The Real Deal New York

Nestio raises $1.6M, hires former OLR exec

Joseph Ben-Zvi will head up sales for resi. listings database
By Hiten Samtani | December 03, 2014 09:00AM

Residential listings database Nestio raised $1.6 million in its latest fundraising round, CEO Caren Maio told The Real Deal today.

Seed investment firm Freestyle Capital, whose bets include and BackType, led the financing round. Nestio, which caters to both landlords and brokers and counts Two Trees Management and Time Equities among its clients, raised $750,000 in a seed funding round in 2011 and an additional $1.5 million last year.

“We’re really looking forward to stepping on the gas,” Maio said. The new funds will mainly be used to bulk up the firm’s sales efforts, she added. The company just hired Joseph Ben-Zvi, who was most recently director of sales at rival residential listings company On-Line Residential, to head up sales. In a statement, Ben-Zvi said that he was “excited and humbled” to be joining the firm.

Nestio started in 2011 as a consumer-facing listings aggregator but in 2013 evolved into a listings management software for landlords. The system lets property owners manage inventory online, send broker blasts and track the performance of their rental portfolios. It added a product for brokers this year which allows them to manage their leads and market listings through the platform.The Real Estate Board of New York integrated Nestio into its RLS listings system in June, as TRD reported.

The company now claims to have over 30 percent of New York City’s rental listings in its database.

  • Todd

    Nestio is a game changer! If you are a brokerage firm or owner and you and not using Nestio… you are behind the times.

  • Tito Ghose

    Joseph Ben-Zvi is a perfect fit for Nestio. Congratulations!

  • John

    Just a fancier OLR, only further empowering the brokers. Why is nobody making these listings directly available to the consumers?

    • Justin

      Because if they did then the landlords would have more headaches. Most property owners in this city aren’t equipped to handle direct costumers, while others just don’t want to deal with the headache of qualifying everyone who wants to apply. That is where brokerages come in. Granted there are some really terrible ones out there but the responsible agencies will make sure to handle the complete transaction properly and ensure a succesful trip to the leas signing table.

  • Roger

    @John Have faith, Nestio cares about renters.

    • John

      “Nestio started in 2011 as a consumer-facing listings aggregator but in 2013 evolved into a listings management software for landlords.”

      The only thing I have faith in is that Caren doesn’t know what she’s doing.

  • El Gato

    Joseph is a back stabber who treats his fellow workers like lower life form. Cant wait for him to drive Nestio into the ground. You deserve each other

  • Scott

    Joe is a big win for Nestio and wish you all the best of luck!

  • Heather

    congratulations Nestio! what an awesome addition!

  • PJ

    Nestio is a great product and I look forward to seeing what Joseph and the rest of the team accomplish in the upcoming months. Good luck guys!

  • Steve

    I don’t get why any brokers would pay for this. I get broker blasts for free directly from the managers (even the ones who use Nestio)!

    • Pat Pete

      You would not pay for this if you wanted to have old information, be disorganized, did not have any exclusives, had a team of 1, did not want to use a CRM and you were born anytime before 1975.

      If you have exclusives, want to be organized, have enough clients to utilize a CRM that also functions as a listing database in real time then you should get the product ASAP.

  • AR

    Nestio centralizes broker blasts for agents, and gives real time updates of availability – applications pending/leases out/vacant/occupied. Staring at your email all day waiting for a listings manager to update isn’t a reasonable way to do business. If you’re at a big firm where they don’t give you an OLR account, or aren’t REBNY associated its better then using Streeteasy, where random brokers leave their listings up for months on end in an attempt to collect leads.

    • Brian Hughes

      Random brokers leave their listings up on Nestio too, and it is often not corrected or updated. Same with large developers/management companies. It is coming along, but the whole process needs to be more seamless.

  • Justin

    Great addition to the Nestio family, congrats. Having used the platform since it’s early stages, I’ve been able to watch it grow from a novelty tool to something that gives me a true property management experience. On the surface it appears to be just listings but if you aren’t lazy and dig a little you’ll find features will help you understand your rent roll, vacancy rates, client organization, listings searches, guest cards and much more. Can’t wait to see what the future holds!