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Contributor
BunkSF
Posts: 13
Registered: ‎09-08-2012
0

Could this idea work? A common rental application

I have noticed that people searching for housing are having to fill out multiple rental applications at $30 bucks a piece. It seemed crazy to me because each application is asking for the same info. Because of this, I created myRentr.com.

The idea of myRentr.com is like the common college application but for apartments. Users buy our application for $30 (this may change) and we do the background check, employment check and credit check. Afterwards we put all the info in a nice little document (also includes photo, social media links, and personal blurp) so the user can give the application to whoever they choose. It seems crazy to me that property companies spend the time to run their tenant's credit when it would be much easier to ask the tenant to bring a completed app to the showing.

 

Do property managers actually like filling out their own apps? Do they make money from it?


Any feedback/criticism would be wonderful! Thanks for you time

Silver Regular Contributor
Fishmarty
Posts: 681
Registered: ‎08-25-2012
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Re: Could this idea work? A common rental application

Well, I prefer to do my own renter screening. I have to look at original credit report, call myself the previous landlord on rent payment, current employers on status and actual pay, etc.

 

I don't want to see 'edit' reports. I know people fake things up more than you want to know.

 

And I can only trust myself because I know there is not much room to slip here. One small skip on credit searching to get you a wrong renter in, it is so difficult to get him out, not to mention missing rents and property damage!

 

By the way, how to you avoid being suit, say you make a wrong recommendation in your report and landlord gets a terrible renter? What is your small print?

 

Title company provides title report with a title insurance to back it up, do you?

Contributor
BunkSF
Posts: 13
Registered: ‎09-08-2012
0

Re: Could this idea work? A common rental application

We are using PropertyWare (owned by RealPage) for all the tenant screening. While the site is still in the works and the small print is still being finalized, we have talked with many different property management companies in order to find what criteria they look for. It is still up to the landlord to accept or not, all we do is provide the tenant with a completed app. The application is also to be marketed to private individuals looking to protect themselves when filling a room.

 

The idea is to cut the time is takes to fill a room. If a tenant could show up with a completed app, could they move in on the spot of the application met their standards?

 

thanks for the feedback!

Gold Super Contributor
Jil
Posts: 3,135
Registered: ‎10-24-2011
0

Re: Could this idea work? A common rental application

Regarding web page, it looks great and you have done very nicely with wordpress+biznizz theme. The look and feel is amazing and far better than biznizz theme demo site. In fact, you site can be the best demo for that theme.

 

This will help only the tenants, not necessarily landlord or management company unless otherwise they get confidence on yor system/guarantee. 

 

There are a thread on this discussion already.

http://forums.redfin.com/t5/Bay-Area/credit-checks-for-new-tenants/m-p/320603

 

Believe it or not, Management company or Landlord does not make money on $30 or Credit check fee.

 

I own rentals, management company hired, and I never care about the credit fee as long as I see good candidates. If they produce a credit score as a proof, I will use for guidance, but will run our own credit check on my expense. 

 

Platinum Super Contributor
buyinghouse
Posts: 5,879
Registered: ‎04-23-2011
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Re: Could this idea work? A common rental application

  I have berry good ideas, but in order for you to see them, you need to fill out an application.....:smileyvery-happy::smileyvery-happy:

 

  Congrats for the idea!

Contributor
BunkSF
Posts: 13
Registered: ‎09-08-2012
0

Re: Could this idea work? A common rental application

I appreciate your feedback!

 

The system we are using is not in place yet, but I know for a fact that many property managers in the Bay Area are using the same screening company as us. The point of our product is that an apartment hunter can use the app for multiple companies while the managers do not have to take a few days to run the product. I know that it takes a lot of time to enter in the application to the computer, so hopefully this will save the manager some time.

 

Anyway, thanks for the advice and keep em coming!

Gold Super Contributor
Jil
Posts: 3,135
Registered: ‎10-24-2011
0

Re: Could this idea work? A common rental application

I would say it is a good start, long way to go....

Redfin Partner Agent
Adam-la
Posts: 1,904
Registered: ‎03-15-2011
0

Re: Could this idea work? A common rental application

Your system (and I'm not clicking on the link) will need to have eviction information for it to work with my company.   That is one of the more important checks we run.  

Contributor
BunkSF
Posts: 13
Registered: ‎09-08-2012
0

Re: Could this idea work? A common rental application

Yes, that is included in the process!

Regular Contributor
Siccished
Posts: 67
Registered: ‎12-05-2011
0

Re: Could this idea work? A common rental application

I like the idea and I agree with the others that more services tailored for landlords would sell this better. 

 

-Eviction history check: love that your providing that

-Landlord verification: For all of the picky landlords like myself and strict property managers, i dont think you could provide us with that level of assurance unless there was some sort of landlord review service that was available in the future? This reminds of a recent website where people whom want to rent out their personal cars to the public and reviews are left of the car renters so car owners have peace of mind at every rental.