Offering the long-needed solution to a disconnect between tenants, agents and landlords, property tech company Rent.com.au (ASX: RNT) has successfully launched their innovative new platform RentPay which is now available in the Apple and Google app stores.
Already with more than 1 million customers using their flagship Rent.com.au website, RentPay takes the tenant experience further by offering a one-stop-shop for listings, communication, payments and financial wellness.
“Our vision is to reimagine the renting experience to create Australia’s most empowered rental community and RentPay is a significant milestone towards that goal,” said Rent.com.au CEO, Greg Bader.
“We’re excited by the opportunity RentPay provides to extend our relationship with our customer and also the transformational impact this is expected to have on the Company. Our original rent.com.au platform is now profitable and will continue to grow, and by adding the RentPay platform we are poised to significantly increase that growth.
“Our internal target is to achieve 200,000 paying RentPay customers by 30 June 2023, which equates to just under 10% market share. That is aggressive but we believe we can achieve that.”
Core to the platform is the user experience for tenants which is quite frankly, a nightmare before RentPay’s existence. The constant submission of new rental applications, approval process, reference requests and bond processing have never given consideration to the customer experience, instead designed for agents and landlords. Utilising the RentPay app however, the 2.5 million tenants across Australia will be able to store information digitally and have their rental history follow them through the platform to be shared with prospective landlords with a monthly subscription starting from $2 per month.
Making the app more than just a tenant resume, the platform has digital payments functionality. This includes linking to bank accounts and credit cards for automated payments and payment notifications, as well as budgeting tools for unexpected “bumps in the road”.
This payment functionality of RentPay wallets is powered by partners ANZ which hold tenant funds in Trust accounts and Novatti Group (ASX: NOV). RentPay is a business customer of Novatti whose underlying payments ecosystem enables RentPay’s customer-focused payment solutions. Separate from revenue secured for recurring services, Novatti also holds an equity stake in RentPay.
Modernising the primal function of securing a roof over one’s head, tenants have been crying out for an app like RentPay where solutions were designed in direct response to Rent.com.au market research.
“Our renter customers tell us of the frustrations they have with the rental experience and in many instances there is just no justification for things being the way they are,” said Bader.
“By listening to these concerns and being mindful of the needs of agents and landlords too, we believe we’ve developed the right solution whereby renters receive flexibility, support and improved financial wellbeing while agents and landlords receive their rent quickly and reliably.”
In February 2021, Rent.com.au drew global attention from the investor community following news of tech mogul Bevan Slattery investing $2 million in Rent.com.au at $0.05 per share ahead of the planned RentPay launch.
RNT research indicates approximately 85,000 homes are rented each month across Australia.