Canadian online real estate marketplace, Casalova, announced that it has acquired My Property Managers (MyPM) and its $35 million in assets under management. MyPM is a professional property management group that manages residential properties in the Greater Toronto Area. This deal is Casalova’s first acquisition since its founding in 2014.
“We believe in creating a seamless one-stop experience for our clients. This means that people can now buy, rent, manage, and sell properties all through Casalova. Our clients have been requesting property management services for some time now and we’ve been testing it privately since January,” said Ray Taaeb, CEO and co-founder of Casalova. “Creating this experience will streamline the entire process as we move towards our vision of creating a full-service solution to become the go-to real estate platform for Canadians.”
As part of the acquisition, all current MyPM customers will also receive a $50,000 rent guarantee and $50,000 vandalism protection — one of Casalova’s main selling points for landlords and property managers. The entire MyPM team will also be joining Casalova.
“We’ve been using Casalova for a couple years now to rent our properties and saw that the company was ahead of the curve in transforming the real estate industry with its offerings,” said Carole Charbonneau, CEO of MyPM who will work under Casalova’s Asset Management and Realty division. “We’re incredibly excited to be joining the company and for our clients to have access to the resources of Casalova along with their protection packages. It’s a win-win for everyone.”
Casalova is Canada’s largest listings marketplace for residential real estate and with the acquisition of MyPM, it is now also a full-service real estate platform that allows consumers to buy, rent, sell and have properties managed through a single online platform. Casalova plans to bring its total assets under management to $100 million by the end of 2017 through further acquisitions and organic growth from its current client base.