Leading Residential Rental Property Inspections and Operations Platform Completes Condition Assessments for More Than 1.5 Billion Square Feet of Multifamily Homes
SAN FRANCISCO, April 5, 2022 /PRNewswire/ — HappyCo, the number one residential operations platform for real-time rental property condition data collection and utilization, announced that it has reached the 10 million completed inspections mark and has provided condition assessments and reporting for more than 1.5 billion square feet of multifamily and single-family rental homes in the U.S. Over the last year alone, 2.6 million inspections were completed using HappyCo.
With in-unit data on over 3.5 million multifamily and single-family rental homes – notably one out of every eight professionally managed units in the US – HappyCo is the leading source of condition assessments and workflow tools. HappyCo provides vital underwriting information to lenders, investors, and asset managers, and empowers property managers with real-time operational tools and reporting. In 2021, HappyCo data were relied upon to transact approximately 26% of all US sale transactions of multifamily units.
"We’re delighted to reach this crucial milestone and share our excitement with our clients – without whom these achievements would not be possible," said HappyCo CEO, Jindou Lee. "Our team is passionate about creating efficient solutions that make our customers happy and reaching the 10 million mark is a rewarding validation of our commitment."
Current HappyCo customers include Freddie Mac; lenders such as Walker & Dunlop, Berkadia, and Greystone; real estate investors, including CA Ventures and Maxus Properties; and property managers such as Cushman & Wakefield and AMC.
Founded in Australia in 2011 by Jindou Lee and Andrew Mackenzie-Ross, HappyCo was designed to automate, simplify and protect data collected during residential rental property inspections and has grown to become a trusted multi-faceted solution for property management, due diligence, and underwriting globally.
Assessment data, including property- and unit-level photographs, are required for every property loan and are valuable in underwriting investments. Gathered by inspectors and underwriters utilizing HappyCo’s technology and stored on its platform, the images and data for millions of residential units are easily available to lenders, investors, and property managers.
For lenders, HappyCo provides the richest view of property and unit conditions with tools to streamline onsite and virtual inspections. Importantly, the platform seamlessly integrates with the Freddie Mac Multifamily platform. HappyCo works with all Freddie Mac Optigo® lenders across the US.
HappyCo also serves property managers, offering a complete suite of apps to simplify processes, drive better performance and generate comprehensive views of assets within a portfolio. The tools and services are designed to help managers create "sticky" communities with high occupancy rates and frictionless operations. The industry’s premier property management firms, including Cushman & Wakefield, AMC, and CA Ventures are HappyCo customers.
"HappyCo has been one of the most impactful solutions we’ve ever deployed. When you think about this 10 million milestone, try and picture just how many inspections that is. Think about the impact the time saved has had on owners and operators across the world," said Mark Zikra, senior vice president of technology and innovation at CA Ventures. "HappyCo has been a tremendous partner for us to work with, building a platform that helped us do our jobs with efficiency and ease every day. My hat goes off to the entire HappyCo team for having put in the hard work to reach this point, we are proud to congratulate them on this milestone."
HappyCo is a real estate software company that develops mobile and cloud solutions to enable real-time operations data for property managers, asset managers, lenders, and investors. Its software suite includes market-leading condition assessment and workflow tools with in-unit data on over 3.5 million rental homes. Founded in 2011, the company is privately held with offices in San Francisco, California, and Adelaide, Australia.
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