Odevo, an international leader that is driving change in the traditional property management industry throughout the UK and globally, continues its rapid expansion in the U.S. market with the addition of successful Texas-based Spectrum Association Management and five additional new brands joining the Group. These new arrivals offer a range of market-leading core services, as well as select new Homeowner Association (HOA) management-related services.
Odevo was formed when leading UK managing agent Rendall & Rittner joined forces with Swedish based Nabo and SBC. The property company is prominent in the UK with Rendall & Rittner, Premier Estates and Trinity Property Group being part of the Group.
The US expansion includes Spectrum Association Management (core HOA management services); JellyBird HOA Management (for smaller HOAs); Blue Lime Insurance Group (for HOA and member liability insurance); Mintfish Premium Finance (for funding insurance premiums); Boardline Academy (to benefit HOA Board education) and Mintfish Finance (for HOA micro loans), together serving over 500 homeowner associations with more than 200,000 homes in Texas and Arizona.
These additions come just a few months after Odevo made its entry into the U.S. with Florida-based KW Property Management & Consulting joining the Group this summer. After aligning with these Florida and Texas-based companies, Odevo is now home to 4,000 employees with 790,000 homes under management and has a revenue of $350 million USD (£290 million).
Odevo has a unique approach to creating a leading international group of complementary property management firms with best-in-class local service offerings. It promotes a strong chain of individual brands to join an international group to drive an industry leading service product in the many communities served.
“Our remarkable team and customers are at the center of all the decisions we make,” said Henrik Hansen, CEO of Spectrum AM. “The Odevo model, which seeks to promote strong local brands and teams - while at the same time offering world-class back-end support, from finance, HR, to tech – made it an obvious and easy choice for us to join forces. The other key ingredient for us, was Odevo’s approach to culture, values and the importance of integrity.”
Describing Odevo as a “force multiplier,” Hansen noted that aligning with the Group enables Spectrum to maintain its established local brand while collaborating with a global team of professionals.
“Our purpose is to be best-in-class in global residential property management, with the understanding that each market is unique,” said Odevo CEO Daniel Larsson. “Spectrum joining is an important step toward reaching our goal and will only further fuel our passion for delivering the best service product to our many customers.”
Odevo’s capabilities continue to expand with the clear objectives of developing and presenting the single best service experience for community associations customers globally.
"I’m very pleased to welcome our new colleagues at Spectrum AM to Odevo and to announce our further expansion in the world's largest market, said Larsson. “A new generation of homeowners is demanding new and simple digital solutions, as well as increased levels of service. To meet these customer needs, large investments in innovation and technological development are required, investments that are hard for an individual management company to justify. As a group, we are able to make these investments, and that will put us at the forefront of the industry."
Odevo plans to continue its strong growth journey, both organically and by attracting additional companies to join the group. The company has greatly increased its investment in technology and fintech and now has close to 60 developers, to lead the industry with relevant and customer friendly service solutions.