Flock named ‘Investment Management Platform of the Year’ by PropTech Breakthrough Awards
Published August 18, 2022Share this article
I started Flock to solve a very real problem for many of the 17 million American who own rental property. We help retiring, accidental, and regretful landlords keep all the benefits of property ownership - without any of the burdens - by giving them a smarter way to make their rental assets work harder for them. I’m proud that Flock was recognized among the growing population of PropTech firms out there and I’m excited to join a group of innovative, tech-forward companies recognized for impact in the category.
How it started
Unlike many other investment funds, I didn’t start Flock in the traditional way of taking on large institutional backing. I started by working with Shirlee. Shirlee owned two investment properties in Denver. The first was a primary residence-turned-rental. Her neighbor managed the property and she rented to long-term, reliable residents. The second was a home she inherited from her mother and turned into a rental.After a fruitful five years, managing these properties became far more of a liability than an asset. Her properties needed tens of thousands of dollars in improvements. One was vacant and produced no income; the other was rented significantly below market and she lost her reliable property manager. As a full-time doctor and mother, Shirlee did not want to be a landlord anymore and needed a solution.The problem? There were no good exit options. She couldn't accept the tax bills that came with selling. The fees that came with hiring another property manager were far from enticing. A traditional 1031 exchange didn’t solve her problems either - ultimately, she’d still be a landlord.Flock made it possible for Shirlee to trade in her properties for shares in Flock’s managed portfolio and avoid a taxable event, saving money and time. Flock repaired and re-tenanted the assets and Shirlee continues to reap all of the benefits she enjoyed when she actively managed her two properties: income, appreciation, and tax depreciation.Since joining Flock in April 2021, Shirlee’s had peace of mind knowing her investment is managed by Flock. The nest egg she built for her son can continue to grow since she’s still in the real estate game - but free of the day-to-day demands of landlordship.How it’s going
After Shirlee came Josh, an out-of-state owner looking for a more cost-efficient way to sell. Then came Mark and Katie, a young couple tired of being landlords. Then came Kevin and Stan - two retiring landlords with large portfolios they bought decades ago with large embedded gains. And the list goes on and on! In just over a year, over 200 homes have been added to Flock’s portfolio. We operate in cities across Colorado, Texas, Washington, Missouri, and Kansas, and are preparing to launch several new states across the Southeast and Southwest. We’ve paid out over $500K in passive income to owners to-date, and we’re just getting started.The team behind the scenes
All this wouldn’t be possible without the world-class team we’ve assembled. We’re building highly scalable tech with the goal of delivering better financial returns to our owners and better homes to our residents and the community. Our small but mighty team brings a wealth of experience having managed hundreds of millions of dollars, acquired tens of thousands of homes, and built technology that powers some of the leading financial and real estate technology companies.Again, I’m proud of our whole team at Flock to have been voted as the ‘Investment Management Platform of the Year’ in this year’s annual PropTech Breakthrough Awards and are excited to see what the future holds! Onwards!Have more questions? We have more answers. Learn more about how it all works here.Landlords, retire and minimize taxes.
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