Interviews

Nagaraju M, CEO of Bengaluru-based realty start-up Rentprop4u, in an exclusive interview with Realty Fact

Nagaraju M, CEO of Bengaluru-based realty start-up Rentprop4u, in an exclusive interview with Kumar Saurabh, editor in chief, Realty Fact

Q. What made you enter the real estate sector at such a young age?

I have always wanted to work with the property sector. After completing my MBA, I worked with leading real estate players as a business development executive. I have five years of experience in the property management business. Coincidentally, when I wanted to start my own venture it happened to be in the real estate vertical.

Q. How did the idea for Rentprop4u take shape?

I saw many of my young migrant friends facing problems when they had to rent a property in Bengaluru. The security deposits seemed exorbitant for young professionals who had just started their careers. Language was a major barrier when dealing with local brokers, and lack of documentation on the part of owners added to their woes. I thought that an online solution without the interference of the owner or the broker could solve these problems to a large extent. I proposed the idea to my friends Asha and Ravi who were convinced in the viability of the project and decided to back me. Thus was born Rentprop4u in 2016.

Rentprop4u is a Bengaluru-based realty start-up offering property management and rental solutions to owners and tenants. The company offers an end-to-end online and offline rental solution for tenants to find suitable properties at zero brokerage with minimal paperwork, while owners can make use of our services to manage their properties and maximise their rental income.

Q. How is this concept different from your competition?

Rentprop4u focuses completely on residential rentals and is not into PG (paying guest)/sharing accommodation model unlike most competitors in this space. Home seekers can search and book online from Rentprop4u’s verified listing of their properties. In addition to zero brokerage, tenants have the option to pay the security deposit (five-month rent) in three equated monthly instalments (EMIs). We take care of all the documentation work and offer assistance with moving and utility connections too. An added advantage is the facility to make rental payments online.

From finding the right tenant and performing a complete background check to offering assured rentals and managing the property, Rentprop4u provides full-service rental and property management for owners. Be it a single property or a large portfolio, we are so confident of our tenant placement services that we guarantee to let out the property in less than 30 days or start paying the rent to the owner within a month. We charge the owners just a month’s rent as service fee for managing their property.

Q. How is the company funded?

We are a bootstrapped company. The founders invested the initial capital. Started with just Rs 10 lakhs, we have achieved a turnover of Rs 1 crore within the first year of our operations.

Q. What problems are you solving?

Between haggling with brokers and house owners, people often feel frustrated while renting a home. Rentprop4u is bridging this gap by automating the process of rental management, thereby ensuring peace of mind for both owner and tenant. Rentprop4u ensures a broker-free experience and eases the process of finding an ideal tenant/owner. It also significantly reduces the time spent by an owner in managing the property.

Rentprop4u solves five basic problems in the realty industry which have been the biggest pain points for owners and tenants. Rentprop4u simplifies the entire process of residential property management.

Rentprop4u helps to do away with property visits for owners and tenants. Tenants can view the property online without making a visit and make the bookings too. For owners, we do a quarterly inspection and send images so they do not have to visit the properties.

Rentprop4u takes on the onus of tenant screening. We do background checks and share police verification reports with the owners before allowing the tenants to occupy the property.

Rentprop4u drafts the rental agreement between the owner and tenant.

Be it electrical, plumbing or carpentry, Rentprop4u takes care of maintenance and repair.

Rentprop4u collects the monthly rent from the tenant and hands it over to the owner.

Q. What are your future plans?

We intend to replicate the model in other cities such as Hyderabad and Chennai soon, and then take it across the country.

Q. What are your thoughts on GST as a realty start-up?

We think it will streamline the processes in the real estate sector in the long term. It is a positive development. However, there has been a slump over the past few months because of RERA and GST as the customers had adopted a ‘wait and watch approach’ till these regulations came into force.

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