NEW ORLEANS, August 9, 2021 / PRNewswire / – After stealthily securing the fit between product and market, RentCheck, the world’s first automated property inspection platform, is poised to change the tenant-owner dynamic. The company will tackle the problem of “deduction of the deposit” of the tenant: $ 45 billion-per year tug of war between tenants and landlords about security deposits. To date, RentCheck has raised a $ 3.6 million through its pre-seed and seed cycles, which will move the business to its next phase, putting its pioneering technology directly into the hands of more property management companies and tenants across the country.
“What we love about RentCheck is that it uses very smart technology to automate and solve arguably the industry’s biggest money and time problem for property managers and tenants. The deposit deduction problem requires a technology-based solution, and almost everyone, at some point, has felt like they’ve been fucked on their deposit by a landlord. When you see and use the RentCheck’s solution, it makes you think, “Why haven’t I thought about it?” said John kuolt, former CEO of BCG Digital Ventures and an early investor in RentCheck.
RentCheck’s digital platform offers property managers a way to facilitate and perform guided property inspections remotely, saving managers and tenants time and money. Across the country, tenants and landlords are stuck in a perpetual struggle over security deposit funds and, therefore, up to 40% of tenants end up challenging their owners over the security deposit refund amounts. For both parties, this can be an expensive and confusing process; a process that the founders of RentCheck Marco nelson and Lydia winkler were personally frustrated by. The business was born when Winkler successfully sued its owner after failing to receive his security deposit after leaving a property, and Nelson – who has over a decade of experience managing property across the states. -United – saw the opportunity to smooth the process of deducting the deposit. , digitally. The pandemic has seen a period of strong organic growth for the company, as the world’s first automated and contactless property inspection platform. With the wind in its sails, the company intends to conquer the market and establish itself as the standard bearer of the industry.
“In the future, we believe that transparency will be the key to leasing. Property managers and landlords will have to treat their tenant relationships as a partnership, which in the past has not been the case. RentCheck brings tenants, landlords and managers together on a single, trust-based platform, and it turns out to be a better, smoother and more efficient experience,” noted Marco nelson, co-founder and CEO of RentCheck.
RentCheck first caught the attention of Jim coulter, the founder of TPG Capital, when the company won New Orleans Entrepreneurship Week. Coulter then went on to become one of the company’s early investors. The seed cycle includes strategic investors such as Cox Enterprises for its multi-family housing operations. The seed cycle also included the participation of successful entrepreneurs who will provide valuable advice and mentorship, such as Jim payne (who previously sold MoPub to Twitter and MAX to Applovin), Ken goldman (the former chief financial officer of Yahoo, and who currently runs Hillspire, Chez Eric and Wendy Schmidt family office), Marc Zaleski and John kuolt of BCG Digital Ventures, and Brian long (the founder of Attentive, who previously sold TapCommerce to Twitter). It also included institutional investors such as Irongrey, Context Ventures and Techstars.
RentCheck sets out to introduce a revolutionary sense of transparency into the rental market for tenants and landlords. Many people, at one time or another, have had a dispute over their security deposit. But RentCheck’s visionary technology, designed by expert engineers, will bring a new level of transparency to the process. The platform was designed specifically for tenants and property managers, giving the company a crucial edge over its competitors in the space – competitors who primarily create software for property managers – as it gears up. to disrupt the market head-on.
“After COVID, digital activation is one of the top three goals for most multi-family executives,” said Vickie Rodgers, Vice President of Cox Communities at Cox Enterprises, Inc. “This is essential to increase operational efficiency and improve the journey for residents. RentCheck supports these two main goals for owners and residents. It is really stimulating. ”
RentCheck The technology provides real-time visibility to residential property managers and owners while providing transparency to the security deposit deduction process. RentCheck saves property managers time and resources with easy, self-guided inspections that residents can perform from their smartphones. RentCheck helps property management companies grow their portfolios by maintaining unit conditions through sleek and organized property inspections. Property managers can easily compare and share inspection reports to prevent damage and eliminate security deposit disputes. RentCheck is an award-winning startup used by both traditional and venture-funded companies like Audubon and Awesome Jones.