Nestio shakes it up
I met the entrepreneur and team behind Nestio at Techstars about two years ago. I liked the team immediately although was not totally sold on the concept. I became a mentor to the team. I eventually invested in them too.
They began as a site with a consumer product for the renters market. It was all about using technology to make the process easier. Think of it as you own a fantastic excel sheet on all the apartments that you were looking at to rent with pertinent information to the neighborhood.
The feedback from the market was that many of the listings were inaccurate. So they dove deep to figure out why. The reason was pretty clear. Listings were managed by landlords and brokers with technology delegated to a stick-it note. Nothing was up to date and in turn nothing ended up being entirely accurate.
That is when Nestio started to rethink their model. They began to build a system for an archaic outdated system that would bring modern, centralized technology to the rental industry.
The team spent thousands of hours with landlords and brokers to understand the industry and through this they were able to pinpoint the problem. They realized that everyone that they spoke with appreciated technology but there was just not a modern solution for their business. A perfect example is Caren Maio, the entrepreneur behind the business, met with a landlord who had his Macbook air in one hand and his Ipad in the other. He tells Caren that in order to track his buildings and listings he uses a whiteboard and a fax machine in his office. This was in 2012. He could not figure out how to apply technology to his business. That is the void in the marketplace that Nestio has fixed and filled.
Nestio has built a platform that gives landlords and brokers real time information. That information also provides data for them to be more profitable and manage their business easier. How do you really know that your business is transforming an industry? When every owner and agency starts to use the product, when you walk into an office and see Nestio up on every computer, and when every owner and President of an agency whispers in your ear after integrating the product into their day to day business and leans in to ask "Are you raising any money because I'd love to invest".