Tribe Property Technologies Inc. (TSX-V:TRBE) aims to change the way people experience community living, connect with their neighbors, and interact with their homes.
In other words, the company wants to make life easier for homeowners and tenants – particularly when it comes to postal deliveries amid the ongoing coronavirus (COVID-19) pandemic by using the power of digitization and artificial intelligence.
Vancouver-based Tribe recently partnered with Bluemyth Technologies, a Canada-based internet application company, to bring smart parcel delivery solutions to strata and condominium buildings.
Simplifying the process
The partnership adds customized smart locker subscription services to Tribe communities, eliminating the need for residents to wait for parcels and simplifying the process for property managers and on-site staff as online shopping and home delivery continue to boom. The service is 100% automated and secure.
"Where upfront installation costs can be a common barrier for an existing strata or condo building, Bluemyth's subscription-based model, inclusive of installation and maintenance fees, provides financial flexibility, while adding value to the building," said Tribe CEO Joseph Nakhla.
“What we love about it is that it allows for a large number of homes to be managed by a small number of storage lockers in the building," he added.
Tribe also struck a partnership in late 2021 with Luxer One, a leading developer of smart locker technology, to bring secure and versatile parcel storage to Tribe communities across Canada, including automated package acceptance.
Luxer One, a technology company specializing in contactless pickup and drop-off for packages and goods, develops smart package lockers while its access control technology is used and preferred across industries, including multi-family residential, retail, commercial, and higher education.
"We see this as an incredible opportunity to transform the community-living experience for those already living in multi-family residential communities in Canada," said Nakhla, whose company manages about 40,000 homes comprised of more than 100,000 residents.
He noted that the Luxer partnership brings customized smart locker subscription services to Tribe communities, eliminating the need for residents to wait for parcels and simplifying the process for property managers and on-site staff.
"Five years ago, a condo or apartment building would receive between 10-20 packages a day, now they are receiving anywhere between 50-200 a day. This shift has created a need for logistical parcel storage solutions for residents in multi-family dwellings."
In fact, online shopping and home delivery continue to boom in Canada. In 2021, Canadian shoppers made an average of 27.4 online purchases per year, up from 16.6 in 2019.
Offering integrated service-technology platform
For Tribe, automating parcel delivers is just one of many services that the company provides with its integrated service-technology platform that is designed to help the entire community of a building - owners, tenants, landlords, boards and councils, property managers, service providers, and real estate developers. Its blended service and technology (Tribe Home) are integrated into every community with the ability to connect, inform, educate, and protect.
The company seeks to acquire highly accretive targets in the fragmented property management industry and transform these businesses through streamlining and digitization of operations. Tribe’s platform decreases customer acquisition costs, increases retention, and allows for the addition of value-added products and services through the platform.
Last year proved to be the company’s best year yet – underscored by record third-quarter revenue of C$4.1 million, a 259% year-over-year increase, driven by acquisitions as well as organic growth. Tribe also generated a record gross profit of C$2 million, a 364% increase from the same period last year.
“Tribe has continued to see substantial revenue growth for the third quarter in a row with progress across all of our M&A activities, digital partnerships, and organic growth,” Nakhla said.
Also in 2021, its shares started trading on the OTCQB Venture Market in the US under the symbol ‘TRPTF’ in addition to its listing on the TSX Venture Exchange in Canada, making its stock more accessible to US-based investors.
Plans for 2022
Looking ahead, Tribe enters 2022 after raising $18 million recently which will help the company execute on its acquisition pipeline and finance working capital and general corporate purposes as well. The company hopes to grow via M&A opportunities with property management and prop-technology firms.
Tribe, which employs some 200 staffers, naturally wants to expand beyond Canada into the massive US market with an eye on Boston, New York, Miami, Chicago, San Francisco, Los Angeles, and Seattle.
“We haven’t been coy or shy about telling the world that we are very active in that effort,” said Nakhla. “We have assembled a tremendous M&A corporate development team with a healthy pipeline. But more importantly, we have assembled an M&A integration team that is looking to ensure that the delivery of services to communities can only improve and digitize.”
Contact the author: patrick@proactiveinvestors.com
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