Property Connect signs MOU with SellState Partners Realty
Rental property technology company Property Connect Holdings Limited (ASX:PCH) has entered into an agreement with Florida-based SellState Partners Realty for its LiveOffer™ technology, an online system through which potential tenants can make offers on rental property.
The memorandum of understanding (MOU) will see the two parties negotiate a binding contract under which SellState Partners will exclusively complete leasing transactions for several large portfolio owners in the US using Property Connect’s LiveOffer™.
SellState Partners manages leasing transactions for several hedge fund property owners and is targeting about 200,000 rentals through this partnership.
"We manage the leasing transactions for some of the largest hedge funds in the US, and having access to Property Connect's LiveOffer™ platform will transform how the industry manages the leasing process moving forward,” said SellState Partners franchise owner Matthew Krac.
"It's a huge win for the owner, broker, manager and renter."
The agreement will remain in place for six months with negotiations to determine the pricing, though Property Connect expects this will follow a similar structure to that outlined for multifamily property managers.
“This move into the single family home market comes ahead of schedule and immediately highlights the scope for LiveOffer™ across a number of sectors,” said Property Connect CEO Tim Manson.
“We look forward to further exploring these new opportunities while also continuing our pursuit of management groups in our focus market of multifamily apartment group.
LiveOffer™ provides the renter with the ability to easily adjust the rent paid, move-in date and lease term and assists leasing agents to secure market-driven terms on each property.
The product can be integrated into existing property management software and allows renters to place an offer on a property and see in real-time where they are placed against other applicants, creating a fair market value for rental properties.
Offers are instantly matched against preferences set by property managers and ranked accordingly.