The I-renting startup REZI announced a new commission model to pay real estate professionals for prospects.
The New York-based company – which en masse rents units directly from developers and owners, then uses its own technology to lease them – has launched a new referral program to entice anyone with significant ties in multi-family real estate. – like investment sales and multi-family mortgage brokers and advisers – with bid bonuses and referral commissions for each vacant apartment and property owner they recommend.
Sean Mitchell, co-founder and CEO of venture capital firm REZI, said: “Since our inception, referrals from trusted partners have been a key driver for us. This year, however, we are seeing an exponential increase in the flow of market transactions and we have realized that it is time to standardize a framework for these partners.
“As always, we believe in the power of good relationships and look forward to continuing to build them.”
In 2018, REZI introduced a new way to rent vacant apartment portfolios with $ 30 million in seed funding. IT allows landlords to rent vacant homes directly to REZI wholesale, instead of carrying out a traditional rental campaign themselves. It allows landlords and developers to conclude their lease for 10, 50 or even 200 units at a time.
REZI uses its own technology to reduce rental costs, allowing landlords to achieve higher rental income compared to renting alone.
Rezi has leased over 2,000 units to New York owners since its inception. Earlier this summer, the company closed a $ 4 million transaction with JMH Development and Mettle Property Group for 100 new luxury apartments at The Astor LIC (top photo). It has also extended its platform to the Miami market and announced plans to invest $ 75 million in master leases before the end of the year.
For renters, REZI offers a fast, easy and free rental experience that allows tenants to find their next apartment – entirely from their phone. They removed fees, digitized the entire rental process with product features like contactless tours and digital signing, and developed a fully automated approval process, making it possible to rent an apartment in as little as $ 5. minutes.
How the REZI referral program works:
Referral Partners bring REZI a potential rental transaction of at least 10 units and receive $ 10 / unit for a simple request for proposal, whether the deal goes through or not.
If REZI contracts the units, the reference partner receives 2% of the total annual rent for this transaction.
If REZI signs future agreements with that same referred owner, it will continue to pay the referral partner a 2% commission on each subsequent agreement.
Click here to learn more about program details.
“We are always keen to work with industry partners to bring rental solutions to the rental owner community,” Mitchell added. “We view the announcement of this sponsorship program as an opportunity to accelerate the expansion of our relationships with members of the multi-family community and we are delighted with this opportunity.
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