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Rentlab

Malaysia's First Property Rental Bidding Platform.

Malaysia
Market: Real estate
Stage of the project: Prototype or product is ready

Date of last change: 19.08.2021
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Idea

A fair, transparent, and dynamic platform providing end-to-end solutions for Property Owners, Tenants and Real Estate Agents to complete their property rental transactions online.

Rentlab helps property owners get the best rents within a set time frame; fair and true rental rates for Tenants, and Agents can close deals faster with less efforts during this New Normal.

Current Status

Rentlab portal is not launched to market yet. We are currently revamping the portal, and is targeted to go live in September 2021.

Through private previews, public events and presentations (online & offline before the lockdown), we have engaged with property owners, landlords, agents and tenants with the idea and demo.

We have collected around 60 property listings from individual investors, corporates and a GLC. The properties includes apartments, condo/service apartments, office suites, an office tower, shop lot & retail space and an industrial building.

Market

Rentlab serves both B2B & B2C, including:-
(i) Property Owners - individuals, institutions, corporations, government agencies etc.
(ii) Tenants
(iii) Real Estate Agents

And properties segments covered includes:-
- Residential
- Office space
- Commercial & retail
- Industrial

Based on data of existing properties from National Property Information Center (NAPIC), we estimate that the total rental market is approx. RM2.96billion annually.

Problem or Opportunity

Many property owners suffer as the rental market sentiment slowed, many properties are not able to be rented out and are left vacant. This creates an unhealthy situation for the owners and investors alike. This problem escalate further during this pandemic period when movement restrictions have limited the property viewing activities, as well as the associated rental ecosystem.

On the other hand, tenants are looking for better deals in this tough time. However, how do we determine the true rental value for the property, or quickly establish what is the rent acceptable by both parties?

Rentlab is able to display rent offers in real-time, providing transparency to all parties on the status of the rental of the property.

With technology, property site visits are no longer required, no more hassle in rental negotiation, tenancy agreements are generated automatically, and e-signing and e-stamping can be performed online.

Our unique bidding mechanism also provides healthy competition to achieve a true and fair rental rate for the property.

Solution (product or service)

Rentlab aims to digitalise and automate property rental transactions which are currently slow and manual processes. Thus revolutionizing the property rental market, enhancing efficiency and standards in the industry.

Property owners/landlords will be able to get the best rent the market is able to offer within a set time frame; tenants get fair and true rental rates; and agents can close deals faster and with less effort.

Rentlab further completes the rental ecosystem by providing online tenancy agreement, digital signing, online stamping, tenant management solution as well as other associated services for all stakeholders.

Competitors

Currently there are many property rental platforms in the market. However, most are purely property classified portals only. They do not provide accurate and up-to-date property information, the physical viewing process is carried out by real estate agents, negotiation process is time consuming, and the closing and transaction is still done manually on paper.

With the pandemic and lockdown, most platforms in the market are not able to offer a complete solution to complete a rental transaction. This will be an issue moving forward as we all try to adopt to the New Normal.

Advantages or differentiators

Rentlab provides an end-to-end solution where technology is used to facilitate the entire rental process, to be completed entirely online. Not only are all property information digitalised, with the use of 360 virtual tours, smart tenancy agreement generation, digital signing, online stamping, tenant management system etc.

Rentlab also collaborates with other service providers to offer a complete rental ecosystem for all stakeholders. All the products and services can be purchased or completed with ease online.

Finance

Rentlab works on multiple revenue models:-
(i) Transaction Fee
(ii) Value added services
(iii) Online store sales
(iv) Profit share from affiliated products & services
(v) Advertisement

Business model

Rentlab works on freemium model. Upon successful bidding/transaction, platform service fees will be charged, together with any other value added services requested.

We market our services directly to property owners, property management companies, and real estate agents for property listings. On the tenant side, we with focus on digital marketing campaigns as well as social media, to target the younger & tech savvy users.

Money will be spent on

The fund raised will be used for:
(i) Talent - 60%
(ii) Marketing - 25%
(iii) Operations - 10%
(iv) Product enhancement - 5%

Offer for investor

We are looking to offer 10-20% equity to the right investors based on the negotiated valuation of the company and potential benefits the investor can bring to the business.

Team or Management

Risks

The biggest risk is the barrier to accepting online bidding for rental and to complete the entire rental transaction online, as this is new and disruptive to the current practises in the market. However, with proper marketing awareness and education campaign, and the desperate need for a alternative solution caused by the pandemic, we believe Rentlab will benefit all stakeholders and thus, will be accepted and widely used within a short period o time.

Incubation/Acceleration programs accomplishment

Applied to Selangor Accelerator Programme (SAP) 2021, Cyberview Living Lab Accelerator, NEXEA Corporate Accelerator, MaGIC GAP, iLabs Super Accelerator etc...
So far none accepted....

Won the competition and other awards

Nil. We have not participated in any competitions.

Invention/Patent

Copyright & trademark applied.
In process to file patent...

Photos

Photo 1 - Malaysia's First Property Rental Bidding Platform.
Photo 2 - Malaysia's First Property Rental Bidding Platform.
Photo 3 - Malaysia's First Property Rental Bidding Platform.
Photo 4 - Malaysia's First Property Rental Bidding Platform.

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video