Realtor.com has chosen Rental Beast to power an online rental application, lease processing, and applicant experience initiative, highlighting the impact of renters on the current market.
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Realtor.com has partnered with Rental Beast to enhance the rental application process, lease processing, and overall applicant experience, as reported by Inman.
A press release on Nov. 14 announced the collaboration between the two companies to facilitate agents, property managers, and landlords in attracting and approving renters who may not be ready for homeownership or prefer renting.
According to the release, in today’s competitive rental market, securing a rental property can be challenging, and this collaboration aims to streamline the process, reduce approval times, and enhance the user experience using Rental Beast’s application platform.
Rental Beast offers a comprehensive rental property solution, assisting individuals involved in leasing residential spaces with a modern system for consumer interactions. It covers tenant screening, operations streamlining, apartment search and matching, unit marketing, agent training, and various other critical tasks.
The company also has a version of its software tailored for MLS, which likely influenced Realtor.com’s decision to collaborate with them. In a 2023 report by Rental Beast focusing on how MLSs address rentals, 61 percent of agents surveyed expressed dissatisfaction with the MLS’s focus on rentals.
This issue has also been highlighted by one of Rental Beast’s competitors, RentSpree, which has been forming partnerships with MLSs nationwide to encourage agents to view renters as potential buyers and target its core audience of property managers.
As the housing market faces challenges with low inventory and uncertain rates for the third consecutive year, more renters are opting for flexible leases over mortgages. However, typical market dynamics still influence rental decisions, according to a recent study by Realtor.com.
The study revealed that 82 percent of renters have had their housing plans affected by the economy, with 71 percent stating they won’t buy a home in the next 12 months due to low savings for down payments (61 percent) and high interest rates (42 percent).
In conclusion, Realtor.com’s decision to implement an online leasing solution is expected to benefit all stakeholders, particularly renters.
“We are thrilled to collaborate with Realtor.com to bring a new level of efficiency and transparency to the rental application process,” said Ishay Grinberg, founder and CEO of Rental Beast, in the press release. “This partnership aligns with our mission to simplify the rental experience, helping renters find their ideal homes faster and enabling agents to deliver even more value to their customers.”
Realtor.com expressed similar sentiments about the benefits of their new software acquisition. Cliff Johnson, vice president of rentals at the search portal, believes that the partnership will enhance efficiencies and exposure.
“Our partnership with Rental Beast strengthens our commitment to providing the best tools and resources for renters. In an effort to make the rental process smoother for users, Johnson stated, “By streamlining the application process, we aim to remove barriers and make the rental journey as smooth as possible for our users.” If you have any questions, feel free to email Craig Rowe.