The idea for Rentprop4u was born from a problem that arose while renting a property in Bengaluru. The security deposits seemed exorbitant for young professionals who had just started their careers. The language was a major barrier when dealing with local brokers, and lack of documentation on the part of owners added to their woes. The founder, Nagraju M. thought that an online solution without the interference of the owner or the broker could solve these problems to a large extent. He proposed the idea to his friends Asha and Ravi who were convinced in the viability of the project and decided to back me. He matched this with my experience in real estate to start Rentprop4u. What Rentprop4u essentially does is take the worry out of owning and renting a home. With an innovative online and offline offering, Rentprop4u is a reliable shoulder to both owners as well as tenants to pass on their property worries.
Home seekers can search and book online from Rentprop4u’s verified listing of their properties. In addition to zero brokerage, tenants have the option to pay the security deposit (five-month rent) in three equated monthly installments (EMIs). The company takes care of all the documentation work and offers assistance with moving and utility connections too. An added advantage is the facility to make rental payments online.
From finding the right tenant and performing a complete background check to offering assured rentals and managing the property, Rentprop4u provides full-service rental and property management for owners. Be it a single property or a large portfolio, the company is so confident of its tenant placement services that it guarantees to let out the property in less than 30 days or start paying the rent to the owner within a month.From a bootstrapped company with an investment of just Rs 10 lakhs, it has achieved a turnover of Rs 1 crore within a year of our operations. It already has 200 plus registered properties and more than 400 users in just a year. Rentprop4u focuses completely on residential rentals and is not into PG (paying guest)/sharing accommodation model unlike most competitors in this space. Tenants can find their dream property without paying any brokerage. They charge the owners just a month’s rent as a service fee for managing their property. With almost 25,000 units lying vacant in Bengaluru alone, there is a huge market potential to be tapped in the city. Rentprop4u aims to acquire 3,000 plus properties and employ about 200 plus staff in the next three years. It also plans to replicate the model in other south Indian cities such as Chennai and Hyderabad before taking the concept across the country. The startup helps tenants find the home of their choice at zero brokerage. It doesn’t charge them a single penny. As for owners, it charges a month’s rent as a service fee for managing their property. That’s the revenue stream. However, property visits, paper work, and other services go uncharged.
When we asked them what their biggest challenge was, here is the reply we received, “We faced several issues when we started out. It was tough to get the brand out there, earn the trust of clients, manage the funds and get the right people.A good marketing team solved the issue of brand recognition. As for clients, we spent a lot of time in meeting owners personally and explaining the value proposition. This helped a lot. Also, our data analytics helps in analyzing the correct market value of a property. This has been a very important factor in gaining the trust of clients.” Patience, dedication, a few sacrifices, hard work, staying grounded, team spirit and above all the never give-up attitude have been doing the wonders for this startup and their biggest inspiration is the set of goals itself, which keep it moving forward. When Team SoS asked the founder for a small piece of advice for the bussing entrepreneurs, this is what he had to say. “I advise them to stay patient during the initial few years as a start-up needs time to take off. There will be several ups and downs; you cannot have success without overcoming these hurdles. Continuous learning is a must since change is the only constant in today’s fast-paced world. Also be a leader and not a ruler.”
— Team SoS