With home ownership on the decline and renting becoming the most viable option, there are more landlords watching over 10 or less properties. These landlords don’t often have the resources like that of a property management company to work with. With Rentalutions‘ platform, smaller landlords can level the playing field and save time and money. The simple Landlord platform makes everything easy for the landlord and tenant to make the process of renting seamless.
“Landlords love using Rentalutions because it saves them time on things they otherwise would be doing manually. Most DIY landlords have full-time jobs and would rather spend free time with friends and family, not repeatedly posting vacant properties or chasing down tenants for late rent. Our platform gives landlords their weekends back” said Ryan Coon, CEO of the Rentalutions. Read on to see what else Ryan had to say.
Give us a brief description of your company.
Rentalutions is the only all-in-one platform that helps DIY landlords easily manage their single-family homes, condo units and small multi-family buildings. More than 17,000 landlords currently use Rentalutions to manage rental units in 6,500 zip codes across the United States.
What’s the size of the market you are attacking?
According to the US Census Bureau, there are more than 8 million individuals in the United States who own and self-manage more than 24 million rental units. In the past, these landlords have managed their properties manually, oftentimes with pen and paper.
What’s the business model?
Our platform is 100% free for landlords with only one rental unit. Landlords who use the platform to manage more than one unit pay a monthly subscription fee that starts at $25/mo and is tiered based on the number of units.
What kind of traction have you achieved since joining the Accelerator?
Since joining the accelerator, we have grown by more than 50% by adding more than 6,000 landlords to our platform. We’ve also grown the team. When we started the program, we had three full-time employees. Since starting the program, we’ve more than doubled to six full-time and about a dozen interns and contractors.
What was the experience like working with the MetaProp Accelerator?
The MetaProp accelerator was a great experience for our company and for me. Aaron, Zach and Clelia have extensive networks in both the tech and real estate communities. As the CEO of a real estate tech startup, one of the biggest benefits for me was connecting with, and getting advice from, the founders and CEOs of more established real estate technology companies. The MetaProp program was instrumental in connecting me with the leaders of more established companies.
What was your favorite part about being in NYC?
The pizza. Being from Chicago, I’ll get crushed for saying this, but New York pizza is a lot better than the deep dish that Chicago is famous for. I especially fell in love with Joe’s (Greenwich Village) and Grimaldi’s.
Work-wise, NYC has the largest concentration of real estate tech companies in the world. Most of the later-stage companies that are more established, such as Hightower and StreetEasy, are in NY. By participating in the accelerator, and being in NYC, I’ve had the chance to spend time with Brandon Weber from Hightower and Susan Daimler from StreetEasy. They’ve provided really helpful suggestions and valuable advice.
What’s the one thing about your company/progress that you’d like to announce to the world?
A major product upgrade is coming in late Q1. This upgrade will include many of the most-requested features that our landlords are asking for; including the ability to customize rental application questions and the ability to fully edit the state-specific lease templates that we provide.