Defining the future standard for property management

Propely wants to shape tomorrow's digital property management. In a short period of time, they have gained a solid foothold in the Norwegian real estate market with over 150 clients and 4000 properties in the portfolio, and more than doubled last year's ongoing licensing revenue.
Published on
December 12, 2023

Growth at record pace

Propely, formerly known as Eiendomsappen, has developed a platform that streamlines everything from small to large processes in a management organization. Manual tasks related to FDV, service reports and tenant management are optimized through, among other things, the implementation of artificial intelligence. The centralized communication and increased insights enable faster coverage of reporting requirements, time savings in DD processes, and reduction of costs from manual processes.

During 2023, Propely has more than doubled its spring current license revenue and aims to reach 14 million before the end of the year. As a result of good demand, and solid adaptation to the market, the company plans to repeat the impressive doubling also in 2024. The goal is to become the market leader in operating systems in Norway.

“While we are establishing ourselves as industry leaders in our segment, we are growing well organically, starting with a liquidity positive 2024. We are therefore not dependent on external capital for our venture in Norway,” points out CGO Steinar Seim.

Read the Finansavisen article [NO]: Aiming for billion NOK success

Similarities between sports and property management

The founders of Propely, Kristoffer Lundquist, Steinar Seim, and Ole Ekern, began their entrepreneurial journey when they developed a communication app for a local sports team seven years ago. The sports app EasyCoach became a platform for sports team coordination with, among other things, attendance tracking, athlete surveys and easy communication used by more than 30,000 users in over 50 countries.

“In dialogue with several property managers, it became clear that they faced common challenges related to the daily work processes. They called for a unified platform to gather all information and communications to achieve better control over operations. This was the start of Propely,” Lundquist says.

It quickly became clear that the need for an intuitive interaction solution was relevant not only for the sports world, but also for the property management industry. With complex requirements related to streamlining operational processes, cost savings and sustainability, most managers face the pressures of an ever-evolving industry.

The success of Propely has received recognition in the industry, where they became finalists for the Startup of the Year at Proptech Summit 2024 and are among the finalists for the Nordic Proptech Awards 2024. In addition, CEO Kristoffer Lundquist became a finalist for Cityglødprisen, a prestigious award for young and promising real estate talents.

The customer portfolio is constantly increasing and among its customers are large Norwegian residential developers and national commercial real estate agents such as Ragde Eiendom, Eiendomsspar, Coop, Smedvig, Alti, Oxer Eiendom and others.

The Journey to Becoming a Modern Property Manager

Since 2020, Oxer Eiendom has been a customer of Propely. Their biggest challenges were related to inaccessible information and unclear communication. The solution was to centralize both documentation and the communication flow on the buildings, in favor of more efficient operations and satisfied tenants.

“We are now a modern property manager who takes care of our tenants in the best possible way. This makes us a preferred landlord and is our main competitive advantage,” says Property Manager Ole Jørgen Stenmark.

View the customer case of Oxer property and their operations manager Stian Trebekk.

Looking to bring the industry together

Propely aims to strengthen cooperation in the real estate industry and to solve managers' challenges together. They are integrated with more than 12 well-established solutions, including Unloc, Fenistra, Fazile, Findable, Airthings and more. By highlighting companies with good solutions, the holistic hub will not only streamline work processes, but also contribute to innovation and growth in the real estate sector.

“We want to be at the forefront of customer needs, so that we can further develop and launch new functionality,” concludes Ekern.

Read the Finansavisen article [NO]: Features rental companies value most

Propely's journey shows how innovation and dedication to user needs can drive significant growth. By establishing strategic partnerships, they have not only strengthened their own position, but also promoted an important attitude in the industry -- embracing change and collaboration to create a more efficient operation for property managers. Going forward, they are going to continue to challenge the management industry with better and new functionality.

Read the article in Finansavisen here [only in Norwegian].