This App Is Changing How Investors Find Tenants
With the rise of popular industry-changing apps such as Uber and Airbnb, it was only a matter of time before developers turned their eye to the world of real estate. Rentberry is an app that makes property management easier for investors.
Some call Rentberry the “eBay of property”. It offers would-be tenants the opportunity to submit bids detailing the amount of rent they’d be willing to pay to live in a property. The property owner can then view these bids and schedule viewings, choose tenants and more.
It’s great for investors, since the competitive nature of the bidding could mean a bump in profit. However, if the property is less popular, a keen prospect might find themselves able to get away with paying less than they’d expected.
How does Rentberry work?
Rentberry users can see the highest current bid on a property, and choose to bid higher if they wish. In addition to seeing the highest current bid, users can see the volume of would-be tenants placing bids. This helps them to gauge the popularity of a property.
As well as bidding on rent, users can also attempt to outbid other users by offering higher security deposits.
Rentberry will turn a profit by charging tenants a fee upon finalisation of the deal with the property manager. Another option they are exploring is charging landlords a monthly fee equal to a percentage of the additional rent being earned as a result of the bidding process.
When will Rentberry be in Australia?
Currently, the company is based only in the United States with immediate plans to expand to Dallas and Houston, TX. However, apps such as Uber and Airbnb started in the same way, so there’s no telling whether or not the company will eventually make the move to the UK, Australia and more.
Some experts speculate that Rentberry, if allowed to grow large enough, could affect property prices by driving them up. Time will tell, but for now, Rentberry offers property managers a new way to potentially increase revenue and find tenants.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.