A new proptech business that aims to disrupt the Australian property management industry launched in Sydney this week, promising to be the Purplebricks for rental properties.
On Rent360, property investors hire property managers not backed by real estate agencies, saving landlords around 35 percent of the management fees and costs associated with traditional agencies each year.
Rent360 is initially focused on the Sydney market, with plans to expand nationally.
Co-founder and chief executive Jared Keen said the platform’s “recommendation engine” provides landlords with the details of three property managers, guaranteed to provide better service and charge lower fees than traditional real estate agents.
“The property manager appointed by the investor on the platform is the same one responsible for leasing and managing every aspect of the investment property,” Keen said.
“We’ve also developed a new, more transparent approach to pricing, where property management fees are all-inclusive, with no hidden surprises.”
Keen said Rent360 charges a maximum property management fee of 4.95 percent of the property’s monthly rental income, compared to the 5 to 10 percent charged by traditional real estate agencies.
“Our property managers are mobile and have considerably lower overheads than traditional real estate agencies, so they are able to pass on these savings to landlords,” Keen said.
Landlords are also able to monitor their investment property through the platform, which provides access to tenant information, rent collection, maintenance updates, financial reporting, and rental appraisals.
Like other disruptor sites, such as Purplebricks, Settl and BuyMyPlace (ASX: BMP), Rent360 also provides landlords with additional services, such as access to competitively priced photography, signboards, floorplans, and landlord’s insurance.
Keen, who previously founded the FMCG digital coupon company Couponstar, started the platform together with real estate industry veteran Penelope Valentine, who also serves as the company’s chief operating officer.
The company also counts Paul Migliorini, Amazon’s director of web services in Australia and New Zealand, as a board member, along with John Goddard, former head of marketing at Ray White Ian Campbell, and ex-chief executive of property management software Rockend, former OnTheHouse.com.au director Ian Campbell, and managing director of Aviate Group Neil Smoli.