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Software company RentSpree has added a 22,600-member multiple listing service to its stable of clients, the upper midwest’s NorthstarMLS, according to a Sept. 8 press release shared first with Inman.
Upon its formal launch next quarter, the partnership involves full integration of RentSpree’s expansive range of features for working with renters as prospective buyer leads or in assisting investor clients who choose to oversee leasing. The system is designed to serve all aspects of the leasing process in a parallel fashion, meaning it aims to assist tenants and landlords equally.
In a statement, NorthstarMLS CEO Tim Dain called the new relationship another example of how the group’s members expect the best in terms of technology offerings
“RentSpree is a great addition to our core offerings,” said Dain. “It provides first-class services that connect agents with renters and landlords across our region’s thriving rental market.”
NorthstarMLS facilitated more than 112,900 real estate transactions valued over $37.2 billion in 2021, according to its website.
In July, RentSpree landed another big apple: New York State’s OneKey MLS, which has more than 50,000 members.
One of the notable advantages to real estate agents is the ability to create and track relationships with renters through their leasing lifespan, enabling a productive relationship between stages of occupancy. In the most fundamental sense, RentSpree helps agents build a pipeline of leads, but, at its most beneficial, it shrinks and expedites the renting process, from marketing to monthly rent, thus improving the customer experience.
RentSpree’s push into the MLS space is unique for property management-focused technology companies. Traditionally, service offerings revolve around maintenance tracking, accounting efficiencies, vendor oversight and other back-office insights. RentSpree has managed to create a hybrid approach, combining compelling front-end directives aimed at consumers that remove the clinical aspects of finding, applying to and moving into a place to rent.
Concurrently, the system empowers property managers and real estate agents to be collaborative, humanizing screening and other business due diligence, a challenging balance when applied to a business model that makes money off of providing people shelter.
In April of this year, RentSpree released RentSpree PRO, an agent-first suite of transaction and marketing tools to further assist sales agents who work with renters and to help those new to it.
The company has been working on PRO for a while, and says it “will exponentially increase agent efficiency in dealing with rentals,” RentSpree co-founder and CEO Michael Lucarelli said in the April announcement. “We are constantly pushing ourselves to develop better solutions within the rental process to cut down on wasted time and other pain points,” he said.
In addition to countless other MLSs, in May, RentSpree announced it had signed Rhode Island Association of Realtors’ Statewide MLS, Heartland MLS in Kansas, Idaho-based Intermountain MLS, and REsides Inc., based in Hilton Head, South Carolina.
Meanwhile, the Minnesota housing market is doing well, according to the press release. Citing a CNBC study, RentSpree said The Land of 10,000 Lakes surpassed Texas to land in the top five on a list of best states for business.
“Minnesota’s ranking is based on 86 key indicators across 10 categories such as workforce, infrastructure, economy, health and business friendliness,“ the study said.
In terms of rent, Rent.com reports that Minneapolis experienced the third-highest year-over-year rent increase in July at 10.32 percent, reaching a median of $1,921.
“NorthstarMLS isn’t just one of the biggest players in the MLS space, it is also a true thought leader and one of the early adopters of technology that effectively and efficiently supports their subscribers. We are honored to be included in their roster of must-have services,” Lucarelli said.
