Within the realm of property rentals, a pervasive lack of mutual trust has persistently shadowed the interactions between landlords and tenants.
Security Deposits function as a financial safeguard for landlords, however, administering security deposits was still overwhelming for both tenants and landlords.
Seeing this challenge, Rentcredit co-founders set out to create a PropTech application that would streamline the process of managing security deposits.
When approaching Lazarev., the client did not have a coherent vision of the product functionality, but rather a bare product concept with a few use cases. Recognizing the need to refine and solidify this vision, we started with elaborating on the product concept, and then crafting the user experience.
We envisaged Rentcredit as a comprehensive solution, empowering tenants to submit security deposits efficiently while enabling landlords to seamlessly collect these deposits and meticulously evaluate property conditions.
The primary challenge and the most intriguing aspect that fueled our passion was that no businesses had ever ventured into the territory explored by the Rentcredit team. This meant we had no precedents or references to guide us in solving this problem.
When landlords embark on the journey of adding their properties to the platform, they are guided through a streamlined and interactive process where they provide comprehensive property details. Simultaneously, property owners perform meticulous inspections before offering their premises for lease. This can help avert or minimize disputes between a landlord and a tenant in the future about the condition of the property.Having created a property page, landlords send tenants an invite via email or share a direct property link for matching.
Receiving security deposits
Before a tenant takes up residence, it's a customary practice for landlords to request a security deposit. This deposit serves the dual purpose of guaranteeing property maintenance and ensuring adherence to the lease agreement.To streamline this crucial step, we have introduced a dedicated form designed for homeowners to transmit to their tenants. This form includes fields for specifying the deposit amount, commencement date, and duration of the tenancy.
Inspecting the unit before moving in
Carrying out thorough inspections
Throughout the occupancy period, it is essential to conduct regular property inspections. To this end, we have afforded tenants the opportunity to upload photographs of the property, while landlords benefit from a meticulously designed checklist. This checklist aids in identifying issues such as dirt, mold, vermin infestations, or any other forms of damage.
Initiating deposit requests
We aimed for Rentcredit to establish a level playing field for landlords and residents, providing both with equitable access to complete deposit forms, send requests, and make decisions.The "My Property" page showcases all property details, allowing tenants to either accept or decline deposit requests from homeowners or initiate deposit requests independently.
Marketing the solution via a landing page.
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