International property management company, Odevo, has established itself in the US as KW Property & Management Consulting (KWPMC) has joined the Group, ensuring Odevo is the first residential management company to have a leading position on both sides of the Atlantic. The property company is already prominent in the UK through Rendall & Rittner, Premier Estates and Trinity Property Group being part of the Group. The US will be Odevo’s fourth market, and the deal will increase Group revenue by £120 million to £270 million.
Odevo was formed when leading UK managing agent Rendall & Rittner joined forces with Swedish based Nabo and SBC. The addition of KWPMC marks both Odevo’s first expansion outside of Europe and its entry into the US, the world's largest market for property management.
Odevo aims to challenge the industry and harness the power of technology and the highest standards of customer service to become the leading force in property management and residential services internationally.
Odevo CEO, Daniel Larsson, comments: “Our goal is to become the global leader in residential property management - this is an important step toward reaching that goal since we are the first player in the world to have a leading position on both sides of the Atlantic. I’m very pleased to welcome our new colleagues at KWPMC to Odevo and to announce our establishment in the world's largest market. We see the same challenges and opportunities in the U.S. as in the European markets. The industry has lagged behind in terms of customer focus, digitalization and the development of new services. Together, we will continue to challenge and change this industry where there is such enormous potential. We plan to continue our strong growth journey, both organically and also by attracting more companies to join us.”
“We are very happy to become part of the Odevo Group,” said Paul Kaplan, founder and CEO of KWPMC. “Aligning with Odevo positions us to significantly enhance the depth and scope of our services and products, including technology, banking, and insurance, in an effort to consistently exceed our clients’ expectations and remain the market leader in property management in Florida and beyond.”
KWPMC is one of the fastest-growing property managers in the U.S. with over 80,000 homes under management and 2,000 employees. The company has developed its own digital platform and grown organically since inception. It has an annual revenue of just over £130 million and an average organic growth rate of 18% over the last five years.
A three-time honoree on the annual Inc. 5000 list of the fastest-growing private companies in the U.S. (2019-2021), KWPMC was founded in 2004 and today operates across the state of Florida, where it manages some of Miami's premium properties.
With the addition of KWPMC, Odevo now has 3,800 employees, 590,000 homes under management and revenue of £290 million – a thirtyfold increase over four years.
Odevo has a leading position in Sweden, Finland and the UK. Odevo is challenging the industry with, among other things, its proprietary tech platform, and its ambition to become the leading international player in property and housing management. The company has greatly increased its investment in its platform and now has around 60 developers. It also acquired the fintech company Monu, which provides technical infrastructure and financial services to the clients within the Group.
R&R have long argued that leaseholders should not have to pay for life-critical fire safety remediation works. With this in mind, we were pleased that the Government had incorporated provisions within the Building Safety Act to protect leaseholders.
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