- App is utilized most by multifamily owner/operators.
- Business intelligence module allows for aggregation of numerous inspection reports.
- App is utilized by some of the largest multifamily owners, single-family rental companies and real estate brokerages.
Last month San Francisco-based tech company HappyCo launched a business intelligence (BI) module upgrade to its Happy Inspector app.
The app pulls various property inspection data together, which assists multifamily owner/operators, single-family rental companies and property managers better forecast capital expenditures and identify property trends.
According to HappyCo’s CEO Jindou Lee, the addition of a BI module allows inspection info to be aggregated so that questions like ‘in last 60 days how many units have reported having countertop issues,’ can be answered.
In addition to the BI upgrade, HappyCo expects to announce an integration with Buildium, a Boston-based property management software company, this year.
The Happy Inspector app allows inspection data to be directly inputted via an iPad, iPhone or Android device. Photos are automatically included in every inspection report and can be uploaded to a company’s database. Each photo is time stamped and the various inspection checklists are customized for each client.
Multifamily owners/operators use HappyCo
The mobile app is utilized by some of the largest multifamily owner/operators nationally including Alliance Residential and Equity Residential. The later recently inked a multi-year deal with HappyCo, meaning the app will be used during the inspection of more than 80,000 apartments.
“A lot of them (multifamily owners) use it during the pre-purchase and pre-acquistion phase,” Lee said, explaining firms will conduct a walk through of every unit at a property they’re considering for acquisition prior to submitting a bid.
The result: reduced bids and cost/time savings further down the road following a purchase. App utilization can also prove valuable when a multifamily owner is eyeing the acquisition of a portfolio of properties.
Single-family rental companies, including Colony American Homes who recently merged with Waypoint Homes, and owners of vacation homes also use HappyCo’s software.
“We’re saving them money on that process (inspections) by allowing them to create quality control,” Lee added. “It becomes a value proposition.”
Brokerage franchises that are part of Century 21, RE/MAX and Coldwell Banker are additional users of the app, which allows agents to create custom home reports with their own custom branding. These reports can be sent to prospective buyers and with clients looking to relocate to a new city or state.