Real-Estate Tech: Help with Landlord/Tenant Screening
Happy Holidays BP Family,
I'm working on my final graduation project at Illinois Tech focused on Web API/App development and I need you all's help.
Problem: From podcasts, articles, and forums, it seems the biggest liability and risk being a landlord is having the right tenant. Perfect tenants:
1. Pay rent on time, in full, consistently.
2. Keep your property in good shape.
3. Good neighbors.
4. They pay rent on time, in full, consistently!! :)
Solution: Using machine learning from rental application data sets, our platform would provide curated lists of most capable tenants for your property type based on the history of rental payments and a number of maintenance/ police calls in the past. The incentive for the tenant would be they use ONE rental application, and instead of paying $35 for an application fee for each property, they would pay $7 a month to apply about 20-30 properties a month. The algorithm gets stronger the more they apply to properties they like.
When they find the right place, the $7 will transition to rental insurance.
My classmates and I need help with:
1. Other pain-points landlords have with the tenant-property vacancy.
2. Would a landlord pay for this service, if so, how much?
3. Any factors that you've empirically seen that leads to great long-term tenancy.
Thanks a ton! We will open up BETA testing next semester.