Proptech Startup PURE Property Management Reaches 10,000 Doors Managed in its First Year of Operation
Company Combines Proprietary Processes and Technology to Rapidly Consolidate and Optimize Single-Family Residential Property Management Across the U.S.
PURE Property Management reached 10,000 single-family residential (SFR) doors under management in its first year of operation. PURE has grown to over 100 employees, more than 1,000 years of combined experience, is profitable, and is accelerating its growth.
“We completed 20 acquisitions so far this year, and we’re just getting started,” said Michael Catalano, Co-founder and General Partner. “But this isn’t a door grab; we’ve added many of the industry’s most well-known, experienced, and respected leaders to the team, empowered them with innovative technology, and are out to transform the industry.”
With a mission of banding together, building together, and delivering technology that rocks the industry, PURE’s co-founders Catalano and Joseph Polverari raised $25 million from friends, family, and industry insiders to start PURE in October 2020.
Catalano is an experienced real estate investor and entrepreneur with over 25 years of experience operating, acquiring, and growing property management companies. Polverari is a seasoned Silicon Valley entrepreneur and fintech pioneer, who led corporate development and strategy at Yodlee, a financial data aggregation and analytics platform, through its IPO in 2014 and subsequent acquisition by Envestnet.
“Proptech startups are almost universally off-balance,” observes Polverari. “Generally, too much emphasis is placed on the ‘tech’ while lacking the ‘prop’ experience to design and deliver genuinely useful solutions. We’re not here to disrupt or re-imagine anything, just solve the real problems that our property managers, residents, and owners face every day, with a laser focus on tech-enabling and automating process workflows. From the industry, for the industry drives our roadmap.”
PURE captures best-in-class processes from their collective experience and applies that towards enhancing existing technology solutions and developing essential components of its own to automate and optimize the traditionally cumbersome and complex process of managing properties. Together, these solutions improve the value of their services and revenue diversity while enhancing customer experience and satisfaction.
Ashley Fidler, Vice President and Head of Product, previously worked with Polverari at pioneering AI platform and cyber security firm Versive. “There are hundreds of software point solutions available to property managers today, and that’s the problem,” said Fidler. “Property managers are trying to stitch together multiple, often disconnected solutions to solve workflow problems. PURE fills in the gaps on their behalf, so that our property managers can deliver exceptional experiences to every resident and owner. Everyone benefits from open, best of breed solutions that streamline workflows and leverage automation, machine learning, and artificial intelligence at scale.”
The property management industry faces rapid change amidst increasingly complex regulations, technology disruption, and competition fueled by non-endemic investors rushing into real estate. PURE’s growth potential and people-first mission resonate with the owners of property management companies looking to realize value from their businesses now while also benefiting from the scale, technology enablement, and territory reach uniquely possible with PURE.
“Joining PURE was a no-brainer,” said Eric Wetherington, South Carolina’s New Heights Property Management’s Broker and the 2019 President of the National Association of Residential Property Managers (NARPM). “Industry consolidation is inevitable, and the opportunity to join PURE — not only for myself but for my team to grow their careers and have a positive impact on this industry at national scale — is a once-in-a-lifetime opportunity.”
Wetherington joins as Vice President Strategic Initiatives at PURE, along with several current and past NARPM leaders, including Jennifer Stoops, Vice President Corporate Development, Jennifer Newton, Vice President Operations, and Jock McNeill, Vice President Partner Relations.
“Our vision is to make the process of renting a home PURE – transparent, simple, clean, and satisfying experiences for all,” adds Polverari. “PURE’s operational efficiencies, technology-forward approach, and greater resources let us offer significantly expanded and enhanced services to our property owner clients and the residents of those properties, and that’s just the beginning.”
About PURE Property Management
PURE Property Management is the fastest growing profitable residential property management and technology company in the U.S. Led by a team of experienced industry professionals and seasoned technology innovators, PURE acquires single-family residential property management companies and invests in their people and processes. PURE provides technology and operations efficiency to achieve market leadership by enhancing resident and owner experiences. Founded in 2020, PURE manages more than 10,000 properties across the U.S.
