Home Rental Solutions
Home Rental Solutions
Established in 2012, Zenify.in, is a Bangalore based rental management company which offers easy rental solutions by using analytics and technology. Initially called Realtykart.com, it was started by IIT-Madras graduates – Sudarshan Purohit, Ankur Agarwal and Kailash Rathi. They briefed Realty Plus about the trend of online property buying & renting and their own business model.
The need for online rental services provider in the Indian real estate
In India, real estate is considered as the best investment option which can give a long term return through the property rental. However, the property renting process has /is –been in chaos due to absence of process and standardizations. We started with standardizing the entire rental process which will pave the way for the growth of the industry. Such standardization is desperately required for the sector to streamline the entire process or else, the quantity of vacant properties will keep on increasing. As per the recent research, India has more than four million unattended properties which belong to NRI’s. Therefore, such a setup is a need of the hour for Indian real estate space. If the process is not standardized, the segment will possibly experience the property purchase decline since the buyers will have no options to get a decent return on their investments.
The challenges faced as a startup
The main challenge was acquiring properties from owners. It was quite difficult to create that trust and confidence among owners. Secondly, our business model is such that picking the right kind of property is extremely important. Understanding the market, knowledge of the area and the psyche of the people are some of the key aspects that we need to consider while acquiring a property. When we started out, there was very little information about these aspects. Figuring out which property to pick up and which one to drop was another big challenge for us. Also we faced issues in finding good employees. We were able to overcome these challenges through in-depth market research and we have built long-term relationships with our customers.
The differentiator for Zenify from other similar online service providers
There are a very few players in the market who have solved the problems of property discovery, apartment finding and finding shared apartments. But none of them provides an end to end comprehensive rental solutions for the owner and the tenants which is only done by zenify.in.
We use a lot of statistical modelling and machine learning algorithms to solve various problems like predicting rent of an apartment, predicting demand in a locality. Latest technologies in web and mobile connectivity, power he front-end of the business. At the backend, we have a complex event driven workflows to model the entire rental cycle.The distinct services provided by the company are –
- Simplification of the process of online residential property management
- Doing away with the property visit for the owners and the tenants. Tenants can view the property online without making a property visit and book their property with a market rent.
- Tenants screening and reports shared with the owner before allowing the tenants to occupy the property.
- Drafting a standard rental agreement between owner and tenants
- Managing end to end property management such as repair ,painting etc
- Collecting the monthly rent and handing over to the owner.
The target market segment and the revenue model
The target segment is in the top nine cities of India. As of now, Company’s entire inventories are only in Bangalore that include,1631- total rent out properties, total active tenants – 3357 and total active properties- 2241.
Once an owner registers with Zenify and gives exclusive rights to rent & manage his property, we review the property and get it into a rentable conditions. Zenify markets property to generate right tenant in less time. We pay full rentals to owner whatever we get from tenants.
Zenify charges half a month’s rent for every year as property management fee which is lowest across the globe and Zero to a month as tenant finder fee from the owners. We are able to manage within fee due to our strong technology backbone which is taking this industry to next level of efficiency in world.
For tenants, it’s completely free without any brokerage. If the tenant discontinues the agreement, Zenify continues to pay the rent to the owner even when the flat is vacant. A tenant registered on Zenify gets a broker free experience with standardized pricing and agreement terms.
The journey and the future growth
The world has witnessed a paradigm shift from conventional practices to digital process for speedy actions and efficient service delivery. After the initial struggle, the market has accepted our business concept and business is growing through word of mouth and references of our customers. Zenify had 100 % growth in every quarter. In the coming years, the online industry will have a tremendous growth as it helps the customers take better decision and save time. The real estate segment is no exception.
Sudarshan Purohit, Ankur Agarwal and Kailash Rathi
SudarshanPurohit (Co- founder & CEO of Zenify ) – An electrical engineer from IIT Madras, he was working with Insilica Semiconductors as a Design Engineer on the project ‘Digital picture Frame’
Ankur Agarwal (Co Founder& Head of data analytics at Zenify) – An electrical engineering graduate from IIT Madras, he was a Business Analyst with Global Analytics in Chennai and worked on SEO project and analytical model on credit worthiness for short term loans.
KailashRathi (Co Founder& Director- Finance & Strategy at Zenify) – An aerospace engineer from IIT Madras, heworkedd as a Strategic marketing Analyst (Go-to-Market strategy and studied the trends for marketing NetApp products) with Net-App inBangalore.