Doorkee is a one-stop-shop for landlords and tenants offering a more modern solution to the rental process. The platform was launched just last year by Co-Founders John Fagan (the current CEO) and Jordan Franklin (the current COO). Their goal was to develop a streamlined platform to enhance the rental process by offering a peer-to-peer market that cuts out the inefficiencies of the traditional rental process.
The platform has taken another step towards success by raising $5.7 million in early-stage funding. The round was led by Simon Baron Development, Corigin Ventures, and Alpha Edison. Other participants include Stonehenge NYC and Bushburg Properties.
Fagan has had the experience of being a frustrated renter and knew something had to change to make the process easier and more available to the average tenant.
“Technology-driven innovation has rapidly become an indispensable pillar of society, but the real estate industry has been notoriously slow to recognize its benefits. In a sense, we view Doorkee as the iPhone of apartment renting – created with the end user in mind as a practical, intuitive solution that is engineered to provide all the tools you need in one place. It also eliminates the need for expensive brokers on all sides of the transaction.”
Doorkee’s goal is to put the power and money back into the hands of both landlords and renters. The platform shortens the vacancy time of an apartment, which saves around $3.1 billion in annual vacancy costs across New York City, where it currently operates.
“Simply put, removing the middle man has allowed us to create significant cost savings for landlords and renters alike. For example, the total cost to New York landlords of using Doorkee is around 60% lower than the typical combined broker fee and vacancy cost, representing an average savings of around $5,000 per apartment.
“The time for innovating the rental process is long overdue, and this has never been more true than in the situation we find ourselves in today with COVID-19, which is forcing people to transact almost entirely online. This reflects an acceleration of shifting consumer behaviors that have been long in the making. We are confident it will have a meaningful impact on consumer behavior for the long-term, further supporting the significant market opportunity to scale our platform.”
On the investment, Ryan Freedman, General Partner of Corigin Ventures, said:
“Doorkee is exactly the type of business we look to partner with. In addition to being run by knowledgeable, passionate and forward-thinking founders, the platform is layering innovative technology over a daily life experience, helping to enhance the way renters transact and landlords operate.”
Matthew Baron, President at Simon Baron Development, said:
“As a landlord with hundreds of rental units across New York, one of the most difficult logistical hurdles to overcome is resident turnover. We often find out less than 30 days in advance that a tenant doesn’t plan to renew their lease, which presents us with a short runway to market and lease the space – often resulting in longer vacancy time between tenants. This is why a platform like Doorkee is so promising, and it’s why we chose to invest. They’re helping us to reduce our vacancy time, leading to significant cost savings, and providing a viable alternative to the traditional rental process that benefits us and our tenants.”
Doorkee plans to use the funding to support platform development to better serve landlords and tenants in New York City.