Singlekey acquiring one of its competitors, Naborly, is making headlines. Tenantcube operates in the same market space. Even though Tenantcube is a technology platform that provides tenant screening tools like credit check and digital application along with some peace of mind services like rent guarantee as an add-on. We are excited about this acquisition, it shows that the market for point products and tenant screening is growing and at a good pace to be able to acquire their competitor. Naborly has been in trouble since the pandemic and it was clear that the innovation lacked and they were not able to adapt and grow. I don’t have all the information related to the deal and what this means to people at naborly. I can only imagine they had a good exit.
The real estate industry has been lacking innovation for years, it is great to see startups growing and being able to get funded, build revenue and now even acquire competitors. While, I think Naborly could have done it themselves and built a business,it is sad to see a well funded company fold this way. At the same time, I can only be happy for the founders, investors and employees who had a good exit. I personally believe in the potential and think smart companies can grow to become unicorns in the space.
Both companies have innovated the tenant screening part of renting, in spite of being one of the most important aspects of renting, in my view it is only one piece of the puzzle. We need more innovation in property management software space, managing tenants and documenting all the communication needs to be easy. Landlords don’t have the time to spend hours managing properties. We are excited about this space and looking forward to re-inventing how landlords rent in the future. Exciting times ahead for proptech and companies targeting the small landlord space.