ and ResMan or in partnership with other providers,” said Lisa Stinnett, CEO of Inhabit IQ. “Providing customers with flexibility and access to best-in-class solutions have been the guiding principles for both our companies. We are excited to welcome the talented ResMan team to Inhabit IQ, and look forward to further accelerating innovation across our solutions as we offer a one-stop, industry-leading platform to our clients.”

“We’re excited to join forces with Inhabit IQ and take our company to the next level as part of a premier and differentiated platform of leading property management solutions and services,” said Paul Bridgewater, CEO of ResMan. “In recent years, we have successfully scaled our customer-first service model and expanded the reach of our software platform to new segments of the industry. Inhabit IQ’s industry knowledge and collaborative approach with fast-growing tech companies make them the ideal partner to create a true industry-leading offering.”

“We are proud to have supported ResMan’s growth and expansion as the company takes this exciting next step in their journey,” said Gavin Turner, Managing Partner at Mainsail Partners, ResMan’s growth equity partner prior to today’s transaction. “Since our investment in 2017, ResMan has experienced strong organic growth as a result of key investments in people, innovation and technology, as well as transformative growth from several add-on acquisitions. We are confident ResMan will continue to accelerate its momentum and provide clients with an even stronger offering as part of Inhabit IQ. We look forward to watching their continued success.”

ResMan’s headquarters will remain in Plano, Texas, and the Company will continue to be led by Paul Bridgewater and its current senior leadership team.

Weil, Gotshal & Manges LLP served as legal advisor to Inhabit IQ. Harris Williams LLC served as financial advisor to ResMan.

About ResMan

ResMan is the preferred growth partner that drives profitability and efficiency for nearly a thousand property management companies across the U.S. ResMan delivers the property management industry’s most innovative technology platform, making property investments and operations more profitable and easier to manage. ResMan’s platform unlocks a new path to growth for property management companies that deliver consistent NOI improvement and brilliant resident experiences easier than ever before. For more information, visit us at www.myresman.com or engage with us on Twitter, LinkedIn, or Facebook.

About Inhabit IQ

Inhabit IQ is a unique collective of tech-forward companies serving the vacation and property management industries. Its strategic partnerships deliver best-in-class software solutions and services while fostering innovation and collaboration with like-minded entrepreneurs and industry leaders. The company believes that property managers should have the opportunity to choose platforms that best support their business goals and benefit from strategic partnerships across their ecosystem. Inhabit IQ has several private equity partners, including Goldman Sachs Asset Management, Insight Partners, Greater Sum Ventures and PSG, that are committed to helping support the Company’s commitment to property management software innovation. To learn more, visit InhabitIQ.com.

About Mainsail Partners

Mainsail Partners is a growth equity firm with offices in San Francisco and Austin that invests exclusively in fast-growing, bootstrapped software companies. The firm has raised over $1.3 billion and invested in more than 50 growing companies since 2003. Mainsail prioritizes investments in B2B software companies with compelling business models in growing markets. The firm’s approach to driving value creation is anchored in a dedicated Operations Team that is purpose-built to help founders scale their businesses and accelerate growth. These women and men include former software company operators who leverage real-world experience, well-established best practices, and a true partnership ethos to support management teams. For more information, visit mainsailpartners.com or follow the firm on LinkedIn.

MEDIA CONTACTS

ResMan

Tahlor DiCicco

tahlor.dicicco@myresman.com

469-830-9493

Inhabit IQ

Kristin Alm

kristin.alm@greatersumventures.com

865-850-6087

Mainsail Partners

Sarita Ray

Sarita@mainsailpartners.com

650-278-5436

Why Syndicators Need Investor Management Software

One of the things that makes growing a multifamily investment business so hard is that the more investors you bring into your deals, the more time you find yourself spending responding to investor emails and phone calls instead of closing your next deal.

Not to mention the fact that, to investors, any hint of disorganization during the funding process or in communicating investor updates erodes credibility and trust.

Whereas in the past, the ol’ boys club was how deals got done, as more and more investors experience cutting-edge technology and more intuitive workflows, syndicators that don’t use investor management software are going to be left behind.

Questions Bog You Down

With closing deals, part of this problem is that it’s not just the phone call or email that takes your time. While it might only require a half-hour to have the phone call, look at some spreadsheets, dig through some files, and answer their questions, the part that nobody talks about is how much time and energy is drained by having to switch your focus between one part of your business and another

Every time you answer investors’ questions, you’re losing momentum that can take an hour or more to build back up again. Hiring an administrative assistant is a great idea to stay in front of things – and is the first hire made by 90 percent of the most successful syndication teams we work with – but these assistants, we find, are quickly running into the same problems as their bosses and their frustration with the inefficiencies will reach your desk before you sign their first paycheck.

Some Investors Never Make It to the Finish Line

A disorganized approach to raising capital will cost you investor dollars. One of the most critical points in your business as a syndicator occurs between the time your investor reviews the investment opportunity and the moment when they wire funds.

A poorly designed subscription experience leads to a high abandonment rate, with many investors never making it to the finish line. Scoring that first transaction with a client through a trouble-free process will likely lead to additional business with them, as well as referral business.

Balls Will Eventually Get Dropped, Eroding Investor Confidence

If you’re doing small deals with a few investors, it’s not the end of the world to have to email investors back and forth every step of the way through a capital raise.

But as your business and investor base grows, cracks will start to form anywhere your sales process lacks clarity, resulting in investors getting stuck in the process and not finalizing their investment.

On the sponsor side, without a clearly defined process (and ideally automation in place) even managing a small deal can feel like herding cats. These troubles multiply if you’re managing a big deal with 100 and more investors. It becomes nearly impossible.

“Where do I send funds?”
“Can you send me the signed documents?”
“Did you receive my wire yet?”

If you want to scale your business, those aren’t the types of questions you should be answering over and over again.

Even so, many sponsors are still managing that process in a completely ad hoc manner, often sending a dozen or more emails going back and forth to get commitments in the door, get subscription documents signed, provide wiring instructions, and confirm receipt of funds.

It’s no wonder so many balls get dropped during large raises. And that’s not even taking into account all of the manual data entry the sponsor has to do to get the investor information out of the subscription documents and into a spreadsheet.

It’s easy to see why so many syndicators feel like they’re losing control along the way. The problem is that every dropped ball represents a little loss of your most valuable asset as a syndicator: Investor confidence.

We know that there are several thousand sponsors in the market, all competing for capital. As a syndicator, your brand credibility is critical to securing the funding needed to close investment opportunities.

Great Investor Experiences Facilitate Future Opportunities

Do you feel like you are projecting the level of professionalism that will attract new investors and serve your existing investor base?

Many sponsors who achieve traction in their business quickly find that their level of presentation either has not kept up with investor growth or it is keeping them from attracting new investors in the way they would like.

As technology continues to evolve and utilization increases, investors you could be courting – or even the ones you are working with today – will make assumptions about your company based on the technology in place. The last thing you want is for one of your current investors to question whether you are the right long-term growth partner for their investments.

A great investor subscription experience leads to higher conversion rates, with investors quickly entering their commitment, signing documents, and wiring funds without your involvement.

And, for the sponsor, if you’re able to automate the process, it can be as simple as sending a single link to investors and then checking your bank account as funds begin rolling in.

What a lot of successful syndicators don’t realize is that the decision to invest with your company is about far more than just the numbers.

IRR, Equity Multiples, Risk Profiles, and Preferred Returns definitely matter to your investors, but if your presentation is lacking, you’re leaving money on the table.

And that’s even more true as your company grows and the number of projects increases. Investors who are already in deals with your company aren’t going to re-invest if your processes and communication come off as disorganized or unprofessional.

Now Is the Time to Upgrade Your Investor Experience

During the past year, the multifamily space has proved once again to be resilient during turbulent economic times. There is one thing that always remains true, people need housing and specifically rental housing, which is why multifamily is so attractive to new investors and why current investors continue to re-invest here.

Transaction volumes are on track to exceed CBRE’s initial 2021 forecast. If you’re planning a capital raise, this is a good time to check out Investor Deal Room. It’s an easy to use platform that helps you to manage all phases of deal-making, freeing up time and increasing investor trust. Why not watch our most recent webinar or register for a demo today?

10 Things You Should Know About Electronic Signatures, Transmission and Storage

Since May 2020, the U.S. Department of Housing and Urban Development (HUD) Office of Asset Management and Portfolio Oversight (OAMPO) in the Office of Multifamily Housing Programs has granted the option to use electronic signatures and to electronically transmit and electronically store files. That decision has led to far greater overall efficiencies and cost savings for industry operators who choose the option

Why Are Electronic Signatures, Transmission and Storage Important to Our Industry?

Electronic signatures have greatly streamlined the application and leasing process for tenants and property teams. They eliminate the delay associated with finding a meeting time that works for both the prospective tenant and the onsite team. They reduce the amount of traffic coming into the leasing office, allowing the site staff to focus on other tasks. They have also systematized the application process which produces electronic timestamps to secure positions on waitlists, minimizing the opportunity for discrimination or bias.

Eliminating the need to store paper documents has helped operators save money and reduce risk. Digital storage is a fraction of the cost of physical storage (in some systems it’s actually free!), and operators also save on expenses incurred with printing, filing, retention and retrieval. By replacing physical document storage with secure, encrypted electronic documents, operators are no longer exposed to risks such as loss from fires and floods. These documents can be retrieved by authorized users anytime from anywhere that has an internet connection. They’re protected from loss or unauthorized access through a National Institute of Standards and Technology (NIST)-compliant encryption system, which also comes with security benefits such as automatic backup, access control, and change tracking. Removing the need for paper storage means documents are no longer prone to human errors such as misplacement, misfiling, damage, loss or destruction. Finally, digital files are truly “green” – no more killing trees to print 30+ page certification packets.

In spite of all these great benefits, our recent discussions with operators have shown that there’s a lot about electronic signatures and electronic document storage that is not universally well understood. Unfortunately, in some cases these questions or misconceptions are interfering with the ability for all affordable property management companies to take advantage of the efficiencies, cost savings, and risk reduction that come with electronic signatures and electronic document storage. This has prompted us to put together these 10 tips and advice.

What Are 10 Things to Know About Electronic Signatures, Transmission and Document Storage?

  1. Electronic signatures must meet specific criteria to be considered legally binding. If you are not sure if your applications or recertification process are in compliance, contact your software provider.
  2. Owners and management agents adopting electronic signatures must provide applicants and tenants the option to utilize wet (i.e. original) signatures and paper documents upon request.
  3. Know your state and local laws. While HUD may permit electronic signatures, you may be required to get a wet signature on some forms such as leases and addenda, the HUD-50059 and the HUD-9887.
  4. Keep in mind, signing a document, scanning it and emailing it as a PDF doesn’t constitute electronic signature – that’s simply an electronic transmission of a document with a wet signature.
  5. When transmitting a document via email, you should password protect the document – especially if that document contains Personally Identifiable Information (PII). And do not include the password for the document in the same email.
  6. It is okay to start scanning move-in files and recertification packets as you are processing them; giving you a combination of paper and electronic files.
  7. It is prudent to devote time to gradually scan and digitally store all previous paper files. Consider starting this task with your Year 1 Tax Credit files.
  8. Follow the same guidelines for access to electronic files as you have for paper. For example, Enterprise Income Verification (EIV) documents should be stored separately, and access should be limited.
  9. While HUD’s Nov. 6, 2020 notice does not apply to the HOME program or Public and Indian Housing, check with your local public housing agency to see if they permit electronic signatures, transmission and storage. Most state housing finance agencies and rural housing offices will allow this.
  10. You should read HUD Housing Notice 2020-10 to make sure you are fully aware of the guidance for electronic signatures, transmission and storage.

What Are 10 Things to Know About Electronic Signatures, Transmission and Document Storage?

If you’re interested in learning more about how you can implement electronic signatures and electronic document storage, ResMan is ready to help! Our Affordable Housing capabilities include online leasing, electronic signatures and unlimited electronic document storage. Our solution offers a highly intuitive online leasing workflow that meets application and lease format requirements specific to the affordable housing market. It gives the industry the technology its operators need to streamline their application process – something the conventional market has had available to them for a long time.

We invite you to reach out to schedule a demo or to view this webinar that explains electronic signatures and electronic document storage and also provides a demo of ResMan’s solution.

PropTalk: Cocktails and Compliance Episode 2

ResMan’s Affordable Compliance experts, Rue Fox and Janel Ganim, are back at it again with the return of PropTalk’s installment of Cocktails and Compliance! Grab a cocktail with Rue and Janel as you listen along about how affordable compliance has evolved in the past year, including the top concerns of management companies, updates on the average income test, and navigating the emergency RA plan.

To listen to more episodes of PropTalk, visit https://learn.myresman.com/proptalk/.

4 Key Reasons Why You Can’t Afford to Miss NAA Apartmentalize This Year

4 Key Reasons Why You Can’t Afford to Miss NAA Apartmentalize This Year

How long has it been since you’ve seen your closest friends? We’re such a tight industry: You know you want the face time! We’ll be at Apartmentalize in Chicago on Aug. 31-Sept. 2 and ResMan would love to see you. Register here.

Don’t Be Left Behind

The industry has changed so much since we last met for Apartmentalize in 2019. This year, find out about all the new ways our industry is looking at marketing, touring, property management software, hiring, staffing, and slicing and dicing data – not to mention sustainability, regulations, HR, even waste management and more.

For example, explore what “the decade of digital authenticity” means to us and discover the top 20 trends that will shape the next 10 years. From hyper-automation to multi-experience technology, life as we know it is about to change in a big way. Don’t get left behind with old ideas.

It’s time to create a roar again in the ’20s. If you miss this opportunity, you have to wait until next June.

Make New Friends

Do you have new hires from the past two years who are relatively new to the apartment industry? Show them how we network.

Apartmentalize is the ideal baptism into the multifamily housing industry. Everyone is so friendly and helpful – ask any attendee and it’s likely they’ll tell you a story about the time they originally connected with their peers during this biggest national trade show in apartment property management.

The onsite management and service provider connections you meet this year will become friends you meet here every year – for life.

Escape Your Surroundings

Chicago is open to the public. It’s one of the grandest cities in the country. So much to do (and so many great places to eat!) Ever try “real” Chicago-style pizza? Long-time Chicago resident Apartment All-Star Lisa Trosien, who will be a presenter at two breakout sessions this year, recommends that you stay on Michigan Avenue’s glorious Magnificent Mile – it highlights Chicago in all its glory – and is just a mile or two shuttle ride from Apartmentalize’s host center McCormick Place.

Lisa also says that Chicago has been one of the most cautious cities in the country since the pandemic. Even if you are nervous, rest assured she says at least three-fourths of people in Illinois are voluntarily still wearing masks.

The Incredible Lineup

The National Apartment Association is providing a record number 106 sessions. There are tracks for Executive, Operations, Professional Development, Marketing, Student Housing, Independent Rental Owner, Leadership, Industry Trends, Maintenance, Affordable Housing, Technology, Human Resources, Research, Military Housing. Wow.

Get a load of these excellent General Session speakers:

Erik Weihenmayer, World-Class Blind Adventurer. He’ll speak about the “No Barriers Life.” Despite having lost his vision at age 14, Erik is an accomplished mountain climber and adventurer. He’ll illuminate how we move forward in our lives toward growth and purpose despite barriers that get in our way.

Diana Nyad, American Author, Journalist, Motivational Speaker and Long-distance Swimmer. Amazingly, at age 64, in her fifth and final attempt, Diana Nyad successfully fulfilled her lifelong dream of completing the 110-mile swim from Cuba to Florida. Upon completing her 53-hour journey, Nyad told the world, “Never give up. You are never too old to chase your dreams. Swimming might look like a solitary sport, but it takes a team.

Lisa Bodell, Founder and CEO of FutureThink, and best-selling author of “Kill the Company.” Bodell is a global leader on behavior change, whose skill-building firm has transformed hundreds of thousands of employees from Fortune 500 companies by showing them how to “eliminate the complexity” that holds them back and “get to the work that matters.”

Viola Davis, Actor, Producer, and Philanthropist. Davis is the first black actor to win the triple crown of Tony, Oscar and Emmy awards. She has also, with her husband, founded JuVee, a production company that focuses on giving voice to the voiceless.

And Game-Changers:

Brian Fanzo is a keynote speaker who inspires, motivates and educates businesses on how to leverage emerging technologies and digital marketing. He is currently the Founder of iSocialFanz. Brian’s #ThinkLikeAFan philosophy has powered first-of-their-kind storytelling campaigns for many Fortune 50 companies leveraging Periscope, SnapChat and Facebook Live.

Alton Fitzgerald White, after completing a record-breaking 4,308 performances as King Mufasa in Disney’s The Lion King on Broadway, is now an author and speaker. His book, My Pride: Mastering the Challenge of Daily Performance is an inspirational biography filled with secrets to fulfillment and joy in work and life.

Can’t Wait to See You!

It all sounds so great, doesn’t it? So don’t wait, register now to attend Apartmentaliz

After you’re registered don’t forget to sign up for an in-booth demo of ResMan. You’ll be amazed at how much our property management platform has expanded and evolved over the last 2 years with the addition of websites, CRM, payments, advanced budgeting and forecasting, investor management and more!

After 18 months of improvising and doing everything necessary to help your family and your residents navigate a pandemic, you deserve to get out and have fun while you learn!

Focus Forward. Reconnect. Restart. Reenergize.

We can’t wait to see you!