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With $3.6 Million in Funding, RentCheck Aims to Help Renters Save Up To $45 Billion

RentCheck will expand the first tenant-led inspection platform, targeting one of the largest  problems in property management: Disputes over deposits. 

New Orleans, Louisiana (August 9, 2021) -- After stealthily achieving product-market fit,  RentCheck — the world's first vision-based, automated property inspection platform — is ready  to change the tenant-landlord dynamic. The company will take aim at the tenant “deposit  deduction” problem: A $45 billion-per-year game of tug-of-war between tenants and landlords  over security deposits. To date, RentCheck has raised a combined $3.6 million through its pre seed and seed rounds, which will allow the company to transition into its next phase, putting its  pioneering technology directly into the hands of more property management companies and  tenants across the country. 

“What we love about RentCheck is that it’s using very clever technology to automate and solve  arguably the industry’s biggest problem in terms of money and time for both property managers  and tenants. The deposit deduction issue needs a technology-based solution, and almost  everyone, at some time, has felt like they’ve been screwed over on their deposit by a landlord.  When you see and use RentCheck’s solution, it makes you think: ‘Why didn’t I think of this?’”  said John Kuolt, former Managing Director at BCG Digital Ventures, and an early  RentCheck investor. 

RentCheck’s digital platform provides a way for property managers to facilitate and conduct  remote, guided property inspections, saving managers and tenants time and money. Nationwide,  tenants and landlords are stuck in a perpetual tussle over security deposit funds, and as a result,  as many as 40% of renters end up challenging their landlords over security deposit refund  amounts. For both parties, it can be a costly and muddled process; a process that RentCheck’s  founders Marco Nelson and Lydia Winkler have been personally frustrated by. The company  was born when Winkler successfully sued her landlord after not receiving her security deposit  after moving out of a property, and Nelson — who has more than a decade of experience  managing property across the U.S. — saw the opportunity to smooth out the deposit deduction  process, digitally. The pandemic saw a period of big organic growth for the company, as the  world’s first automated, contactless property inspection platform. With the wind at the 

company’s back, it plans to capture the market and make its mark as the standard-bearer in the  industry. 

“In the future, we believe that transparency will be the key to renting. Property managers and  landlords will need to treat their relationships with tenants as a partnership, something that, in the  past, hasn’t been the case. RentCheck is bringing tenants, property owners, and managers  together on a single platform that’s built on trust, and it’s proving to be a better, smoother, and  more efficient experience,said Marco Nelson, RentCheck’s Co-Founder and CEO.  

RentCheck first caught the attention of Jim Coulter, the founder of TPG Capital, when the  company won New Orleans Entrepreneurship Week. Coulter subsequently became one of the  company’s first investors. The seed round includes strategic investors such as Cox Enterprises,  for its operations in the multi-family housing space. The seed round also included participation  from successful entrepreneurs who will provide valuable guidance and mentorship, such as Jim  Payne (who previously sold MoPub to Twitter, and MAX to Applovin), Ken Goldman (the  former CFO of Yahoo, and who currently runs Hillspire, Eric and Wendy Schmidt’s family  office), Mark Zaleski and John Kuolt of BCG Digital Ventures, and Brian Long (the founder of  Attentive, who previously sold TapCommerce to Twitter). It also included institutional investors  such as Irongrey, Context Ventures, and Techstars. 

RentCheck stands to introduce a revolutionary sense of transparency to the rental market for both  renters and landlords. Many people, at one point or another, have had a dispute over their  security deposit. But RentCheck’s visionary technology, built by expert engineers, will introduce  a new level of transparency into the process. The platform was built specifically with both  tenants and property managers in mind, giving the company a crucial edge over competitors in  the space — competitors that mostly build software for property managers — as it prepares to  disrupt the market with full force.  

"Post-COVID, digital enablement is a top-three goal for most multi-family executives,” said  Vickie Rodgers, Vice President of Cox Communities at Cox Enterprises, Inc. “It is critical  for driving operational efficiencies and improving the resident journey. RentCheck supports both  of those top objectives for owners and residents. That’s really empowering.”  

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About RentCheck 

RentCheck technology provides real-time visibility to residential property managers and owners  while bringing transparency to the security deposit deduction process. RentCheck saves property  managers time and resources with easy self-guided inspections that residents can perform from  their smartphone. RentCheck helps property management companies grow their portfolios by  maintaining unit conditions through elegant and organized property inspections. Property  managers can easily compare and share inspection reports to prevent damage and eliminate  security deposit disputes. RentCheck is an award-winning startup used by both traditional and  venture-backed companies like Audubon and Great Jones

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