Worldwide, 34% of households are renting, but due to the rapid rise in urbanisation and other economic forces, this is set to increase to 59% by 2030. With the number of South African renters likely to spike in line with global trends, so too will the workload – and headaches – of residential rental management professionals, who currently manage 30% of the rental properties in the local market.
This is according to Craig Buckley, Managing Director of reOS, a sophisticated proptech platform that seeks to change the face of professional rental management.
He continues: “There has been a great deal of excitement surrounding rental technology in recent years, with a number of new entrants to the industry. However, these companies have tended to focus on self-service, with direct-to-consumer models aimed at tenants, property owners and landlords. For the most part, these products look to cut the agent out. reOS has taken a different view, recognising that the greatest opportunity lies in enabling rental professionals to offer more value to their customers - at scale.
“We believe intermediaries have an essential role to play, but the technology available to them hasn’t fundamentally evolved over the past decade, despite major leaps in fintech capabilities across other industries. This has resulted in professional rental companies tending to reach a ‘growth ceiling’, constraining the experience of their customers and the prospects for their business. With the reOS solution, we’re looking to truly break the shackles and shift the professionally managed market share from 30% to upwards of 50%.”
Harnessing the latest technologies, reOS automates two thirdsof monthly tasks, including invoicing, collections, payments, communications, reporting and asset performance updates, amongst others. This is all done securely and simply, with banking grade encryption and a comprehensive audit trail, supported by a robust private blockchain.
Additionally, reOS integrates with all South African banks – including newer players like Discovery and Tyme Bank – making money management effortless. What’s more, with smart, one-touch payments, there is no need for excel, online banking or data imports.
reOS’ investor base includes the likes of Bill Paladino, ex-CEO of Africa Ecommerce (Naspers) and a former director of Amazon.com. “What excites me most about reOS is that we’ve applied the principles of consumer-centric innovation - where ease and simplicity are deemed maximally important - to the daily struggles facing rental professionals.”
Over and above enabling rental agents to become more efficient, reOS provides value across the board. Renters have access to transparent, professional invoicing statements and deposit management as well as a variety of easy and safe ways to pay, while owners benefit from rent that arrives on time, in full and more often. This is all delivered with full ‘brandability’, giving rental agencies the opportunity to showcase their value in their company colours.
South African e-commerce veteran and Co-Founder of WooCommerce, Mark Forrester, has also joined forces with reOS on the investment front. “In an era where so many innovators have looked to displace and disrupt, we’re proud of the approach reOS has taken to empower such an important industry and sector – for the benefit of everyone.”
“For years, the real estate industry has been limited by costly and complicated solutions designed more for accountants than real estate professionals. We’re excited to see reOS create new areas of opportunity for the entire industry,” concludes Buckley.
The next 1,000 leases activated on the reOS platform from 9 September 2020 will be free, for the lifetime of the lease.