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RentSpree has forged its second major MLS deal in less than a week, Inman has learned.
Days after announcing the onboarding of UtahRealEstate.com, CEO and co-founder Michael Lucarelli’s rental industry software company is now available to members of REcolorado, the Centennial State’s largest.
While software that leans into the leasing business may not be the first thing that comes to mind when seeking ways to benefit residential sales agents, RentSpree’s appeal spreads across both spaces, empowering agents to take a role in how their buyer clients wait out the market.
The company’s ApplyLink solution makes it easy to share rental applications and, in turn, keep track of their leasing lifecycle, among other benefits. The software will not cost anything for MLS members.
Lucarelli has been putting his company in front of multiple listing services for several years as a clever expansion tactic, but with practical ambitions. Renters become buyer leads, and there is money to be made from lease commissions, albeit significantly less than a standard commission. Additionally, it’s not uncommon for agents to work as property managers or alongside multi-family investors.
“We’re excited that REcolorado joined our MLS Partnership Program, as it enables us to help simplify rentals for MLS members and their clients in this key housing market,” Lucarelli said. “This latest partnership underscores RentSpree’s commitment to truly revolutionize the rental process on a large scale.”
REcolorado, the 16th largest MLS in the nation with more than 26,000 subscribers, is one-third of the founding body of consumer-facing online home search experience, Nestfully. BrightMLS and CRMLS make up the rest of the group.
In the press release, REcolorado President and CEO Gene Millman said the offer of technology tools is paramount to making sure members of the association can consistently compete, and best serve consumers, especially those who may need to rent before seeking a mortgage.
“Renting is commonly an entry point into the market for prospective home buyers,” Millman said. “Enhancing our offerings with rental technology will not only give another avenue for agents and brokers to provide value to their clients but will also streamline the process of helping renters find their next homes.“
Rental listings added to REcolorado increased 20 percent from March to April this year, the MLS said. The median lease price saw a 2 percent year-over-year increase.
Millman helped lead the rollout of another recent technology partnership with Local Logic, a geographic content marketing content provider. The product, NeighborhoodIntel, “gives homebuyers a sense of what it’s like to live in a neighborhood without being on the ground,” the company’s website states. However, a monthly subscription to NeighborhoodIntel will cost agents $20 per month, whereas RentSpree’s ApplyLink is free for REcolorado members.
