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$4 billion rental market gets on-line up-date shake-up

  • 17 October, 2006 13:17

<p>MEDIA RELEASE: 10.10.06 Australia’s $4 billion annual residential rental industry is now being revolutionised by a company called, a start-up by young Melbourne entrepreneurs fed up with the antiquated, paper-based rental application processes.</p>
<p>They have created, a free, web-based personal identification system that allows prospective tenants to register their details on line and use them to apply for tenancies at the click of a mouse.</p>
<p>“Let’s be honest,” said director Mr Chris Koch, “the best thing about the rental application process today is when it is finally over. This means that the more efficiently this process can be conducted, the better. At the moment, the paper-based, run-around is almost enough to make you want to contemplate moving back with your parents.”</p>
<p>“Despite living in a wireless world of e-commerce and the internet, the vast majority of agents are still using photocopied forms that tenants need to fill out over and over again for every application.”</p>
<p>“This stressful inconvenience is now done away with through where you can submit rental application forms for any rental property to any real estate agent at the click of a button,” Mr Koch said.</p>
<p>“Today nearly all consumers appreciate the option of being able to do things on-line. In fact, they now actually expect it. simply offers renters an option they receive in most other sectors of the economy – from on line banking to reserving airline tickets and seating.”</p>
<p>Mr Koch said the scale of the revolution was exciting. The Australian residential leasing market is extensive with 8,000 agents and 1.95 million households or 27.5 percent of the population in the rental market according to Census data.</p>
<p>“It is believed the total annual movement in the Australian market is 3 million individuals and we assume that a significant percentage of the $4 billion spent annually on the rental market is in the tenant relocation process,” he said.</p>
<p>The benefits of are substantial. In the first instance, for the user, once stored, their personal details will never be lost again and can be up-dated as required. The application forms are also translated into multiple languages making it easier for renters of ethnic backgrounds to fill in the forms correctly.</p>
<p>Importantly, users no longer have to physically collect an application form from an array of real estate agents for the various properties they seek to apply for. That mad run-around, from office to office, is a thing of the past, maximising the chances of success. Should the application not be successful or it is time to move on, then lets the applicant apply for any other property from anywhere at any time, and quickly.</p>
<p>“The site is already proving a hit, with thousands of people signed up and agents and tenants raving about its benefits through word of mouth even before its launch,” said Mr Koch.</p>
<p>One agent said that the system was a fantastic time-saver for his staff.</p>
<p>“Around 80 percent of all rental applications are filled out incorrectly so my staff spend hours on the phone following up with hopeful tenants sorting out the right information. With it is all there and easy to check,” he said.</p>
<p>This new process is already being utilised by many agents Australia wide and both AIPM in Queensland (Australian Institute of Property Management) and Wentworth Property Management Pty Ltd are rolling out the service across their entire portfolio of properties.</p>
<p>Mr Koch said is client-driven and as the web-site is free and requires no payment of membership fees, agents will use the service as they receive applications from tenants catching on to the new medium.</p>
<p>The system is totally secure and offers complete privacy to individuals who control access to their own data and its distribution. undertakes never to disclose the information to third parties without client agreement and the site is funded from advertising revenue from businesses involved in the rental industry.</p>
<p>Following the launch and establishment of in Australia, the co-founders and directors Chris Koch and Chad Stephens already have plans to introduce the service to New Zealand followed shortly by the UK and USA.</p>
<p>Copy ends</p>
<p> is an online business which eliminates the annoying,
time-consuming, inefficient and stressful paper-based form completion
<p>The first product of the Melbourne-based company (with expansion plans for
New Zealand, UK and the USA) is the residential tenant application form.
The product is free and offers advantages to both prospective tenants and
landlords and real estate agents.</p>
<p>For further information, please contact:</p>
<p>Chris Koch, Director,
Tel: 0410 667 441 Email:</p>
<p>Grant Muller, Impact Corporate Communications
Tel: (03) 9853 7665 Email:</p>

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