Simon Baron backs ‘iphone of apartment renting’

New York City landlord Simon Baron Development led a $5.7
million investment in apartment rental platform, Doorkee.

The landlord was joined by venture capital firms Corigin
Ventures and Alpha Edison in the latest fundraising round for the startup that
has also attracted funding from  Stonehenge
NYC and Bushburg Properties.

Co-founders John Fagan, CEO, and Jordan Franklin, COO,
created Doorkee in 2019 to streamline and optimize the rental process by
creating a peer-to-peer market that solves for inefficiencies and common
problems experienced by landlords, departing tenants and apartment seekers.

Landlords can integrate Doorkee’s platform into their
existing leasing systems, saving them money on new tenant onboarding,
eliminating broker fees, reducing in-house leasing costs, gaining free
advertising and cutting the vacancy time between tenants.

Departing Tenants are incentivized to notify landlords of
their plans to move as early as 100 days in advance, earning a reward of $1,000
on average for coordinating virtual tours at their convenience, and giving apartment
seekers access to rental inventory farther in advance.

 “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,” said Fagan.

Since launching in NYC in September 2019, Doorkee has
managed to steadily grow its landlord and renter user base. Capital from the fundraise
is being used to expand Doorkee’s platform, as well as fuel its expansion into
other major markets across the U.S.

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Landlords currently using Doorkee own more than 40,000 rental units throughout New York City. In addition to Simon Baron Development and Bushburg Properties, other notable landlords on the platform include Corigin Real Estate, Plaza Management, First Service Residential, MD Squared and R.A. Cohen & Associates.

Matthew Baron

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.”

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