JP Morgan and RXR Realty alum Louis Baugier launched Surecave, a real estate tech company that has created an app to improve business management for landlords and property owners- encompassing tasks from finding tenants to managing several properties. It also allows for rent payments in the form of cryptocurrency.
The company raised $1M in funding thanks to real estate companies such as First Midwest Group, which has over 10,000 commercial, residential, and mixed-use properties in its portfolio, and Silverback Development, a busy development company in New York City, TransUnion, Remax, and other venture capital firms.
“Today’s renters demand a better rental experience,” said Baugier, CEO of Surecave. ”Today there are one-click purchases on Amazon. We should have one-click rent, or at least a seamless way for managers and tenants to communicate with one another.”
Baugier made clear the Surecave’s technology is intended to allow for better performance, tenant satisfaction, and reliability among managers. It streamlines the tasks of property management including sending and tracking payments, acting on maintenance requests, creating digital application processes, and accepting cryptocurrency payment if desired. It also presents tenants the ability to buy goods from kitchenware to insurance from affiliates of Surecave.
“Managers who don’t offer a renter-friendly solution will have higher vacancies and unhappy tenants—tenants who tire of the same painful rental experience,” said Baugier. “The nature of the property management business is fragmented and cross vertical, there was a real need to create a better way to operate a management business.”
Baugier brought what JPMorgan and RXR taught him about the industry to the development of Surecave. His entrepreneurial endeavor caused him to seek the help of Josh Schuster, managing principal at Silverback Development, to raise funds for the beta version.
“I was lucky enough to work with Josh Schuster, a visionary NYC developer earlier in my career,” said Baugier. “He understood the value in what I was trying to accomplish and seeded the initial build-out of the product.”
Schuster was impressed by the concept. “As a NYC developer constantly looking for new ways to streamline and simplify the asset management process, I was impressed by Surecave’s thoughtful and effective solutions,” Schuster said. “The Surecave software platform is a valuable tool that has the potential to cut out inefficiencies in the marketplace for both owners and renters alike.”
Surecave recently publicized that a Chinese investor intends to license the technology and bring it to valuable Southeast Asian Markets including Singapore and Kuala Lumpur.
Baugier’s career started in the Global Real Estate Portfolio Management group at JPMorgan Chase. The Hudson Yards relocation initiative was his first project. He was responsible for underwriting and evaluating portfolio strategies over a number of assets and geographies.
His time at RXR Realty was where he learned about how fragmented the processes of asset and property management can be. He oversaw the closing of $1 billion in new developments while at RXR.
“Managing a property is difficult due to the number constituencies involved, but aligning them on a platform where everyone has something to gain has powerfully resounded with our clients,” said Baugier. “The stove-piped legacy software players and the upstart tech companies have not accurately underwritten the value of a cross-vertical solution that touches all major constituencies involved in a properties lifecycle, including the LP or asset manager.”
Surecave’s engineering team is composed of graduates from MIT and Duke. “We employ the most cutting-edge technologies and partnerships in the most novel, value accretive ways,” Baugier said