Where and how to find accommodation easily during a short trip or a month-long training program? A wide range of short term and long term rental options from fully furnished apartments, villas, rooms to independent homes is just a few clicks away from an Android mobile app named RentMyStay. With a current network of more than 200 properties of different types in Bangalore, RentMyStay makes renting as simple as checking into a hotel through its mobile app and website.
How RentMyStay Came into Existence
Like most other startups, RentMyStay owes its inception to real life. The founder duo – Kiran N and Rakesh Kamble – came up with the idea of a startup like RentMyStay while pondering over a temporary accommodation solution during a casual stroll. Rakesh wanted to rent a place for 2 to 3 months to stay close to his under-construction house to oversee the things, but no one agreed to rent out for a short duration in that locality. A series of such instances led to the inception of RentMyStay in 2015.
A Brief about Founders
Both Kiran and Rakesh are techies with collective experience of over 20 years in the industry. Kiran has pursued MBA in strategic marketing alongside having a BE degree in computer science. He is also a fellow of Startup Leadership Program 2015. He comes with 12 years of experience in product management, product design and software development. Kiran has worked on a large Enterprise application, Algorithmic trading and big data during his journey at Hewlett-Packard, Goldman Sachs, and SureWaves. He believes that the next big innovation will be in the area of on-demand homes which will let you stay close to work.
Rakesh is an engineering graduate having 11 years of experience in the same niches as Kiran’s. He has worked for Wipro, Unisys and Satyam. Fond of hiking and badminton, Rakesh believes, “We can’t have everything which matters, but we can work harder to achieve it.”
Business Model of RentMyStay
RentMyStay is equipped with a flexi renting model enabling one to rent a fully furnished house on short term or long term basis. The business model is so unique that the registered users can rent a flat for a period as short as a single day to as long as months. They can also move across any of the flats within the network without lease breakage. Evidently, the USP of RentMyStay is ‘Flexi renting model,’ which has streamlined the process of booking any sort of accommodation for short term or long term during your business trips, family visits, medical travel, holiday tours, etc.
The properties registered and listed on RentMyStay portal are pre-screened and comply with certain parameters so that customers don’t have to face surprises. The easily accessible information about the properties online leaves no excuse for physical or personal inspection. There is neither brokerage nor hassle of negotiation with the owners. The property owners get free property management facility as part of signup with RentMyStay. They need not worry about property maintenance as long as they are part of the network of RentMyStay partners. Tenants can also access the wide range of repairs and maintenance services from electrical to painting, plumbing to carpentry on the portal and through the app.
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Where RentMyStay Stands in Competition
“This domain is service intensive and technology oriented. Whoever does it right in terms of service and technology rides ahead in the competition, no matter how many players are there,” says Kiran. He adds, “RentMyStay has not only streamlined the process of renting accommodation but also eased it for property owners to rent out their properties.” A strong backend team, updated technical knowledge, upgraded technological system, intense market studies, careful service to customers and good relationship with property owners are some of the strengths of the RentMyStay founders to tide over any competition.
Challenges to RentMyStay
Startups continue to exist and thrive by facing and mitigating challenges in their chosen niches. RentMyStay is no exception. Initially the biggest challenge for the founder duo was to build a network of property owners who were not willing to rent out for short term. It was challenging to make them understand the business model and functionality of RentMyStay, which is absolutely different from that of usual rental businesses. The initial competition from well-funded players in the similar niche was another challenge for the RentMyStay team. Customer acquisition was challenging at the initial phase as well. “We strive to overcome competition by means of consistent innovation and quality service,” says Kiran.
Funding and Marketing Plans
RentMyStay is cash positive. It currently manages over 200 properties of various sizes in Bangalore and has served over 1500 customers so far. Kiran and Rakesh are on the hunt for funds to facilitate expansion beyond Bangalore. They are looking to expand the business by stepping in Hyderabad, Chennai and Gurgaon in the next three months. Their target is close to 600 properties by the end of 2016. Once the ball starts rolling in Hyderabad, Chennai and Gurgaon, RentMyStay will enter Tier 2 and Tier 3 markets. Even the current team of 26 members is growing rapidly.
The Closing Note
“As it is said, there is no shortcut to success for startups. Success is no one-time goal or achievement but a continuous process that we need to keep on by believing in our business idea and reinventing it through innovations from time to time. There is huge demand in this space and we make no compromises with quality to meet the demand,” says the founder duo.