Housing prices are rising across the country. Buying a home is more difficult for many than ever. Statistics show that millennials buy homes differently from previous generations. If they don’t buy houses as quickly as they used to, they live with their parents, other family members, and friends. Or they pay rent to the landlord.
Paying rent is a choice many make for a variety of reasons. In addition to ever-increasing home ownership prices, many are choosing to rent to make their lives easier. Renting allows flexibility in location. A typical lease is one year. If you don’t like where you live, you can move in a year later.
In addition, the tenants do not bear the maintenance costs. There are no roofs to replace, no landscaping, painting, windows, machinery, etc. to be repaired and replaced. You have a fixed rent and utilities – that’s all.
For the most part, it’s a carefree life at its best. Any remaining headaches tenants face are likely due to old methods that many landlords still rely on when collecting applications, rent, etc.
Fortunately, new technology has advanced to the point where you can now pay rent without writing a check. Banks, credit card companies, etc. offer several options. Today I want to introduce you to a creative, innovative company that provides a unique way to pay rent and receive additional benefits for it. This company is Findigs.
Who is Findigs?
Findigs co-founders Steve Carroll and Keith Gilwar are alumni of the renowned restaurant reward company Seated. In case you’re not familiar, the Seated mobile app allows users to earn up to 30% off dining at top restaurants.
As COO and co-founder of Seated, Steve oversaw sales and partnerships. Keith led the development of the product. Seated has received over 500,000 visitors to date, paid out millions in rewards and is currently one of the most popular food and drink apps on the App Store.
Frank Naso (Head of Development) completes the Findigs management team. Frank has over 15 years of industry experience leading engineering teams at Roomi, ApartmentGuide and RentPath.
Findigs started development in March 2019 and launched in the app in October 2019. Their mission is to turn the entire rental process into a useful and user-friendly interface.
Do we need another rental option?
In short, yes. I’m all about competition. The more options available, the greater the pressure on companies to improve their offerings and prices to compete for business. Leaders in space may not like this. But for consumers, it’s great. Rent payments are no exception. Legacy software vendors have clunky interfaces and often charge users high “convenience fees”. This will change.
The delivery system chosen by Findigs is via a mobile app. And that makes sense. We are all on our phones, doing everything from the application. Useful apps can make our lives much easier. The Findigs app is a great example: their services live in a user-friendly mobile interface and will not only mail you a rental receipt, but also reward you for your monthly rent. Findigs’ vision is a world where apartment search, bids, signing, paying rent and more are all centered in one consumer-centric center. After over a year of research / interviews, the Findigs team realized that rent was the best issue to start with.
Why?
Millions of people spend their time every month mailing out or withdrawing their monthly rentals. They have developed a mobile application to make it easier, safer and more useful for anyone pay rent. But this is just the beginning. Findigs wants to use the same approach to help landlords provide enhanced digital experiences beyond payments. Several apartment buildings in New York are pilot clients for the Findigs resident app, customization and e-payment platform.
They expect the result to be increased satisfaction and retention of residents.
Benefits for tenants
According to a 2017 study by the Boston Fed, only 16% of people pay their rent online. Research shows that people with a college education and income use online rental payments at a higher rate than others. As more and more people become familiar with phone applications and technologies, this percentage is likely to grow.
Interestingly, research shows that bills over $ 200 are much more likely to be paid online. As tenants discover this new technology and see how easy and convenient it is to use, Findigs believes its use will grow over time.
Here are some of the app’s advantages that set Findigs apart from other online payment platforms.
- Their timely guarantee – If your scheduled rental check is delayed or lost, Findigs will provide your landlord with another free check overnight and will cover any late payment penalties arising from it (up to $ 200). To receive a guarantee, you must schedule your rent more than five business days before the due date.
- Earn points – You earn Findigs Points for every timely payment. Simply by paying your rent, you earn points for discounts, gift cards and entertainment. Soon they will be presenting “tasks” that users can complete to get discounts on next month’s rent (stay tuned).
- No fees – The service is free for tenants. Although you can choose to pay in advance and pay the postage on another user’s check, leaving an optional tip.
Landlord Benefits
While you can use Findigs even if the landlord never registers, they have good reason to do so.
Landlords have many options for building apps, checking tenants, and collecting rent, with overall costs varying greatly. Some of the options available include Appfolio, Realpage, Cozy, Avail, RentPrep. Findigs believes they can offer a more renter-friendly experience with no hidden costs.
Yes, Findigs software makes the job of landlords easier. More importantly, it aims to unlock value for residents through excellent user experience and consumer partnerships.
They believe that technologies that improve the way residents interact with buildings are inherently valuable to homeowners. The platform is suitable for landlords of all sizes. At the same time, houses with up to 50 apartments make up 55% of the total supply of apartments in the country and are currently less likely to use any software.
This is why the landlord must also register:
- Electronic rental collection is free. Landlords can also opt out of physical checks by choosing to accept electronic payments from Findigs.
- They have a streamlined verification process. Findigs replaces paper apps with an intuitive and customizable digital app. They automate verification of identity, income, employment, and past payments, making the verification process simpler and more reliable.
- Individual awards / adaptation process. In partnership with Findigs, landlords can tailor Findigs reward options specifically for their residents. It also allows Findigs to use its consumer partnerships to help residents set up renter insurance, internet and other essential services prior to moving in.
How does Findigs make money?
The main Findigs platform is free for both renters and landlords. If everything they offer is free, the question arises – how do they make money?
They charge fees for premium services like advanced inspection reports and renter insurance. They also receive commissions from various trading partners, some of which are passed on to users.
Final thoughts
While Findigs is a new player in the online marketplace, they deserve your attention. Where else can you get a reward for paying your rent on time? Which bank or online payment platform offers rewards from companies that provide products and services that many of us regularly use? The only company I know of is Findigs.
Their guarantee of on-time rent is also unique. Renters can participate in the program regardless of whether their landlord is a legal entity or an individual, and rest assured that they are protected from late payment penalties associated with lost / delayed checks. The app connects you to Findigs. They will do the rest themselves.
There are many platforms for online payments. Nothing I’ve seen offered the benefits and ease of use of the Findigs app. If you are a renter, you should try it yourself.
This article originally appeared on The Money Mix and has been republished with permission.