bode well for Sydney-based start-up Managed App, which has banked $5.3 million in fresh capital to expand its sales teams as real estate agencies across Australia look to squeeze more earnings from property management rather than just housing sales., which led this latest funding round alongside Momentum Markets, Managed App has signed a deal with Century 21 as the preferred technology partner with hopes of scooping up new franchisee customers.
“When you’re running a real estate agency, you’re running a sales business which has the flashy salespeople, the fast cars and the properties with high price tags, but you’re also running a property management business.Managed App, which has booked more than $1 billion in transactions on the platform, with 58,000 customers including 18,000 owners, 23,000 tenants and 5500 tradespeople, aims to automate the payments process for all parties.
Since starting in 2017, Mr Bouris – son of Wizard Home Loans and Yellow Brick Road founder Mark Bouris – and his co-founder Thom Richards have instead built a network of digital wallets, issued largely by Standard Chartered, a UK-based bank, that can pay quickly between each other rather than through a centralised trust account that is settled every 30 days.
Over time, Managed App aims to offer various financial products through its dashboard, such as short-term financing, mortgages and refinancing.“It’s not just a vanilla referral arrangement though,” Mr Bouris said. “We’re building the application process into the dashboard, so you’ll be able to apply, see the schedule of repayments versus the rental income and forecast how that’s going to affect your cash flow.