This realty startup from Bangalore providing hassle free service to renting out the property
23rd, October 2017 - Tech Startup
Remember the time when we went far from home to work or to pursue education. Remember the struggle we all went through searching for a shelter? Friend’s house, relatives’ house, hotels, lodges but all of it till when. The only question that revolved in our heads day and night was how to find a trustworthy landlord. The same question raised in the mind of Mr Nagaraju M, the CEO of Rentprop4u along with the co-founders Ms. Asha M and Mr. Ravi M.
Mr Nagaraju M is the CEO and Managing Director of Rentprop4u, while Ms. Asha M, Mr. Ravi M serve as Managing Directors.
He focuses on acquisitions and sales functions in the company. He has hands-on experience of five years in the highly competitive and niche property management business. He went on to complete his MBA in finance and marketing, and consequently worked with leading real estate players as a business development executive. He co-founded Rentprop4u in February 2016 with his friends Asha and Ravi.
Ms. Asha oversees business tie-ups and marketing. She has a Bachelor’s degree in Fashion Design. Her administrative and leadership skills coupled with a calm temperament help in resolving any challenges faced by the company.
Mr. Ravi takes care of finance, digital marketing and property management services. He has an MSc in Multimedia. He is passionate about photography, cinematography and design.
Mr Nagaraju says "During the time that I was pursuing my MBA, I came across a common but a major stress among some friends -- getting an accommodation in and around the city in a limited time. It came to my knowledge that landlords too faced difficulties to rent out their properties around the city due to several tenant issues." That’s when it struck him that a landlord needs a trustee and a tenant needs a hassle-free accommodation provider.
As he saw many of his friends undergo this pain, he thought he could help a lot more people if he took it up as a business. This encouraged him to start a property management service to bridge the gap between owners and tenants. And this is how the idea of Rentprop4u home rental solutions was conceived.
Rentprop4u focuses completely on residential rentals and is not into PG (paying guest)/sharing accommodation model unlike most competitors in this space. Tenants can find their dream property without paying any brokerage. They charge the owners just a month’s rent as service fee for managing the property.
Rentprop4u’s core aim is to bridge the gap, wherein finding a home is no longer a chore but an easy ride. The online rental market has seen a significant growth over the years. Yet, the industry still requires a holistic and 360-degree approach to take care of the tenants’ and the owners’ requirements simultaneously without a hassle. Rentprop4u is bridging this gap by providing a comprehensive solution by automating the process of rental management, thereby ensuring peace of mind for both owner and tenant. Rentprop4u ensures a broker-free experience and eases the process of finding an ideal tenant/owner. It also significantly reduces the time spent by an owner in managing the property.
Home seekers can search and book online from Rentprop4u’s verified listing of their properties. In addition to zero brokerage, tenants have the option to pay the security deposit (five-month rent) in three equated monthly instalments (EMIs). The company takes care of all the documentation work and offers assistance with moving and utility connections too. An added advantage is the facility to make rental payments online.
From finding the right tenant and performing a complete background check to offering assured rentals and managing the property, Rentprop4u provides full-service rental and property management for owners. Be it a single property or a large portfolio, the company is so confident of its tenant placement services that it guarantees to let out the property in less than 30 days or start paying the rent to the owner within a month.
Rentprop4u solves five basic problems in the realty industry which have been the biggest pain points for owners and tenants. It simplifies the entire process of residential property management.
1. It helps to do away with property visits for owners and tenants. Tenants can view the property online without making a visit and make the bookings too. For owners, they do a quarterly inspection and send images so the owners do not have to visit the properties.
2. It takes on the onus of tenant screening. They do background checks and share police verification reports with the owners before allowing the tenants to occupy the property.
3. It drafts the rental agreement between the owner and tenant.
4. Be it electrical, plumbing or carpentry, Rentprop4u takes care of maintenance and repair.
5. Rentprop4u collects the monthly rent from the tenant and hands it over to the owner.
A few of their USPs include:
•Flexible payment scheme for customers
•365 days support, just a call away.
•The guarantee to let out the property in less than 30 days or start paying the rent to the owner within a month.
There is always a chance of fraudulent business but to tackle it efficiently, they have advanced screening methods for owners, both offline and online, to ensure that the properties and the people behind it are genuine. With regards to tenants, background checks and police verification is done to make sure that there is no unpleasant re-evaluations later.
In terms of brand proposition, Rentprop4u holds a unique value; the brand's basic motive is in its name itself. The brand is well-known for its quality service among customers. "Our mission is to be the number one player in property management and rental segment in India." says the team.
To start with, Rentprop4u covers a wide gamut of services that of landlord or tenant needs. Secondly the services are offered at highly competitive charges, making it affordable. Thirdly, the quality of service and probability of customer response is high which sets a great value for customers.
They already have 750+ registered users and 50+ daily visitors on an average.
As of now, the services are offered in and around Bengaluru. But it is intended to replicate the model in other cities soon.
The team plans to acquire 3,000 plus properties and employ about 200 plus staff in the next three years. They also plan to replicate the model in other south Indian cities such as Chennai and Hyderabad before taking the concept across the country.
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