Karla Jo Helms, host of the Disruption Interruption podcast and a seasoned disruptor of communications, speaks with Denny Bohs, Project and Product Manager with Renteez.com, and discovers that while the rental market is more robust than ever and tenants expect digital payment options, many property owners struggle to find a user-friendly and straightforward payment platform.
More so than ever, the rental market is robust. An exceptional surge in build-to-rent apartments has been driven by sustained demand. (1) The growing share of American households that rent—currently approximately 36%—has been attributed to heated multifamily building and an increase in the proportion of wealthy renters. (2) As the use of checks declines, tenants anticipate digital payment possibilities. The market for property management software is growing rapidly (3), but most of it is geared at larger property management companies or requires some technical know-how, leaving individual property owners perplexed and overwhelmed. Enter disruptor Denny Bohs, Project and Product Manager of Renteez.com, who informs Disruption Interruption podcast presenter Karla Jo Helms that landlords require a straightforward, reasonably priced method of offering bank-to-bank transfers. His team at Renteez is launching an easy-to-use rent payment platform and adding the option to pay with cryptocurrency and for renters to stake their rent payments and earn returns.
Denny Bohs’ degree in marketing and economics got him a job at an accounting firm pricing mutual funds. The repetitive nature of the work wore him down. He got an offer to work at a small startup with only two clients and was invigorated by the variety of work and the passion of the team as they built up that company. When he discovered project management, he realized he could make a difference and said, “THAT’S IT — I’M DONE WITH THE STATUS QUO,”and devoted himself to bringing projects to life. With Renteez, he’s back on the cutting edge, creating a useful payment solution for landlords and minting a crypto coin that will allow seamless payment through the platform for those who opt to use it.
- Whether it is the ability to work remotely or the competitive housing market, there are more people than ever renting all around the country.
- Smaller and independent landlords don’t have the software and support to effectively manage their investments. Some of the services that are out there are not intuitive, and people get frustrated.
- The new generation of renters doesn’t even know how to write a check. They use CashApp and Venmo but not checks.
- Many digital payment options add delays and include a processing fee that eats into profits.
- There is a pent-up demand for landlords to have a better way to accept payments.
- Renteez is creating a solution that allows people to pay the way they want to rather than forcing them into an old model.
- Because of the size of many rent payments, it doesn’t make sense to hold them on the cloud in an interim account like PayPal, CashApp, or Venmo, where you have to retrieve the payment from the system. Instead, Renteez will employ a simple bank-to-bank transfer.
- The crypto option emerged as the Renteez team realized there is an enthusiastic and growing demand for cryptocurrency coins and payment avenues. However, until now, there’s been no platform that allows easy rent payments using cryptocurrency.
- The renteez coin, Renteez’ newly minted crypto coin, adds the ability for renters to make their monthly rent payment an investment opportunity. Naturally, we’re only launching the option as we can create enough stability that anyone who stakes their rent payment to earn interest has a degree of surety that the money will be there when they need it.
- If a renter wanted to pay with cryptocurrency without the Renteez platform, it would require a wallet-to-wallet transfer and a landlord who is crypto-savvy and willing to receive it as payment. Instead, with Renteez, it all happens seamlessly within the platform.