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We replaced rental brokers with software and filled 200 vacant apartments

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Re: We replaced rental brokers with software and filled 200 vacant apartments

#331

Post by stale2002 »

cafard wrote: post #232
handmodel wrote: post #206

Earlier quoted context omitted.

Uber and Lyft are 100% a win though. - It is now cheaper for the average person to get a ride to an airport/bar than it was before. It is safer, more predictable with timing, and more predictable with pricing. - Uber drivers make more money today than taxi drivers used to/or do today. There are also way more job openings in this than there used to be, with less friction to get involved. The world is not a zero sum ga…

Will Uber and Lift continue to be a win when the VCs start wanting to see some of their money back? Or will the prices start rising back to the old taxi rates, then past?

I've heard these arguments for years, depending on the company. How long do things have to go on, for people to stop believe that prices are going to massively rise?

I heard the same thing about amazon. That the inevitable huge price increases are coming. Hasn't happened yet.

Re: We replaced rental brokers with software and filled 200 vacant apartments

#332

Post by NoOneNew »

AJRF wrote: post #302

I recently moved house. I was previously living with my friend, and we had an agreement I pay sometime before the end of the month. He gave me a contract and said you'll need this, just because when you go to the next place they will ask you for your previous contract. He found it online, it was boiler plate and we agreed verbally I pay him whenever during the month. We we're really good friends, and I lived there fo…

Humanity is the sickness. Only through software and bureaucracy can humans cure their ailment and achieve the proper goals. It's 2021, get with the times.

Re: We replaced rental brokers with software and filled 200 vacant apartments

#333

Post by ipaddr »

handmodel wrote: post #206
boringg wrote: post #159

Caretaker: The redfin of brokers. Take all the value for themselves freeze out the brokers (who provide a service but are universally disdained). Ride that wave of positive news for a couples years. Eventually everyone will hate the fraction of the market Caretaker has as they raise prices to make investors happy and people realize there are problems. It's like the same idea of Uber and Lyft. Less human involvement =…

Uber and Lyft are 100% a win though. - It is now cheaper for the average person to get a ride to an airport/bar than it was before. It is safer, more predictable with timing, and more predictable with pricing. - Uber drivers make more money today than taxi drivers used to/or do today. There are also way more job openings in this than there used to be, with less friction to get involved. The world is not a zero sum ga…

Cab drivers had goals to own a medallion. That medallion value rose allowing someone to retire.

What we have is slightly higher pay until your car breaks. No retirement plan.

The drivers lose out.

The customer rides in someone's personal car pays a little less sometimes but a lot more (demand pricing) when they really need it.

Uber/Lift lose money on each ride but will rise prices as soon as they can once you have fewer choices.

Zero sum indeed..

Re: We replaced rental brokers with software and filled 200 vacant apartments

#334

Post by danenania »

crazygringo wrote: post #310
e1g wrote: post #158

Earlier quoted context omitted.

The difference from Doorkee, or any matchmaking service, is that they do not guarantee to pay your rent for six months if a) they can't find someone within a month or b) your landlord doesn't like them. This bet is highly asymmetric - they can win 1 month fee (if you sublease tomorrow) but lose 6x that. I'm also in NYC, and wouldn't underwrite this gamble two years ago, and absolutely not today.

It doesn't seem that crazy to me. They say: > We were able to prove that we could make the financials work so long as we were able to fill the apartment within around 45 days of taking it over. They're prescreening apartments/leases so they're not going to take on an apartment they can't turn around in a month. And honestly, modeling NYC rental supply and demand according to a number of factors (neighborhood, price,…

"Why would they ever say no to a qualified tenant?"

I agree with the rest of your comment, but in my experience landlords in hot markets can be pretty capricious. If they know they'll have a steady stream of applicants, many will definitely reject qualified tenants based on personal whims or to hold out for someone they see as "more" qualified or more likely to stay long term. That said, as long as the apartment still gets turned around quickly then it's not really a threat to this business model.

Re: We replaced rental brokers with software and filled 200 vacant apartments

#335

Post by bko »

gentleman11 wrote: post #312
bko wrote: post #285

Earlier quoted context omitted.

> On average, in certain locations. In others, not so much. And let's not forget surge pricing. Or people living, or wanting to get to a place, along low-profit routes. Or people with disabilities. You can always take a regular cab. Low profit routes were pretty much impossible to get pre-Uber. I am almost certain that Uber is more likely to obey disability laws than "Joe's taxi" with a few cars. > Depends. Regular t…

The purpose of the medallions, in theory, is to improve the chances that the average cab driver can make a living wage. Can the average Uber driver live a middle class income from this “gig”? > When accounting for the ride-sharing company’s commissions and fees, vehicle expenses and a modest health insurance package, Uber drivers end up earning just $9.21 in hourly wages, according to a new study from the Economic Po…

> The purpose of the medallions, in theory, is to improve the chances that the average cab driver can make a living wage

The problem with that is that there is a supply of cab drivers and demand for cabs that drives the price. If you put in a medallion system, the price of the medallion will be bid up such that the cab driver's wage is in line with the market wage. You can't just wave a magic wand and set prices without unintended consequences. So what happened was cab drivers had to take out massive debt to finance these medallions or work for some middle man that is essentially a financing arm. And when the price collapsed, they were stuck with this debt and some even got bailed out by taxpayers.

I wish Uber was around when I was younger. I had a car and a lot of spare time. I would have gladly accepted a low wage if I had a few hours to kill. No other job affords that flexibility which is probably why its so popular.

Re: We replaced rental brokers with software and filled 200 vacant apartments

#336

Post by nly »

AJRF wrote: post #302

I recently moved house. I was previously living with my friend, and we had an agreement I pay sometime before the end of the month. He gave me a contract and said you'll need this, just because when you go to the next place they will ask you for your previous contract. He found it online, it was boiler plate and we agreed verbally I pay him whenever during the month. We we're really good friends, and I lived there fo…

Why did you pay him on willy nilly days instead of just setting up a recurring standing order and being done with it?

Re: We replaced rental brokers with software and filled 200 vacant apartments

#337

Post by Cyclone_ »

turtlebits wrote: post #42

Maybe I'm old school, but I like to make sure I meet my tenants face to face during a showing before renting a property out. I guess it depends on if your tenants are all shorter term and you have high turnover. I don't feel the paperwork part of it is a huge hassle anymore, with screening services and document signing all being online now.

That might make sense if you're in town, I rent out a house of mine that's far away from where I live most of the year and this seems like it might be worth a shot in that type of case.

Re: We replaced rental brokers with software and filled 200 vacant apartments

#338

Post by phamilton »

handmodel wrote: post #206
boringg wrote: post #159

Caretaker: The redfin of brokers. Take all the value for themselves freeze out the brokers (who provide a service but are universally disdained). Ride that wave of positive news for a couples years. Eventually everyone will hate the fraction of the market Caretaker has as they raise prices to make investors happy and people realize there are problems. It's like the same idea of Uber and Lyft. Less human involvement =…

Uber and Lyft are 100% a win though. - It is now cheaper for the average person to get a ride to an airport/bar than it was before. It is safer, more predictable with timing, and more predictable with pricing. - Uber drivers make more money today than taxi drivers used to/or do today. There are also way more job openings in this than there used to be, with less friction to get involved. The world is not a zero sum ga…

Getting a ride _from_ the airport is 100% easier and more predictable by just hitting the taxi line. Ordering an Uber in a crowded place is so much less efficent.

Re: We replaced rental brokers with software and filled 200 vacant apartments

#339

Post by kaishiro »

nly wrote: post #336
AJRF wrote: post #302

I recently moved house. I was previously living with my friend, and we had an agreement I pay sometime before the end of the month. He gave me a contract and said you'll need this, just because when you go to the next place they will ask you for your previous contract. He found it online, it was boiler plate and we agreed verbally I pay him whenever during the month. We we're really good friends, and I lived there fo…

Why did you pay him on willy nilly days instead of just setting up a recurring standing order and being done with it?

Why does this matter if all parties involved were satisfied with the arrangement?

Re: We replaced rental brokers with software and filled 200 vacant apartments

#340

Post by jollybean »

AJRF wrote: post #329
compsciphd wrote: post #322

Earlier quoted context omitted.

serious Q. how in the world would any credit agency know what day you are paying the rent? In the US, I don't believe any credit agency has insight into my personal bank accounts re size (I think?) or when things are paid to whom they are paid or the like (pretty sure about this). they know about my debts, but unless the landlord puts me into collection, I ca't imagine a reason for my rent appearing on the report (it…

OP here - Estate agent asked for 6 months bank statements, which I assume was requested by the referencing agency. I don't think is common practise in the U.K, but I asked around and lots of people told me it is more common that the larger agencies ask for it, plus it was for an apartment in a very competitive development so I feel like it might have been a forcing function to reduce the amount of applicants but that…

"Estate agent asked for 6 months bank statements, "

WTF.

That's a crazy practice. Paystub maybe, but bank statements? My gosh.

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