Case Study

ResMan

Driving Company and Product Growth Through Market Expansion

"Mainsail has been a true partner since we joined forces in 2017. The vast knowledge among their operations team has been critical to growing our business; they know the issues we are facing today and the ones we will face tomorrow"
– Elizabeth Francisco, President & Co-Founder of ResMan

At a Glance

  • Recruited a CEO, CFO, CPTO, CMO, CRO, SVP of Customer Success and SVP of Marketing and three independent board members
  • Drove organic growth by reorganizing go-to-market by segments, building out sales and marketing functions, launching RevOps and launching a BDR program
  • Accelerated company growth via four add-on acquisitions that expanded product offerings and expanded TAM
  • Helped build out the product suite and product packaging
  • Expanded cross-sell opportunities, which helped increase gross margins

The Company

ResMan is a business management software for the property management industry. It enables multifamily property management companies (PMCs) to streamline core operational and financial functions while also providing access to a suite of ancillary products such as leasing, screening, credit building and websites.

The Story

Based in Plano, TX, the technology behind ResMan was originally developed in 2008 by Elizabeth Francisco and Nick Olsen, who had a vision to simplify operations for multifamily PMCs. The founders later re-built a cloud-based application, launched the platform commercially in 2012, and rebranded as ResMan in 2015.

With Mainsail’s deep experience in real estate tech from prior investments in Nexus Systems and PayLease, Mainsail identified ResMan as a relevant bootstrapped software company that fit the firms investment strategy. In 2017, Mainsail Partners invested $36M in ResMan to help the company build out its team, expand its product offering, increase value and service for its customers, and ultimately accelerate growth for the company.

Today, ResMan is the core platform (ERP) used by PMCs to run their businesses. ResMan serves as the system of record and helps PMCs improve operational efficiencies, grow net operating income and increase resident retention.

Mainsail’s Value

Talent Acquisition: Working alongside Mainsail’s talent team, over the period of four years, ResMan hired a CEO, CFO, CPTO, CMO, CRO, SVP of Customer Success and SVP of Marketing.  In early 2019, Paul Bridgewater, a former CEO of Sage Payment Solutions was brought in as the CEO. Mainsail also helped recruit three experienced independent board directors.

Company & Product Growth: Mainsail leveraged its data-driven direct origination program to identify potential add-on opportunities for ResMan. Utilizing this research, ResMan acquired four companies: Budgetrac, HighTech Solutions, Investor Deal Room and Razz Interactive. The products acquired through these acquisitions expanded ResMan’s platform to include solutions for property websites, tenant engagement, investor workflows, commercial and mixed use property management accounting, affordable housing and more. Additionally, ResMan built and launched a native rent-payment product with the deep payment experience of the new CEO and CTO.

Sales & Marketing Execution: Along with product, go-to-market strategy was a priority for the leadership team at ResMan during this crucial period of growth. Working with Mainsail, ResMan built out its Sales and Marketing teams.

In Sales and Marketing, Mainsail worked with ResMan to:

  • –  Optimize commission plans and help build out the BDR program
  • –  Define the priority market segments and align its sales and marketing resources to improve unit economics
  • –  Scale the Account Management team and optimize commission plans to improve upsell of ancillary products
  • –  Establish a RevOps function to support marketing attribution and lead-to-close process
  • –  Create an ABM campaign strategy to improve conversion in the enterprise segment
  • –  Support a full company rebrand

The outcome of these initiatives included continued growth, expanded cross-sell opportunities, and improved gross margins.

Outcome

ResMan was acquired by Inhabit IQ, a collective of tech-forward companies serving the vacation and property management industries, in August 2021.

Property Management Software for Multifamily
  • LOCATION: Plano, TX
  • SECTOR: Software-as-a-Service (SaaS)
  • CEO: Paul Bridgewater
  • FOUNDED: 2012
  • INVESTED: 2017
  • STATUS: Acquired