Following the successful establishment of Nabo in Sweden, Odevo has been launched internationally to challenge the traditional property management industry, with UK-based Rendall & Rittner as one of the group’s founding companies. Since the foundation of the group was laid in 2019, revenue has grown tenfold.
Now present in three markets, Odevo is heavily increasing investment in its proprietary tech platform and expanding in the UK as well as the Nordic countries. The group aims to continue to grow at a strong pace, both organically and by adding additional companies within Europe and elsewhere.
Residential real estate is the world’s largest asset class and buying a home is usually the largest investment a person makes in their lifetime, yet the residential property management industry has traditionally lagged behind in terms of both digital development and its focus on customers.
Recognising that the industry needs to modernise to meet the needs of today’s leaseholders, Odevo was formed to improve the experience of property management for residents through better technology and customer service. Odevo is a fast-growing international group seeking to challenge the traditional property management industry. In less than three years, the group’s revenue has grown tenfold while remaining committed to excellent level of service. Its foundation was laid in 2019 with the formation of Nabo and the acquisition of SBC in Sweden, and they were joined by Rendall & Rittner in the UK in 2021.
Earlier this year, UK based Premier Estates and Finnish companies MTR and STIO also joined Odevo, making Finland its third marketplace. The group has a combined portfolio of almost 400,000 homes under management and it aims to continue this strong growth trajectory in the years ahead. Together the companies that form Odevo aim to harness the power of people, knowledge and technology to become the leading force in property management and residential services internationally.
“We started Odevo to drive the industry forward and simplify living for people across the world. So far, we have made significant progress in Sweden and the UK and we are now expanding to Finland. At the same time, we are increasing our pace to reach additional markets. The United States is the world’s largest market for property management and so will obviously be one of our main focuses for future expansion, in addition to the markets we’re already present in. Our aim is to increase revenue tenfold again and use our scale to deliver better value and service for our customers”, said Odevo CEO Daniel Larsson.
The companies that are currently part of Odevo offer management services for property owners and residents supported by Odevo’s proprietary digital platform. Rendall & Rittner was the first company outside Sweden to join Odevo. As a leading residential managing agent in the premium segment, it has a portfolio of over 80,000 homes across the UK including some of London’s more prestigious and complex buildings.
Newly joined Premier Estates manages a diverse portfolio of over 30,000 homes throughout England and Wales with an emphasis on first-class and friendly service. A new customer portal and management platform is being developed for the UK market, supported by the Odevo product development team and Rendall and Rittner customers are due to benefit from this investment later this year.
The Odevo Group has approximately 1,300 employees and a turnover of over £120 million. The average growth rate between 2019 and 2021 was 135% per year, of which the organic growth rate in 2021 was about 15%. Odevo plans to continue its strong growth, both organically and by attracting additional companies from Europe and other continents to join the Group, and is already in advanced negotiations with a number of companies in different markets and expects to be present in two more countries in the near future. The group is backed by Swedish investment company Fidelio.
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