Tribe Property Technologies Inc. (TSX-V:TRBE) said it has partnered with Pensio Global, a credit risk management and rental income guarantee company, to deliver unique products for both landlords and tenants to limit income losses in the case of a downmarket or job loss.
Tribe's partnership with Pensio Global will connect communities to educational content and offers around programs such as Pensio's lease co-guarantees that pay the rent to landlords for tenants who lose their job, as well as rent guarantee programs for newly built rental-purpose buildings, and landlords.
In a statement, Joseph Nakhla, Tribe CEO said: "We are excited to have a company like Pensio be a part of our Digital Services & Partnerships Program, because their services deliver peace of mind for both landlords and tenants. Pensio has solved a key problem in the rental space that came to the forefront through the pandemic, where in the unfortunate situation of a tenant losing their job, rent will be paid on their behalf."
READ: Tribe Property Technologies to acquire property management portfolio in south-eastern British Columbia
Nakhla added: "We have thousands of tenants and landlords using our Tribe Home community management platform and Pendo landlord software across Canada. This is a significant opportunity to educate and connect people to services that help bring harmony and simplicity to residential living."
Tribe's Digital Services & Partnership Program is focused on developing partnerships that leverage group buying power to elevate service offerings and convenience, while improving efficiencies and the overall benefits of living in a Tribe Community. Tribe's digital partners in turn receive the opportunity to connect with thousands of potential customers in rental and condo communities across Canada.
Pensio Group of Companies is a credit risk consulting, management, and rental income guarantee company operating since 2004, specializing in proprietary rental income risk management programs tailored to the residential and commercial rental markets. Pensio is supported by a vast network of strategic relationships in property development, lending, insurance, and management technology. Pensio Global provides risk management consulting services and rental income guarantee programs in four countries and growing.
"We love that Tribe's goal of connecting communities and doing so with heart, very much aligns with Pensio's values of renting with confidence and supporting peace of mind," said Brandon Keks, CEO of Pensio. "We look forward to digitizing our rental income programs through Tribe's platforms in a bid to connect tenants, landlords and developers to a service that can help simplify their lives."
Tribe manages more than 40,000 homes made up of more than 100,000 residents. The company's proprietary community management software Tribe Home is integrated into every community with its ability to connect, inform, educate and protect through the digitization and simplification of residential community living.
The company's three revenue pillars are made up of software and service (recurring licensing and management fees), transactional (rent or condo fees, banking services, lease-ups) and digital services and partnership (smart building products, financial and insurance service) revenue.
Tribe seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations. Its platform decreases customer acquisition costs, increases retention and allows for the addition of value-added products and services through the platform.
Contact the author at jon.hopkins@proactiveinvestors.com