There is a lot that goes into renting out an apartment from finding the right people to doing background checks to getting a lease signed and everything after.
Now, a new tool is bringing the entire process under one umbrella.
Providence-based NowRenting.com is a web-based software platform that not only connects landlords and leasing agents with tenants, but also simplifies and automates the entire rental process.
“We are really focusing on the leasing agents, the showing agents and the rental agents,” Ed Giardina, founder of NowRenting.com, told Rhode Island Inno. “We are trying to give as much attention as possible to that biggest pain point, which is when a vacancy occurs and the leasing agent is trying to find the best possible tenant to fill it.”
The process starts when leasing agents or even do-it-yourself landlords have a vacancy. They start by putting a full description of the property on NowRenting.com, which then syndicates this listing with a variety of partners across the web.
Once tenants are interested, they can reach out to the landlord or agent through a private phone number or email that NowRenting generates.
The system can be configured so when tenants reach out, they are automatically sent pre-screening questions such as: How many people are you living with? Do you have pets? Do you smoke?
The two parties can also communicate back and forth through the site.
Once a tenant decides they want to rent a place, the agent or landlord can conduct a full background check through the site, which includes criminal, credit and eviction checks. Then they can send a digital lease to the tenants for them to sign.
After a vacancy has been filled and the unit rented, leasing agents or landlords can continue to use NowRenting to do things such as collect rent each month and manage maintenance requests.
“It really is start to finish,” said Giardina.
The company went live a little less than a year ago and is already having success in growing organically.
Giardina said people nationwide are using the platform including in Rhode Island, Boston, New York City and Chicago. There has also been lots of interest from people in Canada.
The company makes money by charging landlords and leasing agents a monthly subscription fee and through background checks. Landlords are free to use NowRenting solely for background checks, which are paid for by the tenants.
Thus far, the company has been bootstrapped, but Giardina said he is less focused on raising funding and more interested in growing organically and nailing down the revenue model, so the company is in the best possible position to scale.
He is also interested in business development efforts, whether that’s forming a partnership with a large real estate office or merging with a complementary product.
