(Source: RadPad)

Give yourself a break, make finding your next apartment EASY and FREE.

Finding a new apartment….an experience that can be SO frustrating that you decide not to move! Incorrect landlord information, blurry listing photos, poorly made rental websites that don’t even come close to focusing on the needs of renters are just some of the pitfalls that plague the apartment search process, making it unbearable for many trying to find a new place to call home. Luckily, there is a new apartment search sheriff in town{s} called RadPad. Launched in LA January 2013 by Co-Founders, Jonathan Eppers and Tim Watson, the apartment finder app amassed 10,000 downloads in its first month alone and even attracted a buyout offer from a competitor (That’s when you know you’re on the right track). The startup then went on to raise $4 million in seed money in 2014 and closed a $9 million Series A round led by Altpoint Ventures, bringing their total investment capital to $13 million. In March of that year, RadPad quickly became the largest rental service in Los Angeles and the second-largest rental platform in the country. This rapid adoption is directly linked to the app’s secret sauce: a hyper-focus on creating an efficient, transparent, and safe way to find an awesome place to live by solving the most pervasive rental hardships.  

(Source: SlashGear.com)

“One of the biggest problems facing renters today is the sheer amount of bad data they come across.”

RadPad has sought to remedy this rental search ailment in a variety of effective ways that make the process easier for renters every step of the way. The first is delivering an experience that focuses heavily on photos, requiring every listing to have at least three original pictures and requires each listing to be renewed every two weeks to ensure they are never outdated. Another way the app takes care of transparency issues is the RadPad lister verification system, protecting renters from scams by ensuring they know who they’re dealing with on the other end is a legitimate landlord or realtor. This focus on transparency is clearly paying off with the app boasting 1.5 million downloads and the overall platform generating more than 2 million rental searches per month.

 

(Source: RadPad)

Listing and finding a place on RadPad is free

Currently, RadPad lists more than 1 million apartments, condos, and homes in the U.S. free of charge, making their revenue from added features like RadPad Pay which allows renters pay their rent on their phone to any landlord by using their own debit or credit card at a service cost of 2.99%. It streamlines the struggle of paying rent and landlords still receive a check in the mail. Renters can even split their rent amongst their roommates on different credit cards and RadPad will consolidate the payment onto one check to send to landlords, enabling the large majority of users that are millennials to forget about carrying an archaic checkbook around. Landlords also appreciate the new streamlined system since it makes it easier to receive payments on time with less hassle for the renter. The platform is expecting to process close to $70 million in rent payment this year alone, generating revenues of over $2 million. Another new feature RadPad has launched to generate revenues is Promoted Pads which lets property owners pay to have their listings highlighted. Each time a potential tenant contacts the owner of the listing, RadPad receives a small fee. They are also launching a new LinkedIn-style renter profile feature to be used for apartment applications that details rental history, employment status, and salary. RadPad is confident that landlords will be happy to pay for this type of data. The app is committed to continuing to develop features that make life easier for renters and landlords alike!

 

(Source: Apple App Store)

“We are increasingly building RadPad to be more social, local, and community-focused. We want people to feel like RadPad is local wherever they live.”

Ingrained in the platform philosophy is the belief that renting is local! Each location they decide to service has their own dynamics that make the process slightly different from city to city. In order to bridge this gap, they built a program to connect with renters and create ‘offline’ experiences with them to better understand their needs across cities. To do so, they have deployed RadPad Community Teams across major markets to gather a wide spectrum of information they hope could someday help other renters make more informed decisions during their housing search. One insight they uncovered from this face to face outreach is the work commute renters face every day that is a large part of the location they choose to live. To help with this dilemma RadPad launched a feature called DriveTime that enables renters to see how long it will take to commute from their workspace to their new home.

(Source: Pinterest)

RadPad has become unique by tweaking the recipe for a successful, user-friendly apartment search engine.

This Untold Business Story goes to show that making a difficult life process easier with a user-friendly experience will naturally be in high demand and highly profitable. A lot of apps and even brick & mortar businesses fall short in their face to face interaction with their target customers, leaving holes in their overall offering and make it easy for competitors to enter the market to do things better. In the case of RadPad, they are continuously listening and adapting their services to meet the needs of who they are trying to serve. If you are on the hunt for a new place to call home, download the free app and give it a try: you actually have nothing to lose. Happy home searching!

 

May 23, 2018| By Chaz Hermanowski – Untold Business Writer

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