Last night we demoed RenterUp to a full-house crowd of about 400 people at Atlanta Startup Village. We had 5 minutes to introduce ourselves and walk through our product – it is a lot of ground to cover in a short period of time. After the demo, we were given 5 minutes for Q&A from the audience…..this could have gone on for half an hour. The net result is that RenterUp has shifted its narrative. Not a “pivot,” but shift. What does that mean?
We always said we were wanting feedback and we were listening. We were. We listened to people who signed up for RenterUp and did nothing, we listened to landlords who have since transacted several thousands of dollars of rent, and we listened to the landlords and property managers we want as our future clients. We pay attention to comments about usability, functionality, experience, user-flow, etc., but we really pay attention to comments about pain. Pain that requires more than a vitamin, it requires a solution.
For example, we heard many property managers say, “your platform is great, but my tenants pay in cash. Cash is messy, it disappears (true story), and is truly inconvenient.” We investigated this problem and discovered indeed, a lot of cash is used to pay rent. How can we develop a solution with cash as the payment method? Then, we heard a multitude of property managers tell us their biggest fear is a vacant unit. They would ask, “Can I accept applications for a vacant property before I ever have to meet the applicant?” or “I charge $40 per application because it costs me that much in time and labor to process and filter through the applications. How can I automate this?” This became a recurring theme: collections and applications.
As we dove into these real pains, we began to see narrative develop. A narrative we could rally behind.
In 2015, RenterUp will be offering a rental management solution to solve three pain points for busy property managers. First, RenterUp will allow tenants the ability to pay rent in a variety ways: credit, eCheck, and even rent payments by cash transacted in the register line of tens-of-thousands of big box retailers across the United States. Next, we will provide a centralized method for