You want to buy a house. Besides your agent and a pre-approval on a mortgage, where do you start? It’s easy to get a comprehensive look at what’s available for sale through multiple listing services (MLS) like Trulia or TREND, filtered by categories such as location, property type and price. But what if you want to rent an apartment?
In Philly, you’re often doomed to crowdsourcing your social networks, hoping a friend of a friend has space to rent, or wading through the swamps of a website like Craigslist, whose listings, once posted, can’t be updated and can get buried in a matter of minutes.
Ishay Grinberg, the founder and CEO of Boston-based Rental Beast
, calls the rental status quo in Philly "a nightmare," and he wants to change that. His site is an MLS for rentals, and it’s ready to put about one million listings at prospective renters’ fingertips through its network of hyper-local real estate experts.
"About forty percent of the population rents, and about forty percent of the population will continue to rent," explains Grinberg, acknowledging the boom in home-ownership that peaked in 2005 -- and, well, we all know what happened next.
"Almost everywhere you look if you drive around, you start seeing ‘for rent’ signs," he says of Philly, where a Rental Beast team is already set up in Center City, readying an official launch for early 2015. "There’s plenty of demand to be satisfied."
Rental Beast works for renters as well as landlords and property managers, from those handling just a few properties to those handling thousands. In less than five years, the company has seen huge success in Boston, nabbing 70 percent of the city’s market share. Now its sights are set on Philly, its suburbs and the surrounding area, including central Pennsylvania, and parts of Delaware and New Jersey.
"We’re completely free for landlords of any size to list with us," insists Grinberg.
That free-of-charge model for both landlords and prospective tenants is supported by large brokerages who partner with the company for access to its inventory, and provide a portion of the broker fee when a property is leased through the site.
But the service isn’t just about aggregating and maintaining the most up-to-date, customizable info from landlords, managers, brokers, neighborhood experts and wider market data. Users also have access to tools for everything from proper pricing to drawing up the lease to finding contractors for when there’s quick turnover on a unit.
"When small landlords have a unit turn over, they don’t have an armada of maintenance people like the large managers do," explains Grinberg. For jobs like cleaning, sanding or painting, Rental Beast maintains a free database of vetted service providers.
Philly’s "good startup community" is part of the reason he’s bringing Rental Beast to the area. With the growing trend of millennials staying in the city to work or launch their own ventures after graduation, he insists it’s the perfect time to simplify the rental market.
Writer: Alaina Mabaso
Source: Ishay Grinberg