Photo - RentRovi
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RentRovi

A long-term online house rental platform.

Turkey
Market: Internet and IT, Real estate, Insurance
Stage of the project: Operating business

Date of last change: 11.06.2020
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Idea

RentRovi eliminates the dynamics of traditional house rental process. Real-estate agent, high commission, deposit fees, unsecured tenant and fake house are eliminated. Offering a reliable platform where tenant can directly rent from landlord, with 3 different rental models and affordable commission fee. We make sure all renters are safe and all houses are real. RentRovi will collaborate with insurance companies to offer a comprehensive house insurance to cover both tenant and landlord. With our models, landlords can easily and securely rent out their properties without deposit requirement.

Current Status

We have a launched and working web platform, and our mobile application, Android and IOS are on testing stage. We have launched about a year ago and we actually have:
- 200 registered users
- 111 properties
- 23 properties rented out by June 2020
- $1500 monthly income (Before COVID19)
- $250 monthly income (During COVID19)

Problem or Opportunity

Here in Turkey (other countries as well such France or England), when it comes to rent a new house or move out from a current one, renters most of time face problems with the landlords or the real-estate agents or both.

Landlords, usually take too much deposit (2 or 3 rents) when you are moving in a new house or they find many reasons in order not to give you back your deposit when you are moving out. Real-estate agents on the other side taking too much commission (at least 1 rent or 12% more in Turkey), or sometimes giving late the rent to the landlord making him thing that the renter is always paying is rent late.

RentRovi brings all the rental processes online, making it easier, cheaper, faster and more secure for both landlord and tenant.

Just in Istanbul, landlords has not usually time to manage their own property, in order to rent it to someone, they will either have to use a real-estate agent or a listing website. Paying on the listing website to post their property, or to the real-estate agent to manage their property. This later one, will probably, increase the price of the house to get more profit from it in addition to his/her commission, making the rental time much more longer than it should be. Or he/she would put the house to rent for few months taking all the benefits (rent, deposit and commission) for himself/herself and telling to the house owner that he/she hasn't found yet a renter for the house, making the landlord loosing time and money. Plus to that even after they find a renter to the house they don't care about what happen next once the contract has been signed. So either that renter is secure, serious or not.

Renters on the other side when trying to rent a new apart will certainly faced crook real-estate agents trying to take from them more commission or renting to them a property more the price than the owner already fixed. They might be paying up to 3 times the rent price, a deposit that might not deserve it. And a deposit that they might not be able to take back because the landlord would try to find some damages to the house in order not to give it back, or will take it back over a dispute. All this because the landlord either does not trust them or just wants to get more cash (yes that deposit is a big cash amount for the house owner too and they usually don't want to miss that cash).

So, finding a real platform like RentRovi that manage your property for you, by taking pictures and video by themselves, making sure that your property is real with their own team, finding for you within 5 days a secure tenant, by checking the tenant's background and information before, and all this totally free of charge!!! That same platform helping you to rent your next home with a serious house owner, less commission (much much more affordable than real-estate agent), with/without deposit and with possibility of a free house insurance coverage, and offer you their customer services in any kind of trouble, even after the contract got signed!
So people need our solution.

Our clients are workers, students, civil servants and white collar.

Solution (product or service)

As a tenant you can search property on our web platform and application. After creating your RentRovi account, and passed all security checks, you can directly communicate with the house owner to rent it out.
As a landlord after creating your account and passed security checks, you can create as many posts as you want. Our team members will get in touch with you in order to take picture and video of your property to make sure that it is real and everything alright.
The tenant can rent the property with one of our 3 different rental models: Without Deposit, With Deposit and RR-Free-Deposit.
Even after the rental process ends we offer a customer service to always follow up our customers.

Competitors

Our competitors are:
- Quintoandar: https://www.quintoandar.com.br/
- Spotahome: https://www.spotahome.com/
- Rentberry: https://rentberry.com/
- Speedhome: https://speedhome.com/

We mainly compete with Quintoandar. With almost the same dynamics as us in a more risky place (Brazil) than Turkey, they became unicorn after a last investment of 350 million dollar. But they rent and sale properties, take deposit and their commission are high while we are just focus on rent, with less commission and on the way to remove the deposit.

Advantages or differentiators

Instead of being a random listing platform,
- we offer a quality customer service to our customers during and after the rental process
- we offer a more affordable commission for our renter
- landlord can create unlimited posts and totally free of charge

Money will be spent on

We need investments

- To expend our operation in more cities in Turkey starting by Istanbul
- For Digital Marketing
- Increase Team Member

Offer for investor

5% to 8%

Team or Management

Incubation/Acceleration programs accomplishment

Participating in the Accelerating program at KWORKS: Koç University Entrepreneurship Research Center

Won the competition and other awards

None

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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