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OneRent Raises $4 Million, Aims To Eliminate All The Hassles Of Renting

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OneRent was founded in March of 2014 after Co-founders went through a painful, fragmented rental experience as first-time renters. The company recently announced a $4 million series A funding round, and aims to provide a consistent and reliable rental experience for both the property owner and renter without all the hidden fees and hassles. With their first product, they spent countless hours with owners and renters to learn their pain points and really dig deep into the roots of the antiquated rental process. They worked closely with traditional property managers and began to notice some deficiencies that could be addressed with more technology integrated into the operations of each property. Below is our interview with Chuck Hattemer Co-founder at OneRent:

Chuck Hattemer

Q: Chuck, how would you describe OneRent in your own words?

A: OneRent is the first end-to-end property management service designed to provide a consistent and reliable rental experience for both the property owner and renter without all the hidden fees and hassles. With OneRent, we pair a transparent, automated process with the responsiveness and concern of human interaction to manage showings, tenant screening, lease signings, rental payments and property maintenance.

Essentially, the model has stagnated for over 50-years and there hasn’t been a huge incentive to innovate in the industry because rental management is considered to be “the busy work” of the real estate world. There’s 200,000 management firms across the US and each one has their own way of doing things. It’s a fragmented world and technology is an afterthought in many of these small local offices (only 56% of property managers even use email). That sounded like a ripe opportunity for us to really focus on it and now we’re leading the charge into the future for property owners and renters.

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Q: What are main benefits of using OneRent platform? How is it different than existing platforms?

A: The platform stands out from others because it is truly full-service. We are not just a listing site or a tool for landlords to use to help qualify prospective renters like many of the platforms out there today. OneRent is relevant for the entire lifetime of a rental property, sending agents to show it when it’s vacant, handling all tenant communication, dispatching a 24/7 maintenance team, and providing landlords with real-time insights into how their investment is performing each month. Through our platform, we also proactively make recommendations to help improve your property while it’s being listed. The goal is to give full control to a property owner but without the operational hassles of handling everything on their own.. The benefits are the peace-of-mind you get as a landlord and the fact that you can save 60% on property management with OneRent compared to a traditional manager. For renters, you can trust that every experience with a OneRent property will feel comfortably consistent and reliable. You know what you’re getting into with OneRent and we’re committed to making it as smooth and as simple of a process as possible for every renter that interacts with our properties.

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Q: OneRent is currently operating in the area of Seattle and San Francisco Bay. Do you have plans for further expanding into other regions?

A: OneRent manages more than 650 properties in the Bay Area and Seattle right now and we’re processing more than $25m in rent each year with our current portfolio. In 2016, we’re focused on expanding into 6 new cities by the end of the year. We’ve identified locations that have low homeownership rates, high rental property turnover, and growing real estate investment opportunity for our current and future clients. We plan to expand to the following regions starting with Los Angeles (focusing on Santa Monica, Hollywood, Venice, and Marina Del Rey), San Diego, Portland, Sacramento, Washington DC, and Boston.

By growing in markets all around the country, it allows for real estate investors to invest confidently in any market and have one single management partner for their entire portfolio. This is something that has not traditionally been possible due to the constraints of a boutique property management approach and lack of technology in the rental process.

Q: You’ve recently announced a $4 million series A funding round; what are your plans?

A: With this infusion of capital, our goal is to invest in three primary areas: team, product, and growth. We will continue to bring on top talent in engineering, sales, and operations to better serve our clients and further push for a truly proactive management experience. We also are going to double-down on product development, investing in our technology so that it becomes more useful and powerful for the real estate investor who wants oversight on everything related to property management and wants active recommendations on how to grow and sustain their rental portfolio and income. Lastly, we will invest in growth—expanding OneRent’s service nationally to new markets and opening up new opportunities for our customers to invest nationally and for renters to move fluidly across the country between OneRent homes.

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Q: How would you convince the reader to start using OneRent?

A: OneRent eliminates all the hassles of renting. As a renter, you don’t need to spend time fishing through online listings, showing up to scheduled showings along with dozens of other people and fight for your application to be accepted. At OneRent, you can find properties, schedule a showing on your time frame at any of the available properties, submit a rental application online for free, and deal with a seamless, onboarding process of moving into a property. As a property owner or real estate investor, OneRent will give you hours of your day back by taking care of all the hassles of managing your investment property including vetting qualified tenants, handling rental payments and maintenance issues. Rest easy that your property will be occupied and taken care of while you expand your portfolio or turn your focus to more important things.

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