Company’s innovative technology delivers 100% upfront rental guarantee to San Francisco Bay Area property owners during Covid-19
SAN FRANCISCO--(BUSINESS WIRE)--Doorstead (“Opendoor for Rentals”), an operations-technology company, today announced a slew of new hires and new advisors as it helps protect property owners amid uncertain times. The company provides landlords guaranteed rental income, regardless of occupancy (e.g. $3,400/month starting in 35 days). Doorstead’s business model has been remarkably successful for both Doorstead and its customers, as 98% of Doorstead’s guarantees were profitable in Q2 2020.
“We started Doorstead to eliminate unnecessary vacancies for property owners while being fair and just to our tenants and vendor partners, and we cannot retreat from that mission just because the market has shifted,” said Jennifer Bronzo, COO and co-founder. “Our platform was built to tackle such challenges, and our risk models have held up remarkably well. We are proud to offer stability to the Bay Area housing market, and we have brought on a world-class team to help us grow to meet demand.”
While some startups in the property management space have struggled to pay rental liabilities in the last few months, Doorstead has doubled down on its upfront guarantee leveraging its patent-pending dynamic pricing model that allows it to adapt to tenant demand. By being able to accurately find a property’s market clearing price, Doorstead enables property owners to fill their units quickly, resulting in lower vacancy and higher total earnings for owners, especially in the current falling market conditions. Its models have been remarkably successful to date. Additionally, Doorstead separates all rental property payments in a custodial account creating an additional layer of protection for owners and tenants.
This has resulted in dramatic growth for the company, whose inbound calls have increased by 10x in the last nine months.
To accommodate the surging demand for its services and scale efficiently, Doorstead has brought on a number of seasoned technology executives, team members, and advisors. They include:
- Jason Karas, senior director of Expedia, comes to Doorstead as the new VP of Growth.
- Andy Szybalski, founding team member and former senior director of product design at Uber Eats, joined Doorstead’s advisory board.
- Granit Gjonbalaj, former Chief Real Estate Officer of WeWork, joined Doorstead’s advisory board.
- 3 central operations team members from Opendoor.
“Doorstead’s guarantee solves a pain that so many rental owners experience, especially today,” added Jason Karas. “I’m thrilled to be joining this data-savvy and empathetic team at this moment of explosive growth, and to ultimately bring simplicity and piece-of-mind to property owners everywhere”.
Doorstead’s mission is to give property owners and tenants true peace of mind. Doorstead provides risk-free property management with guaranteed rental income, regardless of occupancy (e.g. $3,400 starting in 35 days).
Find out more at doorstead.com.