We’re announcing a $5.5M seed round to power Synco’s vision for modern messaging that empowers property management teams.
Fast and efficient problem solving is the north star in property management, but internal communication chaos is slowing down property management teams.
Over our years in the industry, we’ve seen firsthand how property management teams struggle to communicate internally – using cumbersome email chains and unsecured text messages to manage complex portfolios and distributed teams – and how it affects their productivity and morale. While 90% of the Fortune 100 have moved on to modern messaging platforms for internal conversations, property management teams are largely stuck in the past.
Why is this the case? There’s such a stark difference between property management teams and the rest of the business world when it comes to communicating and sharing information internally. Communication platforms for tech companies, financial institutions, and the like simply don’t work well for property management nor the real estate industry at large. These tools lack the specificity and customization that property management teams need to communicate around assets, and organize conversations by vendor and by property, down to the unit and resident level.
After selling our companies, we spent a year talking to hundreds of property management firms about their communication challenges and a common theme emerged: the overwhelming volume of decentralized email and text messages slows down problem-solving, but it feels like the only way they can gain visibility into what’s happening across their properties.
Constant follow-ups from higher ups asking “where are we on this?” and overflowing inboxes cause real frustration and lost productivity. The need for transparency has never been greater, yet it’s so difficult just to find the right information, get answers, and give input in real-time across a distributed team. We validated these assumptions with some of the biggest names in property management, and decided to build something with their challenges in mind.
Synco: Real-time messaging for property management teams
Enter Synco: a centralized real-time messaging desktop and mobile app for property management teams. Whether you’re an accounting professional sitting in the corporate HQ, or an on-site maintenance tech working on repairs all day, Synco gives you a platform for fast, easy messaging with your coworkers, easily organized by the details you know and care about – property addresses, unit numbers, project names, trades, and more.
Using Synco, property management leadership gets:
- A clearer picture of what’s going on at their properties, without being cc’d on every email
- To avoid inbox overload with more control over conversation notifications
- A faster way to get new employees up-to-speed – and a more secure way to offboard departing employees
- A platform built specifically for the demanding needs of property management and their larger ecosystems.
Team members working at the department, regional, and property level get faster answers to their questions, a collaborative space to work together, plus a more organized way to categorize conversations by property, unit, project, and more.
At Synco, we’re on a mission to improve operational efficiency at property management companies by modernizing and organizing the team communication experience. That’s why we’re excited to announce that we’re exiting stealth mode after raising $5.5M in funding to bring the first modern, superpowered messaging platform to property management teams everywhere.
This fundraising round is built around a coalition of investors across the entire property management ecosystem, including:
- MetaProp: We’ve been friends with Metaprop co-founders Zach Aarons and Aaron Block since before the fund’s inception. Thrilled to have such talented PropTech pros on board with Synco.
- 20+ multifamily owner/manager/developers and their key executives (e.g LeFrak Organization, L&M Development/C&C Property Management, Urban American and many, many others)
- Industry insiders such as Caren Maio and Adam Pittenger of Moved.com, other PropTech SaaS execs, and service/trade vendors – all of whom will foster our integration efforts.
Jason Griffith, Ross Goldenberg, Bill Evick, and John Bonds are the co-founders of Synco. Jason & Ross co-founded SiteCompli, a compliance automation platform used across 1M+ residential units & 70% of Class A office properties in NYC. Bill & John co-founded Aptexx, a resident engagement and payment portal that had processed $5B in transactions at the time of its acquisition in 2018. The Synco co-founders met after selling SiteCompli & Aptexx to Inhabit, a collective of property management software companies backed by Insight Venture Partners and Goldman Sachs.