Jordan Franklin (Class of 2005)
is the co-founder and COO of Doorkee, the peer-to-peer rental platform engineered for landlords to reduce vacancy and save money on apartment turnover.
With Doorkee’s "Win-Win-Win" model, landlords and apartment seekers work together with departing tenants, who receive a financial incentive to work cooperatively, avoiding the need for brokers.
Q. Why did you decide to start Doorkee?
A. I met my business partner, John Fagan, on the first day of law school in 2010. We decided early on we wanted to build a company that would solve a real problem.
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Q. Why did you decide to start Doorkee?
A. I met my business partner, John Fagan, on the first day of law school in 2010. We decided early on we wanted to build a company that would solve a real problem.
Our idea for Doorkee started in August 2017, when John was seeking a new apartment to rent in December, four months away. If you have ever tried searching for an apartment in New York City, you can only find either vacant or imminently vacant apartments, at least until Doorkee entered the scene. We realized departing tenants know they’re going to be moving months in advance, and apartment seekers want to find apartments months in advance. So, we thought, “why can’t we connect and align the two?” By getting advance notice to vacate from the departing tenant and by introducing the incoming tenant much earlier in the lease process, we’re able to eliminate vacancies between tenants, which can be a significant drain on the landlord’s income.
Q. Tell me a little bit more about how Doorkee works.
A. We’re reinventing apartment renting. Doorkee connects outgoing and incoming tenants, while the landlord is able to manage the entire rental process through our end-to-end platform. Landlords in New York City and beyond endure unnecessary vacancies and high brokerage fees. Landlords often lose around 20 percent of an apartment’s annual revenue on turnover between brokerage fees and vacancies. Pre-leasing units at a fraction of the cost with Doorkee saves about 80 percent of that. Departing tenants love Doorkee because before Doorkee, they were disincentivized to advise their landlord they were leaving. Now, a departing tenant receives a substantial rent refund from their landlord for posting a few pictures of their apartment and occasionally providing unit access on their schedule. Apartment seekers love Doorkee most of all because they can avoid the standard short window and painful process needed to find an apartment. Rather than moving into the apartment they hate the least under the gun of a broken system, we dramatically extend the search window and deliver an authentic experience of seeing and hearing about the apartment from the person who knows it best – the departing tenant. We built a company that truly incentivizes each side of our three-sided marketplace to work together. (See image #3 above for more details.)
A. We’re reinventing apartment renting. Doorkee connects outgoing and incoming tenants, while the landlord is able to manage the entire rental process through our end-to-end platform. Landlords in New York City and beyond endure unnecessary vacancies and high brokerage fees. Landlords often lose around 20 percent of an apartment’s annual revenue on turnover between brokerage fees and vacancies. Pre-leasing units at a fraction of the cost with Doorkee saves about 80 percent of that. Departing tenants love Doorkee because before Doorkee, they were disincentivized to advise their landlord they were leaving. Now, a departing tenant receives a substantial rent refund from their landlord for posting a few pictures of their apartment and occasionally providing unit access on their schedule. Apartment seekers love Doorkee most of all because they can avoid the standard short window and painful process needed to find an apartment. Rather than moving into the apartment they hate the least under the gun of a broken system, we dramatically extend the search window and deliver an authentic experience of seeing and hearing about the apartment from the person who knows it best – the departing tenant. We built a company that truly incentivizes each side of our three-sided marketplace to work together. (See image #3 above for more details.)
Q. What is your role at Doorkee and how it has changed since you founded the company?
A. My job evolves regularly. It’s one of the most exciting, challenging, and rewarding aspects of being a startup founder: you are laying new tracks and dealing with new problems almost every day. On the same day, I’m solving product friction points, negotiating contracts, and pitching potential customers. I currently spend a lot of time with our existing landlord partners and their leasing staff. Another key aspect is helping to hire the right people, and we are fortunate to have an incredible team working at Doorkee. In six months, my job could be very different, as we address new opportunities and challenges.
A. My job evolves regularly. It’s one of the most exciting, challenging, and rewarding aspects of being a startup founder: you are laying new tracks and dealing with new problems almost every day. On the same day, I’m solving product friction points, negotiating contracts, and pitching potential customers. I currently spend a lot of time with our existing landlord partners and their leasing staff. Another key aspect is helping to hire the right people, and we are fortunate to have an incredible team working at Doorkee. In six months, my job could be very different, as we address new opportunities and challenges.
Q. What is your favorite part of your work?
A. Every day is new. I am learning all the time. Building Doorkee from the ground up is the most demanding and stimulating thing I’ve ever done. Doorkee is a disruptor in a very traditional industry. Facing goliath incumbents and the status quo is a daunting task. This business tests me in ways I never imagined; it can be a roller coaster.
A. Every day is new. I am learning all the time. Building Doorkee from the ground up is the most demanding and stimulating thing I’ve ever done. Doorkee is a disruptor in a very traditional industry. Facing goliath incumbents and the status quo is a daunting task. This business tests me in ways I never imagined; it can be a roller coaster.
Q. What advice would you give alumni who are thinking outside the box for their own careers?
A. Figure out what you’re good at. If you’re talented at something, you’re more likely to enjoy it, and even more likely to succeed. Be honest about your own abilities so you can put yourself in the best position to thrive. As far as trying to build a startup, if you’re not already an expert at what you’re trying to create, take the startup leap after you’ve established a solid professional foundation and reputation, and have business experience to draw on – you’ll need it and then some. Try and find a partner who complements your skillset and will challenge you and push you to be your best. Raise at least some of your venture capital from industry insiders (for Doorkee that’s landlords), who can help you strategically grow and scale your business. Finally, don’t give up. Doorkee is far from the finish line, but everything I’ve learned on this journey thus far tells me that often the difference between success and failure is perseverance.
A. Figure out what you’re good at. If you’re talented at something, you’re more likely to enjoy it, and even more likely to succeed. Be honest about your own abilities so you can put yourself in the best position to thrive. As far as trying to build a startup, if you’re not already an expert at what you’re trying to create, take the startup leap after you’ve established a solid professional foundation and reputation, and have business experience to draw on – you’ll need it and then some. Try and find a partner who complements your skillset and will challenge you and push you to be your best. Raise at least some of your venture capital from industry insiders (for Doorkee that’s landlords), who can help you strategically grow and scale your business. Finally, don’t give up. Doorkee is far from the finish line, but everything I’ve learned on this journey thus far tells me that often the difference between success and failure is perseverance.
Q. How has being part of the Leffell School community impacted your experience founding a startup?
A. The Leffell School community and its extended network is invaluable. My closest friends from the classes of 2005 and 2006 and members of the board have gone to bat for me and for Doorkee. I’m so grateful for that. You can’t appreciate the strength of this wonderful kehilah until you call upon it. I hope I’m in a position one day to give back in a meaningful way.
A. The Leffell School community and its extended network is invaluable. My closest friends from the classes of 2005 and 2006 and members of the board have gone to bat for me and for Doorkee. I’m so grateful for that. You can’t appreciate the strength of this wonderful kehilah until you call upon it. I hope I’m in a position one day to give back in a meaningful way.
Q. How has COVID-19 impacted your business?
A. The real estate sector is one of the last to embrace technology. This black swan event is dramatically hastening the need to adopt technology. COVID-19 is fundamentally changing apartment hunting, especially in New York City. While fewer people are moving right now, more landlords have become clients of Doorkee during this pandemic than in any prior period because we can sign leases at scale and at a social distance. We close deals every week, as departing tenants and apartment seekers coordinate real-time virtual tours on our platform. Traditional brokers can’t compete and old-fashioned landlords who previously insisted on paper leases and certified checks are quickly realizing they must go digital or risk being left behind. As Darwin actually said: “It is not the strongest of the species that survives, it is the one that is the most adaptable to change.”
A. The real estate sector is one of the last to embrace technology. This black swan event is dramatically hastening the need to adopt technology. COVID-19 is fundamentally changing apartment hunting, especially in New York City. While fewer people are moving right now, more landlords have become clients of Doorkee during this pandemic than in any prior period because we can sign leases at scale and at a social distance. We close deals every week, as departing tenants and apartment seekers coordinate real-time virtual tours on our platform. Traditional brokers can’t compete and old-fashioned landlords who previously insisted on paper leases and certified checks are quickly realizing they must go digital or risk being left behind. As Darwin actually said: “It is not the strongest of the species that survives, it is the one that is the most adaptable to change.”
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