Nomad: Achieving exponential growth through customization
Nomad
HQ: Denver, CO \ Portfolio: Single-family, Condo, Community Associations \ Operates in: Colorado, Arizona, North Carolina, South Carolina, Georgia, Florida, Texas, California, Missouri, Washington, Oregon, Ohionomadlease.com
It was Steve Jobs who said: “Innovation distinguishes between a leader and a follower.” Looking at PJ O'Neil, Co-Founder and CEO of the innovative property management firm Nomad, the truth of these words becomes evident. Here’s how “thinking different” about everything from customers to their company’s mission to their technology partner helps PJ scale Nomad to new heights.
Established
2020
Units
3,000+
“We manage a lot of doors all over the country. We've been really happy with AppFolio. We've grown really quickly leveraging a lot of what AppFolio has to offer.”
What is Nomad?
Nomad is a lightweight model for real estate owners to manage their property with a guaranteed rent product sitting behind it.
“First and foremost, we help you lease your property. That's usually the very first entry point into Nomad. We screen your applicant, and then we guarantee their rent after they've been placed.”
Risks can be rewarding
Guaranteeing rent seems risky, but it’s what makes Nomad an innovator and a leader in the space, while also allowing them to serve their customers in a very meaningful way. Prioritizing the needs of their customers, largely private owners who own a single SFR rental property, allows Nomad to deliver the best service:
“A large majority of their wealth is tied up in this asset, and they're very sensitive to deviations and cashflow. So we want to make sure our owners are paid on time every month, guaranteed, so that they can pay their mortgage and live their lives with peace of mind knowing that their income is not at risk. We think we built a really powerful financial product to empower our customers to only have to focus on the things that they're good at.”
Choose your own adventure
Nomad shies away from a one-size-fits-all approach to management and strives to offer each client as much flexibility as possible.
“The Nomad platform is a ‘choose your own adventure’ in a way. You can have a full-service experience where we do more for you, or you can choose a DIY experience where you do more yourself. All of that experience is powered by AppFolio Property Manager.”
Adaptability is key
PJ explains how operational efficiency has gone through the roof with AppFolio, but that wasn't always the case. He felt that AppFolio had a closed ecosystem that made it difficult to customize a solution that worked best for the Nomad team. Listening to customers like PJ is in our DNA, and we're constantly iterating on our software and solutions to ensure you have everything you need to succeed.
AppFolio Stack™
“AppFolio has opened up their platform. You're inviting third parties onto the platform to empower your property managers with more things. The AppFolio approach to integration is nice because it's very well-defined in how you use these partners. It takes the guesswork out of it, and you don't have to expend as much in engineering resources to get what you need because it's already been purpose-built for AppFolio.”
AppFolio Property Manager Max
“The API integration was a game-changer for us when it was rolled out. We're able to glean insights from AppFolio much more quickly as a result of being able to pull data down from AppFolio without manually having to run reports. But the next iteration of that as part of AppFolio Property Manager Max will transform our ability to leverage AppFolio moving forward. We'll be leveraging that API to more efficiently read and write data to the AppFolio database, which will eliminate the need for manual tasks throughout the lifecycle of a property.”
The result?
“Now I can more confidently say that we can scale to thousands, even tens of thousands more doors with the AppFolio partnership.”
Economies of scale
AppFolio is not just a solution for Nomad’s here-and-now, but rather a partner in their growth.
“AppFolio is a really good solution as you scale to more units. You can start small, build your unit count, and as you become more sophisticated, the customizability of the platform lets you gradually layer on more technology, so you're able to do more. We've followed that path, so I know AppFolio can serve you from 30 doors to 30,000 doors now more effectively than ever.”
A visionary
When asked to describe his vision of the future, PJ wants every property owner in America to have guaranteed rent so they can manage their property exactly how they want to manage it, without the fear of rent going unpaid or missing a mortgage payment.
“Our vision is for every property owner in America to be able to tap into guaranteed rent. As a result and as an extension of that, every renter in America should be given a really consistent, amazing experience as they live in their home. This is only possible when choosing the right technology partner.”
PJ O'Neil
Co-Founder and CEO, Nomad
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