I rarely put a company in the spotlight, but when I come across one that seems to meet an underserved need, it deserves a plogue.
The need in question: resources to help administrators of small condominiums do their job. We are thinking above all of the realization and follow-up of contingency fund studies and maintenance books.
The company tackling the problem: Hoodi. The young company from Quebec has developed a technological platform that allows the semi-automated production of provident fund studies at a lower cost, within a reasonable timeframe.
A targeted product
This is not the first time that I have spoken to you about the demands that now weigh on the happy world of the condo.
Law 16, in particular, forces condominiums to have a contingency fund study, to be updated every five years. This study details the major work to be carried out over the years on a building, then evaluates the costs in order to determine the rate at which the contingency fund must be provisioned.
The industry to meet this demand remains embryonic, however, competition is weak. The quality of supply is particularly ordinary in the market for small condominiums. This is where the need is urgent.
Hoodi’s proposal precisely targets condominiums of two to twenty units.
Building and condo tripe
The company was launched by Julien Gobeil Simard, an electrical engineer with a well-stocked CV, whose experience revolves around software design. The man from Quebec acquired a condo with his girlfriend in 2017, and it was during these two years of getting involved in the management of the co-ownership that the idea of developing a tool to facilitate the production of studies provident fund.
Friends who are already in the inspection industry have joined him as associates in Hoodi. We are somewhere in 2019, remember that in the end, it is the business of five partners, all engineers, who are passionate about buildings, materials, artificial intelligence and condominium management.
How it works?
Hoodi gives birth to its first product in 2021, My fund study, accessible from the internet. For condominiums less than 10 years old, administrators must upload a range of documents, including building plans and photos, and the study is carried out remotely, without the visit of an inspector. For older buildings, an inspector comes on site (for newer buildings, you can also request an inspection in person, but the cost will be higher).
The provident fund study is carried out semi-automatically by artificial intelligence, with the supervision and verification of a professional (technologist, architect or engineer).
According to Julien Gobeil Simard, automation allows his firm to produce more quickly and at competitive prices. We think, among other things, of the drafting and layout of documents (description of the building, asset maintenance plan, inspection report, etc.), but also of the estimate of the cost of major work and scenarios of contribution.
In June, the young company launched My maintenance book. Also mandatory, the maintenance log lists the seasonal tasks necessary to maintain the lifespan of the major components of the building. The firm offers an intuitive and rather pretty dashboard that allows you to track light and larger jobs. This feature is available with subscription.
Entrepreneurs also host a podcast (La clef du condo) and a Facebook page (Condo admin) devoted to condominium management. They trip where many people are bored.
And it’s refreshing.