This year has been full of great memories and achievements. Wishing everyone the best and a great new year ahead!
What’s Sunroom again?
Sunroom is an end-to-end leasing stack that makes renting homes “self-service.” We believe renting a home should be easy, fair, and transparent.
The future of leasing involves institutional partnerships. Today, institutional investors only own ~3% of single-family rentals (SFR) across the United States. Still, by the end of 2030, most analysts believe they will own over 40% of the rental homes.The consolidation is happening quickly across the southern sunbelt states. Capital is pouring into the space, with over $40B invested this year alone.
Additionally, a considerable amount of SFR inventory today is leased through local or regional property managers. To enable self-service leasing for as many homes as possible, we’re partnering with property managers and giving them an edge to compete with institutional players. Partnering with Sunroom gives local and regional property managers superpowers to help them grow their businesses and win more real estate investor clients.
Most of our 2022 initiatives were about positioning the company to address this trend and skate to where the puck is headed!
Expanded Across the Sunbelt
Talking to customers, we learned the following:
They want a one-stop shop that can service their entire portfolio of properties.
The southern sunbelt states are key for investment properties.
We're proud of all the work the team did to accomplish this expansion effort. It involved many activities, from setting up brokerages, taking licensing exams, and hiring local field operations teams, so we have “boots on the ground.”
Launched Futuristic Leasing Technology
Sunroom API – Lease with Code
This gives all of the Sunroom functionality but in a way that enables partners to incorporate it into their custom applications. For example, trigger a property to be leased after the renovation team finishes the project.
Custom reporting using our datasets.
Sunscreen – Fraud Detection
Verifies income programmatically and catches renter application fraud.
It simplifies the application process for renters and gives property managers advanced tools that are far better than traditional bank statements and pay stubs alone.
Provides same-day approval recommendations.
This tool removes biases and makes leasing more equitable.
Before Sunroom, Gabe worked at Inside Maps, a company that captures 360 media of homes for all major REITs. In his second life, he purchased hundreds of homes for the entity that became Roofstock, one of the essential marketplaces in SFR.
Kevin has a great mix of account management chops from his time ramping Entera’s customer base. Plus, he thinks like an asset manager from his time in Colombia and years of leasing properties professionally.
JJ has worked with some of us for years, dating back to our time at Favor and launching Dallas, our 2nd market. JJ is one of those guys you can trust will get the job done! He’s looking over our market expansions and field operations at Sunroom.
Just before the end of the year, Martin accepted an offer to join the team as Director of Engineering. We’ve been blown away by the product and engineering talent in Mexico and have made a deliberate decision to hire the majority of our tech team there.
Enabled thousands of renters to find their new homes.
Sneak Peak at 2023
Over the last few years, rents have risen, and demand has been through the roof. Let’s face it we’re facing a recession in 2023. The market will soften, and there will be a new set of challenges.
Today, most of the industry uses a mix and match of pointed SaaS tools and an army of real estate agents to lease properties. We don’t think this process will cut it for forward-thinking property and asset managers. Sunroom’s system removes the ambiguity & subjectivity of the undependable local agent.
We’ll invest in several projects this upcoming year focused on optimizing home portfolios with predictability and sophistication:
Executive Reporting: Robust listing reporting, market trends, and provable financial ROI analysis. Custom dashboards through our API.
Compare & Grade: Kelly Blue Book style rankings for rental properties. Contrast properties performance. Understand what’s driving the renter’s touring and application decisions.
Give Me Levers: Testable alternatives for leasing faster, other than lowering rent. Targeted moving incentives, tools built into the checkout flow like security deposit replacements, and more.
Sunroom is a pioneering leasing-only brokerage that revolutionizes the rental experience for property managers and investors. By seamlessly combining cutting-edge technology with the expertise of our leasing professionals, we empower our clients to efficiently rent out single-family homes and maximize their investment potential.