Both TheGuarantors and the real estate market had a big year in 2018.
In the broader market, changing dynamics and increased competition led landlords to seek new ways to cut costs and find renters. At TheGuarantors, we launched two innovative solutions to complete our full risk-mitigation platform, and saw strong growth in our lease guarantee product.
As the year comes to a close, we want to highlight key themes we’ve seen in the market and in our own business, as well as give you our thoughts on what is ahead in 2019:
PropTech begins streamlining the rental process
Today, landlords are facing many of the same changes the financial services sector saw over the last decade. Historically, building management has been subject to burdensome manual processes, significant piles of paperwork, and less than satisfactory data/tracking abilities to understand their portfolios. However, new technologies are addressing many of these shortcomings, saving money, time, and stress.
So what’s next? More innovative uses for blockchain in real estate, more emergences of disruptive business models, and a focus on PropTech solutions to make properties more attractive to renters.
Landlords increase amenity competition
The competition for renters continues to intensify. As a result, more and more landlords are offering costly amenities like free months of rent, rooftop pools, and state-of-the-art fitness facilities. They’re also looking for ways to make buildings more attractive without adding cost.
Beginning with Lease Guarantee, we created a suite of products for landlords to do just that: offer products that will attract more prospective renters, all at no cost to the landlord. Over the past year, we saw a number of landlords offering our products as a concession to tenants choosing between buildings in the crowded market.
What’s next? In the short term, more competition for renters and, potentially, more concessions. At the same time, landlords will seek out more technological solutions that make the rental process easier for renters.
TheGuarantors grows in more ways than one
Our biggest news for 2018 was the launch of our Security Deposit Replacement (SDR) and Renters Insurance Compliance (RIC) products. In tandem with our Lease Guarantee, these products allow us to offer a full risk-management platform that helps landlords expand their scope of potential renters, lower costs, and speed up leasing — all for free.
It wasn’t just our platform that grew: our team grew as well. At the beginning of 2018, we started with less than 30 employees. Now, we are rounding out the year with nearly 50 employees — and we’re looking for more! On the back of the growth of our platform and our team, came recognition from the media: we were named to CNBC’s Upstart 100 list of up-and-coming companies on their way to becoming household names.
What’s next for us? We’re going to keep working hard to make renting an apartment easier for landlords and tenants alike.
It’s been an exciting year and we are excited for what’s ahead!