An Australian company is set to automate the rental market, potentially eliminating the need for a middleman – the real estate agency.
Rentwolf has developed a technology that will connects renters directly to owners, shortening the rental process and making it cheaper for landlords.
The firm’s founder and CEO Chris Martino said the owner-tenant connection on Rentwolf is made via application profiles and an automated lease.
“The platform automates and integrates the rental property market, and provides real-time data to inform decision making,” Mr Martino said.
“Renters upload their profile and search terms and put forward a comprehensive offer to prospective landlords, including proposed lease terms and financial offer. Renters can see and compare other offers made on the property and also view median rental prices for individual properties, streets and suburbs.”
The platform also calculates an offer to income ratio for renters, which determines the maximum amount they should be paying in rent in a certain area.
“This is communicated to both the renter and landlord, to prevent people from offering more they can afford,” Mr Martino said.
He said the strategy driving Rentwolf is to increase transparency and reduce costs.
“Rentwolf encourages renters and owners to focus on a broader value proposition, which includes individual’s profiles, proposed leased terms and the financial offer.”
Rentwolf boasts almost 3,500 registered users, which includes about 330 property owners.
“We have used social media advertising to build awareness of Rentwolf to our target demographics across Australia,” Mr Martino said.
“Those who are interested have the opportunity to join the waitlist in anticipation for the launch. All of the people on the waitlist are from Sydney.”
Rentwolf can be found on Facebook, Twitter and LinkedIn and at rentwolf.com.au. It is free for renters and landlords pay either $14 or $29 a month, depending on whether they are residential or commercial.
The platform launches in Sydney this week and plans are under way to take it nationwide.
"Rentwolf will become a national platform,” said Mr Martino.
“For now, we are taking a staged approach to ensure the platform works effectively and corresponds to the regulations in each state. After Sydney, we plan on launching across the east coast, then nationally.”