Rentberry Turns Renting Into ‘One-Stop Shop’ Experience

Posted April 4th, 2017 by cs

It’s no longer a breaking news that technologies are disrupting the rental industry with online alternatives to rental payments, lease signing, and other industry-related tasks. And although there are plenty of companies working on the intersection of tech and real estate, most of them have one point missing - they fail to deliver a ‘one-stop shop’ experience.

However, ‘most companies’ doesn’t equal ‘all companies’, meaning there is a good exception to the rule. Back in 2015, Alex Lubinsky founded Rentberry, the first closed-loop rental platform focused on bringing quality and transparency to the rental process for landlords and tenants alike. So far, no other company offers such a wide range of features for everyone involved in the process.

Here’s what Rentberry offers:

Landlords can add their properties, syndicate listings to nine partner platforms, conduct tenant screening and choose between prospective tenants based on their credit score, background check, and custom offer. When the application is selected, landlords can sign rental agreements, collect rent, and even deal with maintenance requests online. And these entire set of tasks can be completed through Rentberry.

As for tenants, they can search for rental properties, filter them by location, price, size, pet policy, and 20 amenities. What’s more, tenants can conduct background and credit history check, see how many people are interested in properties they like, and make educated custom
offers. When the lease is signed, they can make maintenance requests, pay rent, and split rental payments with roommates.

“All these crucial tasks can be done through the platform. We just remove the hassle from single-family landlords who don’t have access to solutions like large corporations,” Alex Lubinsky said. “The rental market changes so fast even during the same year. As a tenant and a
landlord, they can do absolutely all of the rental tasks through one platform.”

And this ‘closed-Loop thing’ is not even the biggest benefit.

Hefty fees and bidding wars have both been an integral part of the rental industry for many years, but it doesn’t mean no idea or technology can challenge the status quo.

Here at Rentberry, we decided to let tenants place custom offers for both monthly rent and security deposit. Since we
display the current demand for each rental property listed on the platform, tenants can remove the guesswork and make educated offers to landlords.

For instance, a tenant with a spotless credit history and willingness to sign up for three years can sure try a lower offer. Another tenant with a pet and low credit score might qualify for a dream property thanks to offering slightly more.

But the feature of custom offers is not only for tenants. It can be another criterion for landlords to choose among the prospects. Depending on personal priorities, one landlord can select tenants with higher custom offers, while the other can give preference to applicants
with better recommendations and higher credit score. This way, Rentberry ensures a good agreement on both sides.

The idea is proving itself right, the company is growing.

In the months to come, Rentberry expects to grow its user base between 95 and 97 percent. But even now, we’ve already gone nationwide and have over 100,000 property listings. Since the majority of our customers are not property management giants but single-family homeowners, we only charge a $25 success fee to the tenant who manages to sign a rental lease via the platform. This way, we make it affordable even for single-family homeowners to enjoy all the benefits of online property management experience.

Speaking of other monetization strategies, we consider charging landlords with more than three properties listed on the platform and offer them a better placement for money they pay. Our two biggest concerns in this regard are to make sure that our customers are not overcharged with too many fees and make it clear to them what they get in exchange for the fee.