Wall Street's Property Manager Boom
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Tim from Field Complete shares a story about how Wall Street's response to the 2008 financial crisis transformed the property management industry.
"It all started back in '08 when all the foreclosed homes, or most of them, were bought out by Wall Street and rented. Pair that with the short-term rental Airbnb craze and millennials not being able to or wanting to own - heck, now even VCs are buying real estate portfolios through Adam Neumann. Over 35% of all homes are rented and it's growing.
All these homes need to be professionally maintained by property managers, and property managers use contractors and subcontractors to maintain them. Traditionally contractors would either focus on the residential sector with homeowners or commercial jobs. But with property managers entering the single-family rental scene, contractors are basically forced to either bootstrap their operation or use 7 different apps to run their business, or resort to pen and paper which is basically 80% of contractors today."
Tim Tesluck
Tim Tesluck's work experience begins in 2011 where they set up product distribution for consumer goods from Italy to Eastern Europe and sourced and developed products for Apple devices and other consumer goods in China. Tim also worked as a professional basketball player.
In 2012, they joined Accenture as a Lead Technical Consultant, a role they held until 2014.
From 2014 to 2015, Tim worked as a Software Developer in Test at Signant Health.
In 2015, they joined Magic Software Inc. as a TechEd Consulting Engineer and also became a Lead Consulting Engineer for Pearson Education Services Private Limited, where they oversaw a large team of developers for a K-12 School App.
Tim co-founded Zen Euro Inc in 2016 and served as a Co-Founder until 2018.