A new generation of homeowners is demanding new and simple digital solutions, as well as increased levels of service. However, the residential property management industry is currently dominated by a few corporate giants with limited incentives and/or resources to innovate. To drive change and meet customer needs, large investments in innovation and technology development are required. Investments that are difficult to justify for an individual property management company. This is why Odevo was formed. As a group, Odevo can make these investments and significantly improve the customer experience and our support to clients, and that puts us at the forefront of the industry.
Established in 2019, Odevo is a new fast-growing international company challenging the property management industry. The company is a full-service provider of financial and technical management, legal services, as well as financial services to more than half a million owner-occupied homes in four countries. Odevo challenges today’s industry standards with higher efficiency and customer satisfaction through the proprietary technology platform developed by the in-house IT team.
We have successfully built a company from 70 people to 4,000 in four years and managed to grow quickly while still being profitable and keeping a high employee and customer satisfaction. Even though we are a new player, we have proven that it is possible to develop the property management industry in a short time. By bringing smart technology into the industry to increase its efficiency, Odevo creates value for clients globally and at the same time inspires others in the industry.
What makes Odevo unique is that we have developed our own proprietary end-to-end solution with a comprehensive range of solutions for managing one or several properties, while our industry colleagues most often depend on third party solutions. Our software automates time consuming tasks and creates value for property owners, association boards, residents, and property management professionals. Therefore, we also provide it as a SaaS (Software as a Service) solution and licenses the platform to industry competitors, which is unique.
As a global player, inclusiveness and diversity is central to foster an open minded culture that values different backgrounds and perspectives. Our customers and employees are at the heart of our business and are at the center of every decision we make. We are constantly developing new services and products, as well as finding new things to automate to make life easier for both customers and staff. As an example, we recently launched an open-banking platform providing clients convenient access to the best financial products in the market. To attract and keep top talent is of great importance for Odevo’s success and the company has an Employee Net Promoter Score (eNPS) of 75. Tracking customer loyalty and taking customer feedback into account is also important. The average Net Promoter Score for the companies in the group is 15.
The challenges and problems that Odevo solves are found all over the world. This enables Odevo to enter new markets without having to reinvent the wheel. The Odevo brand was launched in Sweden with the founding of the software and service company Nabo in 2018, followed by the acquisition of the leading Swedish property manager SBC in 2019. The group expanded quickly to the UK through the partnership with Rendall & Rittner in 2021. In 2022 the Group’s growth continued with Premier Estates and Trinity Property Group (UK), the entry into the Finnish market through MTR and STIO, and a market entry into the US. The US entry was an important step in Odevo’s journey and also meant that Odevo became the first residential real estate management company with leading positions on both sides of the Atlantic.
Growth has been a key feature of Odevo’s strategy. Since the foundation of the group, revenue has grown to EUR 325 million and Odevo’s platform is being used by over one million people in Sweden, Finland, UK and the US. The average growth between 2019 and 2022 was 156% per year, about 15% of which was organic. Odevos ambition is to continue to grow rapidly organically and by attracting additional companies to join us in both existing and new markets.
Sustainability is embedded in Odevo’s operations. The company has three areas where it contributes to EU sustainable development goals.
- Sustainable buildings and housing – UN goals 7,11,12 and 13
Odevo ensures health and safety, and a long-lifespan of the 800,000 homes that the group manages. Odevo increases the use of renewable energy sources and optimizes and reduces energy consumption. Odevo also helps clients with annual sustainability reports and plans.
- Efficient use of resources – UN goals 7,11 and 12
With mindful procurement and logistics Odevo ensures correct volumes to minimize waste, optimized travel routes to minimize travel and minimum waste from construction work. The company also increases the use of green transports.
- Transform a traditional industry to digital – UN goals 7,8 and 12
Odevo’s solution digitizes millions of papers, annual reports and mails. The group also holds digital meetings and collects critical premises data remotely to minimize travel.