Applying for apartments sucks. The entire process is time-consuming and a bit stressful when you’re trying to find one you like that’s close to work and in your price range. Plus most apartment complexes charge a $30 application fee. Add up all these factors and the daily changing rental rates, and you’ve got yourself in a hopeless hole of rental shopping.
HomeMe wants to change that. The startup launched this week to make the process simpler and more instantaneous by offering an app that pre-approves renters up front — for free — and matches them with local apartments based on the results.
Before co-founding the company, Lindsey Holland, a former property manager, had been discussing her frustrations in locating qualified renters with long-time friend and serial entrepreneur Mark Douglas.
“We both realized that the process between search time and move-in could be so much faster if we reversed the approval process and made it the first step,” said Holland, who also serves as VP of Marketing. “Not only did this benefit the renter, but the landlord and property managers as well. By pre-approving renters up front, we knew we would make it an easier and faster process for both parties.”
The duo developed the HomeMe app in LA, which launched first in Houston earlier this year. Following the roll out in Austin, they plan to go live in Dallas and San Antonio later this month, and nationwide in 2017.
Holland and Douglas said they chose to launch first in Texas due to the state’s large portfolio of property management companies. Austin alone ranks 8th in the country for strongest rental rate growth cities.
“With Austin, it’s a market that is currently within the top 10 US cities for new construction,” said Douglas, CEO and president. “It’s also a tech savvy market and a red hot city for millennials, making it a logical next step for us to expand to this city.”
The rental app offers a secure approval platform and includes a one-time soft credit check. Without the app, renters pay an application fee for each application they turn in and are dinged with a credit check each time.
To be approved, HomeMe users input their social security number and annual income. Users can then view listings appropriate to their approval and schedule tours to see properties.
While the app is free for users, landlords and property managers pay a flat fee in return for receiving pre-approved qualified renters.
“HomeMe is the only app that provides property managers with a tailored profile of the renter’s preferences before they walk through the door,” said Douglas.
The expansion follows HomeMe’s $3.2 million round of financing led by Silicon Valley’s Menlo Ventures. Currently, the company has a team of 20 individuals located in Los Angeles. With each new market, they will be hiring for city launchers, including Austin, which currently has roles open.
Image provided by Shutterstock.
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