ELEVATOR PITCH
TenantCloud is changing the way landlords manage rental properties. What was once a task that required long weekends on the phone, multiple trips in the car traveling between rental properties, and countless hours inputting information to see if rent has been paid can now be done automatically.
PRODUCT/SERVICE DESCRIPTION
Landlords who manage their own properties have no staff and are limited to expensive software solutions. TenantCloud provides landlords with on-demand service professionals when they need. With TenantCloud a landlord can manage their rentals, collect rent right to their bank account, produce reports and get bids from local service professionals based on tenants’ maintenance requests – for free. TenantCloud offers the following to tenants, landlords and service providers:
Tenants are given their own free rental account to track payments, store receipts and send maintenance requests. Maintain a rental profile to build rental history, automatically create rental applications, store rental agreements, move-in/move-out photos and use the same account no matter where the tenant rents or from whom they rent.
HOW WE’RE UNIQUE
Landlords are provided a free cloud-based top-tier property management system for completing the needed accounting for their rentals, as well as applicant screening, rent collection, one click marketing to multiple rental listing sites, video and picture viewing for maintenance requests and one click access to bids from local service professionals. Landlords are also given tools to track their real estate investment and loans, which includes partners.
Service Professionals can access new customers for a flat $35/month and get access to tools for making the best bids in growing their business.
MARKET OPPORTUNITY
The company is after a market that has been ignored in the digital age. In the U.S. 60% of the rental market are single family homes or duplexes. Large property managers focus on the multifamily apartment renting, which leaves the largest market wide open. With property management software solutions focused solely on enterprise models for property managers, TenantCloud has a great opportunity to bring a free solution to the largest rental market in the U.S. The landlord market represents nearly 30 million rentals and a multi trillion-dollar segment of the U.S. economy.
MARKETING/PROMOTION STRATEGY
To expand with new users TenantCloud works with realtors and other service professionals who provide referrals to landlords. Service providers who refer a landlord are provided a long-term advertising window inside the landlord’s account. Service providers that refer other service professionals are given a portion of revenue based on those referrals. TenantCloud also works to help educate landlords across the county by sponsoring free events focused on landlord educational courses.
FOUNDERS’ STORY
The TenantCloud concept was hatched when Vitaliy, Leonid and Joe were all frustrated with filling out rental application after application. After numerous application fees the three knew there had to be a better and cheaper way to set themselves apart as renters. This was the start of TenantCloud, a free service that helps renters stand out. Keeping recommendations and other information is now simple and easy to share. This could be the last rental application you ever have to fill out.
As renters, they knew it had to be easier to communicate with their landlord, so TenantCloud was additionally supplied with a free landlord portal, which includes top-tier property management tools.
The three realized others wanted to use TenantCloud as well, so they started sharing it with a few friends. Soon those friends shared it with their friends and TenantCloud started to grow.
BUSINESS MODEL
TenantCloud is available for free to landlords and tenants. The bidding system will be available this summer.
For more information about TenantCloud and the company’s tools, please visit www.TenantCloud.com and follow on Twitter @tenantcloud.
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HEADQUARTERS: Austin, Texas
FOUNDERS: Joe Edgar, Vitaliy DeFranko, Leonid Korkuchanskiy
INVESTORS: MCZ Investments
YEAR FOUNDED: 2014
TWITTER: @tenantcloud
FACEBOOK: facebook.com/TenantCloudSystem
LINKEDIN: linkedin.com/company/tenantcloud
CRUNCHBASE: crunchbase.com/organization/tenantcloud-2
ANGELLIST: angel.co/tenantcloud
