Plentific Announces Turns Management Software

UK-based proptech firm Plentific, which began in February selling its software in the US, announced a new product to help automate the turnaround time process and reduce the gap between tenants in a unit.

“In August 2021, Plentific secured a $100 million Series C funding round, in part to fuel its US expansion, led by Brookfield, A/O PropTech, Highland Europe, Mubadala Investment Company (Mubadala), RXR Digital Ventures and Target Global,” the company wrote.

The new addition is part of the company’s current suite of offerings, which include applications to manage repairs, contractors, compliance, inspections, and overnight response.

The company says it has software to address a broad variety of markets, including property managers, social or private housing, student housing, short-term rentals, public buildings, care homes, gyms, hotels, schools, and restaurants and bars.

The turns management system allows users to “configure templates, customize their turns procedures, leverage built-in inspections, find approved contractors and manage all ongoing voids through a single, real-time dashboard,” according to a Plentific press release.

Below is the company’s bullet points about the claimed capabilities of the turns automation system:

• Make real-time decisions based on actionable insights – Simplify prioritization of due and overdue work, and see a snapshot of all voids [UK real estate terminology for a vacancy period] projects, work orders and tasks through a real-time dashboard
• Customize procedures based on best practices – Set up and standardize time consuming procedures through a growing library of templates created by property managers
• Conduct inspections in parallel – Save additional time by integrating voids inspections forms and processes in parallel via Plentific’s Inspections app
• Turn findings into work orders – Quickly and efficiently resolve issues found by seamlessly turning inspection findings into work orders
• Find vetted contractors easily – Instantly action work orders via the Plentific Marketplace, through an internal workforce or with appointed contractors
• Track and manage spending in real-time – Ensure voids projects are delivered within agreed budget through built-in financial tracking
• Continuously optimize turns process – Get actionable insights and reporting allows for continuous optimization of voids management against completion time, financial performance and volume of voids

The US expansion involved a product sale to Income Property Specialists (IPS) in the San Francisco Bay area. According to a separate press release, IPS is a “property and asset management company for institutional real estate investors overseeing more than 2,500 units.”