MagicDoor Launches the First AI-Native Property Management Software Platform

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Oct 31, 2024, 13:50 ET

LAS VEGAS, Oct. 31, 2024 /PRNewswire/ -- MagicDoor has just unveiled the industry's inaugural AI-native property management software platform, marking a significant milestone for the prop-tech sector. The company has successfully secured over $2 million in pre-seed funding, with support from investors such as Shadow Ventures, as well as key angels, prospective clients, and founder's bootstrapping.

This invested capital will enable the development of additional features in MagicDoor's revolutionary AI-powered software solution and propel sales, marketing, and onboarding efforts forward.

Distinguishing itself from competitors, MagicDoor consolidates all property management functions into a unified AI-powered platform, promising unparalleled efficiencies and cost savings for property managers. By using AI to maximize efficiencies in the platform and automate and streamline property manager tasks, MagicDoor offers a simple and transparent pricing model, with an all-inclusive subscription cost of $2.50 per unit per month and no additional fees, no onboarding costs and no minimums.

"MagicDoor is the industry's first AI-native property management platform that is disrupting the outdated and inefficient property management software that has long burdened landlords and property managers. While incumbent solutions are riddled with fragmented systems, outdated technology, and hidden costs, MagicDoor streamlines workflows, slashes expenses, and delivers an unmatched user experience. Shadow Ventures has recognized the game-changing potential of an AI-native platform to lead a long overdue industry transformation, and we are excited to back the team's ambitious vision," says Matthew Ohlman, General Partner and CTO, Shadow Ventures.

MagicDoor was founded by Kasper Sogaard, a seasoned FAANG Engineer with specialization in AI and also a property owner and manager. Motivated by his inability to find a cost-effective and efficient software solution for his own properties, Sogaard started MagicDoor with a mission to revolutionize property management through AI integration. At the heart of Sogaard's product philosophy lies a straightforward concept: leverage AI to simplify, streamline, and optimize the traditionally labor-intensive tasks associated with property management.

For instance, maintenance requests become greatly streamlined with MagicDoor. When tenants encounter maintenance issues, they can simply alert their property manager via text. Utilizing AI technology, MagicDoor autonomously resolves common problems without the need for property manager intervention. In cases where AI is unable to fully resolve the issue, MagicDoor facilitates direct communication between the tenant and the landlord's chosen vendor, enabling a prompt and convenient resolution with minimal involvement from the property manager.

Another standout feature of MagicDoor is its AI-powered system that facilitates seamless communication between tenants, landlords, and vendors in multiple languages through the Communications Hub. This innovative tool, which autonomously detects and translates messages in real-time, was born out of Sogaard's personal experience managing non-English speaking tenants and vendors. This feature not only enhances operational efficiency but also promotes diversity and inclusion within the property management realm, aligning with Sogaard's vision of offering practical yet innovative solutions for property managers.

"The financial backing of these insightful investors reinforces the industry's desire for a new solution. It's time to bring cutting edge technology into the property management world and MagicDoor has the vision, the experience, and now the funding to lead the way. Everything in MagicDoor has been designed from the perspective of a property manager, which makes it intuitive and user friendly—but behind the scenes we've used the most current technology, including the power of AI, to make the property manager's job as efficient as possible," says Sogaard.

The MagicDoor platform has demonstrated its worth, with customers reporting up to a fivefold increase in productivity, thanks to the integrated AI automation. Furthermore, MagicDoor users are experiencing cost savings of up to 60%, resulting from the fair pricing model and the unique scalability it provides for property managers.

"MagicDoor is user-friendly and intuitive. The onboarding process was smooth and efficient, allowing me to start using the platform after just a few hours of training," says Nicole at G Management in Chicago. "The amount of automation in the vacancy and maintenance streams has been revolutionary. Now, I can concentrate on supervising these tasks instead of carrying them out. This shift has allowed me to focus on expanding our business."

About MagicDoor:
MagicDoor, headquartered in Las Vegas, is an AI powered property management software platform, specifically designed to tackle the everyday challenges property managers face. Using cutting-edge AI technology, it offers a comprehensive all in one solution that streamlines everything from the vacancy cycle to maintenance management to tenant communication, boosting productivity by up to 5X and decreasing costs by up to 60%.

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SOURCE MagicDoor, Inc