Read the press release here.
Over the last year since our pivot, OneRent has built the foundation for a completely new property management experience for renters and owners. In the process, we’ve discovered the unique technological requirements of a business model designed to scale rapidly in an industry in which no one company has more than 1% market share. In under a year, we’ve grown our portfolio to over 750 properties and counting. A traditional property manager may build a portfolio of 200-300 properties over the course of 10 years. This sort of growth requires careful attention-to-detail from the technology side.
Today, OneRent is announcing the appointment Manicka Babu, a former Prosper Marketplace executive to Chief Technology Officer. Babu joins OneRent at a pivotal point for the company as it continues accelerated expansion to new markets.
Babu is a veteran technology executive with significant experience developing and scaling complex financial systems specific to real estate as well as successfully recruiting top engineering talent. Additionally, Babu has experience in increasing platform efficiency to better handle the movement of high volumes of money.
By the end of 2016, OneRent is projecting that it will process more than $100M in annual rent from an estimated leasing of 500 properties. Currently, OneRent is processing more than $30M in annual rent and leasing more than 100 properties.
“As we continue to grow at an accelerated rate due to massive market opportunity, we have positioned ourselves to become the definitive leader in residential renting services. Manicka is the right person to arm us with the best technology to make this possible,” said Rico Mok, COO of Onerent. “He is a seasoned leader with a proven track record of scaling technology needs for businesses. He is a crucial addition to our team and we are excited to have him on board.”
Before joining OneRent, Babu served as the CTO at Prosper Marketplace where he grew the technology team by 250% and established a strong engineering culture within the company. Babu successfully executed strategy to rebuild Prosper Marketplace’s Peer 2 Peer lending platform as well as led the launch of several new products including Healthcare Lending and Mobile SDK. Prior to Prosper, Babu was the VP of Engineering at Auction.com where he rebuilt and launched their technology platform enabling $26B in real estate transactions to be processed. He has a proven track record of building scalable systems using BigData and Cloud technologies, as well as launching mobile apps and international websites.
“I believe OneRent is positioned for success in the rental marketplace with its unique approach of combining automation and human interaction,” said Manicka Babu, CTO of OneRent. “The team is very passionate and has built an agile technology infrastructure to achieve great success. I am thrilled to be a part of the company at such a pivotal time and looking forward to building a world class infrastructure as we aggressively expand to reach new markets.”
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