Inhabit IQ, a unique collective of tech-forward products serving the residential, commercial and vacation rental management industries, and ResMan®, a leading property management SaaS platform provider, today announced that Inhabit IQ has added ResMan to its suite of solutions for multifamily and commercial property management. Terms of the transaction were not disclosed.
ResMan offers an industry-leading property management platform that helps residential and commercial real estate managers operate more efficiently, thereby benefitting residents, managers and owners. The company’s technologies provide end-to-end visibility into both front- and back-office operations, including accounting, budgeting, maintenance, reporting, and end-to-end leasing, among other unique capabilities.
This transaction will give Inhabit IQ a core residential-focused property management solution, while further expanding Inhabit IQ’s presence in the affordable housing market. Inhabit IQ’s market-leading ancillary product offerings covering payments, screening, insurance, utility billing, document management, inspections, facility maintenance and learning management are highly complementary with ResMan, and the combination will enable the company to meet the evolving needs and priorities of property management companies. The platforms of both Inhabit IQ and ResMan will remain open to partnerships with other solutions providers, allowing customers the choice of best-in-class providers to manage and optimize performance.
"We admire the quality of ResMan’s products, team and customer-centric approach. With ResMan’s industry-leading technology platform, we will have a full suite of solutions that allow property managers for residential, commercial and vacation rental properties to seamlessly operate their businesses either exclusively with Inhabit IQ and ResMan or in partnership with other providers,” said Lisa Stinnett, CEO of Inhabit IQ. "Providing customers with flexibility and access to best-in-class solutions have been the guiding principles for both our companies. We are excited to welcome the talented ResMan team to Inhabit IQ, and look forward to further accelerating innovation across our solutions as we offer a one-stop, industry-leading platform to our clients.”
“We’re excited to join forces with Inhabit IQ and take our company to the next level as part of a premier and differentiated platform of leading property management solutions and services,” said Paul Bridgewater, CEO of ResMan. “In recent years, we have successfully scaled our customer-first service model and expanded the reach of our software platform to new segments of the industry. Inhabit IQ’s industry knowledge and collaborative approach with fast-growing tech companies make them the ideal partner to create a true industry-leading offering.”
“We are proud to have supported ResMan’s growth and expansion as the company takes this exciting next step in their journey,” said Gavin Turner, Managing Partner at Mainsail Partners, ResMan’s growth equity partner prior to today’s transaction. “Since our investment in 2017, ResMan has experienced strong organic growth as a result of key investments in people, innovation and technology, as well as transformative growth from several add-on acquisitions. We are confident ResMan will continue to accelerate its momentum and provide clients with an even stronger offering as part of Inhabit IQ. We look forward to watching their continued success.”
ResMan’s headquarters will remain in Plano, Texas, and the Company will continue to be led by Paul Bridgewater and its current senior leadership team.
Weil, Gotshal & Manges LLP served as legal advisor to Inhabit IQ. Harris Williams LLC served as financial advisor to ResMan.
ResMan®, a leading property management SaaS platform provider, announces the company won its lawsuit against Karya Property Management. A federal jury in the Eastern District of Texas found that Karya breached its contract with ResMan and misappropriated ResMan’s trade secrets. The jury also found that Expedien, a software development company retained by Karya, tortiously interfered with the contract between ResMan and Karya and misappropriated ResMan’s trade secrets. The jury awarded ResMan $152,290,000 in damages.
Karya, working with global software development company Expedien, was found to have improperly accessed ResMan’s software to develop their own property management software. Karya’s software application was developed after Expedien accessed ResMan’s system more than 1,000 times without ResMan’s knowledge or permission. The evidence of this access included recorded teleconferences between Expedien and Karya to analyze the ResMan system and determine which features should be included in the new software.
“Building a world-class property management platform requires ongoing investments, deep industry knowledge, years of development effort, employee commitment and working closely with many customers. I’m very happy with the jury’s decision which sets precedent by acknowledging that software like this cannot be created by misappropriating trade secrets,” said Paul Bridgewater, ResMan CEO. “ResMan’s intellectual property is one of the most valuable assets we have, and it’s imperative that we protect it. Our customers trust us to bring them the most innovative, state-of-the-art property management solutions on the market. We believe the jury carefully listened to the evidence in the case and came to the right decision.”
The case is ReMan, LLC v. Karya Property Management, LLC and Scarlet InfoTech, Inc. d/b/a Expedien, C.A. No.4:19-cv-00402-ALM, in the United States District Court for the Eastern District of Texas, Sherman Division. ResMan was represented by Hogan Lovells with Maria Wyckoff Boyce as the lead partner on the case. Mike Jones of Potter Minton in Tyler, Texas, served as local counsel. Following the jury verdict, ResMan will seek injunctive relief and attorneys’ fees from the Court.
Payment level represents a payment rate of 98.1 percent compared to May 1-6, 2019
The NMHC Rent Payment Tracker is powered by Entrata, MRI Software, RealPage, ResMan and Yardi
The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 80.2 percent of apartment households made a full or partial rent payment by May 6 in its survey of 11.4 million units of professionally managed apartment units across the country.
This is a 1.5-percentage point decrease in the share who paid rent through May 6, 2019 and
“Despite the fact that over twenty million people lost their jobs in April, for the second month in a row, we are seeing evidence that apartment renters who can pay rent are stepping up and doing so,” said Doug Bibby, NMHC President. “We expect May to largely mirror April, when the payment rate increased throughout the month as financial assistance worked its way to people’s bank accounts.”
“However, we are in uncharted waters and will be watching this closely over the course of the month as millions of households will not be able to access unemployment benefits, and those who have may find that they are not enough to cover rent plus all the other financial pressures caused by this crisis,” said Bibby. “Those benefits will also likely fall short in high-cost areas. That’s why we are calling on Congress to include $100 billion in direct renter assistance in the next pandemic relief package.”
“When millions of renters found themselves sheltering in place at their apartment home, apartment firms made it a priority to help them retain their housing,” said David Schwartz, NMHC Chair, and CEO and Chairman of Chicago-based Waterton. “NMHC called on apartment firms to halt evictions for residents impacted by COVID-19, waive late fees and create payment plans for them and also avoid rent increases for 90 days to help residents weather the crisis. Many took up that call, and others went even further to help their residents. However, we can’t do it alone. We need Congress to help.”
“The cascading effect of any rent gap is meaningful,” said Bibby. “Apartment owners have $1.6 trillion in outstanding mortgage debt. If they can’t cover their debt, we might see a wave of multifamily foreclosures that could rival the single-family foreclosures that occurred during the Great Recession. In addition, apartment owners pay $58 billion in property taxes that help support essential services such as schools, emergency services and other important local needs.”
This survey is one of a number of NMHC-produced resources focused on the COVID-19 outbreak.
Additional resources, data and materials can be found here.