February 8, 2018
Case Study: How Rented helps Bongo expand to new markets
The Challenge: Expanding to a global market.
Background on the Company:
At our core, we are a property management firm. We have built a solid foundation with heavy analytics and strong emphasis on our people. With an active portfolio of over 300 properties spanning throughout the continental USA, Latin America, and Europe we truly are expanding to provide a positive, memorable, and consistent experience every single time.
That being said, I’m proud to say that strong financial management and operational excellence have long been pillars of Bongo PM´s success. From prudent capital allocation and smart spending to our robust global market, we have a set of capabilities that are second to none in the short term rental industry. These capabilities have been built over a period of many years, and we consistently look for opportunities to improve our performance. One of the ways we do this is by venturing into new aspects of our industry to provide an all encompassing service. This will bring fresh perspective and lead our business into the future.
How did you first come across Rented?
Our initial communication was regarding a rented capital deal. We were able to make contact with a fantastic contact, Tanner, which has helped our business grow in the US.
What were your initial reaction to the company offering guarantees/rent payments on behalf of its management partners?
Very neat concept to help the short term rental industry grow. Being that most clients tolerance to risk varies, it sets a traditional ROI which most investors/property owners like to see. Yet, it allows them to get involved with this segment of the real estate industry.
How do they fit into your operational process/what has it been like to work with Rented?
Working with Rented has been easy and has truly made a change in the way we go to market in the US.
Having one person from a communication perspective (instead of one for each property) is a fantastic way to scale while keeping PM´s cost low.
Do Guaranteed offers help to close more homeowners?
It takes a lot of the perceived risk off the property owner´s shoulders. Nearly all of our clients who call in want a number either to meet their mortgage or a specific financial goal. The Guaranteed offer allows us to offer a tangible and backed offer to close on potential business quicker and easier.
Results: So far we’ve added 17 properties for a total lease value of $177,650!
What is your Growth Strategy moving forward? How has Rented helped with that plan?
Ultimately, our strategy is to maintain our sustainable growth throughout new markets without compromising on what a Bongo experience should be. Rented has allowed us to grow together in a manner which is truly homogeneous. We look forward to working together.