For most tenants, rent is the only remaining reason why they still have a checkbook.
In 2012, Chicago-based entrepreneur Ryan Coon left his high-figure banking job to start Rentalutions, a software that allows smaller property managers to bring online rent payments to even the most non-technical landlords.
The platform eventually grew to serve the entire apartment rental process, from background checks to returning security deposits electronically. In 2017, a $2M round of capital was raised to expand further growth.
Rentalutions has attracted over 26,000 landlords and over 30,000 tenants, in 7200 zip codes concerning over $69 million in monthly rents.
According to the Rentalutions website, for many landlords, upgrading their property management systems meant “closing Microsoft Excel, slamming closed the filing cabinets, and in some cases moving piles of papers out of the trunk of their car.” As well as online rent payments, other solutions -- new to many landlords -- include digital leasing and maintenance tracking.
Along with partner Laurence Jankelow, Coon built the platform to service landlords who may be in the business part-time, while working a full-time job. Managers like these may not have the time or resources to dedicate to every detail of the rental process.
Newer services include the ability to create rental listings in minutes and have them automatically post to Zillow, Trulia, Hotpads and others. This one-click syndication to rental networks attracts more tenants from more of the places where they are actually looking. The busy landlord only has to write a short description of the property, and verify that Rentalutions has listed the correct number of bedrooms and bathrooms. Upload a few photos, and the listing is done.
Landlords are contacted directly by prospective tenants, using simple contact forms provided by Rentalutions. Rental applications can be accepted directly from the listing.
All leads can be tracked from within the account, which includes the ability to reply to inquiries with a note, or request them to start the application process.
Rental applications can be quickly and easily reviewed online, with TransUnion credit reports and criminal background checks.
2017 has seen Rentalutions offer an improved payments report and a referral program. An enhanced evictions reporting service provides access to Nationwide Tenant Eviction Checks, pulling from millions of records of eviction data from across the United States. Once the tenants provide authorization, landlords can view eviction reports in just a few clicks.
Rentalutions offers a six-page rent analysis report that provides a rent estimate on the owner’s property, rent benchmarks in the immediate area, and county rent trends. Referring other landlords to Rentalutions gets you the report for free.
The Rentalutions website claims that the average listing receives 15 leads from prospective tenants, and that in 2016 alone, landlords saved more than 1.2 million hours by using the platform.
Click here to find out more about Rentalutions.