How We’ve Built a Killer Affiliate Program to Acquire Over 5000 Customers

In this episode of the B2B SaaS podcast, host Upendra Varma sits down with Dana Dunford, the CEO of Hemlane, a property management platform. Dana sheds light on Hemlane's unique approach to property management and the strategies that have propelled its growth, particularly focusing on the development of a robust affiliate program.

Here are the key takeaways:

Company Overview:

• Hemlane offers a hybrid property management platform catering to rental property owners seeking an alternative to traditional property management services.
• With a portfolio of 23,000 rental properties across all 50 states, Hemlane stands out in the market for targeting small mom-and-pop property owners.

Customer Acquisition:

• Dana emphasizes the challenge of creating a new category within an industry and discusses Hemlane's early reliance on referrals for customer acquisition.
• The company leveraged its network and personal connections to initiate warm introductions and gather valuable feedback from potential customers.
• Dana shares insights into Hemlane's affiliate program, which contributes to over 50% of customer acquisitions through strategic partnerships and referrals from satisfied customers.

Sales and Pricing:

• The average customer pays just over $79 per month, with an average portfolio size of eight rental properties.
• Hemlane's sales approach is low-touch, with demos provided as needed, reflecting the self-service nature of its target market.
• The company maintains a churn rate of less than 1%, focusing on maximizing revenue retention and ancillary services to drive additional revenue streams.

Funding and Growth:

• Hemlane has raised over $12 million in funding through Series Seed and Series A rounds, positioning the company for continued expansion.
• The company's strong performance has surpassed key milestones, with current projections well exceeding the $5-10 million ARR benchmark sought by investors for the Series B round.

Vision and Future Plans:

• Dana envisions Hemlane as a catalyst for eliminating the stigma associated with rental property ownership and empowering individuals to build passive income streams through real estate investments.
• The company aims to further scale its operations, enabling property owners to manage and expand their portfolios seamlessly from anywhere.