Given the size and complexity of the New York real estate market, it is not uncommon for a renter and/or landlord to use a broker in a transaction.
To address this need, New York City has over 600 brokerage firms that employ around 25K individual brokers.
These brokers once had a monopoly on rental apartment information, and were the renters’ only eyes and ears to the market. However, PropTech and the increase in online data providers have changed that.
Renters can now utilize easily accessible sites such as Zillow and StreetEasy to gather market and unit information, and potentially avoid brokers altogether. This dynamic shift has forced brokerages to find unique ways to compete and stay relevant to renters.
One way they can do this is by partnering with TheGuarantors. Our risk management platform offers a number of ways for brokers to stay competitive and, as a result, we have built strong partnerships with several top forward-thinking brokerages, who offer and promote our services. These brokerages include Bold New York, MNS, NYStudents, and Hooli Home.
We help these brokerages in their work with landlords through features including:
- Lease Guarantee — Landlords can expand their applicant pool and fill vacancies faster — meaning brokers are also able to do deals more quickly and with less pain, while also expanding their client base.
- Renters Insurance Compliance — Landlords have a streamlined process to ensure renters have the proper coverage, and if not, help them get the right coverage. The process promotes clear communication between landlords and renters. It also automates what can be a key lease requirement
- Security Deposit Replacement — Allows landlords — and by extension their brokerage partners — to offer their renter an attractive financing tool as an amenity, to convert a prospective renter into an active renter. Instead of a full-sized security deposit and the uncertainty of getting it back at the end of the lease, tenants can move in headache-free with a small one-time payment.
When brokerages promote our platform and solutions, they are helping landlords increase their leasing velocity, reduce their risk, and ultimately have happier renters. On the renter side, brokers are able to offer their clients access, and an attractive means to reduce moving expenses. Brokers play an important role in the rental ecosystem and through their use of our products, they create a better rental experience for all.