Fintech startup NestEgg has launched Freedom, a month-to-month property management plan. Landlords and real estate investors can now access NestEgg’s full suite of products for $29 per unit per month, according to an announcement on Thursday.
“Freedom’s property management service is a stepping stone to achieving financial independence via real estate, something we are very passionate about,” NestEgg Founder and CEO Eachan Fletcher said in a prepared statement. “Now, real estate investors can purchase their second, third, fourth long-term rental in different states across the US and not have to worry about managing them or traveling cross country to address problems that may arise.”
NestEgg (which received four out of five stars in an Inman tech review) provides a mobile and desktop platform that enables investors and landlords to monitor their rental manager’s activities such as collecting rent, scheduling building and unit maintenance, and answering resident inquiries.
Users can also access on-demand customer service, a maintenance help desk, a directory of NestEgg-vetted maintenance pros, online rent processing, an income and expenses tracker, and a tenant portal, according to a previous Inman article.
“The majority of mom and pop real estate investors today live within driving distance of their rental properties so that they can self-manage and avoid paying expensive property management fees,” Fletcher added. “[Freedom] allows real estate investors to be completely hands-off much more profitably and saving on average 8-10 percent of their monthly rental income that typically goes to traditional property management.”
Since launching in 2017, NestEgg has become a contender in the digital property management space. The startup completed its largest funding round ever in November with $7 million in backing from several investors, including Hyde Park Venture Partners.
The company has used the funds to launch Freedom along with several other solutions, including a pay-in-four maintenance and leasing expenses platform, NestEgg Pay, and two rent assurance programs that help landlords dealing with late rent payments or rent defaults.
“With more financial pressure on landlords and tenants as a result of the current economic climate, it’s more important than ever for landlords to have access to tools that deliver strong cash flows,” Fletcher said. “As small independent landlords ourselves, my co-founders and I have built a platform that makes the income reliable and the management easy.”