Set to disrupt the real estate industry, Rent360 today launched Australia’s first online marketplace for property management: www.rent360.com.au. The online platform connects property investors directly to experienced, local and independent property managers who provide a full 360 degree service.
Rent360 is a new alternative to self-managing properties or using traditional real estate agencies. As the Rent360 property manager is also the business owner, property investors are guaranteed to receive a better, more personalised service and savings of around 35 per cent per year.
The company was co-founded by Jared Keen who previously founded Europe’s largest FMCG digital coupon company, Couponstar which he successfully exited to NYSE listed company, Coupons.com in 2011. Keen has partnered with Penelope Valentine who has over 15 years experience in real estate and property management having worked with McGrath, Ray White and most recently as General Manager of LJ Hooker in Sydney’s Northern Beaches.
What is Rent360 looking to achieve?
Keen commented on what Rent360 will mean for the 1.9 million investors who own residential properties in Australia: “Finding a local property manager to entrust one of your most important financial assets can be a laborious task. We provide investment property owners with the option to skip traditional real estate agencies and access a network of top independent property managers across Australia.
“Rent360’s recommendation engine matches property investors with up to three of the best suited property managers servicing the local area to compare fees, experience, qualifications and client reviews. 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.”
What about the fees?
On the topic of fees, Keen says “We’ve developed a new, more transparent approach to pricing where property management fees are all-inclusive with no hidden surprises.”
Rent360 property managers compete for management contracts using its proprietary fee quotation system. The maximum management fee for Sydney based investment properties is 4.95% (inclusive of GST) as compared to the average of 6.6%. Keen continues “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 investors.”
Once the management agreement is signed electronically on the platform, the property investor gains 24/7 access to a web-based Owner Portal that provides visibility into their investment property’s performance including tenant information, rent collection, maintenance updates, financial reporting, rental appraisals, communications and more.
Keen described the anticipated impact on the real estate industry: “Many property investors are fed up with poor service, constant staff turnover and lack of transparency they receive from traditional, sales based real estate agencies. The issue lies in the fact that the good property managers are simply overworked, underpaid and under resourced.
“Rent360 is uniquely positioned to disrupt the slow moving property management industry by offering both property investors and ambitious property managers a better deal.”
Amongst Rent360’s Advisory Board is John Goddard, ex-CEO of property management software company, Rockend; Ian Campbell, ex-Sales and Product Director of property research site onthehouse.com.au; Neil Smoli, Managing Director of leading property investment group; Aviate Group and Paul Migliorini, Managing Director of Amazon Web Services Australia and New Zealand.
As property management works best as a local cottage/local service industry, it is Rent360’s intention is to initially focus on Sydney before expanding to the rest of NSW and other capital cities and states.