Rennection property management solution goes beyond the broken faucet
When it comes to tracking ones’ rental properties, maintenance records and monthly payments, the default organizational method means more spreadsheets, sticky notes and file folders for landlords. However, more startups are getting into the property management space and moving the paper pushing process to a simple click on a smartphone.
After a frustrating apartment rental experience, brothers Jonathan and Ben Eastman founded Rennection, a property management software solution for small businesses that helps streamline the process of managing and renting a property.
For a smaller real estate investor who might have a few properties in their portfolio, the platform helps landlords manage all of their rentals (up to 20) through one portal, streamline the rental process, and keep up with maintenance requests through one portal via desktop or mobile device.
Today the company came out of public beta and launched with a new UX/UI, more product features and a partnership with Experian.
According to the co-founders, the most common argument between landlord and renters is a maintenance request. With Rennection’s Maintenance Portal, renters are able to send their request online and receive a time stamped maintenance ticket. Through a chat page, everyone can keep track of the conversation and progress, even upload a photo of the item that needs repair.
Through their DirectApply feature, landlords can screen renters, send them a personal application link for the property and initiate payment options. Each application does come with a $39.95 fee, paid by renter, that covers a credit, national criminal history and national eviction report.
When the rent is due, landlords can use the DirectPay option; Rennection partnered up with a local bank and uses Stripe as their backend system for transactions; each payment comes with a $2.95 fee. Roommates can also split up their portion of the monthly rent through the shared pay option and keep track of all transactions through a renter’s profile.
The co-founders stated that as a result of the Experian integration, and for security purposes, their company doesn’t store or have access to a renter’s social security number or banking information.
The Rennection model is designed to be free to the landlord and the company will generate revenue through transaction and application fees at this time, Ben said.
Since October 2015, the company has doubled their user base and have landlords around the country using their platform.
Rennection helps give landlords “a historical snapshot of the property [from] maintenance records, payments, previous tenants, [as well as] a complete messaging system, like AirBNB,” Ben said.
As for brothers building a company, Jonathan said, “Work together and build something together- we’ve been building things together since we were young.”
Graphics courtesy of Rennection