Founder Profile: Tom Wallace of Re-Leased for a More Meaningful Future of Work
At JLL we have been thinking and talking about the future of work for years, long before remote and hybrid work became a hot topic during the pandemic. JLL Spark’s investment into Re-Leased, a commercial property management platform, addresses the challenge many companies face in developing their business processes: how to automate the mundane tasks so they can focus on the activities that need more creative input, critical and analytical thinking, or the “softer” skills of managing relationships.
Re-Leased, one of JLL Spark’s portfolio companies, has taken this responsibility very seriously. Their property management platform for commercial real estate provides a great example of how the right technology and design can enhance user experience, while improving business processes with automation and efficiency.
Founder and CEO Tom Wallace first came up with the idea while working in his family’s real estate business. He used spreadsheets and a range of other applications to muddle together the administration and accounting process. He knew that many of the mainstream property management products were not affordable for small businesses, in addition to being clunky and slow.
When Tom designed Re-Leased, he specifically focused on the pain points he experienced first-hand that had not been solved by other products in the market. Tom shares, “Coming from a commercial development background, my initial experience managing properties and tenants made me realize there had to be a better way. Everything was challenging to find, the number of clicks required to complete simple tasks seemed almost endless, and most lacked modern features such as intuitiveness, cloud capabilities, and business intelligence. It became clear that there was a global opportunity for a property management solution specifically tailored to meet the needs of commercial real estate and created for the people behind the properties.”
This enabled him to significantly reduce the time spent on administration and accounting tasks, which meant he was then able to spend more time focused on the important things, like strengthening tenant relationships and improving the assets in their portfolio to ensure they are keeping up with tenant expectations. “Managing commercial property can be complex, and even a single mistake can result in costly consequences. As Re-Leased is built from the ground up to automate manual processes, you can do more with less, and importantly, everyone can rest easy knowing the portfolio is under control. We were able to dramatically reduce administration, and with the tenant app communicating with our occupiers became incredibly efficient,” explains Tom.
The technology built within Re-Leased platform allows property investors and managers to streamline their back-office functions and focus on more meaningful tasks, which was exactly the goal Tom set out to achieve. For example, rather than trying to re-invent complex accounting functions, Re-Leased seamlessly integrates with market leading platforms like Xero, Sage Intacct, and Quickbooks. It also has a built-in dashboard that pulls in industry data and benchmarks for additional insight. Tom adds, “Underpinning the Re-Leased platform is design and usability – we know creating great experiences for both the team and tenants is the way of the future.”
At JLL Spark, we are constantly searching for new solutions with businesses like Re-Leased to redefine operations in the real estate industry. We are uniquely positioned to connect PropTech solutions with JLL’s vast client network and our investments in these innovative ideas can ensure a more automated and productive industry in the years to come.
Written by Carolyn Trickett, growth principal at JLL Spark based in Sydney, Australia
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