Giving credit where credit is due: Esusu
Welcome to Issue #5. We need to ask ourselves in both the real estate and technology sectors if we are unintentionally doing anything to perpetuate problems of racial injustice and what we are going to do to help make things better. In that spirit, I am proud to highlight a company today that helps multifamily landlords do good while doing well.
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Asset Type: Multifamily
The Need: Property Managers have limited ways to encourage good tenant behavior and need to find ways to reduce costly evictions/turnover. There is a market gap in solutions that attract and retain good quality tenants while reducing turnover, particularly in an economic recession.
Renters who are largely lower-income, immigrants, and minorities have historically been denied many of the benefits that homeownersย receive, including the ability to build credit.
Todayโs startup offers an elegant solution that simultaneously addresses both of these needsโฆ
Spotlight
Company: Esusu
Funding Stage: Post Seed |ย Traction: 30+ multifamily owners & operators (L+M, Jonathan Rose Companies, Mercy Housing and more)
Description: Esusu'sย platformย provides a one-stop-shop for the capture, transformation, and transmission of rental payment data to all three credit bureaus. This drives a 25%+ increase in on-time payments while serving as an amenityย to attract and retain qualityย tenants by providing them direct value.ย By reporting rental payment data into the credit bureaus, Esusu is able to ensure that renters build and establish credit and financial identity to unlock future opportunity.
Pro Tip: Esusuย has launched a Rent Relief Fund (here) so residentsย impacted by COVID-19 can apply forย zero percent interest loans. Funds for qualifying applicants will go directly to Property Managers to ensure it goes towards rent. Property Managers can reach out toย Esusuย atย ceo@esusu.orgย if they would like to share this with their portfolio.ย
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Do good and do well,
David