A Rise In Community Living Is How This Company Thinks Its One-Stop-Shop Approach Could Be A Key Differentiator

Photo by Ben Duchac on Unsplash

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An aging society and rising social isolation are reportedly creating a surge in community living globally. 

Adults of all age groups, even in over-populated urban environments, say they feel lonelier than ever.

According to a national survey of adults over 45, 40% of Americans report feeling lonely, and loneliness is considered a growing health epidemic.

Although globalization and advances in technology have resulted in aspects of improved connectedness, shrinking the world and making it easier for people to access their friends and loved ones without the need to remain physically nearby, people still crave physical connection. As a result, the appeal of community living seems to be growing swiftly. 

Can Community Living Be ‘Living The Good Life’?

While it is seen as a way to dispel loneliness, community living has reportedly not been the silver bullet it is touted to be because of challenges, including little consistency in the service sector; a lack of communication, transparency and oversight; and the slow adoption of technology by the industry.

Property technology company Tribe Property Technologies Inc. TRBE, TRPTF, says it is looking to change that. 

According to the company, unlike other industries, residential community living is still waiting for its digital transformation, and Tribe believes that it has the necessary tools and skillset to simplify the complexities around this proposition.

Its tech-enabled solutions, it says, are aimed at supporting the entire community chain, including owners, tenants, landlords, boards and councils, property managers, service providers and real estate developers.

The Tribe Way: A One-Stop-Shop Alternative?

Tribe considers its unique selling point to be its ability to bring together relevant and interconnected services of a community living under one roof through the use of superior technology platforms and services, making it a one-stop-shop for community living. 

Its integrated tech and service reportedly span multiple areas, including digital owner engagement and information access, community spending, owner benchmarks and day-to-day management services.

Tribe has a 50-year history of traditional property management starting from 1964, with a family tree that includes the Peterson Property Management family founded in 1983 and Gateway Property Management founded in 1964. The company claims it is the sixth-largest rental management company in Canada with offices in seven regions in Canada.

How Does Tribe Make Its Money?

Tribe reports that it has a wide range of diversified products and services that act as key sources of revenue. These activities include: 

• Recurring revenue from tech-integrated management services fees in the rental, strata/condo and commercial spaces.
• Software licensing fees in the pre and post-construction phases of multi-family real estate development.
• Transactional revenue, including one-off fees and banking services from existing communities.
• Partnership revenue from services that simplify community living and support the health of the building, ie. smart in-home financial, insurance and food delivery services and building system integrations such as water or sub-metering and EV charging stations.

Tribe reported 2021 Annual revenue of $15.8 million, an increase of 247% compared to $4.6 million for the comparable period in the previous year.

Looking Ahead

Tribe says its two main areas of growth going forward are: 

• M&A and organic growth
• Digital services and smart community products through partnership arrangements 

The company states that it has had a history of successful integrations and has near-term plans to expand in North America where it is positioned to execute on aggressive M&A opportunities of property management and prop-tech companies. It has identified target markets in the U.S. including Seattle, Los Angeles, San Francisco, Boston, Chicago, New York and Miami.

You can learn more about Tribe here.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.