Sean Mitchell, CEO of Rezi, explains why existing real estate valuation and pricing tools fail to provide landlords with granular data on specific unit features.
“Because, you know, the thing is, when you think about the resources that landlords have to kind of get price discovery you know, the tools are not very nuanced and precise. They don't provide the landlord insight.”
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“And I think the fact that it's, you know an automated and algorithmic process really reduces the potential for discrimination reduces the potential for you know, not approving tenants who are you know, viable and potentially great tenants.”
Sean MitchellMay 4, 2018▶ 14:05Helping Landlords Find Tenants – Sean Mitchell of Rezi · Y Combinator
What-if
Mitchell: Rezi screens tenants better than independent landlords in 90% of cases
“We really try to balance this line between giving a great experience, but also verifying that we're screening, you know, I would say probably 90% of the cases we're Probably screening better than our landlord clients would have if they hadn't used this.”
Sean MitchellMay 4, 2018▶ 15:41Helping Landlords Find Tenants – Sean Mitchell of Rezi · Y Combinator
Insight
Mitchell: Traditional residential leasing agents bear zero financial downside for vacant units
“Frequently there are agents whether there be brokers or other parties who Don't have skin in the game. So, you know, the landlord who is effectively at risk of, you know, finding a bad tenant or not finding a tenant fast enough and losing money, they don't hav…”
Sean MitchellMay 4, 2018▶ 3:51Helping Landlords Find Tenants – Sean Mitchell of Rezi · Y Combinator
Opinion
Mitchell: Real estate landlords are a notoriously nebulous customer segment for sales
“I think landlords are probably one of the more nebulous communities to figure out how to sell to.”
Sean MitchellMay 4, 2018▶ 10:18Helping Landlords Find Tenants – Sean Mitchell of Rezi · Y Combinator
Disclosure
Mitchell: Rezi uses structured debt rather than venture equity to fund receivables
“When we went to our VCs, we said, you know, pretty clearly we're, our intent is not to use the majority of the capital that we raise from you for funding these receivables. Our intent is to you know, create this financing solution that allows us to do it.”
Sean MitchellMay 4, 2018▶ 23:04Helping Landlords Find Tenants – Sean Mitchell of Rezi · Y Combinator
Insight
Mitchell: Solving operational friction for landlords ultimately yields lower rent for tenants
“The interesting thing about it is that if you are able to solve the problem on the landlord side, that, that the, you know, the benefits really accrue to tenants, right? If landlords have lower friction, if they have lower risk, if they are happier with their …”
Sean MitchellMay 4, 2018▶ 29:36Helping Landlords Find Tenants – Sean Mitchell of Rezi · Y Combinator
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