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Startup makes rent count toward tenants’ credit

(REAL ESTATE TECH) This startup gives property owners an advantage while improving the renter economy and making rent count toward credit.

keyo tenant credit

Although property management tools for landlords are well established (think Yardi or RealPage), a new startup is taking a residential approach to property management. Keyo offers renters a seamless way to engage with tenants to provide rent payments, maintenance requests, and building announcements. Before the lease is signed, Keyo can handle tenant applications, free background checks, and digital contract management.

Keyo is renter focused, from the marketing (encouraging tenants to push for it) to the focus on appealing to the new modern renter. From the ability to set up “Scouts” who show units for you (and make money on the side to show the unit and expedite the process), to the fact that renters could apply for an apartment and never pay a single application fee for multiple units – which is also a cost that you the landlord doesn’t have to pass onto them.

The vision is to make the renting economy more accessible, friendlier, and less complicated for tenants.

The best feature by far?

Rent payments made through Keyo are reported to credit bureaus Equifax and TransUnion– which rewards tenants by improving their credit.

(FYI: Renters have less opportunity to improve their credit unlike many mortgage holders.)

Keyo also allows ACH payments for rent – (and as a millennial who resents checks, this is AWESOME), helping individuals pay their rent on time. Maintenance requests are easy and transparent as well.

Keyo makes its money from landlords who pay it to help them fill units, and it provides some key marketing features, including search optimization, analytics on marketing, and all those paperwork management (which means you don’t’ have to pass that cost along to the tenant, which can make investment property owners more competitive). The pricing works out to $5.00 monthly per unit, and each new tenant that is delivered by Keyo costs the landlord one month’s rent. This could be less expensive than the cost of a broker’s standard charge in your region.

Keyo is focused primarily on Brooklyn, but is looking to expand to larger markets. The true test of its quality will be how it translates outside of the wild west of NYC. While being feature-packed, compared to some property management systems like Yardi, this seems a fair bit sparse, but likely is lower overhead.

This is a modern, simple, resident driven platform that could help investment property owners to be more competitive and improve the renter economy.

Kam has a Master's degree in Industrial/Organizational Psychology, and is an HR professional. Obsessed with food, but writing about virtually anything, he has a passion for LGBT issues, business, technology, and cats.

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