Turning over apartment units can be painful and stressful for landlords and property managers. Rent Ready just raised $10 million to help lessen the burden, led by Grotech Ventures.
The apartment turnover process
As a landlord, you hope to limit your tenant turnover frequency. But when tenants do turnover, there are some standard processes that take place, which include (to name a few):
- Completely cleaning out the apartment and taking an inventory of any items the previous tenants may have left.
- Making repairs and painting (hopefully just from wear and tear, not damage).
- Changing the locks.
This can be stressful and take up valuable time from property teams, and it’s unlikely that one vendor or maintenance team can handle all of this, which is where Rent Ready comes in.
What is Rent Ready up to?
Rent Ready’s goal is to unload the apartment turnover process from landlords and their management staff. The company’s platform is designed to make scheduling and completing an apartment turn, from painting through cleaning, pain-free.
Rent Ready sources and vets all subcontractors that perform the work, including any work that may be out of the scope of a standard turn.
How the funding will be used
Currently, Rent Ready serves apartment communities in Charlotte, Raleigh, and Atlanta. While the team plans on using the capital to grow outside of these geographic areas, the Series A capital will be used to further develop the technology platform with the ultimate goal of providing a completely frictionless turnover process.
In a press release, Rent Ready’s CEO Jonathan Kite touched on this plan: