UnitWise is a comprehensive, all-in-one condominium management solution designed to streamline and enhance the way property managers, boards, and residents interact. The platform addresses key challenges in the industry, such as inefficient operations, lack of transparency, poor communication, and data security risks. By consolidating financial management, maintenance tracking, communication, and regulatory compliance into a single cloud-based system, UnitWise simplifies day-to-day management tasks and improves transparency for all stakeholders.
The U.S. condominium market is vast, with over 350,000 communities and 27 million housing units. Current solutions are often fragmented, forcing property managers to juggle multiple tools for different functions, which results in inefficiencies and increased operational costs. Residents frequently lack visibility into community finances, leading to dissatisfaction and trust issues. Communication is a common pain point, as outdated methods like emails and paper notices delay important information. Furthermore, with the growing importance of cybersecurity, many communities are vulnerable to data breaches, which puts sensitive resident information at risk.
UnitWise solves these problems by providing real-time communication between residents, property managers, and boards, ensuring that information is easily accessible and transparent. The platform's financial management features allow residents to track community finances, make payments, and view reports in real-time, while property managers can handle budgets, dues collection, and expense tracking with ease. Maintenance requests are automated, allowing for faster resolution of issues, and the system provides built-in tools for ensuring compliance with legal and regulatory requirements.
With a scalable subscription-based SaaS model, UnitWise offers flexible pricing to cater to different community sizes. The platform's potential extends beyond the U.S., with the global market for condominium and homeowner association management also experiencing growth. UnitWise is positioned to capitalize on these opportunities by offering a robust, innovative solution that improves efficiency, fosters transparency, and secures data. As the market evolves, UnitWise aims to be at the forefront of transforming how condominium communities are managed, making life easier for property managers and enhancing the living experience for residents.
Problem Description
Inefficient Operations:
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75% of property managers use multiple disconnected tools for different functions (communication, maintenance, finance, etc.), leading to significant inefficiencies and delays in task completion (Source: National Multifamily Housing Council).
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40% of property managers report spending too much time on manual administrative tasks that could be automated (Source: Buildium Survey).
Lack of Transparency:
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68% of condo residents express concerns over the lack of transparency in financial management and fee collection by property managers (Source: Community Associations Institute).
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Disputes regarding financial transparency are the leading cause of conflict in 22% of condominium communities (Source: HOA-USA).
Poor Communication:
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60% of property managers say that poor communication with residents is a top challenge, leading to missed deadlines and unresolved issues (Source: AppFolio).
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Only 20% of condominium residents feel they have adequate communication with property management (Source: National Association of Residential Property Managers).
Data Security Risks:
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35% of property management companies have experienced a data breach in the past 5 years, with sensitive resident information compromised (Source: Cybersecurity Ventures).
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Condominium management software is increasingly being targeted by cyberattacks, with 43% of incidents affecting the residential real estate sector (Source: TechCrunch).
Our Solution
UnitWise provides an all-in-one cloud-based platform that unifies communication, financial management, maintenance tracking, and regulatory compliance for condominium communities.
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Real-time communication between residents, managers, and boards.
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Transparent financial management with real-time access to reports and payments.
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Automated maintenance tracking for efficient issue resolution.
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Built-in compliance tools to manage legal and regulatory requirements.
Key Features
Communication Tools:
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Announcements, messaging, and forums for residents and managers.
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Service Alerts.
Send alerts or notifications to residents when services such as water shut-offs, pest control, or maintenance work will affect their units or common areas.
Financial Management:
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Budgeting, payment processing, invoicing, and financial reporting.
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Automatic Payments.
Allow residents to set up automatic payments for recurring services, such as parking or concierge services, to streamline the process.
Maintenance Management:
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Maintenance requests, work orders, vendor tracking, and issue resolution.
Document Management:
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Secure storage and easy access to important documents (bylaws, meeting minutes, etc.).
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Service Guidelines.
Provide clear guidelines on how and when residents can request services, ensuring that expectations are managed and service delivery is consistent.
Resident Portal:
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Access for residents to community news, payment options, and service requests.
Online Payment Processing:
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Seamless payment methods for dues, fees, and other financial transactions.
Security Features:
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Access control, visitor management, and incident reporting.
Reporting & Analytics:
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Basic reporting on financials, maintenance, and community engagement.
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Transparency (Board Meeting Minutes, Voting Results).
User Management:
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Role-based Access.
Assign different access levels and permissions to property managers, board members, and residents. -
User Profiles.
Maintain detailed profiles for residents, staff, and vendors.
Market Opportunity
Total Addressable Market (TAM):
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$486 million annually.
Serviceable Addressable Market (SAM):
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$291.6 million annually.
Serviceable Obtainable Market (SOM):
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$14.58 million annually.
Competitors
In the crowded condominium management software market, competitors like AppFolio, Buildium, and Yardi dominate with comprehensive platforms that address property management needs. These established players focus on a wide range of property types, offering solutions for rental, HOA, and condominium management. However, they often lack specialization in condominium-specific issues like resident transparency and real-time communication.
UnitWise differentiates itself by focusing exclusively on the unique challenges of condominium communities. Unlike competitors, it offers enhanced transparency features for residents, streamlined communication tools, and automated compliance management tailored for condo boards. UnitWise's user-friendly interface and all-in-one platform make it a specialized, targeted solution in a market where competitors spread their focus across various property management types. This niche positioning allows UnitWise to capture a specific, underserved segment while maintaining competitive pricing and scalability.
Business Model
Subscription-based SaaS Model:
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Basic Plan: $1/unit/month (for communities under 50 units).
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Pro Plan: $2/unit/month (for communities 50-500 units).
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Enterprise Plan: Custom pricing (for large-scale communities).
Revenue Projections:
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Year 1: $500,000 ARR (based on 25,000 units onboarded).
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Year 2: $2 million ARR (based on 100,000 units onboarded).
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Year 3: $6 million ARR (based on 300,000 units onboarded).
Funding Requirements
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Seed Round: $500,000
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For the 9 months
