Technology

Nestio raises $8M to simplify rental management and brokerage

Brokers can pay for access to property management software provider's listing database
  • NYC brokers can pay for access to Nestio's rental listing database, which immediately reflects internal listing updates made by landlords and property managers.
  • A provider of rental management software, Nestio is expanding to markets including Washington, D.C., Boston, Chicago and Miami.
  • Nestio says landlords and property managers using its software represent 40 percent of residential rental listings in NYC.

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Nestio, the provider of a rental management platform and listing database, has raised an additional $8 million to grow its products and branch out from New York City into markets including Washington, D.C., Boston, Chicago and Miami. Nestio serves residential landlords, property managers and rental brokers. The startup's leasing management platform lets landlords or property managers manage rental inventory, track leads and deals and seamlessly feed listings to listing portals, such as Zillow, Trulia and StreetEasy, and blast out emails to rental brokers. (Nestio says it reaches 80 percent of New York City brokers.) Long-time users of Nestio have seen their vacancy rates drop from about 4 percent or 5 percent to 1 percent, according to CEO Caren Maio. That may help explain why landlords and property managers using Nestio now represent a claimed 40 percent of NYC rental inventory. The widespread adoption has enabled Nestio to build a large database of rental listings...