The Bottleneck in Multifamily Diligence

Multifamily real estate transactions still run on highly manual diligence workflows.

When a property is acquired, property managers are responsible for validating thousands of leases and tenant documents before taking over operations of the asset. Today, these lease audits are either completed manually in-house or outsourced to third-party offshore teams.

In both cases, the process is fragmented, labor-intensive, and dependent on people reviewing tens of thousands of documents by hand.

The result is a slow and error-prone diligence process that can delay transactions by weeks.

Enter Rely

Rely is building an AI-native diligence automation platform for residential real estate transactions, initially focused on multifamily properties.

They are starting by converting fragmented documents into structured data, automating lease audits in minutes. The platform ingests thousands of documents, automatically classifies them, extracts important lease data, and generates structured audit reports with direct links back to the source material.

This allows teams to quickly review findings and verify discrepancies, immensely speeding up the diligence process.

And lease audits are just the start. Over time, Rely aims to become the core data infrastructure layer for multifamily transactions, expanding into a broader operating and collaboration platform that supports diligence workflows across property managers, lenders, servicers and brokers.

The World Class Team

George is a visionary and exceptionally scrappy operator with deep experience building products and leading teams across proptech and enterprise software. Prior to founding Rely, he held product leadership roles at companies including Updater, Hometap and Workday.

David complements him as an exceptional full-stack engineer who is deeply execution-driven. Prior to Rely, he joined Upright Labs as a founding engineer and eventually grew into Head of Product and Engineering, where he led product strategy and helped scale the platform.

2048 x Rely

At 2048 Ventures, we’re bullish on vertical AI companies that reinvent core workflows while capturing proprietary data. Rely strongly aligns with Our Thesis on Systems of Record by collecting data from leases at the point of transaction.

We see Rely becoming the data infrastructure layer for multifamily real estate transactions by embedding directly into core diligence workflows.

As the platform captures more proprietary lease data, it has the potential to become an increasingly accurate data provider, ultimately helping displace incumbents and eliminate many of the tedious manual workflows that still define the audit process today.

We’re thrilled to lead Rely’s $4.5M seed round alongside our friend Chris Erickson from Range Ventures who founded Apartment List, Better Tomorrow Ventures, and other awesome angel investors.

Learn more about Rely by following George and David on LinkedIn.