Philipp Postrehovsky, Co-Founder and COOThe real estate renting sector is, in a way, lagging behind, in terms of efficiency and digital adoption. For instance, a large portion of property management entities, both large and small, still resort to accepting checks as the primary— and often, the only—means of payment; their workflows are manual and siloed, involving cumbersome and time-consuming paper trails. This, in turn, hampers their ability to scale with the ever-increasing demand for property rentals, especially among the tech-savvy millennials who prefer renting over owning, owing to their mobile lifestyle and careers. Headquartered in Vancouver, with an office in San Francisco, RentMoola, has become the ‘go to’ place for tenants and property managers to render faster and intuitive payment interactions.
“From a tenant’s perspective, what RentMoola does is provide all the payment methods that a user wants in one solution such that they can make that payment whenever or from wherever they want. We’ve integrated with several accounting platforms so that all the payments that are made on our system flow directly to the property manager’s systems,” says Philipp Postrehovsky, the founder and CEO of RentMoola. Philipp, along with his twin brother, Patrick, founded the company in 2013 with a vision to “make paying rent rewarding.” The duo themselves had experienced several of the tenant pain points associated with rent payment, and they soon realized how fragmented and backward payments were in the property management industry.
The overarching benefits of RentMoola’s payment infrastructure are multi-pronged. Tenants can sign up on RentMoola in a matter of minutes and search for properties and are offered a number of payment options like credit card, debit card, or even direct checking account at their disposal. With rents being an emerging vertical in credit card payments, RentMoola has, in a way, “flipped” the merchant fee model such that property managers do not have to pay any fee if their resident pays via the credit card. In partnership with all major credit card companies, RentMoola has been able to negotiate a lower processing fee for their tenants who pay via credit cards.
We have seen many of our clients reduce payment arrear rates by more than fifty percent
Furthermore, RentMoola’s MoolaPerks program rewards tenants irrespective of their means of payment. The company has also partnered with more than a hundred popular brands to offer exclusive value-added deals to their user base.
With a presence in more than 400 cities across North America, RentMoola has positioned itself as the robust B2C lifestyle fin-tech brand. To go beyond merely facilitating rent payments, the company recognizes that they need to revolutionize the way rental businesses are operating. In addition to being the payment bridge for scattered tenants and property managers, the company also offers an all-in-one solution suite for the latter to achieve transparency and efficiency in their workflow management. Property managers can add their tenants to the RentMoola platform, can control and approve all the payments, and can leverage the platform’s reporting and invoicing capabilities. By aligning itself to the property managers’ need for an improved relationship with tenants, RentMoola’s RM Property platform offers complimentary capabilities such as screening tenants, managing documents digitally, notifying tenants regularly, and streamlining their maintenance requests. As such, RentMoola has seen many of its clients reduce payment arrear rates by more than fifty percent. They have also fostered several success stories wherein property managers, who once helplessly adopted traditional, time-consuming payments methods, are today, working entirely paperless.
Looking ahead, RentMoola aims to expand its presence internationally. As long as real estate rental exists, so does the company’s capability and potential in easing the lives of tenants and property managers.